And in AI, the contest seems to be between the US and China. The US for a long time, had the best universities and research institutions in the world, so they have an advantage. But when it comes to the application of these new technologies. I think China is much more formidable. The founder of Huawei, Ren Zhengfei, said there’s a divergence. In the US now, when they look at AI, they are talking about who will win the AI race, as if there is a… a gold medal which you can win and become number one. But what does it mean? You can solve complex equations. What does it mean? For people? For society? For the economy? China is going in the other direction. Whatever advances we make in AI, and it will continue to advance, quickly apply it to all aspects of society. Help old people. Help clean up the air, water, the land. Improve maintenance, production, agriculture, safety. Aeroplanes, drones, ships, railroads. China is moving in a way which will advance their economy. Whereas for the US, among the Magnificent Seven, the attitude is almost a winner-takes-all. Who can be number one? So I pay more for your software engineers and pull them to my team. And the valuation is out of the world. It’s one-third of the US stock market. Once China makes large language models open source, I don’t see how the Magnificent Seven can generate the revenue streams justifying their high valuations. And if that turns out to be a bubble, there are enormous consequences for the global economy.
