The tech reset, the China riskTechnology has undergone a meaningful reset. Investors have cut exposure, positioning has normalised and stress levels remain elevated, leaving parts of the sector looking considerably cleaner than they did just a few weeks ago. But just as the tactical backdrop begins to improve, a new structural risk is emerging. China's rapidly advancing semiconductor ecosystem could become an increasingly important challenge for the AI supply chain. Here are the charts catching our attention.The tech reset
Wall Street De-Risked Tech. China Didn't.
Wall Street de-risked tech. China didn't. Instead, it launched a $500bn DRAM champion and appears to have started producing domestic DUV lithography systems. The AI trade may have entered a very different phase.









