China Is Undercutting America’s AI Giants
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Welcome to Profiteer Markets. I'm Ed Elson. It is July 28th. Let's check in on yesterday's market vitals. The major indices were mixed as chip stocks sold off. Brent crude fell below $90 per barrel as the US and Iran paused their attacks. The yield on 10-year treasuries declined. The Chinese chipmaker CXMT soared more than 400% in its public debut, becoming China's new most valuable company. More on that later. And finally, Apple rose more than 1% to overtake Nvidia as the world's most valuable company. Okay, what else is happening? Chinese open models are gaining ground, and Washington and Silicon Valley are starting to notice. In recent weeks, Chinese startups ZAI and Moonshot AI have released models that are competitive with those from U.S.
frontier labs. The top five most popular models on OpenRouter, a marketplace that tracks usage across AI models, are indeed Chinese. And when a rogue, unreleased open AI model hacked Hugging Face during a security test last week... Hugging Face used a Chinese open-weight model to defend itself. Now, you might have thought that American AI executives would use this opportunity to encourage a crackdown on Chinese open-weight models. Instead, the opposite happened. In his first ever post on X, Jensen Huang shared a letter titled Open Weights and American AI Leadership. And within a couple days, 50 companies signed the letter, including Microsoft, Meta, Palantir, and IBM. Together, they argue that US AI leadership depends on building not just frontier systems, but a strong open ecosystem around it.
And they warn Washington against, quote, premature restrictions that stifle competition and drive innovation overseas, which raises an interesting question. And that is, why would US AI leaders seek to protect the very thing that supposedly might destroy them? Joining us to discuss this, we're speaking with Scott Singer, Technology and International Affairs Fellow at the Carnegie Endowment for International Peace. Scott, thank you for joining us. I'd love to just start with the context here. This open versus closed weight debate that has taken over the world of AI has a lot to do with US versus China, which is strange and interesting.
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