Yilihua: At this stage, AI investment is converging with the early cryptocurrency sector, and the core is to seize the most high-growth star enterprises.

Yilihua, founder of Liquid Capital, stated in a social media post that the core of investing has never been spreading capital evenly across multiple assets, but rather focusing on a small number of star enterprises capable of generating excess returns. Duan Yongping’s first investment move after transitioning from entrepreneurship came in 2002, when he used $2 million to buy undervalued NetEase shares trading below $1. Holding the stock for 8 years, he earned over 100 times his initial investment, netting more than $260 million—cementing his status as a legendary investor and launching his iconic investment career. Every technological revolution brings abundant opportunities for excess returns. In the early days of the crypto industry a decade ago, holding Bitcoin or investing in high-quality projects yielded numerous 100x return cases. The AI industry is now in the same early explosive phase, with a large number of promising targets waiting to be discovered in both Chinese and U.S. markets. The core goal of AI investment today is to capture the most explosive star enterprises in this AI wave.