Richline Capital's Ning Liu: Valuation Discipline and Long-Term Investing Amid the AI Wave

On October 4, 2026, Mr. Ning Liu, Founder and Chief Investment Officer of Richline Capital, was invited to serve as keynote speaker at a private investment forum titled "How Far Can the AI Bull Market Run? Revisiting Valuation and Growth in U.S. Equities," jointly hosted by C Circle and Venture Nexus. He exchanged views with investors on U.S. equity valuations, corporate growth, and long-term opportunities amid the AI wave.

Mr. Liu previously spoke at the same forum series in June. Following that event, many attendees asked for deeper discussion of AI, technology investing, and long-term investment frameworks, which led to this second session.

Drawing on nearly thirty years of investing experience, Mr. Liu spoke on the "slow variables" of investing, whether U.S. equity valuations and earnings growth have run too hot, and value investing in a changing interest rate environment. On the AI industry, he analyzed how agents, data, and workflows are reshaping the software landscape, and whether the economic value created by AI will concentrate in the foundation model layer or migrate toward the application layer, the data layer, and specific workflows.

Mr. Liu noted that the AI-driven industrial transformation is real and far-reaching, but a valid technology trend does not mean any price is worth paying. When sentiment runs high and growth expectations keep rising, investors should return to fundamentals and valuation, separating short-term market narratives from the "slow variables" that durably affect corporate value. In his view, long-term investing is not about predicting market sentiment, but about continuously assessing a company's competitive advantages, profitability, return on capital, and business model, and participating in value creation at reasonable valuations.

He believes AI remains one of the most important structural trends for years to come, but as expectations are priced ever higher, investors must watch the gap between expectations and reality. Companies with genuine long-term value must convert technological advantages into sustained growth, stable cash flow, and verifiable shareholder returns.

The forum drew many investors interested in U.S. equities, the AI industry, and global capital markets, and generated thorough discussion on AI industry trends, U.S. equity valuations, and long-term investment approaches.