China Tech & APAC Internet - Implications from a slowdown in AI push, JPM China AI Application Forum, new China Optical/AI tour

Weekend note on China Tech & APAC Internet: A slowdown in frontier-AI model iteration likely means slower ARR growth and more disciplined capex, a headwind for China LLM beneficiaries benchmarked to global peers and a negative read-through for the China overseas AI supply chain — at this point you need customers' customers (end users) to show AI is actually creating value. On the constructive side, a slower pace of frontier-model migration gives enterprises time to operationalize and broaden trials without FOMO, and privacy/security concerns make cybersecurity a more viable monetization path beyond coding;