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I don't see how you can make a case for a $700bn+ IPO when the government might not even let you sell your product. America is ceding the lead in the AI race. The winners here will be the Chinese AI companies.

If the Chinese models remain predominantly open source then it would probably be for the best. Unfortunately I'm not convinced they will, with examples like Qwen Max showing what could happen.

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Z.ai and MoonShot (and StepFun and some others who are another six months behind or targeting smaller use cases) are still open, surprisingly enough.

Alibaba making Qwen close up shop for its best models isn’t that surprising, though sad.

The worry is that if the US models are locked up like this, then there’s less reason for China to commodify its complement through open weights…

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