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Flashpoint

Qwen's Open-Source Architect Is Out, Alibaba's Cloud Machine Is In
Behind the exit of Qwen's technical lead: an organization rebuilt around cloud revenue.
 • Poe Zhao
Kimi and the Four-Month Year
Moonshot AI says twenty days of revenue beat a full year. The denominator matters more than the numerator.
 • Poe Zhao
Two Unicorns, 28,000 Robots
Two days, two $1.4 billion valuations, and a sector projected to ship just 28,000 units this year.
 • Poe Zhao
Zhipu and the Scarcity Trap
A botched developer launch showed how little room for error a 1,000x revenue multiple buys.
 • Poe Zhao
China PV’s Space Solar Pop and the 24-Hour Paper Trail
A rumored tour lit up A-shares. Filings and regulators cooled it within 24 hours.
 • Poe Zhao
China’s AI Spending Shifts to Inference, Telecom Operators Lead the Build
RMB 51 billion in inference servers, 222 tenders, and a procurement trail that shows who controls the capacity.
 • Poe Zhao
Alibaba’s Chip IPO Is Really a Cloud Re-Rating Bet
Spinning out T-Head puts a market price on Alibaba’s AI infrastructure story, and forces proof on software and supply.
 • Poe Zhao
China's GPU Gold Rush: Betting Billions on Sub-3% Market Share
Billions are flowing into Chinese GPUs with almost no market share. This is why investors still buy.
 • Poe Zhao
Volcano Engine’s Billion-Dollar Gamble on MaaS
ByteDance's cloud unit is sacrificing 10x revenue for a market that barely exists. Here's the math.
 • Poe Zhao
China's GPU Makers Burn Rmb6bn Racing Toward IPO Exits
Moore Threads and rivals are heading to market with billion-yuan burn rates and captive customers. Public investors will fund what venture capital…
 • Poe Zhao
China’s Robotaxi IPOs Fund a Demographic Bet, Not a Business
L4 specialists burn billions while automakers and platforms wait to capture the value.
 • Poe Zhao
China's AI Battle: Why Super Apps Already Won
Standalone AI ventures face an insurmountable distribution problem.
 • Poe Zhao
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