Companies That Win With AI Are Those That Don't Sell AI, Says VC Executive

Venture capitalist Chi-Hua Chien is a figure who has stood at the forefront of technology investment for over 20 years. He has a track record of recognizing the potential of Facebook (now Meta) before it grew into a global platform, and currently offers a unique perspective on the 'next winners' of the AI era. The core of his argument is that companies that effectively leverage AI as a means, rather than those that sell AI itself as a product, will reap long-term profits.

The background to Chien's perspective lies in lessons learned from the past internet revolution. During the era when the internet became widespread, it was not companies that provided internet connectivity services that ultimately generated significant value, but enterprises that used the internet to build entirely new business models. He believes a similar dynamic will occur with AI, pointing out that investment value lies more with 'those who fundamentally rebuild operations and experiences with AI' than with 'those who provide AI tools.'

Specifically, his assessment is that companies that deeply integrate AI into their own operations and customer experience will build competitive advantages. Such companies do not sell AI externally but rather use it thoroughly internally, transforming cost structures and decision-making speed while accumulating strengths that competitors cannot easily replicate. Chien describes this structure as an 'AI-native business model' and believes similar changes will occur across a wide range of industries regardless of sector.

What makes Chien's perspective particularly interesting is that it emphasizes not only pure technological evaluation but also human behavioral change and cultural shifts. He describes his approach as 'thinking like a cultural anthropologist,' placing long-term observation of how technological diffusion transforms people's habits and social structures at the foundation of his investment decisions. This stance prioritizes grasping the essence of behavioral change rather than chasing short-term technological trends.

As the AI industry expands rapidly, the question of which layers will accumulate value has become pressing for investors. With intensifying model development competition and successive commercialization of AI tools, differentiation of the tools themselves is becoming increasingly difficult. Chien's perspective takes this situation into account and suggests that the ability to build a unique business foundation by leveraging AI will be a key branching point determining future corporate value.