US vs China tech A catch-up that investors cannot ignore
Key points:
- China tech is now a real competitor: While U.S. giants face mounting questions around AI monetization and stretched valuations, Chinese firms are showing tangible earnings lift from AI and cloud.
- Restrictions are fueling innovation: U.S. export controls have forced China to double down on domestic chip development, backed by strong policy support and abundant capital.
- Two tracks, one narrowing gap: U.S. tech remains globally dominant, but China tech is catching up fast at home. The race is increasingly about frontier vs. efficiency, and the gap is clearly closing.
For years, the U.S. has been the uncontested leader in technology—commanding the world’s most advanced chips, deepest capital pools, and strongest platforms.
But…
