VC sees AI winners outside AI companies

Venture capitalist Chi-Hua Chien believes the AI era's biggest winners will not be the companies directly selling AI technology. He observes a pattern across technological shifts, where application-layer companies capture significantly more value than infrastructure providers. Chien points to the PC, web, and mobile eras, noting that applications generated trillions in market cap compared to hundreds of billions for infrastructure. He suggests that AI is already entering a phase of price competition, citing Google's recent price reduction for its AI subscription service. Chien emphasizes that hyper-personalization, enabled by AI, will be a key differentiator for future successful companies, leading to higher customer satisfaction and revenue.