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Gavekal Technologies: Chips
China AI Finds The Money In Hardware
Tilly Zhang
2 Oct 2025
Chinese AI developers are doing well at keeping pace with the performance of US models, but less well at monetizing them. With Chinese consumers and businesses unwilling to pay much for AI software services, developers are turning to applications embedded in hardware: watches, glasses, earbuds and "education machines" for at-home tutoring. Unlike their US rivals, which can focus on selling chatbot subscriptions, Chinese AI firms need to follow a two-track revenue strategy: hardware applications in their home market, and software services abroad.
Gavekal Technologies: Chips
Inside China’s AI Chip Hype
Laila Khawaja
26 Sep 2025
Huawei unveils ambitious AI roadmap. China’s AI star Cambricon faces skepticism. National IC Fund III makes first investment
Gavekal Technologies: Briefing
The Contours Of Competition
Laila Khawaja, Damien Ma, Tilly Zhang, Tom Hancock
Economies Of Scale
Damien Ma, Laila Khawaja, Tom Hancock, Dan Wang
The Power Of Politics
Laila Khawaja, Arthur Kroeber, Tilly Zhang, Wei He, Tom Hancock
Uneasy Chip Truce, Funding The VC State, Biotech Boom
Laila Khawaja, Tilly Zhang, Tom Hancock, Arthur Kroeber
Gavekal Technologies: Chips
The Contours Of Competition
Laila Khawaja, Damien Ma, Tilly Zhang, Tom Hancock
The Signal From TikTok
Laila Khawaja
Webinar: Nvidia, TikTok And The US-China Tech Competition
Laila Khawaja, Arthur Kroeber
Internal Tensions In China’s Chip Industry
Laila Khawaja
Economies Of Scale
Damien Ma, Laila Khawaja, Tom Hancock, Dan Wang
China’s Plan For Closing The AI Chip Gap
Laila Khawaja