Visiting a robot company that has already achieved mass production in Shenzhen, a few reflections.

The first wave of AI application deployment is replacing white-collar jobs through large language models. For example, programmers, lawyers, and workers in text, image, and video fields.

This is already very clearly materializing. One of our portfolio companies, founded by someone with a humanities background, recently used Claude to rebuild their product and then laid off all their R&D engineers.

The second wave of AI application deployment will replace blue-collar jobs through embodied intelligence, such as factory workers, sanitation workers, patrol security guards, etc. This is also very clear, and a giant is likely to emerge within the next two to three years.

As for the third wave, I guess it will involve emotional companion AI. After all, with so many people unemployed, they can't just go marching in the streets.

From this perspective, there is still no bubble in the AI industry for now. Computing power, storage, and the hardware supply chain will continue to face capacity shortages. The AI industry is the equivalent of reform and opening up, starting businesses, real estate, the internet, mobile internet, and blockchain for the post-00s generation.