Join us at CVCF 2026 to explore how startups can scale and win in the age of AI.
Updated
October 29, 2026 11:39 PM

CVCF 2026 takes place on 4–5 November at Cyberport, Hong Kong. IMAGE: CYBERPORT
AI can help you build a startup, but it won’t automatically make you stand out. When everyone has access to similar tools, you need to give customers a reason to choose you and investors a reason to back you. So, how do you turn innovation into a competitive edge?
That question sits at the heart of Cyberport Venture & Capital Forum (CVCF) 2026, taking place on 4–5 November under the theme “Scaling in a Changing World: Winning the Next Competitive Cycle” and the message “Scale Up & Win.”
The two-day forum will feature more than 80 speakers discussing venture investment, AI-driven growth, emerging technologies and expansion into new markets. Day 1 will explore global investment trends and the next wave of innovation. Day 2 will feature CVCF 2026’s spotlight event, the Agentic Economy Summit, examining how agentic AI and digital assets could reshape business and finance. The wider programme will also include investor matching, founder pitches, 100+ Innovator Showcase, startup workshops and clinics.
With founders and investors navigating a fast-changing technology landscape, CVCF 2026 will explore what it takes to stay competitive, scale into new markets and turn emerging opportunities into business growth. Here’s a look at the key programmes lined up for this year’s forum.

Keynotes and Panels: Finding the Next Big Opportunity
Taara founder and CEO Mahesh Krishnaswamy will deliver the keynote The Innovation Playbook: Capitalizing on Moonshots and Faster Cycles in the Age of AI. The wider Day 1 programme will cover global investment trends, expansion into new markets, agentic AI and one-person companies.
For startups navigating the AI market, the panel Mastering the AI Bubble: Capital Rerouting and How Global Champions Stand Out will bring together panellists from Quona Capital, Alumni Ventures, FOV Ventures and Capital6 to discuss how investors assess startups and distinguish commercial potential from market hype. Other sessions will explore emerging technologies beyond AI software, including embodied AI, advanced computing and commercial aerospace.

Investor Matching and Networking: Connecting with Capital
Away from the conference sessions, MatchEasy will help founders and investors arrange one-to-one meetings, either onsite or online. Confirmed participants will receive access to the platform to explore potential matches and schedule meetings.
Investors can also discover local and international startups through the Founder Pitch programme, where entrepreneurs present their projects and ventures. Meanwhile, the Innovator Showcase offers a separate opportunity to explore emerging technology solutions through a virtual platform and selected on-site exhibits.
For founders seeking more tailored guidance, the Startup Clinics will offer one-to-one discussions with industry experts and experienced entrepreneurs on business challenges, fundraising and growth. Advance registration is required.
Hands-On Workshops: Strengthening Your Investment Pitch
Turning an innovative idea into a business that investors can back takes more than a strong pitch. CVCF 2026 will host practical workshops to help founders strengthen their fundraising strategies and make a stronger case to investors.
Led by Capital6 advisor Christine Keung, one workshop will explore how founders can align technical innovation with business goals, communicate their product’s value and prepare for fundraising. Another, led by Jeremy Dalton, advisor at FOV Ventures and SXSW Pitch, will help founders understand how investors assess startups, with opportunities to pitch live and receive direct feedback.


CVCF 2026’s spotlight event, the Agentic Economy Summit, will take place on 5 November under the theme “Intelligent Frontiers, Tokenised Horizons: Where Agentic AI Reshapes Business and Digital Assets Redefine How Value Moves.”
The summit will bring together technology and finance leaders to explore how agentic AI and digital assets could change the way businesses operate. Wolf Ruzicka, chief commercial officer at Unlimit, a global payments company, will discuss building and scaling agentic AI applications. Dr Feng Xiao, chairman and CEO of HashKey Group, will examine how digital identity, tokenised assets and money connect on-chain.
The discussions will also look at agent-led commerce, including how AI agents could help customers choose products and make purchases, and the payment systems needed to support these transactions. Other topics include Hong Kong dollar stablecoins and their potential role in payments and settlement, as well as the rise of one-person companies. The summit will also explore how founders can use AI agents to run their businesses with smaller teams, find customers and generate recurring revenue.
From AI-driven growth and cross-border investment to agentic AI and digital assets, CVCF 2026 brings together the people and ideas shaping the next phase of business. Whether you're preparing to raise capital, exploring new markets or assessing emerging technologies, the forum offers an opportunity to gain fresh perspectives and connect with investors, founders and industry leaders.
Exclusive for Ventureport readers: Use the promotional code cvcf26vp to access a Full Access Pass for HK$300, subject to confirmation of the offer by the organiser.
Date: 4–5 November 2026
Function Rooms, Level 3, Core E, Cyberport 3, Hong Kong
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Brains, bots and the future: Who’s really in control?
Updated
January 8, 2026 6:32 PM

Adoration and disdain, the polarised reactions for generative AI. ILLUSTRATION: YORKE YU
When British-Canadian cognitive psychologist and computer scientist Geoffrey Hinton joked that his ex-girlfriend once used ChatGPT to help her break up with him, he wasn’t exaggerating. The father of deep learning was pointing to something stranger: how machines built to mimic language have begun to mimic thought — and how even their creators no longer agree on what that means.
In that one quip — part humor, part unease — Hinton captured the paradox at the center of the world’s most important scientific divide. Artificial intelligence has moved beyond code and circuits into the realm of psychology, economics and even philosophy. Yet among those who know it best, the question has turned unexpectedly existential: what, if anything, do large language models truly understand?
Across the world’s AI labs, that question has split the community into two camps — believers and skeptics, prophets and heretics. One side sees systems like ChatGPT, Claude, and Gemini as the dawn of a new cognitive age. The other insists they’re clever parrots with no grasp of meaning, destined to plateau as soon as the data runs out. Between them stands a trillion-dollar industry built on both conviction and uncertainty.
Hinton, who spent a decade at Google refining the very neural networks that now power generative AI, has lately sounded like a man haunted by his own invention. Speaking to Scott Pelley on the CBS 60 Minutes interview aired October 8, 2023, Hinton said, “I think we're moving into a period when for the first time ever we may have things more intelligent than us.” . He said it not with triumph, but with visible worry.
Yoshua Bengio, his longtime collaborator, sees it differently. Speaking at the All In conference in Montreal, he told TIME that future AI systems "will have stronger and stronger reasoning abilities, more and more knowledge," while cautioning about ensuring they "act according to our norms". And then there’s Gary Marcus, the cognitive scientist and enduring critic, who dismisses the hype outright: “These systems don’t understand the world. They just predict the next word.”
It’s a rare moment in science when three pioneers of the same field disagree so completely — not about ethics or funding, but about the very nature of progress. And yet that disagreement now shapes how the future of AI will unfold.
In the span of just two years, large language models have gone from research curiosities to corporate cornerstones. Banks use them to summarize reports. Lawyers draft contracts with them. Pharmaceutical firms explore protein structures through them. Silicon Valley is betting that scaling these models — training them on ever-larger datasets with ever-denser computers — will eventually yield something approaching reasoning, maybe even intelligence.
It’s the “bigger is smarter” philosophy, and it has worked — so far. OpenAI’s GPT-4, Anthropic’s Claude, and Google’s Gemini have grown exponentially in capability . They can write code, explain math, outline business plans, even simulate empathy. For most users, the line between prediction and understanding has already blurred beyond meaning. Kelvin So, who is now conducting AI research in PolyU SPEED, commented , “AI scientists today are inclined to believe we have learnt a bitter lesson in the advancement from the traditional AI to the current LLM paradigm. That said, scaling law, instead of human-crafted complicated rules, is the ultimate law governing AI.”
But inside the labs, cracks are showing. Scaling models have become staggeringly expensive, and the returns are diminishing. A growing number of researchers suspect that raw scale alone cannot unlock true comprehension — that these systems are learning syntax, not semantics; imitation, not insight.
That belief fuels a quiet counter-revolution. Instead of simply piling on data and GPUs, some researchers are pursuing hybrid intelligence — systems that combine statistical learning with symbolic reasoning, causal inference, or embodied interaction with the physical world. The idea is that intelligence requires grounding — an understanding of cause, consequence, and context that no amount of text prediction can supply.
Yet the results speak for themselves. In practice, language models are already transforming industries faster than regulation can keep up. Marketing departments run on them. Customer support, logistics and finance teams depend on them. Even scientists now use them to generate hypotheses, debug code and summarize literature. For every cautionary voice, there are a dozen entrepreneurs who see this technology as a force reshaping every industry. That gap — between what these models actually are and what we hope they might become — defines this moment. It’s a time of awe and unease, where progress races ahead even as understanding lags behind.
Part of the confusion stems from how these systems work. A large language model doesn’t store facts like a database. It predicts what word is most likely to come next in a sequence, based on patterns in vast amounts of text. Behind this seemingly simple prediction mechanism lies a sophisticated architecture. The tokenizer is one of the key innovations behind modern language models. It takes text and chops it into smaller, manageable pieces the AI can understand. These pieces are then turned into numbers, giving the model a way to “read” human language. By doing this, the system can spot context and relationships between words — the building blocks of comprehension.
Inside the model, mechanisms such as multi-head attention enable the system to examine many aspects of information simultaneously, much as a human reader might track several storylines at once.
Reinforcement learning, pioneered by Richard Sutton, a professor of computing science at the University of Alberta, and Andrew Barto, Professor Emeritus at the University of Massachusetts, mimics human trial-and-error learning. The AI develops “value functions” that predict the long-term rewards of its actions. Together, these technologies enable machines to recognize patterns, make predictions and generate text that feels strikingly human — yet beneath this technical progress lies the very divide that cuts to the heart of how intelligence itself is defined.
This placement works well because it elaborates on the technical foundations after the article introduces the basic concept of how language models work, and before it transitions to discussing the emergent behaviors and the “black box problem.”
Yet at scale, that simple process begins to yield emergent behavior — reasoning, problem-solving, even flashes of creativity that surprise their creators. The result is something that looks, sounds and increasingly acts intelligent — even if no one can explain exactly why.
That opacity worries not just philosophers, but engineers. The “black box problem” — our inability to interpret how neural networks make decisions — has turned into a scientific and safety concern. If we can’t explain a model’s reasoning, can we trust it in critical systems like healthcare or defense?
Companies like Anthropic are trying to address that with “constitutional AI,” embedding human-written principles into model training to guide behavior. Others, like OpenAI, are experimenting with internal oversight teams and adversarial testing to catch dangerous or misleading outputs. But no approach yet offers real transparency. We’re effectively steering a ship whose navigation system we don’t fully understand. “We need governance frameworks that evolve as quickly as AI itself,” says Felix Cheung, Founding Chairman of RegTech Association of Hong Kong (RTAHK). “Technical safeguards alone aren't enough — transparent monitoring and clear accountability must become industry standards.”
Meanwhile, the commercial race is accelerating. Venture capital is flowing into AI startups at record speed. OpenAI’s valuation reportedly exceeds US$150 billion; Anthropic, backed by Amazon and Google, isn’t far behind. The bet is simple: that generative AI will become as indispensable to modern life as the internet itself.
And yet, not everyone is buying into that vision. The open-source movement — championed by players like Meta’s Llama, Mistral in France, and a fast-growing constellation of independent labs — argues that democratizing access is the only way to ensure both innovation and accountability. If powerful AI remains locked behind corporate walls, they warn, progress will narrow to the priorities of a few firms.
But openness cuts both ways. Publicly available models are harder to police, and their misuse — from disinformation to deepfakes — grows as easily as innovation does. Regulators are scrambling to balance risk and reward. The European Union’s AI Act is the world’s most comprehensive attempt at governance, but even it struggles to define where to draw the line between creativity and control.
This isn’t just a scientific argument anymore. It’s a geopolitical one. The United States, China, and Europe are each pursuing distinct AI strategies: Washington betting on private-sector dominance, Beijing on state-led scaling, Brussels on regulation and ethics. Behind the headlines, compute power is becoming a form of soft power. Whoever controls access to the chips, data, and infrastructure that fuel AI will control much of the digital economy.
That reality is forcing some uncomfortable math. Training frontier models already consumes energy on the scale of small nations. Data centers now rise next to hydroelectric dams and nuclear plants. Efficiency — once a technical concern — has become an economic and environmental one. As demand grows, so does the incentive to build smaller, smarter, more efficient systems. The industry’s next leap may not come from scale at all, but from constraint.
For all the noise, one truth keeps resurfacing: large language models are tools, not oracles. Their intelligence — if we can call it that — is borrowed from ours. They are trained on human text, human logic, human error. Every time a model surprises us with insight, it is, in a sense, holding up a mirror to collective intelligence.
That’s what makes this schism so fascinating. It’s not really about machines. It’s about what we believe intelligence is — pattern or principle, simulation or soul. For believers like Bengio, intelligence may simply be prediction done right. For critics like Marcus, that’s a category mistake: true understanding requires grounding in the real world, something no model trained on text can ever achieve.
The public, meanwhile, is less interested in metaphysics. To most users, these systems work — and that’s enough. They write emails, plan trips, debug spreadsheets, summarize meetings. Whether they “understand” or not feels academic. But for the scientists, that distinction remains critical, because it determines where AI might ultimately lead.
Even inside the companies building them, that tension shows OpenAI’s Sam Altman has hinted that scaling can’t continue forever. At some point, new architectures — possibly combining logic, memory, or embodied data — will be needed. DeepMind’s Demis Hassabis says something similar: intelligence, he argues, will come not just from prediction, but from interaction with the world.
It’s possible both are right. The future of AI may belong to hybrid systems — part statistical, part symbolic — that can reason across multiple modes of information: text, image, sound, action. The line between model and agent is already blurring, as LLMs gain the ability to browse the web, run code, and call external tools. The next generation won’t just answer questions; it will perform tasks.
For startups, the opportunity — and the risk — lies in that transition. The most valuable companies in this new era may not be those that build the biggest models, but those that build useful ones: specialized systems tuned for medicine, law, logistics, or finance, where reliability matters more than raw capability. The winners will understand that scale is a means, not an end.
And for society, the challenge is to decide what kind of intelligence we want to live with. If we treat these models as collaborators — imperfect, explainable, constrained — they could amplify human potential on a scale unseen since the printing press. If we chase the illusion of autonomy, they could just as easily entrench bias, confusion, and dependency.
The debate over large language models will not end in a lab. It will play out in courts, classrooms, boardrooms, and living rooms — anywhere humans and machines learn to share the same cognitive space. Whether we call that cooperation or competition will depend on how we design, deploy, and, ultimately, define these tools.
Perhaps Hinton’s offhand remark about being psychoanalyzed by his own creation wasn’t just a joke. It was an omen. AI is no longer something we use; it’s something we’re reflected in. Every model trained on our words becomes a record of who we are — our reasoning, our prejudices, our brilliance, our contradictions. The schism among scientists mirrors the one within ourselves: fascination colliding with fear, ambition tempered by doubt.
In the end, the question isn’t whether LLMs are the future. It’s whether we are ready for a future built in their image.