China's $480B AI stock crash doesn't end the US-China race

A $480 billion selloff in Chinese AI and chip stocks has hit retail-funded financing, but top labs remain funded: Kimi K3 and DeepSeek V4 Pro trail US leaders by 7–8 months. DeepSeek raised 800 billion yuan and is building a data center with at least 160,000 Huawei Ascend chips, while Nvidia's China share has fallen to near zero.

• Zhipu and MiniMax lost $150 billion from their highs
• DeepSeek raised 800 billion yuan from CATL and Tencent
• Nvidia's share of China AI chips has fallen to near zero
• China's compute spend is $80B vs $700B for four US giants