WAIC 2026: Valuation Logic and Exit Paths for Intelligent Partners

The theme of the WAIC 2026 afternoon main forum, "Foundation of Partners — Journey of Partners," translates in investors' eyes to: foundation models are entering the commercial validation phase, application layers are starting to achieve PMF (Product-Market Fit), and the "Intelligent Partner" narrative points to AI agents and embodied intelligence as the two tracks most likely to generate excess returns.