China

The Chinese AI lab that made Western competitors panic by being cheap and open is now taking $7.4 billion from Tencent. The scrappy underdog was always an infrastructure bet.

Beijing ordered Meta to reverse a completed $2B acquisition — after the team was integrated, the code was merged, and the deal was done. "Offshore" turns out to mean nothing.

DeepSeek released V4 at $3.48 per million output tokens. The frontier of AI is being priced like a commodity — and the American labs have no clean answer.