Geopolitical tensions are reshaping the channels through which Chinese and US investors pursue AI opportunities, but have not diminished their pursuit of returns.
US investors are focusing on opportunities in large language models. Several investors told Caijing that foundational models remain a key area of interest for AI investors, but are also among the investment segments subject to the tightest policy restrictions in both countries.
Chinese investors have likewise expressed interest in leading US AI companies such as Anthropic and OpenAI. However, several investors noted that these deals face two major obstacles: extremely high valuations and capital requirements, and stringent scrutiny by the CFIUS. As cross-border investment in private markets becomes increasingly difficult, Chinese capital is shifting more towards public markets, where liquidity is higher and regulatory scrutiny is less stringent.
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