VC Talks: Shao-Yu Jheng (Harvard) | Why Reindustrialization Won't Work Without Global Supply Networks

As reshoring and industrial policy return to the center of U.S. economic strategy, supply chains are increasingly framed as matters of national security and sovereignty. But history tells a more complicated story. In this episode of VC Talks, Uly revisits Left for Dead, a 1997 study on the revival of U.S. electronics, to question whether bringing manufacturing back home was ever the true driver of America’s industrial recovery.

Joined by Shao-Yu Jheng, a postdoctoral researcher in Economics at Harvard University, the conversation reframes the 1980s–90s comeback as a story of network leadership rather than national production. The episode examines why the Japanese manufacturing model ran into structural limits, how Taiwan and overseas Chinese (OC) production networks enabled coordination at scale, and why control over global supply networks—rather than factory location alone—proved decisive. Looking ahead, the discussion challenges today’s reshoring debate by asking what industrial policy can realistically change, and where its influence fundamentally ends.

在美國近年大力推動再工業化與製造回流的政策背景下，供應鏈被重新視為國家競爭力的核心資產。然而，歷史是否真的支持「把工廠搬回國內」就能重建產業實力？本集《VC Talks》回到一篇 1997 年探討美國電子產業復甦的研究〈Left for Dead〉，試圖從產業史的角度，重新檢視當前對 reshoring 的普遍想像。

主持人 Uly 與哈佛大學經濟學博士後研究員鄭紹鈺深入對談，指出美國在 1980 至 1990 年代的產業反彈，並非來自製造回流，而是成功主導橫跨多國的生產網絡。節目聚焦日本製造模式的結構性限制，以及臺灣與海外華人（OC）產業網絡如何在關鍵時刻提供彈性、效率與協調能力，成為美國科技體系得以延續競爭優勢的隱形支柱。本集不只回顧歷史，也直指一個當代問題：在高度全球化的供應鏈體系中，真正的產業力量，究竟掌握在國家邊界，還是網絡控制之中？

Robotics and AI are becoming core foundational capabilities of the physical economy. As AI extends from cloud-based models into hospitals, logistics centers, and a wide range of service environments, robots increasingly carry functions of perception, reasoning, and decision-making, directly translating into measurable gains in productivity, system reliability, and operational safety. Together, they are emerging as critical infrastructure supporting the operation of modern society.

Taiwan has established “Robotics + AI” as a key direction in its future industrial布局, responding to the long-term challenge of a highly concentrated industrial structure. While semiconductors remain a central pillar, their capital-intensive nature and limited spillover effects mean that the next phase of growth must come from a new industrial curve. The National Development Council has therefore been tasked with identifying scalable, repeatable, and extensible industry models—channeling Taiwan’s deep strengths in hardware, engineering, and systems integration into professional, service-oriented robotics, with priority deployment in healthcare, long-term care, logistics, and facility management where demand is clear.

Along this trajectory, the government’s role is evolving into that of an industry accelerator. By integrating R&D outputs and supporting the formation of new robotics companies, it is laying the groundwork for private capital and startups to enter, scale, and participate sustainably. This episode approaches the topic through the lens of industrial structure and policy logic, explaining why Taiwan has positioned Robotics + AI at the core of its next industrial phase, and how this strategy may shape the country’s economic future.

機器人與 AI 正成為實體經濟運作的核心底層能力。隨著 AI 從雲端模型延伸至醫院、物流中心與各類服務場域，機器人逐步承載感知、判斷與決策功能，並直接轉化為可量化的生產力、系統穩定度與營運安全，成為支撐現代社會運作的重要基礎設施。

臺灣已將「機器人＋AI」確立為未來產業布局的關鍵方向，回應產業結構高度集中的長期挑戰。半導體仍是核心支柱，但其資本密集與產業外溢有限，使得下一階段成長動能必須來自新的產業曲線。國發會因此被賦予尋找可延展、可複製、可擴散產業模式的任務，將臺灣深厚的硬體、工程與系統整合能力，導入專業用、服務型機器人領域，並優先落地於醫療、長照、物流與場域管理等需求明確的應用場景。

在這個方向上，政府的角色將成為產業成形的推進器。透過整合研發成果整合、成立新的機器人企業，將可為民間資本與新創團隊鋪設可進場、可放大的基礎。本集從產業結構與政策邏輯切入，解析臺灣以機器人與 AI 作為下一階段產業核心的理由，以及這項布局對臺灣經濟可能帶來的深層影響。

In this episode, Uly examines five defining technology signals emerging from Taiwan in 2025—and explains why they matter far beyond local headlines. Rather than viewing Taiwan solely as a semiconductor manufacturing center, this conversation reframes it as a critical capability hub shaping how artificial intelligence systems scale, deploy, and sustain over the next decade.

The discussion covers TSMC’s USD 100 billion expansion in the United States, NVIDIA’s decision to establish its major R&D headquarters in Taipei, and AMD’s continued expansion of its R&D footprint in Taiwan. Uly also breaks down the strategic implications of Taiwan’s AI Basic Law, as well as the accelerating commercialization of silicon photonics and co-packaged optics (CPO) by leading Taiwanese technology companies.

Together, these developments point to a deeper shift: AI’s future growth is increasingly constrained not by models alone, but by infrastructure, hardware integration, regulation, and long-term system design. This episode offers investors, founders, and technology leaders a clearer framework for understanding why Taiwan plays a central role in the global AI roadmap—and why the AI era cannot scale without it.

本集深入解析 2025 年來自臺灣的五項關鍵科技訊號，說明這些發展為何不只是區域新聞，而是正在影響全球 AI 擴展路徑的重要因素。本集重新定位臺灣的角色，從單一的半導體製造重鎮，轉向支撐 AI 長期發展的核心能力基地。

內容涵蓋台積電在美國規模達 1,000 億美元的投資布局、NVIDIA 將重要研發總部設於台北、AMD 持續擴大在臺灣的研發投入，同時也討論《AI 基本法》對產業與技術治理的影響，以及臺灣大型科技公司加速推動矽光子與 CPO 商業化的進展。

這些訊號共同指向一個更深層的轉變：AI 的成長瓶頸，已不再只是模型能力，而是來自硬體整合、基礎設施、制度設計與長期系統規劃。本集提供投資人、創辦人與產業決策者一個清楚視角，理解為何臺灣在全球 AI 發展中占據關鍵位置，以及 AI 時代為何無法在沒有臺灣的情況下持續擴展。



📍 About Host: Uly Su
General Partner, Addins Venture
#CrossBorderMentor #StartupExpansion #TaiwanToSiliconValley
🌏 A cross-border mentor who supports startups in entering global markets, with deep experience in fundraising, talent strategy, and international operations across the U.S. and Taiwan.
🔗 LinkedIn: https://www.linkedin.com/in/ulysu/

📚 Learn more about Taiwan’s startup ecosystem 👉🏼 https://meetstartup.pse.is/4jhd5u

🚀 Stay connected with Taiwan–Silicon Valley innovation via the Startup Island TAIWAN Silicon Valley Hub:
https://sv.startupisland.tw/

In 2026, generative AI is crossing a critical threshold—from reactive tools to action-oriented systems capable of setting goals and executing tasks. This shift is already reshaping how organizations make decisions, how teams operate, and how individual roles are valued.

This episode explores the most defining generative AI trends of 2026, including the real-world deployment of AI agents, the growing tension between scale and authenticity in generated content, and the expansion of AI into research, simulation, and professional decision-making. Rather than a technical overview, this conversation focuses on what has already changed and which capabilities are being repriced.

If you’re a founder, investor, business leader, or a professional assessing how AI will impact your role and industry, this episode provides a clear framework for understanding what truly matters in the year ahead.

2026 年，生成式 AI 正在跨過一條關鍵界線——從被動回應指令的工具，轉變為能設定目標、主動執行任務的行動型系統。這個轉變，正實際影響企業如何做決策、團隊如何協作，以及個人工作的價值定位。

本集將聚焦生成式 AI 在 2026 年最具代表性的趨勢，包括 AI Agent 的實際落地、生成內容與真實性的張力、以及 AI 如何進入研究、資料模擬與專業決策場景。這不只是對技術發展的整理，而是協助你理解哪些變化已經發生、哪些能力正在被重新定價。

如果你是創辦人、投資人、企業決策者，或正在評估 AI 對自身工作與產業影響的專業工作者，這一集將幫助你用更清楚的脈絡，看懂接下來一年值得關注的方向。

In this episode of VC Talks, we sit down with Timothy Chen, Founder of Essence VC, to unpack his core perspectives on investing in AI startups—and why, despite rapid advances in models and tools, the founder matters more than ever at the earliest stage.

Drawing from his frontline experience in early-stage venture capital, Timothy reflects on the structural shifts in the AI investment landscape before and after 2022. As foundation models and cloud infrastructure become increasingly commoditized, where does true differentiation come from? He also speaks candidly about which layers of today’s AI value chain are likely to capture lasting value, and the seemingly compelling narratives that may look impressive on the surface but, in reality, lack defensible technical moats—clear red flags he watches for when evaluating young teams.

The conversation also looks ahead to a disruption the venture world is just beginning to confront: when AI agents can already run diligence, analyze markets, and even take part in negotiations, how does the role of a venture capitalist evolve? Timothy shares his rethinking of where enduring VC value will lie, offering a key insight—while AI can dramatically amplify efficiency, it cannot replace human judgment or the ability to build long-term trust.

If you’re thinking about how to become a more effective early-stage investor in the AI era, or want to understand how top VCs quickly identify the people and teams truly worth backing for the long run, this episode offers a compelling, first-hand perspective.

在這一集 VC Talks 中，我們邀請到 Essence VC 創辦人 Timothy Chen，深入解析他在投資 AI 新創時的關鍵判斷視角，以及為什麼相較於AI模型與工具，「創辦人」的因素，卻反而比以往任何時候都更為關鍵。

Timothy 從早期創投的第一線觀察出發，回顧 2022 年前後 AI 投資生態的結構性轉變：當基礎模型與雲端資源逐漸商品化，真正的差異化該如何被定義？節目中，他也坦率談到，在今日的 AI 產業鏈中，價值究竟會沉澱在哪一層，以及哪些看似華麗、實際上可能缺乏技術護城河的行銷語言，是他在評估早期團隊時最重視的警訊。

另外，我們也試著思考未來創投圈即將面對的衝擊：當 AI agents 已能執行盡職調查、分析市場，甚至參與談判後，創投的角色究竟又會如何演變？ Timothy 分享他對未來創投專業價值所在的重新想像，也拋出一個關鍵觀點——雖然AI技術可以放大效率，但無法取代人類的判斷與建立長期信任的能力。 如果你正在思考如何在 AI 世代成為極具影響力的早期投資者，或想理解早期創投如何快速辨識，甚麼是「值得長期下注的人與團隊」，這一集將提供極具啟發性的第一手視角。



📍 About Host: Uly Su
General Partner, Addins Venture
#CrossBorderMentor #StartupExpansion #TaiwanToSiliconValley
🌏 A cross-border mentor who supports startups in entering global markets, with deep experience in fundraising, talent strategy, and international operations across the U.S. and Taiwan.
🔗 LinkedIn: https://www.linkedin.com/in/ulysu/

📚 Learn more about Taiwan’s startup ecosystem 👉🏼 https://meetstartup.pse.is/4jhd5u

🚀 Stay connected with Taiwan–Silicon Valley innovation via the Startup Island TAIWAN Silicon Valley Hub:
https://sv.startupisland.tw/

In late November 2025, Taiwan marked a significant milestone with the successful launch of the first satellite in the Formosat-8 constellation. Carried into a 561-km sun-synchronous orbit aboard a SpaceX Falcon 9, the “Chi Po-lin” satellite symbolizes both technical progress and cultural meaning, extending the late filmmaker’s aerial perspective of Taiwan into space. This mission inaugurates Taiwan’s first domestically built high-resolution Earth-observation constellation.

FORMOSAT-8 will eventually consist of eight satellites deployed between 2025 and 2031. With native 1-meter resolution—improving to roughly 70 centimeters for two advanced units—the constellation will provide multiple daily revisits over Taiwan. Importantly, about 84% of each satellite’s core components are manufactured in Taiwan, covering optics, structures, propulsion, and electronics. This demonstrates the country’s ambition to develop a self-reliant industrial base for space technologies.

The episode also explores the broader global landscape. The value of the global space economy reached USD 570 billion in 2023 and is projected to exceed USD 1 trillion within the decade. Reusable rockets from SpaceX and Blue Origin, mega-constellations such as Starlink and OneWeb, and commercial imaging companies like Planet Labs and ICEYE are reshaping how nations communicate, observe Earth, and respond to climate and security challenges.

In this episode, we examine what Formosat-8 means for Taiwan’s space capabilities, how global players are redefining the space economy, and why satellite technology is becoming essential infrastructure for connectivity, environmental monitoring, disaster response, and national security. Taiwan’s emerging participation in this ecosystem reflects both technological ambition and a strategic need for resilience in an increasingly complex world.

2025 年 11 月底，臺灣太空發展迎來重要進展。福衛八號首顆衛星搭載 SpaceX Falcon 9 成功進入 561 公里太陽同步軌道，正式啟動臺灣第一組自製高解析度遙測衛星星座。以導演齊柏林命名的首枚衛星象徵「從空中看臺灣」的精神延伸至太空，也展現臺灣提升自主太空能力的決心。

福衛八號採「6＋2」配置，從 2025 至 2031 年將部署八顆衛星，其原生解析度達 1 公尺，部分可提升至約 70 公分，並具備每日多次回訪臺灣的能力。約 84% 的技術與零組件由臺灣研發製造，涵蓋光學、結構、推進與電子系統，意味著本土太空產業正逐步形成完整供應鏈。

本集節目也將延伸至全球脈動。2023 年全球太空經濟規模已達 5,700 億美元，預估本世代內有望突破 1 兆美元。從 SpaceX、Blue Origin 的可重複使用火箭，到 Starlink、OneWeb 的全球通訊網，再到 Planet Labs 與 ICEYE 的商業遙測服務，太空已成為通訊、氣候、國安與產業韌性的核心基礎設施。

在這集節目中，我們帶你理解福衛八號的技術進展、全球太空產業的競逐，以及臺灣如何藉由自主研發與國際合作，在新興太空經濟中建立關鍵角色。

This episode unpacks how the U.S. reindustrialization wave—driven by the CHIPS Act, the IRA, and mega-projects like Project Stargate—is reshaping global AI infrastructure. Dr. Wesley Chu explains why this buildout still relies heavily on Taiwan’s supply chain, spanning advanced semiconductors, packaging, and AI hardware manufacturing.

We also explore the shift from “Made in Taiwan” to “Made with Taiwan,” marked by co-built AI parks and highly automated AI factories. As global competition intensifies, Dr. Chu highlights why Taiwan must strengthen core technology protection and supply-chain resilience to maintain its central role in the democratic technology ecosystem.

本集帶你理解美國再工業化如何重塑全球 AI 基礎建設。從 CHIPS 法案、IRA，到 Project Stargate 等超大型投資，美國正以高速擴建算力需求所需的先進晶片與 AI 工廠。Dr. Wesley Chu 說明，這波建設浪潮的核心仍深度倚賴臺灣供應鏈，從先進製程、封裝，到 AI 伺服器與關鍵硬體。

節目也討論「Made in Taiwan」正逐步轉向「Made with Taiwan」——透過跨國共建 AI 園區、合作打造自動化工廠，臺灣在民主科技生態系的戰略位置進一步提升。同時，全球競爭加劇下，臺灣更需要強化技術保護與供應鏈韌性，確保在新一輪 AI 工業革命中的關鍵角色。


📍 About Host: Uly Su
General Partner, Addins Venture
#CrossBorderMentor #StartupExpansion #TaiwanToSiliconValley
🌏 A cross-border mentor who supports startups in entering global markets, with deep experience in fundraising, talent strategy, and international operations across the U.S. and Taiwan.
🔗 LinkedIn: https://www.linkedin.com/in/ulysu/

📚 Learn more about Taiwan’s startup ecosystem 👉🏼 https://meetstartup.pse.is/4jhd5u
🚀 Stay connected with Taiwan–Silicon Valley innovation via the Startup Island TAIWAN Silicon Valley Hub:
https://sv.startupisland.tw/

槓桿不賭命是一檔美股投資者的真實記錄，我是何星。每集我會完整告訴你我的資產配置，以及如何運用槓桿跟著資本成長。你我都是普通人，我不追求成功，我只想要生活輕鬆。如果你跟我一樣，podcast搜尋槓桿不賭命

https://fstry.pse.is/8h2yfx

—— 以上為 Firstory Podcast 廣告 ——

In this episode of AI News, we take a closer look at the newly released Forbes “AI 50” list for 2025. Selected from nearly two thousand applicants, the fifty featured companies highlight a major shift in the global AI landscape—from model development races to full workflow automation and real-world deployment.

We examine key players such as Cursor, Harvey, Figure AI, and World Labs, exploring how they are transforming software engineering, legal processes, medical information access, and robotics. The discussion then turns to Taiwan: with rising compute demand and rapid growth in edge AI, semiconductors, servers, and healthcare technology, how should Taiwan position itself for the next two to three years? This episode offers a strategic, international perspective on the opportunities and challenges that lie ahead.

本集 AI News 聚焦最新公布的 Forbes《AI 50》2025 名單。從近兩千家提名企業中脫穎而出的五十家 AI 新創，反映了全球 AI 發展正從模型競賽全面走向「產業流程自動化」與「實體世界應用」的新階段。

我們將解析 Cursor、Harvey、Figure AI、World Labs 等代表性公司，理解它們如何重新定義工程開發、法律審查、醫療資訊查詢與人形機器人的應用場景。節目也延伸討論這波變化帶給臺灣的意義——無論是算力需求、半導體與伺服器供應鏈、邊緣裝置，或醫療與法規科技，臺灣應如何在未來兩到三年精準抓住跨國合作與產業升級的窗口。這是一集從國際視角檢視台灣 AI 競爭力的提問。