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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "The slide discusses the shift from reliance on NVIDIA to local alternatives like Huawei, SMIC, and Cambricon.",
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      "text": "Beijing pivoted from mitigation to home-grown substitution. Regulators steered demand off NVIDIA while fabs and suppliers scaled domestic options.",
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      "text": "China’s internet regulator CAC, state planner NDRC, and industry ministry MIIT told large platforms to halt new H20 orders and urged avoiding all NVIDIA chips, pushing inference to local parts.\nThree Huawei-serving fabs and leading foundry SMIC (Semiconductor Manufacturing International Corp.) plan ramps that could triple China’s AI-chip output in 2026; SMIC also aims to double 7nm capacity.\nDeepSeek’s FP8 format is guiding domestic designs, while CXMT (ChangXin Memory Technologies) is testing HBM3 for local stacks.\nCambricon is an early winner, posting Rmb 1B H1 profit on a 44× revenue jump as ByteDance/Tencent shift to homegrown inference chips. Its has ripped over 100% since the news.\nChina can afford to build systems that are less efficient in terms of flops/watt because they are not power constrained.",
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      "text": "After U.S. export flip-flops and Lutnick remarking that “You want to sell the Chinese enough that their developers get addicted to the American technology stack, that’s the thinking,” Beijing pivoted from mitigation to home-grown substitution. Regulators steered demand off NVIDIA while fabs and suppliers scaled domestic options.",
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      "text": "You want to sell the Chinese enough that their developers get addicted to the American technology stack, that’s the thinking",
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      "text": "China getting addicted to “third-rate” US chip technology? No, sir (不会吧!)",
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