Alice Han

And that's primarily because in the lead up, historically in the lead up to

the NPC meetings, we've seen stock markets actually rise.

And so I think that we'll see a similar momentum happening in advance of that NPC meeting with a lot of market anticipation about some of the announcements related to hardware, especially semiconductors, some of the upstream and downstream providers to the semiconductor industry, as well as AI.

And talk to you again next week.

Hi, Adam.

Happy New Year.

Happy Year of the Fire Horse.

Well, Ed, it's definitely true that Chinese AI has bolted from the stables, to borrow a horse metaphor.

And as you rightly say, we've got a couple of models that have just come out.

Zipo's GLM.

We've also got Quen, the new Quen 5 Max model that's come out.

We've also got new AI video generation models that

that have taken Hollywood, I think, by huge surprise and shock and consternation.

But generally, when I look at the models, and I've been using them in the last few days, what's clear to me is that they have improved.

They are faster.

They are more cost effective if you obviously compare them to the closed proprietor models offered by

OpenAI, as well as by Claude, for instance.

But really, my frustration with this debate is that it's apples to oranges.

People are going to use the Chinese models differently.

I think the fact that Brian Chesky, the Airbnb CEO, says outright a couple months ago that a lot of his engineers are using this for agentic chatbots.