Interconnected

In “Nebius Part 1: the Smooth (Developer) Operator”, I shared my point of view on why Nebius is the most compelling pure-play AI neocloud with its smooth developer experience, its history, and the pros and cons of its Yandex and Russian roots. In this

Topics: AI• Developer•

Nebius Part 1: the Smooth (Developer) Operator

Last Friday, Wall Street “discovered” Nebius. It was revealed in Nvidia’s latest 13F filing as one of its newest investees, along with WeRide, a Chinese self-driving company. I put “discovered” in quotes because for those of us paying attention, this “mystery” has been

Topics: Open Source• AI•

($) DeepSeek Diffusion

It’s about open vs closed, not (just) about the US vs China

Topics: Quarterly and Annual Letters•

2024 Annual Letter: Generational Company, Generational Wealth

Welcome to the 2024 annual letter of Interconnected Capital. To new and old readers alike, a friendly reminder: I run a global technology long-only fund focused on investing in the “picks and shovels” of the interconnected global digital AI economy. I draw on my

Topics: AI• Cloud Industry•

($) Stargate is America’s Sovereign AI

Topics: Cloud War• AI•

Was Zuck Right about Chinese AI Models?

Model censorship happens in the cloud

Topics: AI• Open Source•

($) DeepSeek's Three Idiosyncratic Advantages

Topics: Mr. Market• AI• API Economy•

($) 2025: Year of (Software) Picks and Shovels

API platforms, databases, the neoclouds

Topics: Cloud War• Nvidia• Antitrust•

($) Why is China Investigating Nvidia: Blackwell

And another chip on the table for a grand bargain

Topics: Announcement•

Self Re-Introduction – 2024 Edition

I was motivated to write this “self re-introduction” post, because Bill Bishop of Sinocism recently published a similar one. You’d think someone like Bill, one of the OGs of newsletter-ing and successful media executive, would be one of those people who need no

Topics: CATL• EVs• Profiles•

Robin Zeng: CATL’s Prodigious Gambler

As Europe reels from Northvolt’s bankruptcy, as Goldman Sachs writes off its $900 million wager to a big fat zero in this embarrassing failure, CATL chugs along. Contemporary Amperex Technology Co. Limited (CATL) is the world’s largest power battery maker, and has

Topics: US-China• AI• Scaling Law•

What Does Hitting Scaling Law Limit Mean for US-China AI Competition

Less effective export control, less doomsday scenario

Topics: US-China•

See the World Accurately

Updated thoughts on the US, China, and US-China

Topics: Quarterly and Annual Letters• Investing•

Q3 2024: Clock Starts Anew

Plus reactions to big tech earnings and election day "playbook"

Topics: IPO• Alibaba• Mr. Market•

Time to Let Ant IPO!

Or the IPO "wealth drain" will continue

Topics: AI• Cloud War•

($) The US-China AI Gap Widens in 2026

Nvidia Blackwell moves the "chip war" to the "cloud war"

Topics: Semiconductor• TikTok•

TikTok and Semiconductors -- Contributions for the Asia Society

Hi all, I’m switching things up a bit to share a couple of recent contributions I did for the Asia Society, spanning from the latest development in the TikTok legal saga to semiconductors and GPU smuggling in China. (I’ll be back in

Topics: Mr. Market• China•

Is China Investable Now?

Understanding David Tepper's "Everything Everything" Strategy

Topics: AI• Developer•

GitLab, GitHub, the AI Model Divide

From PMF to UMF (UI Model Fit)

Topics: Huawei• Apple•

($) Apple vs Huawei: Boomer vs Startup

A defiant Huawei tries to upstage Apple with a trifold phone. Will it work?