James Kynge

And so there is really a gold rush now, a frenzy in the US and in other countries around the world to get hold of these cheap Chinese tokens.

And that's the reason why this is becoming a geopolitical issue because a lot of startups in Silicon Valleys are preferring to use Chinese tokens, in other words,

Chinese either agentic AI or LLMs to power their startups, to power their technology.

And that's making a lot of people in the U.S.

quite concerned, both from a technological perspective and from a geopolitical perspective.

But what are you seeing in this, Alice?

Do you think we're at a kind of turning point?

Is this a big moment?

Yeah, I mean, I definitely agree with you on the NVIDIA front.

Obviously, NVIDIA has the most powerful chips, the Blackwell series of chips.

They're much more powerful than any kind of AI chip that China can produce.

And so everybody is going to be trying to get their hand on these NVIDIA Blackwell chips as necessary.

the premium on tokens increases, because obviously, the more powerful your computer system, the more tokens you can generate more efficiently.

So that's a key aspect of this, definitely.

And I also tend to agree with your point on how the US will view this.

Already, we're seeing US commentators saying that

China's superiority in tokens, i.e.

the fact that it can produce tokens much more cheaply and export these tokens to the US and other countries around the world, is creating substantial data, strategic, and regulatory concerns for the United States.

And I can certainly see that from a US point of view.

I mean, if you've got a Chinese LLM or a Chinese agentic AI model,