Imagine your backpack used to be filled with the coolest toys: a button that let you scroll through feeds endlessly, a screen you couldn't stop watching videos on, and a super online mall you could never finish browsing. Over the past decade or so, the adult tech world was like this backpack, ruled by five giant magicians. A shiny sign hung at the gate, reading "FAANG" (Facebook, Apple, Amazon, Netflix, Google). Back then, the dream of all the smartest minds in the universe w

By February 2026, global technological competition has entered the era of "Infrastructure Sovereignty." Following the successful IPOs of Zhipu AI and MiniMax on the Hong Kong Stock Exchange, the remaining unlisted giants have become increasingly scarce and powerful. They are no longer merely "startups," but "Quasi-State Entities" that deeply influence national security, economic sovereignty, and cultural export. I. The 2026 List of the Top 10 Most Valuable Unlisted Companie

Disclaimer : The content of this webpage is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product. In November 2025, three American technology giants—Microsoft, NVIDIA, and Anthropic—announced a strategic partnership totaling up to $15 billion. This deal not only caused Anthropic's valuation to soar to $350 billion but also marked the entry of the global artificial intelligence industry into a new phase