Keyu Jin

This is called crisis innovation.

And you got to thank the U.S.

for that, right?

When the Chinese were comfortably importing chips from the U.S., the whole industry stalled for 20 years.

I mean, why would you plow in billions, tens of billions and even more when you can just import the best?

You don't want to do your own innovation.

It's because of these export controls, these sanctions on these companies that Chinese companies in the Chinese state felt an existential crisis a few years ago.

by being cut off from these critical components.

And guess what happened?

In a short amount of time, the degree of domestic capacity ramping up and catch up has been nothing short of remarkable.

Again, thanks to U.S.

truculence on technology.

Now, I'm sure there are many aspects of hyperbole related to deep seek, but it just shows you that the gap is much smaller between China and the U.S.

on leading-edge technologies than what was expected, that these export controls were not effective.

They may have even backfired.

And it shows you that China has this relentless focus on taking some of the existing technologies and using scale and the advantages to cut cost and to diffuse.

And this is just the beginning.

I think it will happen in many other industries as well, including in semiconductors.

And that's the Chinese approach.

Now,