摘要：AsianFin — Following Applovin’s AI-powered surge last year, design software firm Figma has emerged as the latest tech star reshapi

Credit: CFP

AsianFin — Following Applovin’s AI-powered surge last year, design software firm Figma has emerged as the latest tech star reshaping the market. After an aborted $20 billion acquisition attempt by Adobe three years ago, Figma returned to the IPO stage with a bang. Its shares soared more than 250% on debut, catapulting its valuation past $56 billion and reigniting investor interest in AI-driven growth stories.

Figma’s blockbuster listing has breathed new life into a tech IPO market dormant for three years, highlighting AI application companies as the new capital darlings. In China’s Hong Kong stock market, companies like Meitu and Kuaishou have posted impressive rallies of over 300% and 80%, respectively, buoyed by advances in AI-powered offerings.

These firms, once major beneficiaries of the mobile internet boom but later constrained by growth plateaus, are now staging “second springs” by embedding AI deeply into their core products. Both Meitu and Kuaishou have pivoted aggressively towards creative AI applications, driving meaningful product and business transformation rather than merely riding an AI hype wave.

Meitu, which faced steep losses and declining user engagement between 2016 and 2021, began investing heavily in generative AI at the end of 2022. Its evolving AI product suite spans imaging, video, and design, helping the company turn a profit in 2023 and sustain growth in 2024 with software subscriptions emerging as a key revenue pillar.

Similarly, Kuaishou’s AI platform “Keling AI” has gained traction in content creation and video generation, delivering monthly revenues exceeding 100 million yuan in recent months. Analysts from Citigroup have noted that Kuaishou’s AI commercialization efforts are outpacing expectations, fueling optimism ahead of its upcoming Q2 earnings.

Figma’s AI-driven IPO success exemplifies how early movers in creative work tools are capitalizing on AI to overcome traditional industry barriers—boosting profitability, accelerating global reach, and lowering user adoption thresholds. With two-thirds of Figma’s users outside traditional design roles, AI is democratizing creative workflows and expanding total addressable markets.

The renewed investor enthusiasm for AI-centric companies contrasts with the struggles of mid-tier tech firms that thrived on mobile internet-era traffic but lack foundational technology or AI integration. These “midlife crisis” companies face pressure as capital reallocates to businesses demonstrating deep vertical expertise, rapid iteration, and scalable commercialization in AI.

Analysts highlight three key factors underpinning the AI winners’ success: precise vertical market focus, agile product iteration fostering user loyalty, and nimble decision-making enabling efficient cost management and speed to market. Figma, Meitu, and Kuaishou exemplify these traits, rapidly deploying AI updates and tapping new revenue streams through subscription and API models.

As generative AI enters a value-creation phase, these firms are poised to lead a fresh entrepreneurial surge in the tech sector. While compelling AI narratives capture investor attention, sustained growth will depend on companies’ ability to root AI innovation in tangible business fundamentals and user value.

The next wave of wealth creation in the internet economy may well follow the paths carved by Applovin and now Figma, powered by the transformative potential of creative AI applications.

来源：钛媒体