Chinese models and chips are not at par with those in the West, and their suppliers aren’t as profitable. But does that even matter?

China's Kimi K3 shatters U.S. AI dominance, threatening Silicon Valley's trillion-dollar valuations as U.S. policy slows progress.

China became a hub of industrial manufacturing because it was able to produce essentially the same goods as Western countries, but much more cheaply. Something similar is now…