Annual revenue of $500 million, the sudden commercialization explosion of AI Agents In the stereotype, AI Agents have always been seen as a small business, or rather as "future technology." Recently, I noticed that the growth rate and profitability of AI-native companies are far higher than those of internet companies, and even higher than all crypto companies outside of Tether. - Meitu: Transformed by AI, from an annual loss of $190 million to an annual profit of $590 million, - Cursor (AI programming assistant): Achieved $500 million ARR (Annual Recurring Revenue) in just 2 years - Perplexity (AI search engine): $120 million ARR - GenSpark (AI search engine): Achieved $36 million ARR in just 45 days The high valuation of AI hardware in the capital market is also shifting to the AI application layer: - Meitu (Market cap $6.4 billion, PE 56x) - Cursor (Valuation $18 billion, Premium rate 36x) - Perplexity (Valuation $14 billion, Premium rate 117x) ToB-led commercialization path In a report published by @CBinsights, among the top 20 AI Agent companies ranked by revenue, all have chosen ToB as their main commercialization direction. The common growth path chosen by leading companies: - Scenario focus: Establishing a professional moat in vertical fields such as programming and law - Integration with existing workflows: Achieving deep seamless integration with existing industry workflows to enhance user willingness to pay and reduce friction - Value proof: Providing quantifiable ROI improvement solutions Comparing actual revenue and PE ratios, it seems reasonable that the recent crash of altcoins occurred, but even now, crypto themes are still enjoying valuation dividends in the capital market (CRCL PE 2021x), while AI is still in a value gap compared to crypto.