US Big Tech corporations are spending a staggering $1 trillion this year, or 3% of GDP, on AI capital expenditure (capex), largely for data centers. China's tech companies are spending $123 billion on AI apex, which is just 0.6% of GDP. But China's AI models perform just as well as US models -- and China's are open-source and much cheaper, and are thus becoming more popular around the world. Keep in mind that China has 4 times the US population, but is spending 1/10th of what the US is spending on AI capex. It is obvious that US AI capex is way, way too high, and represents extreme malinvestment. This is because the US AI sector is in an enormous bubble.