Axel, really insightful and thought provoking article!

I generally agree that applications are the key, especially if we compete the adoption of digital technology in China vs Europe.

What is interesting in China is that the AI landscape is shifting with some companies like Deepseek, Stepfun and Moonshot focusing on AGI/research, while others like Baichuan and 01.ai start prioritizing applications. Do you see anything similar in other markets?

Also big question - how venture backable all the AI applications in China will be and what is the “moat”?