Can’t watch the video what ai do the Chinese offer? Is it safe?
It’s a lot cheaper to use hosted models and it’s open source so you can run them in house and customize them any way you like. And in terms of quality, there’s no significant difference. So, everybody is naturally using cheap and open models.
that’s what happens when the western alternatives are 10x more expensive
and closed source
It’s like China has a few smart people left in their government!
They’ve fucked up plenty, their asset bubble is going to be crippling just like everybody else, but overall they are in a vastly better position than the US to advance their imperialistic goals.
I don’t see any reason why their asset bubble will be crippling. The reason it’s crippling in capitalist economies of the west is cause the government is expected to bail out the investors. In China, they just let these companies fail and then nationalize their assets if needed. If you look at the whole real estate bubble, there was never any crash there precisely because it was a handful of rich investors who ended up eating the loss instead of it being socialized.
As I understand it, housing speculation has filled a similar role to 401(k)s in the US, the relatively illiquid asset that “always goes up”.
People will feel a lot poorer when their apartment loses 70% of its value, and I don’t think that’s exactly the same as, say, a big leveraged builder going out of business.
You’re right of course the US won’t let one rich man go broke so it is worse there.
Chinese household savings hit a record high in 2024 https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/chinese-household-savings-hit-another-record-high-xqyky00IsIe357rtJb4j
90% of families in the country own their home giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans. https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes
Student debt in China is virtually non-existent. https://www.forbes.com/sites/jlim/2016/08/29/why-china-doesnt-have-a-student-debt-problem/
It’s pretty clear that there is very little negative impact from housing prices falling on the vast majority of the population. And it’s great news for young people who are moving from countryside to the cities and can now afford cheap housing.
The key reason why 2008 was a clusterfuck was because Obama decided to bail out the bankers and fuck the working class in the process.
