Woofun AI reports that Hu Qi, Executive Director at Qiming Venture Capital, articulated a decade-long trajectory from artificial intelligence algorithm engineering to venture capital investment during the WAVES 2026 conference in Guangzhou. The event, held at the Liangcang Xinzao Creative Park in Panyu, served as a critical barometer for the Chinese venture capital landscape, marking a shift where AI startups transitioned from niche technical concepts to mainstream industrial forces. Over two days, the conference facilitated 14 in-depth roundtable discussions and numerous presentations, analyzing core sectors including hard technology, international expansion, and healthcare while witnessing the collective impact of persistent entrepreneurs. Hu Qi emphasized that the current wave represents a fundamental redefinition of innovation in China, driven by young founders utilizing code and relentless effort to reshape industry futures.

Hu Qi's professional background is rooted in deep technical expertise, holding a master's degree in Artificial Intelligence from the University of Edinburgh and a computer science degree from Wuhan University. Immediately following graduation, he engaged directly in AI model algorithm development before transitioning into the investment sector, maintaining a continuous focus on the field for over ten years. This long-term commitment has positioned him as an observer of the industry's full lifecycle, noting that he was active in AI even when it lacked popularity and remains engaged as it achieves massive scale. He described the current environment as one where investors are compelled to "perform" publicly, a phenomenon that underscores the thriving yet high-pressure nature of the modern venture capital ecosystem. The pressure to balance professional seriousness with public engagement creates a unique dynamic for seasoned investors navigating the spotlight.

A significant portion of the narrative focused on the psychological and familial pressures inherent in the industry, illustrated through Hu Qi's personal interactions with his mother from Northeast China. For years, his mother urged him to return home for a stable job, unable to comprehend the nuances of his computer science studies or the scarcity of local opportunities in that field. It was only recently, when AI companies began achieving market capitalizations in the hundreds of billions or even trillions, that he attempted to explain the sector's potential to her. Her response highlighted a critical market reality: she warned that phenomena becoming popular too quickly often fail just as rapidly, a sentiment that resonated with Hu Qi's observation of the brutal survival-of-the-fittest dynamics in AI entrepreneurship. Many companies achieve overnight success only to be forgotten within a few years, validating the skepticism regarding rapid hype cycles.

Regarding specific investment activities, Qiming Venture Capital has strategically deployed capital into several influential entities over the past few years. At the end of 2021, the firm invested in Zhipu, identifying it as one of the earliest institutions in China to commit to large-scale AI models. Subsequent investments included Step Star, Shengshu Technology, Wuwen Xinqiong, and Aiwei Wu, forming a portfolio that reflects a deep conviction in the sector's long-term viability. Hu Qi noted that peers and limited partners frequently question why the firm did not invest in other successful companies, drawing a parallel to his childhood where his mother would focus on the missing 10 points of a test score rather than the 90 points achieved. This analogy underscores the impossibly high expectations placed on investors, where success is often measured by perceived omissions rather than actual achievements. The scrutiny reflects a market environment where every decision is magnified under the lens of retrospective analysis.

The operational intensity required to maintain such a portfolio has led to extreme personal schedules for Hu Qi, who reported sleeping between 2 and 3 am daily since April 2023 due to an overwhelming workload. Recognizing the unsustainable nature of this pace and the potential health consequences, he attempted to take a break by reading a novel all night, only to discover the title was "To Live," a classic by Yu Hua that ironically highlighted the stark contrast between his struggles and the author's historical hardships. Ultimately, he sought a more sustainable outlet by joining a gym, where he observed a structural similarity between fitness regimens and investment strategies. On the first day of signing up for a gym or making an investment, confidence is absolute, but after a year, the focus inevitably shifts to long-term strategies and endurance. This realization reinforced the view that both entrepreneurship and investing are fascinating industries defined by their demanding nature and the necessity of long-term perspective.

The emotional landscape of the industry is characterized by a pervasive lack of security among all participants, from entrepreneurs to investors and limited partners. Hu Qi frequently receives late-night calls from anxious entrepreneurs seeking comfort, acting as a confidant while simultaneously grappling with his own insecurities regarding project risks and unforeseeable industry events. Limited partners share this uncertainty, worrying about fund performance and the cyclical nature of the market. This collective anxiety reveals that the industry is composed of individuals who lack a sense of security but strive to provide it for one another, creating a unique and touching dynamic of mutual support amidst volatility. The interdependence of these stakeholders forms the bedrock of the venture capital ecosystem, where trust and reassurance are as critical as capital deployment.

Looking toward the future, Hu Qi reflected on the technological breakthroughs that have driven the sector's evolution, specifically citing his experience with GPT-3 in 2020. Upon reading the research paper on GPT-3, he was deeply impressed by its generalization capabilities, prompting him to obtain a third-party interface by the end of 2020 to conduct actual tests. Unlike previous NLP models, GPT-3 understood complex questions without any training or fine-tuning, providing coherent answers across tasks such as user tagging, information extraction, and translation. Regardless of the accuracy of the results, the model's ability to generate well-reasoned responses demonstrated the transformative potential of large-scale models. This technological leap convinced him of the necessity to seek out large-scale AI teams in China starting from the beginning of 2021.

The search for the right team culminated in the second half of 2021 with the meeting of Zhipu, a process Hu Qi described as a mutual pursuit between groups sharing a deep belief in AI. From the initial investment in Zhipu at the end of 2021 to the present, only four or five years have passed, yet the development of artificial intelligence in terms of technological progress, industrial impact, and commercialization has far exceeded all expectations. This short timeframe has been sufficient to turn many dreams into reality and bring about tremendous changes across the entire industry. Qiming Venture Capital remains firmly convinced of the long-term value of AI and looks forward to continuing to grow together with outstanding entrepreneurs in the future. This marks a definitive shift from speculative interest to established industrial dominance, driven by a decade of persistent belief and strategic execution.