Babbitt reported on the spot that on December 4th, Nova Global Blockchain Investment Institutions Summit was held in Guangzhou. Baidu Ventures Zhang Yixiao shared: We have completely experienced the cycle of AI. AI is a new technology. Everyone is very excited at the beginning. It has high hopes and invests in crazy projects. Later, people found that technology alone is not enough. It needs to find a landing scene in the industry. It needs a market. The value of AI is not in technology, but it can bring efficiency changes. Later, the industry began to reflect on whether AI is a bubble. Blockchain is the same. We think it is very promising, but it also faces huge immaturity. We have also invested in some low-level technology projects. We hope that after the foundation of the technology is consolidated, there will be great ecological changes.