Topics: AI• Developer• Nebius Part 2: Cash, Optionalities, Challenges In “Nebius Part 1: the Smooth (Developer) Operator”, I shared my point of view on why Nebius is the most compelling pure-play AI neocloud with its smooth developer experience, its history, and the pros and cons of its Yandex and Russian roots. In this
Topics: AI• Developer• Nebius Part 1: the Smooth (Developer) Operator Last Friday, Wall Street “discovered” Nebius. It was revealed in Nvidia’s latest 13F filing as one of its newest investees, along with WeRide, a Chinese self-driving company. I put “discovered” in quotes because for those of us paying attention, this “mystery” has been
Topics: Open Source• AI• ($) DeepSeek Diffusion It’s about open vs closed, not (just) about the US vs China
Topics: Quarterly and Annual Letters• 2024 Annual Letter: Generational Company, Generational Wealth Welcome to the 2024 annual letter of Interconnected Capital. To new and old readers alike, a friendly reminder: I run a global technology long-only fund focused on investing in the “picks and shovels” of the interconnected global digital AI economy. I draw on my
Topics: Mr. Market• AI• API Economy• ($) 2025: Year of (Software) Picks and Shovels API platforms, databases, the neoclouds
Topics: Cloud War• Nvidia• Antitrust• ($) Why is China Investigating Nvidia: Blackwell And another chip on the table for a grand bargain
Topics: Announcement• Self Re-Introduction – 2024 Edition I was motivated to write this “self re-introduction” post, because Bill Bishop of Sinocism recently published a similar one. You’d think someone like Bill, one of the OGs of newsletter-ing and successful media executive, would be one of those people who need no
Topics: CATL• EVs• Profiles• Robin Zeng: CATL’s Prodigious Gambler As Europe reels from Northvolt’s bankruptcy, as Goldman Sachs writes off its $900 million wager to a big fat zero in this embarrassing failure, CATL chugs along. Contemporary Amperex Technology Co. Limited (CATL) is the world’s largest power battery maker, and has
Topics: US-China• AI• Scaling Law• What Does Hitting Scaling Law Limit Mean for US-China AI Competition Less effective export control, less doomsday scenario
Topics: Quarterly and Annual Letters• Investing• Q3 2024: Clock Starts Anew Plus reactions to big tech earnings and election day "playbook"
Topics: AI• Cloud War• ($) The US-China AI Gap Widens in 2026 Nvidia Blackwell moves the "chip war" to the "cloud war"
Topics: Semiconductor• TikTok• TikTok and Semiconductors -- Contributions for the Asia Society Hi all, I’m switching things up a bit to share a couple of recent contributions I did for the Asia Society, spanning from the latest development in the TikTok legal saga to semiconductors and GPU smuggling in China. (I’ll be back in
Topics: Mr. Market• China• Is China Investable Now? Understanding David Tepper's "Everything Everything" Strategy
Topics: Huawei• Apple• ($) Apple vs Huawei: Boomer vs Startup A defiant Huawei tries to upstage Apple with a trifold phone. Will it work?
Topics: Antitrust• AI• NVIDIA's Antitrust Probe is a "Pick One from Two" Problem NVIDIA notched yet another record this week. This time it is its single day 9.5% drop on September 3 that amounted to a $278.9 billion evaporation in market cap – the equivalent of more than three Intel’s. It is probably not the
Nashville and the 45 Second Commute As we approach Labor Day weekend (if you are in the US or Canada), I’d like to share my latest (and perhaps final) location change: Nashville, Tennessee! Rest assured, while the music industry, zero state income tax, or (god forbid) the Hawk Tuah
Topics: Alibaba• Delisting• ($) Alibaba (Finally) Gets Its Retail Fanbase Thanks to Congress and the Holding Foreign Companies Accountable Act
Topics: AI• US-China• 3x3 AI Video Matchup: US vs China The Paris Olympics may be over, but who says heated competition in bizarrely mutated sporting events only seen at the Olympics fueled by irrationally intense nationalism should stop? As a lifelong basketball fan, one of the more bizarrely mutated Olympic events is 3x3 basketball.
Topics: Investing• When Volatility is High, Berkshire Calms Me Down Before we get into our post today, I hope you check out the most recent episode of the Sinica Podcast, one of my favorite pods out there, where I chop it up with Kaiser Kuo and Paul Triolo on all things China when it
