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For all you haters of DeepSeek who think it's just a piece of CCP propaganda riddle me this: Y didn't a large Chinese corporate, university, or local govt funded startup that has received hundreds of billions of yuan in govt funding to circumvent US high end chip controls and obtain supremacy in AI create DeepSeek? Y was it some random Hangzhou hedge fund? The CCP has no love for hedge funds, if you have ever traded China u would know how frustrating it is sometimes to trade vs. equity and bond markets in the west. I don't know shit about AI, but this doesn't sound like the way China likes to "innovate" and the wrong type of people are doing the innovating. These aren't my original thots, thanks @Gavekal. But the more you question, the less you want to buy US markets trading at an all time high of 230% of GDP, that's higher than the 2000 tech bubble at 175% or 1929 at 130%. And if people rotate out of US stocks where are the cap gains taxes going to come from? Instead of a 3% deficit in 2028 (one of Bessent's 3 arrows), maybe it will be 7% 8% 9% or 10%? Once you start to question, your mind goes to dangerous places.