AI Investment Divide Optimists vs Pessimists on Agent Era

September 12, 2025 - At the Inclusion Bund Conference, leading investors clashed over whether the AI agent era has truly arrived during a roundtable titled "The First Battle of AI Application Implementation: Has the Agent Era Arrived?" hosted by 36Kr CEO Feng Dagang.

The Optimist View

Huang Mingming, founding partner of Mingshi Venture Capital, argued that China's mobile internet expertise positions it to dominate future AI agents:

• Cites 280x cost reduction in AI inference and MoE architecture improvements
• Predicts two-thirds of world's top agents will come from Chinese entrepreneurs
• Notes task completion rates jumped from 0.5 to 30-40 points for top agents

The Pessimist Counter

Long Yu of BAI Capital struck a cautious tone:

• Current user tolerance for imperfect AI is unprecedented but temporary
• "Window period" closing as demands for precision increase
• Highlights finance as zero-tolerance sector where agents still fail

The Moderate Path

Ant Group's Ji Gang advised targeting high-tolerance scenarios:

• Tool-based interactions (real estate, travel)
• Emotional/companion applications
• Notes current medical/finance agents still require human final say

Key Takeaways

1. Technical Progress: Cost reductions and MoE architectures enabling new capabilities
2. Market Reality: 30-40 point task completion rates driving user adoption
3. Chinese Advantage: Mobile internet experience aiding "last mile" implementation
4. Tension Points: Debate reflects early-stage market with undefined standards

As Feng Dagang concluded: "The emergence of non-consensus means agent development remains in its early stage." The discussion highlights both the remarkable progress and significant challenges facing AI agent implementation across industries.