Rahul, the Author of the enhanced ledger report I mentioned a few days ago, made this video summarizing his findings. Source (LinkedIn)

Great research 🤝️ and I'm telling you again, if you are not following what's happening in the outside world with AI and databases you're going to get lost in this market

The quiet escalation of the US-China AI arms race ahead of a confrontation over Taiwan (exclusive market intelligence brief by @MacroAlerts): 1) Compute is a strategic military resource central to modernizing national defense and weapons systems. The economic productivity narrative masks a dual-use technological arms race. 2) US chip export controls. US wants to prevent China from training foundation models for advanced military applications. The cloud loophole allows Chinese labs to access restricted chips hosted in US datacenters. 3) China's countermeasures. Beijing is restricting chip imports to reduce dependence on Western suppliers. Chinese labs bypass these restrictions by training on Western chips in the cloud while populating domestic compute databases with inferior Chinese chips to fake compliance and secure funding from the CCP. 4) The AI Ponzi. Western chipmakers take equity stakes in datacenter builders, who then issue debt marketed as effectively chipmaker-backed to finance GPU purchases from those same chipmakers. The chipmakers collect the cash while datacenter builders hold the liabilities on their balance sheets. 5) The geopol logic behind the AI Ponzi: steering international GPU usage toward US-hosted hyperscaler and neocloud environments. It gives US authorities greater visibility into workloads, the ability to enforce usage restrictions, and more oversight of capability development. It also makes it harder for foreign actors to access restricted compute outside the reach of US export controls. US and China are headed for confrontation over Taiwan in 2027. 2026 is the final exit year. Crypto's blow off top in Q4 '26-Q1'27 will mark the end of the bull and the beginning of a nuclear bear market.