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Freedom24’s João Lampreia shared his thoughts on the rise of Chinese Artificial Intelligence models and their potential impact on global stock market valuations in Jornal Económico, a Portuguese financial publication. His commentary addresses a key assumption that has driven markets over the past two years, namely the idea that advanced AI is a scarce and expensive resource dominated by a small group of US technology leaders.
“Over the past two years, the market has operated under the paradigm of “AI exclusivity”. Investors have paid a premium for scarcity: limited chip supply, huge training costs and the technological gap with the United States. But behind this noise, another, much more dangerous risk is forming — not macroeconomic, but structural. It does not originate in Washington or Frankfurt, but in Shenzhen, Beijing and Shanghai.” According to João, the emergence of efficient and drastically cheaper Chinese models such as DeepSeek challenges the long-term profitability of the entire AI infrastructure chain. 🇨🇳
He notes that if AI becomes widely accessible and inexpensive, the current concentration of value in hardware and data centre infrastructure could face pressure. “The market today values the future monopoly on intellectual infrastructure. If AI can be produced cheaply, the thesis of investing in hardware with astronomical margins collapses,” he warns. In this context, capital may rotate from scarcity-driven hardware companies toward applied AI, SaaS and vertical solutions, as value shifts from those who build infrastructure to those who deliver practical outcomes 💡
🔗 Read more in Jornal Económico