Market Brief
China's NDRC has committed $295B to national AI compute infrastructure — a single-policy capex outlay larger than any US hyperscaler's annual budget. What this means for global GPU demand, sovereign compute economics, and the investability of Chinese AI.
Sectors
Beijing didn't just block another product. It refused to place orders for chips Washington had already approved. That shift from rejection to substitution is what matters.
Valuation
Four Chinese SOE industries trade at PB discounts above 20% versus private peers: petrochemicals, steel, construction, and transportation — also the highest-yielding sectors. This installment maps where the discount concentrates and what the geography reveals about policy-mandate pricing.