36Kr WAVES 2026: VCs Discuss AI Cycles, VC 3.0, and Investment Opportunities

At the 36Kr WAVES 2026 conference, founders and partners from nine VC firms discussed AI cycles, noting that although the nature is the same as before—structural opportunities driven by technology—the current cycle is fueled by GPU-driven AI leaps and heightened by US-China tensions. Partners from SoftBank China, Chuangdongfang, and others agreed that AI is infiltrating all industries, e.g., AI for Science reduced Mars oxygen research from 1,200 years to weeks. VC is transforming: fundraising is now dominated by state capital (>80-90%), requiring GPs to attract investment; investment is becoming more specialized; and within 3-5 years, partners may work with AI agents. AI is not a leveling tool; it sharpens the 80/20 rule into a 90/10 one—those who can elevate AI output from 70-80% to 90%+ will be valued, while those only achieving 50-60% will be replaced. AI can help VCs evaluate business plans and find flaws but cannot replace decision-making. Investment opportunities: low-altitude economy (covering 6-7 industries, trillion-level), AI transforming traditional sectors (healthcare, warehousing, embodied robots), and AI devices like glasses and robots. All participants expressed confidence in continuing to invest in the next five years, citing China's potential to produce companies from zero to trillion-dollar valuations in the age of tech exploration.