($) Nebius: An Investor's Diary
A rollercoaster ride that's not for the faint of heart| Interconnected
A rollercoaster ride that's not for the faint of heart| Interconnected
Last week, DeepSeek released a new version of its model to much fanfare. Except the fanfare did not come from the model’s performance improvement, hybrid nature (combining both reasoning and non-reasoning into a single model, like GPT-5), or strong agentic capabilities. It came from an unprompted comment from| Interconnected
A US-China deal is the appropriate season finale for a reality TV, “deal junkie” president| Interconnected
Finally, some positive-sum competition between the US and China| Interconnected
Guess what, Chinese tech companies hate Huawei too!| Interconnected
Open Source, American AI in a Box, GPU Tracking, Sub-Systems Export Control, "Try First" Culture| Interconnected
Welcome to the Q2 2025 update of Interconnected Capital. To new and old readers alike, a friendly reminder: I run a global technology long-only fund focused on investing in both the hardware and software “picks and shovels” of the interconnected global digital AI economy. I draw on| Interconnected
The most successful tech CEO and VC no one has heard of| Interconnected
One of my July 4th traditions is to do a crossfit hero workout at my local gym. This year, my gym chose the workout Witten. I finished it in 51 minutes and 41 seconds this morning; it was a slog! Another one of my July 4th habits is to reflect| Interconnected
Oracle Cloud Infrastructure or Overseas Chinese Infrastructure?| Interconnected
The first (known) phone call between Trump and Xi since the inauguration finally happened this week. Soon after the call, the new round of negotiation will take place in London on Monday, June 9th. A new wrinkle is added to the negotiation dynamic – Commerce Secretary Howard Lutnick is now part| Interconnected
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Today’s post is a translation and transcreation of an article published by Jiemian News, a Chinese language tech outlet, that profiled Xiaomi’s homegrown chip-making backstory. While I rarely do translations, this article was sufficiently interesting and included some fascinating insights and anecdotes behind the overnight success| Interconnected
AI RIF is the best, if not only, form of walking the walk to show what AI can really do| Interconnected
Internet's only bilingual newsletter on the intersections of tech, business, investing, geopolitics, and US-Asia relations. New post every week by Kevin Xu (@kevinsxu)| Interconnected
Author and founder of Interconnected. See "About Interconnected" for more information.| Interconnected
An economically rational deal if you are a true early stage VC| Interconnected
Internet's only bilingual newsletter on the intersections of tech, business, investing, geopolitics, and US-Asia relations. New post every week by Kevin Xu (@kevinsxu)| Interconnected
NVIDIA made a major announcement in its efforts to onshore advanced chip manufacturing to the US this week, by leading (demanding?) its ecosystem of partners to produce its Blackwell products in Texas and Arizona. This move, combined with recent reports that possible export controls on its China-modified H20 chips may| Interconnected
The AI is just taking an exam, like you and me| Interconnected
Internet's only bilingual newsletter on the intersections of tech, business, investing, geopolitics, and US-Asia relations. New post every week by Kevin Xu (@kevinsxu)| Interconnected
