Hello everyone, and welcome to this special New Year episode of the BEDROCK (BenShi Investment) podcast. This program was recorded as a heartfelt thank-you to all the friends who have followed and supported us along the way. Our team was founded at the end of 2021. Over the past few years, amid rapidly shifting internal and external conditions, we have gone through the inevitable survival phase faced by every startup team—and are now moving steadily into a stage of growth. Al

Global equity markets delivered broadly positive performance in 2025, Major indices includingthe S&P 500, the Hang Seng Index, and the CSl 300 rose by 16.4%, 27.8%, and 17.7%,respectively.

Investment Review In 2025, major global capital markets performed well overall, with the S&P 500, Hang Seng Index and CSI 300 rising by 16.4%, 27.8% and 17.7% respectively. The AI-related industry chain contributed significantly to structural alpha. However, the investment process was not as simple and smooth as the results suggest. At the beginning of the year, the market was concerned about an oversupply of AI computing power due to the efficiency improvements in models dri

As a global investment firm, we continue to bring our audience the latest observations on global investment themes. In this episode, we are joined by TC (CIO) and researcher Tracy to discuss the recently heated debate around an “AI bubble” and related industry topics.

Hello everyone, thank you for tuning in! In this episode, TC (CIO), Tracy (Analyst), and Claire (Host) from BEDROCK Investment bring you a forward-looking discussion on the trillion-dollar AI industry for 2026. As a global investment firm, we focus on high-quality growth opportunities in technology and consumer sectors, maintaining close research tracking of Sino-US macroeconomic shifts and the AI industry over the past few years. In this podcast, through an exchange of BEDRO

Our portfolio exposure decreased slightly in November and is currently at a high level. Our core investment focus remains unchanged-we continue to concentrate onsemiconductors, internet, cloud computing, consumer, and fintech sectors.Al continues to be a key cross-sector theme, spanning across internet, semiconductor, andcloud industries. Our investments are primarily focused on leading companies in Alapplications,infrastructure, and chip manufacturing.

In October, our overall equity exposure increased and is now at a relatively high level. Our key investment directions remain unchanged, focusing on semiconductors, internet, cloud computing, consumer, and fintech sectors.

TC Hello everyone, welcome to the Bedrock podcast. Tracy Hello, everyone. This is the 19th episode of the Bedrock podcast. Welcome to listening. Today we have invited Bill, who comes from the Bay Area and has both AI and Crypto backgrounds. He may be the AI entrepreneur who understands investment the best, making him a perfect fit for today’s topic. Today, we will discuss with him the application of AI in investment. Bill, why don’t you first introduce yourself to everyone? B

This episode features Bill, a Stanford mathematics PhD candidate.  He was one of the first AI researchers to discover the Transformer at Google Brain in 2016. He previously managed billions of dollars in assets using quantitative/AI investment methods at Millennium, Citadel, and Point72. He is currently an AI entrepreneur. Bill is perhaps the most knowledgeable investor in the AI ​​community, making him a perfect fit for today's topic.

In this episode, Tracy, TC, and Oliver discuss their experiences with the Brazil research and investment opportunities. Topics include: 02:15 Bias against Brazil; 10:29 Risks and Issues to Watch for; 16:00 Investor Information; 30:40 E-commerce; 53:10 Fintech.

In this episode, we're going to talk about Brazil. Recently, we spent two weeks visiting Brazil, including learning about the local culture and customs, meeting local friends, and also visiting some companies.

TC: Hello everyone, welcome to the BEDROCK Podcast. Tracy: Hello everyone, this is the 17th episode of the BEDROCK Podcast. In this episode, TC and I have just returned from field research in Central Asia, and we’ll discuss some local opportunities. Welcome to the show. Today we’re going to talk about Central Asia. Recently we spent roughly two weeks on the ground in Central Asia, including Almaty and the capital Astana in Kazakhstan, as well as Tashkent in Uzbekistan. We vis

In this episode, Tracy and TC discuss their experiences and investment opportunities in Central Asia. Topics include: 01:10 Overall Perception; 17:35 Religious Influence; 24:30 Relationship with Russia and Its Influence; 34:00 Economic Opportunities in Central Asia; 45:30 Competition in the Central Asian Region; 48:56 Copy+Paste Model and Late-Mover Advantage; 51:29 Representative Companies: Kaspi and Uzum; 01:00:00 Relationship with China

In September, our position level increased slightly and remained at a medium-to-high level overall.

Tracy Hello everyone, welcome to the BEDROCK podcast. This is Episode 16, a collaboration with financial blogger Trade韭 . Today’s topic focuses on AI. Thank you for tuning in. Trader韭 Let’s get started. It’s really great that TC and Tracy are taking the time to record during their business trip in Kazakhstan. You’re here to look into local industries and companies, right? TC Yes. We’re looking at some local companies and internet-related opportunities. Many emerging markets d

In this episode, we're collaborating with Trader 韭 , a finance blogger on WeChat, to discuss AI. Topics include: – The impact of the...

In July, we maintained a medium-to-high portfolio exposure, with positioning largely unchanged. Our core investment themes were unchanged, with continued focus on internet, semiconductors, cloud computing, consumer sectors, and fintech. Within AI, we concentrated on AI applications, cloud infrastructure, and leading chip manufacturers.

Market valuations have increased while the composite discount rate has declined, now belowthe median level seen between 2002 and 2024.