Gavekal Technologies

On September 6-11, Gavekal Technologies made its inaugural China Tech Trip with 19 institutional investor clients. The trip offered a close-up view of China’s tech ecosystem, including semiconductors, AI, new energy, robotics, and biotech, via a dozen site visits and in-depth conversations with senior executives. This week’s Chips report summarizes our observations in the semiconductor and AI sectors.

Chinese EV makers have conquered their home market and are on track to export over 5mn vehicles this year, double the 2025 figure. Their next move will be to start moving production offshore, to get closer to key markets and evade tariffs. The biggest target is Europe, where half a dozen projects are under way and many more are planned.