Dan Wang

Or there's some sense in which they feel anti-Asian hostility in the U.S., they fear the rhetoric of the Trump administration, and there's some nervousness among Asian Americans, even friends I have here, that the Trump administration is going to turn super populist and drive out all of the Indian engineers as well as the Chinese engineers as well.

And so within this talent pool, if a substantial number of them decide to repatriate, then it's a little bit tough to say exactly who's ahead in talent, but it's possible that the Chinese will have some sort of lead here.

And then there's also a question of if AI gets much better.

What will the Americans use it on?

What will the Chinese use it on?

America is much more of a services-driven economy.

Maybe we have all of the data to automate our healthcare sector as well as our consulting sector.

And the Chinese are going to have the data to automate their manufacturing sector.

And to be very glib here, I'll say that maybe America gets a much better McKinsey and China gets a much better Foxconn.

And then they're going to use this much better AI Foxconn to produce a lot more drones and munitions and ships as well.

And the U.S.

simply doesn't have the training data, the process knowledge in place really to get much better at manufacturing.

And so maybe right now we haven't seen another big deep-seek moment, but I think the future is very much up for grabs.

And China right now has really good talent, really good reasoning model.

It is now chips compute constrained, but seems like Donald Trump wants to make a deal and host an export tax of 15% on Nvidia, but then give a lot more compute to China.

And I think that the future is going to be a really tight race between who can get to AGI and who can deploy AGI in a much better way.

I think Huawei represents a Chinese company that is super vertically integrated, which does a little bit of everything.

Part of the founding myth of many Asian companies.

I think the founding myth of Foxconn, which makes all the iPhones, the Taiwanese manufacturer,

It started by making something like the plastic television knobs before it made desktops and iPods and iPhones.