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Two Dots, No Line
Tencent's Hy3 gave the company a credible AI model, but WeChat's native agent runs on a separate stack, exposing an organizational divide.
Jul 10
•
Poe Zhao
2
5
Meituan and the Infrastructure Trap
Meituan begins opening fulfillment capability to external AI agents. The structural question is who keeps the pricing power.
Jun 25
•
Poe Zhao
4
3
The Sovereign AI Salesman
Kai-Fu Lee's AI startup abandoned the model arms race to sell sovereign AI systems to governments, with a 2027 IPO in sight.
Jun 24
•
Poe Zhao
5
2
7
The Token Hangover
Tencent’s token quotas show what happens when AI adoption meets the finance department, as Uber, Amazon, Meta, and Microsoft confront the same…
Jun 22
•
Poe Zhao
10
9
DeepSeek’s $7.4 Billion Price Tag
Liang Wenfeng put $3 billion of his own money into a round built to anchor DeepSeek’s valuation and preserve founder control.
Jun 17
•
Poe Zhao
6
6
China Can Hold Up Nvidia’s H200
Washington cleared selected buyers. Beijing showed that export approval no longer guarantees Chinese demand.
May 17
•
Poe Zhao
8
1
5
DeepSeek on China’s National Balance Sheet
China’s semiconductor fund entering talks with a frontier model lab would put AI on the same strategic ledger as chip foundries.
May 7
•
Poe Zhao
11
5
Cambricon at 348 Times Earnings
The profitability question is settled. The valuation question is just getting started.
Apr 30
•
Poe Zhao
3
3
DeepSeek Is Turning China's Chip Problem Into a Compute-Shaping Bet
DeepSeek-V4 is less a benchmark story than a blueprint for making scarce compute economically useful.
Apr 24
•
Poe Zhao
21
3
12
CATL's Global Bill Comes Due
Profit soared 48.5% last quarter. Operating cash flow crept up 2.5%. The spread tells the real story of expansion.
Apr 16
•
Poe Zhao
9
2
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.
Mar 5
•
Poe Zhao
14
3
2
Kimi and the Four-Month Year
Moonshot AI says twenty days of revenue beat a full year. The denominator matters more than the numerator.
Mar 4
•
Poe Zhao
2
6
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