founder of Citta Network. Industry-first Modular RWA network. Intuitive futurist. Divergent. Vision-driven founder. Prev. @WXblockchain @Opera @HuobiGlobal
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Joined October 2010
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Europe’s unrest comes from too few people working and too many consuming. China is the mirror image: too many working, too few consuming. Each side’s solution lies with the other.
sadly now we are in an age of confused values...
Today, we find ourselves at a crossroads because the next decade and the decisions we make will write the story of the next century.
The course we take will determine whether the West maintains its place at the head of the world, or resigns itself to a future of atrophy, servitude, and decline.
We will either choose to act now, or lose the choice to act at all.
Under President Trump, the United States has made its choice.
Precondition: when the tech barrier is significantly lowered. Take the EV industry as an example, China could never have competed with Germany in the petrol car sector. So a Tesla moment is still much needed.
When China figures out how to manufacture a product, their ability to scale is often greater than the rest of the world combined. We saw this with lithium batteries and solar, for example.
SpaceX is a rare counter-example, where its mass to orbit is roughly an order of magnitude greater than the rest of the world, BUT China now does a majority of non-SpaceX mass to orbit. SpaceX is an anomaly in the matrix.
Maybe RAM will be different, but RAM was a low margin commodity only ~3 years ago. LP5 and LP6 are designed to a common standard that China seems to be solving fast.
Newer HBM architectures and things like an SRAM layer below logic and 3D stacking RAM on top of logic while finding a way to keep the logic cooled will be harder to solve.
Russia turns out to be a good lever. Whenever you play this card, it stimulates both the EU and China.
China is likely letting the RMB appreciate to offset the US-China interest rate gap. Higher USD rates make dollar assets more attractive, but FX appreciation cancels out that yield advantage — keeping capital from flowing out despite the rate differential.
Re-industrialization through AI hyper cycle.
The intelligence explosion is a manufacturing explosion
Charts of the Week: a16z.news/p/charts-of-the-we…
What surprised me is that, in his June 13F filing, Leopold disclosed that he was already using a large number of put options to protect his positions. This shows he was well aware of market risks at the time.
So what I find most surprising is why he didn't deleverage right then