SINCE THE SILICON VALLEY IN 2024, THERE HAS BEEN A STRANGE WRISTBAND. IT DOESN'T HAVE A SCREEN, IT DOESN'T SHOW TIME, IT DOESN'T PLAY MESSAGES, IT DOESN'T EVEN HAVE AN LED。

OpenAI's Ottman wears it, athlete C, a16z's partner wears it, and Redwood, Benchmark's dial wears it. In addition to the wristband, there is one more hidden thing: a titanium metal ring, hidden on a middle finger or an index finger, unlike a wedding ring or a jewel。

This is a watch that does not show time, and in 2026 the valuation exceeded $10 billion。

These things, regarded as social identities by Silicon Valley, have three words in English, Made in China. Exactly, Made in Shenzhen。

This is the Silicon Valley in 2026, one of the hottest tracks of capital, healthy wearable equipment。

Whoop on the wrist and Fitbit on Google's finger, Laura on the finger, made a multi-billion dollar business of "testing body data."。

The end of an era, three Nordics and a Harvard boy

January 14, 2021. The founder of Fitbit, James Park, finally gave Google $2.1 billion to his big company。

Just six years ago, Fitbit struck the bell at the New York House, and the market value came close to $11 billion. It taught the world a number, 10,000 steps a day。

But the slogan 10,000 steps is too old。

The group of people who began to wear dressable clothes in 2021 is no longer content to know how many ways they have gone. They want to know something darker, I'm not stressed today, I slept well last night, and I'm not already downhill。

The next Fitbit is not a bigger watch. It's a Finnish ring and a Boston wristband。

The story goes back to the little Finnish town of Oulu in 2013。

The winter Oulu sun was only four or five hours away, and three engineers, Petiri Lahtela, Kari Kivelä, Markku Koskela, came together to do something they thought nobody was serious about。

Our three brothers

All the wearable companies were on the deathbed, and their judgment was the opposite: less than 5 per cent of the world's people were moving regularly, but 95 per cent were sleeping every day。

So Finn's entry point is not the wrist, it's the finger. The blood density of the fingers is high, the signal is stable, and the key is not to take it off for 24 hours。

Laura Ring's prototype was painted in that dark city。

The first generation was a heavy ring, much more earthy than it is now, and in 2015, Kickstarter raised $650,000, not even on the edge of the wind. The wind in Silicon Valley that year was Apple Watch。

Our first creation is Finland, which is discussed in small circles of bio-behackers only secretly and is almost unknown in the rest of the world。

Another line of the story, in Boston。

In 2012, at Harvard Campus, 22-year-old Will Ahmed was the captain of the Harvard hockey team. He noticed something that he couldn't understand. The same number of people were trained in the team, with varying degrees of recovery the following day. Some people are cool, others are run over by trucks. The coach judged by his naked eye who should practice another set, which was no different from the 1950s。

He wants to do something. He tells athletes every morning that you're okay today. That's the starting point of Whoop. Early Will didn't have the money to do marketing, he was stupid, went to LeBron James and Phelps' private coach, passed the wristband, asked them to try it on。

Ten years later, the bill became like this。

Oura, $900 million E round of financing was completed in October 2025, valued at $11 billion, and the Fuda Fund was awarded. As of 2025, 5.5 million rings had been sold, nearly 3 million of them in the past year. In 2024, $500 million was collected, in 2025 it was projected to break down by 1 billion and in 2026 it was projected to break by 1.5 billion. In May 2026, it had secretly submitted an IPO application to the SEC。

Hoop, $575 million G-wheel, valued at $10.1 billion, completed in March 2026, with a global membership of 2.5 million. The revenue from subscriptions doubled in 2025, with an annualized run rate of $1.1 billion. The list of investors included C., Lebron James, R. McElroy, with institutional investors sitting on the Qatar Sovereign Fund, Mubadala in Abu Dhabi, Yapei Pharmaceuticals and Meo Clinic。

Two families add up to $21 billion. It's twice as high as Fitbit's market value。

Laura and Whoop simply don't screen. No screen, no news, no call. And Fitbit was working on it this year after he talked to Gemini。

They use fewer, more, more. Ora's teaching is that sleep determines health, and Whop's teaching is that restoration values determine whether you can fight another round。

The steps are for fat people and the recovery values for social elites。

But why is it this time of day

Laura was created in 2013. Whoop was created in 2012。

These two companies have gone through a decade. And Google, too, was hit hard by both, and Fitbit made a huge difference。

In December 2024, the D round was only $5 billion, and in October 2025, the E round more than doubled to 11 billion. In 2021, the F round was valued at $3.6 billion, and in 2026 the G round went straight to 10.1 billion, almost threefold。

The real take-off of the valuation took place after 2023. Why

Because ChatGPT came out。

That's the secret to the deepest part of this business. It's not a health business at all。

WHOEVER GETS THE LONG-TERM PHYSICAL DATA OF THE USER 24 HOURS AWAY, GETS THE OPPORTUNITY OF THE AI ERA, AND THIS TICKET IS SCARCER THAN THE SOCIAL CONNECTIONS OF THE WIRELESS。

Let me start with a neglected truth。

Before 2023, there was a dead end to wearable equipment, a collection of data that no one could understand. You see HRV 42ms, you know what that means? Do you know what to do? Fitbit died here that year, and it told you the data, but not then。

It's the first time a big model has emerged, and it's "and then."。

Whoop launched the OpenAI GPT model as early as September 2023, and then launched Daily Outlook, giving you a personalized briefing every morning, how the weather is, what affected your recovery yesterday, should we have a 9-point meeting today. Laura went further, and in February 2026 it published its own large-language model, which focuses on women ' s health from menstruation to menopause. Data, explanations, actions, this ring runs through for the first time。

This is the real reason why the Fuda Foundation, ICONIQ, and the Qatar Sovereign Fund are willing to give the Oura 11 billion and Whoo 101 billion valuations. They're not buying a health company, they're the only access point to the body data of the user of the AI age. This valuation logic and the year Snapchat and Instagram were a set approach, not a product, but the location where the data settled。

C. Provost of sports stars

This is the real reason why the Fuad Fund, ICONIQ, and the Qatar Sovereign Fund are willing to give the Oura 11 billion and Whoo 101 billion valuations. They bought the entrance of the A.I. user body data. Health is just shell. This valuation logic, like Snapchat, Instagram, is the location where the data are deposited。

Fitbit's reaction was delayed for several years until May 2026。

On May 7, Google changed Fitbit App to Google Health. Synchronizes the launch of a 12-gram unscreened handring Fitbit Air, 99 dollars off, also without screen, no notice, no button. The accompanying Gemini AI Health Coach started charging subscriptions on the same day for $9.99 a month。

It's exactly the same number as Whoop. Unscreened hardware plus AI plus monthly fee。

Google has also opened its ecology, and Apple Watch users and Oura users can direct the data into Google Health for Gemini to help interpret it. Apple's HealthKit is closed, Oura and Whoop are data from each tube。

Google simply drops its body and aggregates it, and the late birds eat insects, they have to do open ecology。

Let's look further. Everyone's gonna have an AI Agent, probably Siri, probably ChatGPT, probably Love, Bean bag。

But in essence, both feed data are needed. Text data OpenAI took, photo data Midjourney took, search data Google took, body data is still empty. Whoo, Fitbit and Oura are taking this position。

The dividend of the previous era was flow. The dividend of this age is the data in your body。

JOHN HUA, THE SUPPLY LIST BEHIND THE IPO BELL EVERY TIME THE U.S. SHARES

Whoop CEO Will Ahmed has publicly announced that the next step is IPO. Laura has filed the application quietly. Two billion-dollar IPO candidates lined up in front, waiting for the clock in 2026 or 2027。

But you turned their supply chain, not in Massachusetts or Helsinki, but in Longhua, Boan, Toshio。

Of course, we've been familiar with this script, and it's been in Chinese manufacturing for 20 years. Fuscon gave Apple to the Appleman, provided sophisticated information to AirPods to assemble (more than 70% of the world's share is its own), Lenstech to make glass panels for iPhone, and the Ninder era to power batteries for Tesla。

Every time the bell rings, there's a supply list for China and North。

This time it's the smart ring。

One of Oura Ring 4s, you open it up, and the titanium metal shell is probably from the Eastern Precision Factory that made the apple watch. They took over Ora's work, after all, raw materials, CNC machines, polishing. The PPG optical sensor, the accelerometer, the mini-cell, came almost entirely from the Pearl Triangle. Whoop 5.0, called the fast-dry knitting wristband, was backed by a textile worker from Jiang Zhe。

Silicon Valley does very little in fact, defining products, writing algorithms, branding, subscriptions。

The real hard process is also in China。

Plugting sensors, chips, batteries, antennas into a two-gram titanium ring, waterproofing, seven days of continuous flight, and wearing no sense, is not always possible for all agents。

In September, 2025, there was an event that spread across the world of technology. Youtuber, Daniel Rotar, was on a trip home with Samsung Galaxy Ring, and before the security check, the lithium cell in the ring began to swell and the ring was stuck to his finger. The airport refused to allow him to board because the swelling lithium battery was a flight embargo. He was eventually taken to hospital and the titanium ring was pushed off his finger by cold water and medical lubricants. The doctor did not dare to cut the titanium shell and probably detonated the lithium batteries inside。

The incident revealed a detail that the microbattery in the ring did not have thermal space for the watch, and that it was a medical accident in the event of an accident。

The number of factories that can stabilize good taste rates for this kind of thing is global, mostly concentrated in the Shenzhen East Side. In their workshops, the line for apples, the line for Samsungs, the line for Ouras could be a wall。

But unfortunately, it's possible to make the Oura supply chain, not the Oura。

China’s producers lack skills, capacity, designers, the right to translate heart rate data into Readinness Score, and a brand premium that allows a16z partner to renew its monthly fees。

Aging becomes a new luxury

Some 35-year-old engineering director in San Francisco probably did。

Six minutes before the alarm, the Ora ring had a slight vibration, and it judged that you were in the shallow sleep and woke you up most comfortable. The first thing to open is to touch the pillow cell phone. Our app jumped out today's Readins Score, 73 points, yellow. Attached below is a short proposal from the AI consultant, the HRV was slightly lower last night and today ' s hard training proposal was changed to light sports。

He groaned and pushed CrossFit, which was supposed to be 7 o'clock, to the evening. And then they opened the fridge and took a frozen berries, some kind of antioxidation recipe recommended by Bryan Johnson。

He didn't order the stock account this morning, he didn't order the Slack, he didn't read the news. He first confirmed one thing: how much my body is worth today。

This is the real starting point of this business. It's the entrance。

The Millennium Generation of America, born between 1981 and 1996, concentrated in 2026 between the ages of 30 and 45。

IT'S THE FIRST GENERATION IN HISTORY TO TRACK ITS OWN PACE SINCE IT WAS 20. THEY DIDN'T GO TO THE HOSPITAL UNTIL THEY WERE 60 YEARS OLD, AND THEY STARTED WORRYING ABOUT HRV AT THE AGE OF 30, LONG SLEEP HOURS, EMPTY BLOOD SUGAR, INTERNAL FAT RATIO. A GENERATION OF QUANTITATIVE SELF-INFLICTED GENERATIONS HAS COLLECTIVELY ENTERED MIDDLE AGE。

The spiritual leader of this wind is Bryan Johnson. The 48-year-old tech rich man, who sold Braintree, along with Venmo under the flag, to PayPal for $800 million, had a net personal gain of about $300 million, and now spent $2 million a year on an anti-age project called Project Blueprint, measuring more than a hundred physical indicators a day。

He's even done a whole web-scolding thing, throwing his 17-year-old son's plasma into his body for several generations. Netflix also made a documentary for him, Don't Die, the man who wants to live forever。

Bryan Johnson

The Chinese Internet laughed at him like he was a freak. But what he did, defined Silicon Valley's mental background in 2026. Resisting decay is a new luxury。

The limousine is the father's totem. This generation of silicates no longer displays the Rolex on their wrists, the titanium metal ring on their fingers, and I know my body better than you。

China's part of the spirit. Wang Xing beat Camarathon on numerous hot searches, and Zhang's early days of physical fitness were repeatedly transmitted, even with reports of unusual medical reports from Li Yinghong。

The first-line anxiety has been deformed, and the price of the room has previously been defunct, the metabolic syndrome of anxiety is now tanned, the scores of sunbaths are now tanned and the sugar of the abdomen is now emptied。

At first-line city gyms, the midnight stadium is filled with financial, Internet, consulting practitioners, with Apple Watch on their wrists, but more and more people have a ring or bracelet from the Amazon。

And the greatest fear of Silicon Valley executives is not fattening, but premature decay。

The generation started asking if I was already downhill at 35. Whop made a product function of this anxiety called Healthspan, with a core indicator called WHOOP Age, which tells you your age. You're 38 but body 42 years old. Once this number is printed on the screen, no one can pretend not to see it。

Before, anxiety could not afford to buy a house and now anxiety could not afford health. You can still think of a way to kill the former, and once the latter shows up, you can only subscribe to the continuation fee。

There's an anxiety called subscription

The absolute values of the two units cannot be compared or equated to clinical measurements. Restoring points and sleeping points are never sufficiently accurate for medical treatment, but emotional values are far more necessary. You buy less than $6 a month of subscriptions as a certainty, so it's essentially a psychological product。

IT'S NOT THE SAME THING AS FORTUNE TELLER, IT'S JUST THAT YOU CHANGED YOUR LIFE TO HRV。

To pull the camera away, Laura and Whoop sell a new kind of Chinese religion called quantifying themselves。

There's only one thing about teaching, your body can be measured, optimized and managed. Keep's self-regulation gave me freedom of speech, but Whop sold it to Silicon Valley executives five times。

And the chief engineer in San Francisco, he'll wake up tomorrow morning and he'll open the first thing. Take a look at today's scores, then pull off the phone and start a new day。

The moment he put the ring on, he thought he bought himself healthy。

HE ACTUALLY SUBSCRIBED TO ANXIETY. AI, FOR ONE, HAS MADE THIS ANXIETY A PERMANENT SUBSCRIPTION。