"Those who are good at chess plan for the situation, while those who are not good at chess plan for the pieces." In the chess game of the capital market, technology giants are playing a "battle for AI" that concerns the future. On March 6, the A-share market ushered in a collective surge, AI concept stocks were in full swing, and the Hong Kong stock technology index rose by 4.87%. At the same time, after DeepSeek caused a sensation in the market, an AI product called Manus set off a bloody storm in the technology circle, and the whole network was scrambling for invitation codes. The birth of this AI Agent is not only a leap in artificial intelligence, but also means that the commercialization process of AI is accelerating.
Under this wave of technological change, the logic of the global capital market is being redefined. Technology giants such as Microsoft, Google, and Meta no longer rely solely on internal research and development, but are competing to lock in key AI assets through mergers and acquisitions. Goheal observed that this trend is spreading to the entire listed company circle: facing growth bottlenecks, more and more companies are beginning to realize that mergers and acquisitions may be the fastest and most effective growth engine.
AI competition: not a competition of technology, but a competition of capital layout
Looking back, behind every technological revolution is a competition of capital power. From the Internet bubble in the 1990s to the rise of mobile Internet, and then to today's AI wave, if technology companies want to win in the competition, technology alone is not enough. How to quickly build a moat through capital operation is the key.
Take Microsoft as an example. After OpenAI made a breakthrough, Microsoft immediately added billions of dollars in investment and deeply bound it through Azure cloud services, making AI capabilities part of its cloud computing ecosystem. Faced with competitive pressure, Google invested $300 million in AI startup Anthropic to make up for its shortcomings in the field of large models. Although Meta started a little later in the AI track, it also announced last year that it would advance through mergers and acquisitions and internal research and development to ensure that it would not fall behind in the AI competition.
Goheal analysis found that the commercial value of AI is rapidly entering the "landing and monetization" stage from the "concept verification" stage. For listed companies, the reduction of technical barriers and the intensification of market competition make it more cost-effective to acquire a company with core AI capabilities than to develop from scratch.
So the question is, how can listed companies use AI mergers and acquisitions to reshape growth?
How to play this game of AI mergers and acquisitions?
In the battlefield of technology mergers and acquisitions, real masters are not in a hurry to make a move, but are good at layout. The acquisition of AI companies is not a simple capital transaction, but a comprehensive consideration of the market, technology, talents and strategy.
Step 1: Target core technology, not just follow the trend
When facing the AI wave, many companies are easily attracted by market hotspots and ignore the real technical barriers. The rise of Manus tells us that AI is no longer just staying at the "chatbot" stage, but is moving towards the direction of "autonomous decision-making and task execution". Therefore, when listed companies acquire AI companies, they should not only look at brand voice or market popularity, but also pay attention to whether they have long-term competitiveness, such as core algorithms, data resources, computing power advantages, etc.
Step 2: Mergers and acquisitions are not only about buying technology, but also about buying teams
The core competitiveness of AI lies not only in the algorithm itself, but also in the R&D team behind it. Excellent AI engineers, product managers and commercial operation talents are the key to determining whether an AI company can develop in the long run. Goheal pointed out that in the past few years, the fundamental reason for the failure of many technology mergers and acquisitions is often not the lack of technology, but the inability to retain talent after the merger. Therefore, when companies acquire AI companies, they must design a reasonable incentive mechanism to ensure the stability of the core team.
Step 3: How to maximize business value after the merger?
Mergers and acquisitions are not the end, but the starting point of a new growth cycle. After acquiring AI assets, companies must quickly complete technology integration and integrate AI capabilities into existing businesses to create higher business value. Microsoft's successful experience lies in the fact that it did not regard OpenAI as an "independent project", but embedded its capabilities into core products such as Office and Azure to realize the commercialization of AI.
After acquiring AI companies, listed companies also need to formulate implementation plans as soon as possible. For example:
1. Manufacturing companies can use AI to optimize the supply chain and improve production efficiency;
2. Financial companies can use AI risk control systems to reduce credit risks;
3. The medical industry can use AI to predict diseases and improve diagnostic accuracy.
Goheal observed that the integration trend of AI and various industries is accelerating worldwide, and those companies that can first complete the implementation of AI capabilities will have an advantage in the new round of market competition.
Who will be the ultimate winner in the capital storm?
In this AI battle, technology giants have already taken the lead in seizing the high ground, and how listed companies can keep up with this trend has become the focus of market attention. Goheal believes that mergers and acquisitions of AI companies are not only a shortcut to seize the track, but also an important means for companies to reshape their growth curves. However, mergers and acquisitions do not mean a one-time solution. How to choose the right target, retain the team, and achieve commercialization is the key to testing the wisdom of enterprises.
So, under the sweeping wave of AI, which industries will become a hot spot for mergers and acquisitions? Can AI mergers and acquisitions really bring sustainable growth?
Welcome to leave your views in the comment area, let us explore the capital code in the AI era together!
[About Goheal] Goheal is a leading investment holding company focusing on global mergers and acquisitions. It has deep roots in the three core business areas of acquisition of controlling rights of listed companies, mergers and acquisitions of listed companies, and capital operations of listed companies. With its profound professional strength and rich experience, it provides companies with full life cycle services from mergers and acquisitions to restructuring and capital operations, aiming to maximize corporate value and achieve long-term benefit growth.
