FEATURED — FULL NOTE
DeepSeek / Moonshot / Zhipu / MiniMax
LAYER: THE CHINA STACK · STATE-LINKED
The frontier-lab tier; DeepSeek's efficiency releases repeatedly moved global cost expectations.
2026
SAME LAYER: THE CHINA STACK
HuaweiSMICAlibaba / Tencent / Baidu / ByteDanceCambriconCXMT (memory)HygonBiren (private)Moore Threads (private)01.AI (private)StepFun (private)
INFORMATIONAL ONLY — not investment advice. Full disclaimer.