Amazon
亚马逊
Amazon is a technology and retail conglomerate founded by Jeff Bezos, who served as CEO before stepping down in 2021 . Over 27 years it grew from an online bookstore into a company spanning e-commerce, cloud computing, physical retail, and media, with over 1.5 million employees and 2021 revenue of $469.8 billion — roughly half from first-party retail, 22% from its third-party marketplace, and 13.2% from AWS . Its strategic playbook centers on "Always Day One" culture and mechanisms like the flywheel and working backwards from customer needs, which it has used to launch successive waves of innovation . Amazon acquired Whole Foods in 2017 for $13.7 billion, its largest deal at the time, and folded the grocery chain into its Prime membership ecosystem . In AI, it has invested up to $4 billion in Anthropic while also supplying the startup with chips and cloud infrastructure through AWS, even as the two have found themselves in competitive tension with Google over Anthropic's cloud partnerships . The company has drawn long-term investment from firms like Oasis Capital, though even bullish holders have faced the discipline of trimming positions when Amazon grew beyond portfolio limits .
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Coverage
Smart Companies Are 'Dumbing Down' Their AI
The frontier models are already shockingly smart, but a lot of enterprise work isn't actually that hard. The real measure of AI progress in business should come down to one thing: getting the same things done with less and less intelligence.
In Conversation with RIVR's Marko: From Refugee Streets to Amazon, Life Has No Safe Zone
From a land without a country, to a trillion-dollar river.
Silicon Valley Legend Bill Gurley on the AI Frenzy and Listening to Your Inner Voice
Money is chasing founders — and that's the most dangerous signal of all.
The $50 Trillion Table: The Scramble for AI's Gateway to the Physical World | Linear Voice
The physical world doesn't accept "roughly right."
Four Days at ICML Seoul: Models Are Eating Everything Faster Than Anyone Can Find Their Footing | Xing Meng, 5Y Capital
In July 2026, Xing Meng, partner at 5Y Capital, traveled to Seoul for ICML, where he engaged in deep conversations with researchers and founders on the front lines of the global AI industry. This article presents a selection of his firsthand observations after returning to China.
Nile Founder Dai Haozhuang Helps Brands Open Stores in the Agent World
Who will dethrone Amazon?
Palantir CEO Slams OpenAI and Anthropic
Five Key Observations from Mid-Year.
The Fable 5 Ban: The Script Anthropic Wrote Came Back to Act Against Itself
The most powerful AI model in the United States went offline on Friday. Has the era of universal, undifferentiated access to intelligence ended with Opus 4.8? What impact will this have on future social structures?
How Do Pros Use AI? How Do Regular People Learn AI? How Do Investors Bet on AI? | A Conversation with Ke Dai Biao Li Zheng
Who Will Own the Next Decade of AI Compute After the Global Semiconductor Stock Rally? | Linear View
Stock prices are a sentiment meter; the industry itself is the scale that measures true value.
In the AI PC Era, True "Token Freedom" Is on the Edge: Edge Computing Engine Company AgiBot Secures Tens of Millions of RMB in Funding
Let users move from "renting intelligence" to "owning intelligence."
Hypershell Tech Closes New Funding Round, Bringing Series B Total to $120 Million | Oasis Capital Vitality
World's largest share of the consumer exoskeleton market in 2025
Hands-On Review: MiniMax Just Dropped Mavis. What Is It?
Assemble Agents from monolithic individuals into collaborative Agent Teams.
When AI Learns to Deceive and Cover Its Tracks: The Dilemma Laid Bare in Anthropic's 244-Page Report
AI can even hide its own reasoning within the chain of thought.
"Why I've Started to Oppose Vibe Coding"
They bloomed into a beautiful 💩 flower of complexity.
After reading this 245-page report, I understand why Anthropic didn't release Mythos
Anthropic's strongest model — and the one they're afraid to release
OpenClaw, you have a new order!
Your first Agent, on us.
A Conversation with Zongteng's Li Cong: Beneath the Drifting Pontoon, Become the Concrete Pillar | Waves Worldview
Behind each heart-stopping leap.
Mulerun's "Borrowing the Fake to Cultivate the Real": The Agent Market Enters Open Competition
A Mule of a Leader in AI 🐎
2026: A Letter to AI Founders — on Generosity, Cruelty, and Fog
Is AI entrepreneurship entering its "worst" era?
A New Species Is Born: Let's Talk About Bringing "Lobster" Into Daily Life | Vital Young
When OpenClaw Crawls Out of the Screen
Clawdbot is a midlife-crisis hype campaign orchestrated by Elon Musk.
Elon Musk hacks the whole world
What AI Actually Looked Like in 2025
22 real moments documenting how AI is used, loved, questioned, misunderstood, and depended upon in reality.
A tech revolution isn't accomplished only by those standing at the very top | MonoX
Someone has to be the first to step up and test the new rung.
5Y Yuan Ye: Five Perspectives on Understanding AI Entrepreneurship | 5Y View
True innovation isn't about walking the old path faster — it's about having the courage to blaze a trail no one has taken before.
First Look: ByteDance's Lark 2.0 — Can AI Really Clone Viral Hits?
AI creative agents are taking over what used to be the most time-consuming parts of the work.
Not a Mentor, Just a Roasting Buddy: This AI "Bro" That Topped the App Store Just Wants to Scroll on Your Phone With You
In an era where everyone wants to be understood, Bro chooses to "keep you company in your boredom."
A Conversation with Jekka Founder on Human-Level AI Agent Customer Service: AI's Boundaries, Large-Scale Implementation, and the Endgame
From Sierra to Jekka: The Boundaries of AI, Large-Scale Practice, and the Endgame
In the future, experimentation itself and time will be the anchors of social value distribution.
Jensen Huang: AI Will Become a Multimodal, Multi-Embodied General-Purpose System | Vital Views
Counselor Vitality
A Conversation with iMile's Cathy Huang: Winning at Cross-Border Logistics Through Systems | Dark Tide World View
From the Middle East to the World
Google and ByteDance are battling like gods, so why is a tool called Reve quietly going viral?
AI image generation finally hits "point and shoot" accuracy!
Better Than YC! How AI Grant Uncovered Unicorns Like Perplexity, Pika, and Cursor | Full Portfolio List Inside
AI Grant is Silicon Valley's "trust passport."
A '97-born founder's third pivot: building a Personal Agent that doesn't chase productivity
Like the earliest Apple Mac computers, we hope to realize the transformation of agents from productivity to everyday life.
Unitree, DJI, Fourier, Xiaomi… We Rounded Up 15 New AI Hardware Products for 2025
"The year of AI hardware" has come and gone, and the market remains the one and only ruthless arbiter.
2025 Silicon Valley AI Mid-Year Review: Serial Acquisitions, Big Tech Talent Wars, and Who Will Break Out | A Conversation with Fusion Fund Founding Partner Lu Zhang
Money is cheap; time is what actually matters.
From "No Competitors" to "Crashing Several Times a Day" | A Conversation with Zilliz Founder/CEO Charles Xie
"I've always believed that the world of technology needs idealism.
Mid-Year Review: 2025 Silicon Valley Tech Megatrends | A Conversation with Fusion Fund's Lu Zhang: Community-Driven Innovation, Talent Wars, VC Transformation, and the IPO Landscape
Halfway through 2025: 9 AI Aha Moments That Stopped Me in My Tracks
The AI Smart Glasses Battle of a Hundred Players: A Conversation with the Current Frontrunner on Ditching Cameras and Making Their First Dollar | A Dialogue with Yongfeng Xia of Superhexa
Life is short. I'm just going to do one thing, and do it well: smart glasses.
Voice Agent Camp: On GPT-4o's First Anniversary, We're Launching a Startup Camp | Supersonic Plan 2025
Have you ever pored over the voice interaction in *Her*, dreaming of replicating—or even surpassing—that blend of intelligence and emotion?
Globalization Isn't Americanization, Advanced Markets Birth Advanced Brands... | This Is What They Said in Shenzhen
Supply Chain Reshaping, Tariff Shocks... How Do China's Tech Consumer Goods Make It Through?
Even Realities: The First Eye
The subject of smart glasses can only be glasses, and nothing else.
*The Wild East of Wall Street*
"On Wall Street today, there's no one left who isn't hostile to Trump."
Ten Thousand-Word Interview with Perplexity's Growth Lead: People Need to Hear About Your Product 3 to 7 Times Before They Actually Try It
Growth is a game of intuition.
Hands-On with Manus: The First AI That Actually Gets Things Done, Made in China (50 Use Cases + Breakdown)
The World's First General-Purpose Agent 2025, Dawn Breaks in the East
20 Questions to Understand DeepSeek and the "Second Half of AI" It Ushered In
20 Questions, Layer by Layer: The Story Behind DeepSeek
20 Questions to Understand DeepSeek and the "Second Half of AI" It Unleashed
Linear Capital Pre-Seed Portfolio Company RIVR (formerly Swiss-Mile) Founder *Forbes* Interview: On Bezos Investment Process, Future Development Plans
In early February, [Linear Capital Pre-seed project RIVR](https://mp.weixin.qq.com/s?__biz=MzAwNTAyMDAyNQ==&mid=2652307378&idx=1&sn=78330c4049bc6031c5d075f5a52fd79f&scene=21#wechat_redirect)
Code Brain | Li Lu's Peking University Speech: The Puzzles of Our Era, Their Causes, Essence, and Value Investing
Value investing, wherever it's practiced, is always closely tied to the era in which it operates.
The Mid-Game Battle for Vector Databases: How Long-Term Player Zilliz Breaks Through | Yunqi Tech π
Building the "New Infrastructure" for the AI Era
J&T Express in Mexico: A Security Map for Every Employee | Dark Currents: World View
A courier company spent three years cracking the Mexican market.
Betting on AI Startups Four Years After a VAM Gamble: The Full Story of a Data Startup's Acquisition
I was going to ring the bell; how could I have sold the company after just four years?
Bolt Picks | The Opportunities and Challenges of Synthetic Data
Synthetic Data: The Future of AI?
Let's go to Mexico with Anyong | Waves Odyssey
Join us.
Brewing tea, making pancakes, practicing Wing Chun — AI robots are better at retirement than I am
What's more, it never ages in the first place.
BosonAI's Mu Li: If There's Something You're Meant to Try in Life, Start as Early as Possible | Oasis Vitality
Counselor Vitality
Li Mu: "Starting a company is about defying fate — what exit strategy are you even thinking about?"
One year in AI is three years on Earth.
How Smart Entrepreneurs Go Global in E-Commerce? Alibaba International's AI Toolkit: Completely Free, Use It to the Fullest!
AI's got your back, going global won't make you crack.
Coatue's Take on 2024: No AI Bubble, and US VC Exits Are Struggling Too
A tale of two extremes.
"I Want to Shatter Your Unrealistic Fantasies About AI, and Rebuild a Correct Understanding" | Podcast
The most knowledge-dense episode of "Crossing" podcast ever is here!
What happens when a man who loves playing with fire gets his hands on AI?
The Collision of Art and Science
"I Want to Shatter Your Unrealistic Fantasies About AI and Rebuild a Proper Understanding" | A Conversation with Leding Li, Baidu Principal Architect in the Trenches
Starting Up in Egypt: The Joys and Sorrows of the Middle East's "Shadow World"
This company actually managed to make money in Egypt.
First Step of a Massive Undertaking: miHoYo-Backed Fusion Company Ignites Plasma | BlueRun Ventures Headlines
It's the first step, and a significant one at that.
The Road to AGI | BlueRun Ventures' AGI Investment Thesis Updated to Version 2.0
Six takes, posted here for the record. Subject to revision.
I Deliver Packages, Bringing a Little Tech Shock to North America | Starting Up with You Lan
If you have curiosity, entrepreneurship knows no bounds.
Zilliz × Nvidia GTC: Launching the World's First GPU-Accelerated Vector Database | Yunqi Capital
Vector Databases Enter a New Era of GPU Acceleration
Decision Trade-offs in the Real World: Action Generates Information | 5Y View
The best founders tend to favor action, responding to new information with rapid adaptation.
China's LLM Funding War: The Quick Death of Romance
Do the investors regret it?
AI Watch: Snake Meets Tetris | 5Y View
Quarterly AI Industry Observations 1Q24
Yunqi Capital Year-End Roundup | Annual Deep-Dive Report: AI + Open Source + Commercialization = ?
Three Years Running: The New Trends in Open Source + AI
When the Inventor of Unicorns Stops Believing in Unicorns
Using valuation as the benchmark for a unicorn's success is convenient, but far from perfect.
Code Brain | How the Internet's Most Successful Membership Program Was Born
Amazon Prime Launched in Six Weeks — Because Jeff Bezos Demanded It
Code Brain | Top 10 AI Predictions for 2024
Code Brain | The Rise of Solo Founders: How to Start Your Startup Alone
In today's great wave of AI entrepreneurship, is bias against solo founders justified — or merely outdated groupthink?
Code View | Source Code Capital's Yiwen Hao: Helping Entrepreneurs See Farther, Deeper, and More Precisely
How VCs Can Navigate Uncharted Territory
Heaven's Feel: The Root of AI and Gaming | 5Y View
Any sufficiently advanced technology is indistinguishable from magic.
Code Brain | How Do Founder-CEOs Understand "Courage"?
Code Brain | In the Future, Human Labor Won't Be Nearly Enough — The Market for Robots Is Massive
These Companies Are Also Betting on Humanoid Robots
The Wisdom of Decision-Making Comes from the Accumulation of Experience and Knowledge | 5Y View
How to Develop Strategic Thinking?
Linear Capital Portfolio Company Tezign Founder Fan Ling's Lecture Notes: Creativity Has a Moore's Law Too
**"History is an arrow. It comes from the distant past and flies toward the future. AIGC is that arrow, just released — it may be a once-in-fifty-years technological breakthrough."** **— Fan Ling, Founder and CEO of Tezign**
Coatue's 2023 in Detail: Half Sea Water, Half Flame
Could AI become the lifeline of the economy over the next decade?
Why Won't Chinese Database Companies Simply "Copy" the Snowflake Model? | Yunqi Capital Science Chat
Respect the market, seek common ground while reserving differences.
Oasis Capital Dialogue with Professor Liu Zhuotao: The Circulation Code of Private Domain Data
Progress and the Good
AI Reflections, Part Two: The Open Cards and Hidden Cards in AI | VOICE
Consensus and Non-Consensus in AI.
Code Brain | Equity Incentives Become Standard Practice: How Can Companies and Employees Achieve a Win-Win?
Whether an equity incentive plan is designed scientifically matters not only for achieving the "incentive" objective itself, but is also closely tied to dimensions such as corporate cost management and strategic development.
Code Brain | User Acquisition Isn't Just Ad Spending—Startups Must Understand the Nature of Traffic to Drive Growth
The essence of traffic is users' attention accounts.
AIGC "Peak Series" | Dr. Li Wei: The ChatGPT Tsunami — Who Gets Washed Away? Who Rides the Wave?
Insights into the AI Ecosystem and LLM Large Language Models from ChatGPT
Source Code Capital | Bill Xiong of Earth-2: Entrepreneurs Must Have Light
Holding yourself to a higher standard in business really isn't a bad thing.
Exclusive | SHEIN Nears Completion of New Funding Round at Valuation Below $70 Billion
A future showdown between SHEIN and Temu is inevitable.
2023 Spring Supersonic Program Opens Recruitment: Staying True to Our Mission, Growing Against the Headwinds
Connecting the startup ecosystem.
Code Brain | Planning to Go Abroad? Stay on Top of the Latest Entry Policies
Get a quick global view in 2023 without losing your way.
Linear Academy | What If a Product PRD Were a Press Release? Notes from Amazon's Reverse Workshop
In mid-October, Linear Capital and Amazon's Digital Innovation team co-hosted a workshop to help Linear's portfolio companies understand Amazon's Working Backwards methodology. Nearly 50 team members from Linear's portfolio companies attended. With support from Amazon's Digital Innovation team, they experienced firsthand the working-backwards approach that Amazon advocates.
Linear Academy｜Former Founding Team Executive on How OnePlus Navigated Its Early Startup Days
Recently, Linear Academy invited the former VP of OnePlus's Platform Center and a founding team executive to share his insights with Linear Academy friends in an online session. He discussed OnePlus's startup phase, acceleration period, and development lessons to date, with particular focus on how a relatively niche brand built global influence in the smartphone market. We've compiled portions of his talk to share with you. Below is a transcript of Gong Yin's remarks.
Code Engraved | Keyi Tech Launches Loona, Another Kickstarter Smash Hit
It raised over 1,000 units in just three hours, putting it on track to become the best-selling consumer robot in Kickstarter crowdfunding history.
Database startup **Chengzhang Data** has raised tens of millions of RMB in an angel round led by **Linear Capital** | Linear News
Linear Capital director Zheng Can said: "Data analytics and management platform software, with databases as a representative category, is a thriving market with enormous potential, but at the same time it is also..."
From the Flywheel to Working Backwards: How Amazon Made Innovation a Habit | Ronghui
Ronghui Organizational Upgrade Season: A Deep Dive into Amazon's Innovation Culture, Architecture, and Mechanisms
BioGeometry Closes Angel Round, Next-Generation AI to Power Macromolecular Drug R&D
Released TorchProtein, the first open-source machine learning platform for macromolecular drug discovery.
Source Code Capital | Guangmi Li: Choosing Entrepreneurship Was My Leap of Faith
Code Brain | Leadership Is Guiding People to Uncharted Territory
Code Moment | VR content studio "Bifurcation Point Network" announces two consecutive funding rounds totaling tens of millions of RMB, with Source Code Capital as the sole seed-round investor
Deep cultivation of virtual reality communities --- Or if this is a heading/phrase describing a strategy: **Deep-Rooted in VR Communities** Or more naturally in a sentence context: "deeply embedded in virtual reality communities" / "taking root in VR communities" --- Without additional context, the most natural English rendering would depend on usage: - As a company positioning: **"Deeply rooted in VR communities"** - As a strategy description: *"doubling down on virtual reality communities"*
Linear Academy | AfterShip Practice Sharing: How an International SaaS Navigated Cold Start, Growth, Customer Acquisition, Compliance, and Beyond
In late July, Linear Academy invited Hong Xiaojun, CTO of the well-known SaaS company AfterShip, to host an online session for Linear Capital's portfolio companies. Drawing from AfterShip's own growth journey, he discussed how SaaS companies can cold-start and scale, how to build up a customer base, and how to handle security and privacy issues. He also shared his perspective on overseas SaaS market trends.
Agora x 5Y Capital | 2022 Supersonic Program Spring Cohort Wraps, Top Eight Announced
Applications are now open for the fall Supersonic Startup Partners Program.
Agora x 5Y Capital, "Supersonic Program" 2022 Fall Cohort Now Open for Applications
Seeking exceptional partners in the RTE space to co-create new scenarios.
New Playbook for Going Global: From "Air Force" to "Marine Corps" | FreeS Research Institute · Going Global Series
From Europe and America to Southeast Asia: How Can Chinese Companies "Gang Up" to Go Global?
MaHui Founder | Shunhao Fan of Hongyu Technology: What Kind of Operating System Does the XR Era Need?
MaHui | Source Code Capital's Chang Kaisi: Tech Shifts Reshape Moats, Tech Entrepreneurship Breaks Boundaries
Tech disruption breaks down barriers
Agora x 5Y Capital | 20 Real-Time Interaction Startups Selected for "Supersonic Program"
Helping entrepreneurial partners grow in value.
Agora x 5Y Capital, "Supersonic Program" 2022 Spring Cohort Opens Recruitment
Help startups grow in ways that create real value.
James Anderson's Letter to Investors 2021
Timeframe, Possibility, Extreme Uncertainty
How to Win Over Gen Z Consumers in China and the US? A D2C Streamlined Skincare Brand's Thinking and Strategy
How does a D2C minimalist skincare brand break through?
"You always need to balance desire, capability, and resources" | FreeS Fund 2021 US-China Venture Forum Transcript
Startups or Investing: A Game of "Truth or Dare" at the Intersection
The Universe Wants You to Be Ordinary | Oasis Signals
Jeff Bezos's Final Shareholder Letter
How to Balance "Long-Termism" with "Present Action"? | 5Y View
Focus on doing the single most important thing right now.
5Y News | Indian Used Electronics Marketplace Cashify Closes $15 Million Series D Round
India's secondhand phone supply chain is massive enough to serve its 1.4 billion people, and it's a global business too.
5Y Talk｜The Next Decade: Embracing the Age of Robots
5Y Capital is always searching for and backing promising technical founders — whether you're working in robotics, AI, or any other technology field, we'd love to hear from you.
Chen Yaochang: World Factory + Social Media + Talent — More and More Global Brands Will Emerge from China | Ronghui
Over the next five years, we're bound to see more and more international consumer brands emerging from China.
Jeff Bezos's 2008 Letter to Shareholders | Oasis Signals
*Oasis Signals* Series 2
Jeff Bezos's 2007 Letter to Shareholders | Oasis Signal
*Oasis Signals* Series 1
Aqara, a leading IoT company, completes Series B2 funding round to accelerate overseas and B2B expansion
Going forward, Aqara will pursue strategic partnerships with global tech giants and double down on overseas markets, while also building out its B2B business with scenario-based solutions for smart eldercare and smart agriculture.
Four Years On, Revisiting Cross-Border E-Commerce | Frees Fund
Focus on long-term value, and business will endure.
Club Factory Raises $100 Million in Series D Led by Qiming Venture Partners and Several Domestic and International Funds, with FreeS Fund Following On | FreeS Fund Deal News
Ranked as India's third-largest e-commerce company
Hongjiang Zhang: AI's Long-Term Development Requires Someone to Sit on the Cold Bench
We hope AI fundamental research can look further into the future.
Mining India: Battle-Tested Insights | Code Brain Episode 8
"Code Brain" connects Source Code Capital's entrepreneurs with external experts for private, offline brainstorming sessions.
Export E-commerce: How to Seize New Opportunities in the Trillion-Yuan Blue Ocean Market | Source Code Capital Insights
Cross-border e-commerce is the new blue ocean in a trillion-dollar market.
Li Feng Column | The Essence of New Retail, in 10 Characters
We welcome anyone interested in consumer investment to join us.
Hongjiang Zhang in Conversation with Zexiang Li: How to Break Through in Tech Entrepreneurship | Code Meet 2018
A better model for tech startups is to go from scenario to technology.
BaiChangHui Closes RMB 70 Million Series B Round, FreeS Fund Continues to Follow On | Funding News
Behind BaiChangHui's growth lies consumer demand for personalized venues.
How to Build a $40 Million Annual Profit Product — My Experience at Microsoft, Amazon, and Baihuihui | FreeS Business School
A startup's product development model can make or break the company.
A Strong Personal Brand Beats a Million Paid Articles: How Startup CEOs Can Build Their Brand | FreeS Business School
Fortune favors the bold.
Zhuang Chenchao: How Startups Compete, How They Lose Money (Long-Form Highlights)
Over the years Qunar has been fighting — from day one to today, we've been at it for ten years, and we've successfully driven the entire industry into losses.
