Singaporean state-owned fund Temasek “definitely won’t invest” in generative AI companies just yet, its China chief Wu Yibing told media outlet Caixin, after the Asian investor posted its worst returns in seven years. Wu said artificial intelligence firms were “lacking fundamental support”, as the industry still had no decent profit or business model. Wu tempered this however by saying that generative AI may have potential applications in the future, linking it to well-known Chinese app operators Meituan and Tencent, which rose in the mobile internet era. In the first wave of the internet, he said, multiple attempts were made to replicate Android’s operating system, but not all succeeded. [Caixin, in Chinese]