Why Kevin Carter thinks China is winning the AI race

EMQQ Global's Kevin T. Carter joins Ashton Addison to make the case that the valuation gap between US and Chinese AI companies is closing faster than most investors realize. Kevin walks through TGRZ, the China AI Tigers LLM ETF built around DeepSeek, Moonshot AI, MiniMax and Z.ai, and AICH, the new full-stack China AI ETF that launched the same morning as this interview.

Kevin explains why open models are catching up to closed ones faster than expected, why he thinks the US distillation warning against Chinese AI labs is overblown, what's actually driving profitability at these companies, and why American bias against investing in China may be creating the opportunity. He also breaks down the IPO paths for DeepSeek and Moonshot, and where investors can go to learn more about both funds.

emxetf.com · emqqglobal.com · @emqqglobal on X

Chapters

1. 0:00 Introduction: Kevin Carter of EMQQ Global
2. 0:44 Where the Real AI Money Is
3. 3:12 Cheap Tokens and China's AI Tigers
4. 5:44 Open Models Are Catching Up Fast
5. 8:40 Is the Distillation Warning Overblown
6. 10:05 Recursive Training and the Push for AI Oversight
7. 13:01 Why This Is Not Just a Race
8. 13:44 What If China's Models Pull Ahead
9. 17:02 Can AI Models Ever Turn Profitable
10. 18:33 Inside the AICH Full-Stack China AI Fund
11. 20:09 Apple, Tencent and the Application Layer
12. 21:26 DeepSeek, Moonshot and the IPO Path
13. 23:05 US Bias Against Investing in China
14. 25:16 20 Years Investing in China and Emerging Markets
15. 27:22 AI Predictions for 2027
16. 30:58 Where to Follow and Learn More
17. 32:36 Closing