Yili Hua, founder of Liquid Capital, said on Sept. 1 that AI investing today resembles the early days of crypto a decade ago, when holding BTC or backing quality projects produced a wave of 100x returns. He argued that investing is not about casting a wide net but identifying the few star companies capable of outsized returns. As an example, he cited Duan Yongping's first major trade after moving from entrepreneur to investor: in 2002, Duan put $2 million into NetEase when its share price was below $1, held for eight years, and turned it into a gain of over 100 times — more than $260 million. Hua said every technological revolution carries abundant excess-return opportunities, and AI is still in the early explosive phase, with potential targets across both Chinese and U.S. markets. His core point: the goal of AI investing now is to catch the most explosive star companies of this wave.
Yili Hua, founder of Liquid Capital, took to social media on Sept. 1 with a blunt take on AI investing: don't spread bets wide, pick the handful of star companies that can deliver outsized returns.
"The core of investing has never been casting a wide net," Hua wrote. "It's about catching the few star companies that bring excess returns."
He pointed to Duan Yongping's celebrated first trade after moving from entrepreneur to investor. In 2002, Duan deployed $2 million into NetEase when the stock traded below $1, held it for eight years, and walked away with gains of more than 100 times — over $260 million. Hua described the trade as the moment Duan "became a legend" and launched a storied investing career.
Every technological revolution, he argued, hides substantial opportunities for excess returns. A decade ago, early crypto investing — whether simply holding BTC or backing quality projects — produced countless 100x cases. AI now sits at a similar early explosive stage, with plenty of potential targets across both Chinese and U.S. markets.
His advice for today: the goal of AI investing is to identify the most explosive star companies in this wave.
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