Keyu Jin

They have no qualms about copying as long as it leads to success, right?

That's the difference in values.

As we mentioned in the beginning, you asked why the level of competition is so fierce.

Well, they all do the same thing.

Once they've seen one successful thing, everybody does the same thing.

You'd have no respect for doing that in the U.S., right?

But in China, it's all fine.

But I think that over time, it will change.

Just give it a little bit of time.

In the end, if China is all about innovation technology, you cannot not have very strict IP protection.

And ultimately, again, we're still in the short, flat, fast stage, right?

When we graduate from that stage, you're going to have very different views about these things.

You're going to try to diversify and do different things.

But again, it's a stage.

Chinese people were hungry.

They're still a little bit hungry.

They're not going to be as hungry in the future.

Deep Seek was a surprise to the world, but I don't think it was that much of a surprise to the same degree to the Chinese.

And remember that Deep Seek happened in times of crisis, urgency, not in times of comfort.

A lot of these technological breakthroughs and leapfrogging happens in times of crisis.