AI is no longer confined to research labs—it’s rapidly becoming the infrastructure that underpins how companies innovate, raise capital, and serve customers. During the HSBC Global Investment Summit 2026, HSBC Innovation Banking and HSBC Ventures hosted a fireside chat to explore a pivotal question: Where will durable AI value emerge—and who is best positioned to capture it across the US, China, and Asia?

Jonathan Yip, Head of Innovation Banking, Asia, led a thought-provoking discussion with Panos Madamopoulos-Moraris (AI investor and builder), Luca Zorzino (General Partner, Illuminate Financial), Jui Tan (Managing Partner, Lanchi Ventures), and Feng Deng (Founder, Northern Light Venture Capital). Here are the key takeaways:

Panos: The debate is no longer about whether AI matters—it’s about where value will endure and who can capture it. Durable value will come from teams that combine deep technical expertise, access to infrastructure, and a clear focus on real-world impact. These are the ingredients that separate fleeting trends from lasting innovation.

Panos: Compute has become the new headcount. It’s not just a cost line—it’s a strategic asset. Access to compute now determines which research projects move forward and which ideas make it out of the lab. In the US, accelerators are full, valuations are climbing, and everyone wants to build. But the real story is how compute constraints are shaping the pace and direction of innovation.

Jui: Asia is carving out a unique edge in AI. While the US has focused on enterprise and developer-driven use cases, Asia is seeing rapid growth in consumer-facing and “agentic” AI—tools that help people generate presentations, organise files, or plan their day, all from their phones. At the same time, China’s strength in manufacturing and robotics is driving the rise of “physical AI”—robots that move beyond single tasks to more flexible, multi-purpose roles, powered by large language models.

Feng Deng: What sets this cycle apart in China is the speed and the capital dynamics. Valuations have surged, driven by market momentum and policy expectations. To understand where investment is heading, you need to read the five-year plans as closely as you read term sheets. Token economics are also critical—Chinese model providers often have significantly lower token costs, enabling cost-efficient, large-scale deployments. The most exciting opportunities are those that combine proprietary data, domain expertise, and system-level optimisation, making them resilient to the next wave of general-purpose models.

Luca: The urgency around AI adoption has shifted dramatically. Transformation projects that once took years are now being implemented in months. Boards increasingly view AI as existential, not optional. But enterprises still pay for outcomes, not hype. Being an “AI company” doesn’t guarantee success—AI must fundamentally transform growth and margins. In regulated industries, success requires deep sector expertise to navigate workflows, compliance, and legacy systems, ensuring solutions can be deployed effectively.

• Jui: Applications that deliver tangible value to end users—whether it’s productivity tools, consumer utilities, or vertical SaaS that eliminates friction rather than just adding an “AI layer”.
• Feng Deng: Businesses that combine data, domain knowledge, and optimisation to create defensible value that can’t be displaced by the next general-purpose model.
• Luca: In financial services, models that handle large, structured datasets for trading, risk, and compliance are particularly compelling, with institutions already committing significant budgets.
• Panos: Founders who understand that infrastructure and economics matter as much as model performance—those who can deliver real value while navigating constraints like compute, energy, and talent.

At HSBC, we sit at the intersection of innovation and scale. Through HSBC Innovation Banking, we provide specialised banking services tailored to high-growth, innovation-led companies. HSBC Ventures complements this by investing alongside leading founders and funds globally.

Jonathan Yip, Head of Innovation Banking, Asia, shared:

“Our role is to empower founders and businesses to scale by providing not just banking solutions, but also the connections and insights they need to navigate complex markets. We’re here to help innovation-led companies turn bold ideas into global impact.”

Moran Levinovitz, Managing Director of HSBC Ventures, added:

“At HSBC Ventures, we partner with visionary founders and investors to accelerate the next wave of transformative technologies. By combining strategic capital with HSBC’s global network, we aim to unlock opportunities that shape the future of industries and economies.”

By convening conversations like this across geographies and disciplines, we aim to foster a more innovative, AI-enabled future for financial services and the wider economy.