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Gavekal Technologies: Chips
Beijing Draws New Boundaries For AI Exports
Laila Khawaja
22 Oct 2026
Beijing’s proposed AI export controls aim to protect national security and core technologies while preserving open-source commitment and overseas commercialization. Their impact will depend heavily on implementation. The many ambiguities in the draft rules could discourage Chinese firms’ international activity and Chinese open models’ overseas adoption, at a time when American open-weight alternatives are expanding.
Gavekal Technologies: Briefing
The State Of Chinese AI
Arthur Kroeber, Laila Khawaja
19 Oct 2026
The AI world suffered tremors last week, as doubts began to surface about the frontier labs’ revenue growth and the rising amount of high-priced debt used to finance the US’s data center building binge. The risks raise a question: when and if the American AI bubble pops, can China race ahead? Probably not.
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China’s Growing Grip On Printed Circuit Boards
China accounts for nearly 60% of the global production value of printed circuit boards, foundational components in numerous defense and civil applications. AI is driving the demand for advanced PCBs and tightening the supply of various critical upstream materials.These trends could accelerate industry consolidation and strengthen China’s leading players, at a time when foreign governments are seeking to reduce dependence on Chinese PCBs.
Can China Export Its Nuclear Boom?
China is the world’s biggest builder of nuclear power plants, but unlike in other energy sectors it has not become a significant exporter of reactors. While Chinese nuclear firms have figured out how to make reactors relatively cheaply, the complexity and safety needs of nuclear projects mean they will never be able to gobble up world markets through ultralow prices, as Chinese solar, EV and battery firms have done. But over the next decade it is likely China will become an important nuclear exporter.
Capitalizing On China’s Data Advantage In AI
Abundant data is often considered a Chinese advantage in AI: China’s vast consumer market and industrial base generate a lot of data and potential AI use cases. Yet data availability does not equal usability. Beijing sees the problem and is leading a nationwide effort to collect, process, govern, share, and trade high-quality datasets.
Great Tech In Search Of Profits
On September 6-11, Gavekal Technologies held its inaugural China Tech Tour with 19 institutional-investor clients. Through a dozen site visits and in-depth conversations with senior executives, we examined China’s semiconductor, AI, new energy, robotics and biotechnology industries. This week’s China Tech Brief explores some of the key findings. By far the biggest theme was the gap between technological capabilities and corporate returns. China has plenty of globally competitive tech companies, but few that generate really attractive earnings.
GavekalTech On The Ground: 2026 China Tech Trip Takeaways
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’ European Offensive
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.