NVIDIA
英伟达
NVIDIA is a semiconductor company founded in 1993 by Jensen Huang, Chris Malachowsky, and Curtis Priem, originally focused on graphics processing for personal computers . Huang has served as CEO for over three decades . The company pioneered the GPU concept with 1999's GeForce 256, the first product defined as a "graphics processing unit" , and later built the CUDA programming platform starting in 2006 to make GPU parallel computing accessible to developers .
What began as a "game显卡公司" evolved into the dominant infrastructure player of the AI era. NVIDIA's GPUs became the default engine for deep learning training, with the company controlling an estimated roughly 90% of China's market for AI training chips as of 2023 . Its competitive moat extends beyond hardware to an accumulated ecosystem of compiler optimization, framework integration, and developer familiarity . The company has also pushed into specialized healthcare AI through platforms like Clara Holoscan for medical devices and BioNeMo for drug discovery , and has partnered with firms including Zilliz on GPU-accelerated vector databases .
In 5Y Capital's framing, NVIDIA's trajectory illustrates how "种子" planted years before market inflections—CUDA, early bets on parallel computing—can define a company's capacity to capture transformation when it finally arrives .
AI-generated — may contain errors, please verify.
Coverage
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.
线性资本·ZhenFund-backed "Mindverse" Closes $50 Million Series A to Build Continuously Learning Agent Models
Let intelligence truly understand every unique soul.
真格基金·*Fortune* in Conversation with "Lightelligence": Why "Light" Is the Next Battleground in the AI Compute Race | Yunqi Partners
Breaking the Shackles of Electric Charge, Light Arrives from the Wilderness
云启资本·Interview with Tian Yang of Yinpu: After the Crayfish Craze Fades, What's Next for Edge AI Hardware?
What will the next AI device in our homes actually look like?
峰瑞资本·14 Fragments, 14 Years of Investment Thinking | Linear View
Some things can't be measured by ROI.
线性资本·It's 2026, and we're still evaluating World Models the way Edison tested filaments.
A Serious Discussion on World Models
五源资本·Understanding Cerebras: Compute Lets AI Learn to Think, Memory Lets Agents Learn to Work
The Achilles' heel of the agent economy is memory.
五源资本·FreeS Fund's Li Feng: For Embodied AI to Become Reality, It May Need to Copy These Three Playbooks
Large language models, autonomous driving, and AlphaFold.
峰瑞资本·Everyone's Token-Maxxing: An Arms Race Nobody Dares to Stop | 5Y Capital's Xing Meng on AI
We spent some time in Silicon Valley and found that even the people making the waves are getting overwhelmed by them.
五源资本·A Conversation with Manycore's Huang Xiaohuang: Fifteen Years as a Founder, Still a Youngster at Heart
A story about trust, growth, and mutual success.
线性资本·Global Capital Goes Risk-Off: Where's the Money Going? | Macro Musings
Risk Off | The 2001 Dot-Com Bubble? | The Aftermath of the US-Iran Conflict
峰瑞资本·Embodied AI Goes Global to Close the Data Loop: Imperial College Postdoc's UK Startup Raises Tens of Millions of RMB
A real-world case study of embodied globalization.
暗涌Waves·Maybe We Should Stop Investing in GUI-Centric Software Companies
Agents are a user base ten times larger than humans.
真格基金·"Deep Principle" Closes Series A2 Round, Joins OpenAI and Others in *Science* to Discuss AI4S Exploration | Linear Portfolio
AI4S shouldn't stop at the "selling shovels" stage.
线性资本·An Underwater AI Chip Company Raises 1 Billion Yuan, Targeting Large Model Inference
Walking between two "hands."
暗涌Waves·A New Beginning | Z News
We’re looking back on the highlights from the past month of January, 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·NVIDIA's $20 Billion Groq Acquisition: Is LPU Architecture the Optimal Solution for AI Inference?
Where Are the Opportunities for China's AI Inference Chips?
峰瑞资本·ZhenFund's Yusen Dai's Lunar New Year Reading List: You Have to Keep Running Just to Stay in Place
Accompanied by words, seeing a wider world.
真格基金·Gen Z Is Building the World
There's always someone young.
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
Adapt to survive; evolve to lead.
暗涌Waves·Qin Liu, 5Y Capital: Great Companies Don't Win a Single Battle — They Never Leave the Field | 5Y View
Emergence, infinite games, growth.
五源资本·Jing Liu: Great Companies Don't Win a Single Battle — They Never Leave the Field | End of 2025
"Test early, fail fast, learn faster."
暗涌Waves·How Does an Infra Company Bring AI into the Physical World?
The integration of machine cognition and action.
暗涌Waves·Rongbao | Multiple autonomous driving, nuclear fusion, gaming, and innovative drug companies raise hundreds of millions of RMB in funding
From commercial deployment to world-first breakthroughs, innovation never stands still.
高榕创投·Nuro Closes Over $200 Million Series E to Scale AI-First Autonomous Driving Technology
Make self-driving technology accessible to everyone.
高榕创投·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·Fiverr CEO's Leaked Internal Memo and His 10,000-Word Response: 99% of AI Companies Are Froth
AI won't help ordinary developers go from 1x to 10x. It will only turn 10x developers into super developers.
真格基金·Ten Years of Entrepreneurship: The Stories of People Coming and Going in Kai Yu's Eyes at Horizon Robotics | Linear Voice
The only way to change the script is to change yourself.
线性资本·"How Hard Is It to Build an 'Artificial Sun'? Demystifying the Core Technology and Startup Opportunities in Controlled Nuclear Fusion | FreeS Fund Report"
A Primer on Controlled Nuclear Fusion: Origins and Future
峰瑞资本·Leaving NVIDIA in 2011: A Straight-Shooting Technologist's 14 Years of Entrepreneurial Reflections | Linear Voice
Innovation is, at times, like a genetic mutation of human intellect.
线性资本·"The Internet Queen" on the AI Era: Decoding Mary Meeker's *AI Trends Report* | Yunqi Capital Techπ
The AI wave is accelerating, bringing both opportunities and risks.
云启资本·After Taking VITURE to #1 in North America, Gonglue Jiang Says AI Glasses Should Target Gamers
The farther something is from what a smartphone can do, the more valuable it becomes.
暗涌Waves·Consumer investor Yu He waited for two big fish like he was waiting for Godot.
I've stumbled through pitfalls and detours, celebrated victories, and felt the sting of regret.
暗涌Waves·CDM Leader "CloudXinda" Closes Tens of Millions in Funding, Unlocking the Backup Data Gold Mine in the AI Era | Gaorong Future
The Data Foundation for the AI Era
高榕创投·*The Wild East of Wall Street*
"On Wall Street today, there's no one left who isn't hostile to Trump."
暗涌Waves·Q1 AI Startup Funding Map: $43 Billion, Where Did 80% Go? | Yunqi Tech π
As of 2025, the AI funding boom shows no signs of cooling down.
云启资本·DeepSeek Fired the First Shot, but AI Democratization Is What Really Matters | A Conversation with Yu Ji of Xingyun Integrated Circuit
Where is the moat for large language model companies?
峰瑞资本·A Deep Dive into 7 Core Questions About DeepSeek | FreeS Fund Report
In an era of rapid AI advancement, the DeepSeek story is only just beginning.
峰瑞资本·A Deep Dive into the Beauty of DeepSeek's Creation: How Was DeepSeek R1 Forged?
AI penetration today is only 5%. For the remaining 95%, what will their first AI application be?
真格基金·Bloomberg Interview with Altman: Looking Back on Two Years of ChatGPT, His Take on AGI | Bolt Picks
A recent interview with Sam Altman.
线性资本·If AI Can Write Code, What Should Software Engineers Do? | Bolt Picks
Starting with NVIDIA's Market Outlook
线性资本·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
云启资本·A Conversation with Li Xiang: Throwing Questions at Someone Who's Always Asking
Reflections of a Lifelong Business Journalist
Monolith砺思资本·Jensen Huang's Vision of a "Universal Translator" — How Does It Cross the Visual Divide? | Yunqi Tech π
The Visual Puzzle of Large Models
云启资本·Looking Ahead to 2025: What Innovation Opportunities Await the AI Industry? | FreeS Fund Report
Our Thinking on AI Technology Progress and Industrialization
峰瑞资本·Before Sora, Had AI Already Achieved "Physical World Simulation Freedom"? | Yunqi Tech π
Pushing Open the Door to Physical AI
云启资本·AI for Science: Standing at the Turning Point of a Research Paradigm | FreeS Fund Report
What is AI for Science, and why now?
峰瑞资本·The AI Hardware Opportunity, Seen Through Four Decades of Silicon Valley PC Innovation
Born in hardware, thriving in applications, and maturing into an ecosystem.
峰瑞资本·Yunqi Capital | Angel-round project *DeepRoute* raises $100 million in Series C1, accelerating mass production of advanced intelligent driving
will also explore large-scale Robotaxi operations
云启资本·Introduction to AI Data Centers | Bolt's Reading Pick
The History, Construction Technology, and Corporate Landscape of AI Data Centers
线性资本·Horizon Robotics Goes Public: We Can Finally Talk About Kai Yu's Story | Z Talk
How can a risk-averse entrepreneur pull off something incredibly risky?
真格基金·Colossal-AI's You Yang: What Choices Am I Making on Top of a 30 Billion Valuation Ambition?
Reasoning Becomes the Next "Battleground," AI Infra Startups "Prospect" for Video Foundation Models.
真格基金·Bolt Picks | The Opportunities and Challenges of Synthetic Data
Synthetic Data: The Future of AI?
线性资本·A Conversation with Tsinghua University Professor Chen Wenguang: What If Large Models Stop Competing on "Largeness"?
Are Large Models Cooling Down, Fei-Fei Li's New Project, and AI's Sunshine for All
峰瑞资本·At the Intersection of Generative AI and Life Sciences: Technology Acceleration on One Side, Clinical Demand on the Other | Ronghui x NVIDIA Inception Program
NVIDIA, Gaorong Ventures, and Cornerstone Robotics on the Acceleration of "AI + Healthcare"
高榕创投·Ten Thousand-Word Conversation with Scale AI Founder Alex Wang: Why Data, Not Compute, Is the Biggest Bottleneck for Large Models｜Z Talk
We've exhausted all the easily accessible data.
真格基金·Coatue's Take on 2024: No AI Bubble, and US VC Exits Are Struggling Too
A tale of two extremes.
暗涌Waves·A Conversation with Adam Tooze: How Venture Capital Reached Its Present Moment Through the Eyes of a Macroeconomist
Crises in this era tend to compound, yet remedies remain scarce.
暗涌Waves·A Conversation with Momenta's Cao Xudong: Beyond Moore's Law for Autonomous Driving | Z Circle
The hardest choice is not changing your original choice.
真格基金·Huang Songyan, Linear Capital: I've Moved to Munich, Hunting for Deals Across Europe
Fresh opportunities are surfacing.
暗涌Waves·Focus on what matters most, and everything else will follow | 5Y View
Do the hard right thing.
五源资本·How Far Can "Embodied AI" Take This Robotics Boom? | 5Y Capital Tavern Vol. 17 x Silicon Valley 101
What new technologies are emerging in the robotics industry with AI, and what challenges still lie ahead?
五源资本·How Far Is Embodied Intelligence from Reality: Hype, Bubble, Technological Frontier, and Commercialization | FreeS Research --- In 2024, embodied intelligence remains one of the most watched tracks in the tech investment landscape. From humanoid robots to intelligent robotic arms, from autonomous driving to smart prosthetics — the concept of "embodied intelligence" seems to be everywhere. Yet when we peel back the layers of buzzwords, a fundamental question persists: **How far is this technology actually from real-world application?** ## The Hype Cycle: Where Are We Now? The current wave of embodied intelligence enthusiasm bears the classic hallmarks of a technology hype cycle. Capital is pouring in, media coverage is frenzied, and demos are increasingly spectacular. But history offers cautionary parallels. Consider the trajectory of autonomous driving. A decade ago, full self-driving was touted as "just around the corner." Today, while significant progress has been made, true L5 autonomy remains elusive. The gap between laboratory demonstration and scalable, reliable deployment proved far wider than anticipated. Embodied intelligence faces an analogous challenge. A robot performing a backflip or making coffee in a controlled environment is not the same as one that can operate robustly across unpredictable real-world conditions. ## The Bubble Question:
AI veers left, robotics veers right, and embodied intelligence stands at the intersection.
峰瑞资本·April: Growing Upward | 5Y News Monthly
The big news from last month.
五源资本·Replicating Sora? Long-context or RAG? Are Agents a fake demand? | Yunqi Capital's Ten Questions X Attent!on
Just enjoy the "petrichor" of AGI.
云启资本·GTC Notes: Stay Sensitive, Think About the Next Transformation | 5Y View
Chances are, another great seed was planted in some unremarkable corner of this year's GTC.
五源资本·Zilliz × Nvidia GTC: Launching the World's First GPU-Accelerated Vector Database | Yunqi Capital
Vector Databases Enter a New Era of GPU Acceleration
云启资本·Yunqi Capital × Nvidia GTC: End-to-End Autonomous Driving Solution Production Vehicle, On Sale This Year | Yunqi Capital --- Wait — I need to flag a terminology issue. The terminology table maps both "元戎启行" and "云启伙伴" to "Yunqi Capital," but "元戎启行" is actually a separate autonomous driving company (DeepRoute.ai). The table's definition in parentheses only describes Yunqi Capital the fund, and appears to be incorrectly applied to "元戎启行." Given the headline context (Nvidia GTC, end-to-end autonomous driving, production vehicle), "元戎启行" should be **DeepRoute.ai** — the AV company that announced its end-to-end system at GTC 2024. Here's the corrected translation: --- **DeepRoute.ai × Nvidia GTC: End-to-End Autonomous Driving Production Vehicle, On Sale This Year | Yunqi Capital**
End-to-end models will be compatible with Thor — NVIDIA's next-generation autonomous driving chip set for mass production next year
云启资本·Thinking is a mechanical process, AI are going to do it｜5Y View
Game out the trajectory of AI with Nat Friedman and Daniel Gross.
五源资本·In less than six months, Moonshot AI's smart assistant has increased its capacity tenfold, now supporting 2 million characters of lossless context.
The Power of Focus
Monolith砺思资本·2024 AI Forecast: After Claude 3, What Else Can We Expect? | Yunqi FutureScope
How Does a People-Centric Tech Philosophy Drive Development?
云启资本·Wang Yu of Tsinghua University: Lowering Costs Is Key to Commercializing Large Models
Solving the Last Mile for Large Model Deployment
Monolith砺思资本·Heading into 2024: How We Think About AI Startup Investing | FreeS Fund Year-End Special
From 2023 to 2024: AI's Advances, Challenges, and New Opportunities
峰瑞资本·Happy first birthday to ChatGPT-3.5! What new lessons have AI and we learned over the past year? | Yunqi Tech Talk
AI's Spectacular Year
云启资本·A Deep Dive into 70 Years of Optical Computing: What New Breakthroughs Await Beyond Moore's Law? | Yunqi Science --- In 1965, Gordon Moore, then director of the R&D laboratory at Fairchild Semiconductor, published an article in *Electronics* magazine titled "Cramming More Components onto Integrated Circuits." In it, he made a bold prediction: the number of transistors on an integrated circuit would double approximately every year, with computing power growing exponentially while costs declined. This observation, later refined to a doubling every 18–24 months, became the famous "Moore's Law" that has driven the semiconductor industry for nearly six decades. However, as transistor sizes approach the atomic scale, the physical limits of silicon-based electronic computing are becoming increasingly apparent. Heat dissipation, quantum tunneling effects, and manufacturing costs are all pushing traditional computing toward a wall. In this context, optical computing — using photons instead of electrons as information carriers — has emerged as one of the most promising paths beyond Moore's Law. This article traces 70 years of optical computing development, examining its technical principles, key breakthroughs, and the new frontiers it may open in the post-Moore era. ## The Physical Advantages of Photons Why light? The answer lies
"The Future Computer" will have a computing architecture composed as follows —
云启资本·Today, we try to pry open the "black box" of autonomous driving.
真格基金·Let's Swim Until the Sea Turns Blue
When others see the spray, we see the shifting tide.
Monolith砺思资本·Networking Sessions, Forums, and New Product Launches — Multiple Linear Capital Portfolio Companies Take the Stage at WAIC
Last week, the World Artificial Intelligence Conference (WAIC) took place in Shanghai. Can Zheng, Director at Linear Capital, served as a judge at the "ModelScope Create@AI Hackathon," hosted by AI model community ModelScope, guided by the CCF Open Source Development Committee, co-organized by Alibaba Cloud and NVIDIA, and supported by Alibaba Cloud Tianchi. For details on the three-day competition, [click here](https://mp.
线性资本·Why does KKR keep emphasizing "keep it simple"?
The truly valuable investment opportunities in the AI wave are the "non-tech" plays.
暗涌Waves·Coatue's 2023 in Detail: Half Sea Water, Half Flame
Could AI become the lifeline of the economy over the next decade?
暗涌Waves·Amid the GPT Frenzy: Anxiety and Breakthroughs in China's Chip Market | FreeS Research --- The launch of ChatGPT has ignited a global AI race, and chips — the silicon foundation of this revolution — have become the most scrutinized bottleneck in China's tech ecosystem. For domestic semiconductor players, this moment is charged with both urgency and opportunity. ## The Anxiety: Caught in the Supply Chain Squeeze China's AI chip landscape is dominated by a handful of players, with NVIDIA holding roughly 90% of the market for training chips. The U.S. export controls, tightened in October 2022 and again in 2023, have systematically choked off access to NVIDIA's most advanced GPUs — the A100 and H100, then the cut-down A800 and H800 workarounds. Each restriction has sent ripples through China's AI infrastructure buildout. The anxiety runs deeper than procurement headaches. Training large language models demands massive clusters of high-bandwidth, high-memory chips working in lockstep. China's domestic alternatives remain one to two generations behind on process nodes, interconnect bandwidth, and software ecosystems. The gap isn't merely hardware; it's the accumulated decades of compiler optimization, framework integration, and developer familiarity that NVIDIA
It's been nearly a year since the CHIPS Act took effect. How is China's chip industry doing?
峰瑞资本·Registration Open | Create @ AI Hackathon: Calling All Global AI Developers and Founders --- This is a title/headline for an AI programming hackathon event. Here's the translation preserving the registration call-to-action format and the event branding: **Registration | Create @ AI Hackathon: Inviting Global AI Developers and Entrepreneurs to Compete**
The **Create @ AI Hackathon**, hosted by China's largest AI model community **ModelScope** and guided by the **CCF Open Source Development Committee**, with **Alibaba Cloud** and **NVIDIA** as co-initiators and **Tianchi** as a co-organizer, officially opened registration on June 1.
线性资本·Agora x 5Y Capital | Spring Supersonic Final Four Announced — Ambitious Founders, Come Join
The Supersonic Fall Cohort is still recruiting.
五源资本·Why "Copy to China" Is Hard to Replicate, and Where China's LLM Opportunity Lies
Recently, Bai Zeren, Senior Investment Director at Linear Capital, sat down with *Jazzyear* to share his views on the entrepreneurial opportunities brought by ChatGPT. When it comes to the domestic market for large language model startups, Linear Capital remains optimistic. "While the engineering detours and challenges will take time to work through, the probability of Chinese companies producing something with 80% of ChatGPT's capabilities within two to three years is quite high — even if surpassing what OpenAI has already built will be difficult."
线性资本·The Most Intense Week in AIGC! AI's "iPhone Moment" Has Arrived | Yunqi Capital ChatGPT Special
AI Is Shifting Yet Again
云启资本·BioGeometry's Jian Tang: How to Build a "ChatGPT" for Life Sciences | Gaorong Ventures
Generative AI is powering drug discovery.
高榕创投·Put some people in the metaverse, send others to space
One is an inward journey of self-discovery; the other, an outward quest for what lies beyond.
暗涌Waves·Energy storage batteries, chips, and other frontier sectors land funding; smart manufacturing leads the charge overseas | Rongbao · September
September milestone.
高榕创投·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.
高榕创投·How AI and High-Performance Computing Give Medical Innovation "Superpowers" | Ronghui X NVIDIA Inception Program
Transforming healthcare, revolutionizing people's lives.
高榕创投·Supersymmetry Technology Releases BigBang Transformer [Qianyuan]: A 1 Billion Parameter Financial Large-Scale Pre-trained Language Model That Can Read Numbers Supersymmetry Technology has released the BigBang Transformer [Qianyuan], a 1 billion parameter financial large-scale pre-trained language model designed to enable pre-trained language models to understand numerical data.
**Intro: Linear Capital portfolio company Symmetry Tech releases 10-billion-parameter financial pre-trained language model BigBang Transformer [Qianyuan].** The BBT large model is built on a time-series-text cross-modal architecture, jointly training on textual and time-series data across two modalities. It improves downstream task accuracy by nearly 10% compared to T5 models of the same scale, and significantly increases the R2 score for time-series forecasting. The cross-modal architecture enables the language model to recognize temporal patterns —
线性资本·A Thousand People, A Thousand Metaverses | 5Y Capital's Tavern Talk with Xiang's Yao Xing
Adventurers need new frontiers.
五源资本·Kai Yu: What Horizon Robotics Has Truly Believed In These Six Years | 5Y Talk
The forces that keep us moving forward.
五源资本·5Y News | GPU chip design company Moore Threads raises billions of yuan in funding within 100 days of founding
Building China's computing acceleration platform.
五源资本·5Y Talk｜Kai Yu of Horizon Robotics: The "Crazy" You Others Saw, Now Starting to Be Believed
Our hope is to become the Intel of the robotics era — that has been Horizon Robotics' mission from day one.
五源资本·FreeS Fund Year-End Special | 2019: China's Homegrown Chips — From Shadows to the Spotlight
2018 is worth remembering; 2019 is the year to show what we've got.
峰瑞资本·FreeS Fund Angel-Round Portfolio Company NextVPU Closes 200 Million RMB Series A | FreeS Funding News
We provide professional solutions for robotics, drones, autonomous vehicles, and security surveillance.
峰瑞资本·Li Feng Column | A $2 Trillion Market and $10 Trillion Output: Why We're Bullish on Chinese Chips?
When Will Homegrown Chips Break Through?
峰瑞资本·
![Supersymmetry Technology Releases BigBang Transformer [Qianyuan]: A 1 Billion Parameter Financial Large-Scale Pre-trained Language Model That Can Read Numbers
Supersymmetry Technology has released the BigBang Transformer [Qianyuan], a 1 billion parameter financial large-scale pre-trained language model designed to enable pre-trained language models to understand numerical data.](/_next/image?url=https%3A%2F%2Fkkcktdhgzddmdjdjoenc.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fmedia%2Fimages%2F6c129a80-32b8-429f-8990-f331d11e0417%2F4d525ee4df1d.jpg&w=384&q=75)
