Grace Hsiao

Yeah.

They were like, look, guys, like you can actually do this.

And they became a shared foundation layer for China's model ecosystem.

So because, again, everything is open source and open weight, other labs were able to study what they did to actually start inferencing on Huawei stock.

And I think that was the first step, whether it's signaling or actually, you know, very pragmatic reason to start shifting some reliance on, you know, the China AI stack.

I think if you really have to look at the ecosystem, we can kind of put aside the big tech for now.

But looking at maybe the four most relevant startup labs, DeepSeek, Moonshot, who has Kimmy.

Zia, who has GLM, and then Minimax, they are still probably the most committed to frontier research.

However, because the constraint we mentioned that they face, whether it's compute, whether it's capital, or even frankly, talent, they have decided out of necessity to basically each focus on a different vertical in capturing a different kind of business share.

So

ZEAI is very focused on coding capabilities.

So if anything, their GLM plan is much more similar to maybe what you think of Clod, ClodCore, ClodCode, etc.

A codex, that kind of product.

And then you look at Minimax, they're really focused on the multimodality capabilities.

Moonshot, they're really focused on agents.

And DeepSeek, again, really is just focused on pushing the frontier and kind of trying to play catch up and push the Chinese ecosystem as fast as possible.

Yeah, so China's VC space in general has not been that vibrant, frankly, since internet crackdown.

And a lot of USD funds did exit, you know, three to five years ago, with Sequoia being maybe the most like high profile, right?

Like we all remember that.

Now, people forget, even in 2022, a lot of these labs that we just talked about, they were struggling to even raise money, you know, raise capital.