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Anthropic and OpenAI target IPO valuations of between $1.5 trillion and $2 trillion, but Chinese AI models closing the performance gap could devastate those figures.
Chinese open-source AI models cost less than 50% of US proprietary alternatives and are actively gaining traction among American enterprise customers.
China holds structural advantages, including roughly twice the US electricity capacity and centralized data center approvals, while stealing US AI IP through model distillation.
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