The actual popularity of large AI models in the primary market is far lower than that on social media. Despite frequent reports on social media about large AI models leading an investment boom in China, the actual situation is not the case. In the primary market, investors are cautious about the AI track and have limited willingness to invest in large models. It is very difficult for startups to obtain financing in the AI track, and the number of unicorns is also small. Internet giants make internal investments in large AI models, but it is hard to call it real "investment". The hype of large AI models in the capital circle is mainly limited to the secondary market of A-shares. The AI track faces problems within the industry and problems with venture capital supply, and neither of these two problems will be solved in the short term. Therefore, the claim that large AI models are leading a "capital feast" in China is seriously overestimated.