Preface:
In 2023, as long as your PPT had "Large Model," VCs would queue to give money.
In 2025, even if you roadshow with a trained model, VCs will coldly ask: "Where are your customers?"

The capital market returned from madness to rationality, followed by cruel Industry Consolidation. Unicorns collapsing, giants swallowing startups, talent flowing back to big tech—these are signs of any technological revolution entering maturity. This article dissects the capital flow of 2025 for you.