Articles
Venture Where No One Has Gone Before | Z News
July is drawing to a close, and we invite you to join us in witnessing the growth of our portfolio companies and what's new at ZhenFund.
真格基金·
Hou Xiaodi's Latest Post: CPM Is the Key to Separating Real Autonomous Trucking from Hype | Linear Voice
CPM is the scoreboard that measures success or failure in the autonomous driving industry.
线性资本·
Nova Fusion Closes 500 Million Yuan Angel Round, Setting New Record for Single-Round Funding Among Domestic Private Fusion Companies
Focused on the commercialization of small modular nuclear fusion.
高榕创投·
Monolith Enters Strategic Talent Partnership with *MIT Technology Review* China
Spotting the founders who will reshape the future before anyone else does.
Monolith砺思资本·
Yunqi Capital | "Creao AI" Closes Two Consecutive Rounds of Tens of Millions of Dollars in Funding, with Yunqi Capital as Sole Angel Round Investor
Agentic OS Unlocks a New Paradigm for Agent Collaboration
云启资本·
Linear Yang Jun: Young People All Want to Retire Early — I Tried It, and It's Not as Great as You'd Think | Linear View
The hardest thing in life is figuring out what you want.
线性资本·
AI Agents with Three Frontier Researchers: Rules, Environments, and Real Questions Beneath the Hype | 5Y Capital's Tavern Vol. 31
Can Agents Ask Real Questions Now?
五源资本·
Yunqi Family at WAIC: New Products, New Trends, New Connections — All in One Place | Yunqi Capital x World Artificial Intelligence Conference
Models Get Smarter, Agents Work Harder, Robots Stay Busier
云启资本·
Expo Hopping and Gossip: Fresh Dispatches on Linear Capital From Inside and Outside WAIC | Linear News
At the singularity of thought, the future is compiling itself.
线性资本·
Are Models and "Shells" Both Undervalued? ZhenFund's Yusen Dai's Mid-2025 AI Review --- The past six months have been a turbulent period for AI. On one hand, DeepSeek's breakthrough has reignited global enthusiasm for Chinese AI; on the other, the commercialization path for large models remains unclear, and the market is growing increasingly anxious about when AI will generate real returns. Against this backdrop, I believe it's necessary to take stock of where we stand at this mid-point in 2025. **The Core Question: Are Models and "Shells" Both Undervalued?** Over the past two years, the AI industry has cycled through several narratives: from the initial frenzy over foundation models, to the subsequent boom in AI applications ("shells"), then a period of disillusionment as applications failed to deliver, and now a renewed focus on models following DeepSeek's success. But I want to propose a contrarian view: **both models and "shells" may be simultaneously undervalued by the market right now.** This might sound paradoxical. Let me explain. **Why Models Are Undervalued** The market's current skepticism toward model companies stems largely from two concerns: the commoditization of models (will they all become undifferent
In 2025, the "Sedol moment" for industries far and wide is only just beginning.
真格基金·