The CEO of Alibaba Entrepreneurs Fund stated that there is no obvious bubble in AI, and the market investment logic is shifting towards balancing AI governance and responsible applications

Zhou Luomeiqi, CEO of the Alibaba Entrepreneurs Fund under Alibaba (9988), stated that there is currently no obvious bubble in AI, and there is ample investment profit space for related enterprises in mainland China. The fund is hosting the JUMPSTARTER startup competition, which recently announced the top 30 in the AI field. She mentioned that the capital market's attention to responsible AI has significantly increased, and the investment logic has shifted from merely pursuing technological efficiency and product innovation to balancing AI governance and responsible applications, leading to more rational industry valuations. AI Development Differs from the Internet Bubble Zhou Luomeiqi pointed out that there is currently no obvious bubble in AI, unlike the internet bubble of 2000, where many companies were overvalued without mature business models. Today, leading companies in the secondary market, such as Nvidia, maintain revenue growth of 30% to 50%, with expected price-to-earnings ratios of only 30 to 40 times, showing a high degree of alignment between valuation and performance. As for the price-to-earnings or price-to-sales ratios of first-tier market companies in mainland China, they are also in the high single-digit to low double-digit range, providing ample investment profit space. Mainland AI Layout Focuses on Empowering Enterprises with Computing Power She analyzed that the opportunities in the AI sector in China and the U.S. have different focuses. The U.S. has a leading advantage in the research and application of large models, with higher profit margins for enterprises. Although there is still room for improvement in computing power and domestic chips in mainland China, the complete industrial chain is very beneficial for AI companies that integrate software and hardware. She pointed out that the fund is therefore focusing on three major directions in mainland China: first, companies that empower computing power, such as a Tsinghua University-affiliated company in which it invested, which can enhance the computing power of domestic chips by 23% through software technology; second, integrated hardware and software companies relying on local supply chains; and third, pure AI software companies targeting overseas markets. Optimistic About Hong Kong's New Stock Market Zhou Luomeiqi holds an optimistic view of Hong Kong's new stock market this year, mentioning that the dollar funds that have withdrawn from Asia over the past 2 to 3 years are gradually returning, and the increase in capital liquidity will not only benefit first-tier market financing but also boost the activity of the secondary market. Regarding the overseas development of AI startups, Zhou Luomeiqi emphasized the need to make decisions based on the characteristics of the sector. Companies targeting consumers are suitable for entering mature markets such as North America and Europe, while those focusing on infrastructure areas like computing power optimization can seize opportunities in Southeast Asian countries like Malaysia, which are vigorously building data centers, to enter local markets. Expecting Innovative Products in AI-Generated Videos This Year She also predicts that this year will see significant technological breakthroughs in the field of AI-generated videos. With the accelerated iteration of multimodal large models, the market is expected to see a batch of innovative products aimed at both B2C (business-to-consumer) and B2B (business-to-business) sectors, which are also key investment opportunities for the fund. Regarding the JUMPSTARTER startup competition, Zhou Luomeiqi pointed out that this year's finalists include Real AI Technology, a Tsinghua University-affiliated company focusing on deepfake detection and content authenticity certification; a startup from South Korea focusing on legal patent governance and compliance review in the AI field; and a UK company specializing in creating privacy protection platforms for financial institutions, all aimed at AI governance She pointed out that among the 30 strong enterprises shortlisted for this year's JUMPSTARTER, 6 focus on the healthcare sector, targeting global challenges such as population aging, preventive healthcare, low birth rates, surgical assistance, and mental health, reflecting the core value of AI technology in addressing industry pain points