Jensen Huang
黄仁勋
Jensen Huang is the co-founder and CEO of NVIDIA, the dominant chipmaker in AI compute. In a 2023 internal speech at NVIDIA, he set a market-cap target of $2 trillion when the company had just crossed $1 trillion; by mid-2025 it had surpassed $4 trillion, with ZhenFund partner Yusen Dai predicting it could soon hit $5 trillion . Huang is described by industry observers as both "a great engineer" and "a great sales" figure who "knows how to say the right thing and do the right thing at the right time" . His early biography traces back to a Denny's in Portland, where at age 15 he worked as a dishwasher and later, in 1993, met with Chris Malachowsky and Curtis Priem to sketch out what would become NVIDIA . In his view, NVIDIA was never merely a chip vendor: he bet on parallel computing and GPU architecture as far back as the 1990s, when the industry dismissed it as a marginal direction useful only for gaming graphics, and stuck with CUDA through years when the company was valued at barely $1 billion until deep learning made that narrative the technical foundation of the AI era . He is also an active user of AI products—Perplexity AI's CEO has noted that Huang uses the search engine "almost every day" .
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Gen Z Is Building the World
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真格基金·Huai Wang: There Are Only Two Doors Leading to the AI Future, One Is in the US and the Other Is in China | End of 2025
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暗涌Waves·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
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The value isn't in the model — it's in the people who create it.
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