The sharpest lens on China's tech revolution

Chinese investors were cautious when the LLM boom began. This time, they are writing big checks before anyone knows which technology or business model will work.

Slower retail growth means the valuation increasingly rests on marketplace and supply-chain services.

“Ecosystem” has become a cliché in China tech. The problem is, after another WAIC, it’s still the most accurate description of what’s happening.

Restricted Nvidia access opened the market. The economics of serving AI are pushing chipmakers, cloud providers and model developers toward custom hardware.