Anthropic builds wet labs and partners with Novo Nordisk while ByteDance spinoff raises funds, highlighting AI's role in accelerating early drug discovery. Despite higher hit rates, clinical success remains unproven. AI firms target specific problems, while large model companies build general scientific workspaces using transferable data. Commercialization varies: AI firms use AI-CRO and pipelines, whereas large models focus on preclinical infrastructure. Ultimately, self-developed pipelines drive valuation, with Insilico Medicine's Phase III results critical for verifying clinical efficacy and market credibility.