China

“This is something we talk about a lot. Not necessarily YC Europe. We think about China, and we think about India a lot. It's something that, That we haven't figured out quite how it would work yet. I think YC is changing so much and has changed so much in the …”

“You've got this country that's got, what, like, eight million people, and it's got more NASDAQ-listed companies than all of Europe, plus China, plus Japan combined.”

“Korea, Japan, China, the US, those are the four markets that can support a billion dollar gain in a year.”

“I think at some point we'll have to go into China with sort of a Chinese language site. You know, I don't know when that's going to be. I think there's definitely a lot of lessons from folks who've tried that and got burnt. You know, whether we want to do it o…”

“So this is a company called Next Entertainment. They are taking the China live streaming phenomena and trying to see if that playbook will apply to the rest of the world. A rare case of instead of China doing copy-paste ventures on a successful US model may be…”

“We have about 20 investment partners in India spread across three offices. We have about 40 investment partners in China spread across three offices.”

“80% of the jobs that disappeared in US manufacturing did not Go to China. They went to technology.”

“One is actually building the drones, and this is a space that's dominated by players like DJI, which are vertically integrated in China, really focused on being operationally excellent when it comes to manufacturing, and really focused on kind of rapidly itera…”

“I, fortunately we have that perspective being in China where Alibaba with Taobao and Tmall owns 80% of market share in e-commerce and JD has another over 10% market share in e-commerce.”

“China, the online e-commerce market is roughly about one trillion dollars a year across the benchmark this year. In the U.S., it's well over half a half a trillion.”

“Amazon has about 40% market share in the US. And e-commerce penetration into offline retail as a percentage of offline retail in the US is only eight or nine percent. In China, the same ratio is about 15%.”

“We think that a way to go to China is not necessarily to do it yourself, but find a strategic partner in the same way that Yahoo found Alibaba, and that's the right model. So it's not an issue of market. It's an issue of entry model in China.”

“There's a lot of similarity between a Gen Z consumer and a millennial consumer in the U.S. With China. And we're seeing similar users coming up in India, Indonesia, Brazil, Eastern Europe, Western Europe as well.”

“They put in about a billion to two in, and they have a stake that's worth seven billion.”

“And then I think very soon we're going to see that, you know, the AI and machine learning and deep learning talent in China is very, very strong because the government and, you know, the large technology giants are so committed to it that very soon we're going…”

“In the U S the transition to the cloud and to SaaS applications is pretty mature, right. And started in the early 2000. So there's a retirement now, the perpetual license, right. And even upon premises that I think is still much, much earlier in China.”

“For a long time now, people have pointed to Evernote and LinkedIn as being decent deployment that happened in China. And both of those cases, they hired very local sort of general managers or heads of China. It gave them the freedom to build their own teams, l…”

“If you want to deal with them today in this kind of environment, you really have to try to do it their way or compromise, because there's no need for them to ever buy from an American company, right? They could build in-house, they have local solutions that ar…”

“I think over time, they're going to converge. You know, I think China is going to go through the same evolution that the US did, right, 10 years ago in moving from field sales and person sales to inside sales to lightweight demand gen. I think it's as people b…”

“To succeed, you really have to be flexible with your business model, your pricing scheme, how you distribute, how you deal with customers. You really have to be flexible, and you can only do that by hiring local talent and giving them a lot of runway to be ind…”

“And so the whole concept of bike sharing, right. The concept of sharing anything like iPhone chargers, and now there are shared printers and various other things you can fix assets that you can share. Basically that was completely invented in China.”

“In China, you have to be very reliant on field sales. There's still the expectation that you would go see them in person, that you have to build trust that way. They still expect that you're going to do some level of customization for them, because they're jus…”

“If you sell pure software and it's relatively lightweight and it has minimal customization, that the deal sizes will be, you know, much smaller than in the U S.”

“Somewhat tied to lower willingness to pay is the reality that you have to price things differently, and you have to grow to a hundred million dollar revenue business without just relying on pure recurring SaaS, right? And so it could be a combination of transa…”

“Today, half our team is in China, half our, over half our investment team, over 50% of our investments have been made in the China market.”

“I think the smart entrepreneur now realizes that China's not a copycat market anymore, that real innovation is happening there, and they just want to learn.”

“These are global trends and really for the first time are flattening technology markets so that the interplay between China and the U.S. Where we're focused and other markets as well is as vibrant as it's ever been, and that's where I think some of the folks W…”

“China in terms of crypto, I actually think that they're going to be a big player in this industry. I think they will really start using this blockchain tech And be building out different tech themselves. I actually think they might even create their own crypto…”

“The first talks about AI and China specifically, two of the macro forces that will totally disrupt tech in the next decade”

“I think signups in China are up three X. Signups in Korea is up two, three X in just in the last week.”

“If China wanted to have a good blue water Navy, they would be kicking our butts. They are so much better at building things at large scale quickly than we are.”

“And they have like, what, 35% of the college graduates and China are engineers. That number in the U.S. Is like five”

“They've already started being a lender of capital across the globe, heavily in South America, so it's not like they're just beginning the journey outside of their borders.”

“In other words, we were absolutely sure that he and I would get it wrong. We didn't know we were going to recruit Neil Shen. We didn't know we were going to find someone who would get it. Absolutely. Absolutely right. But we like the chances of an unknown pers…”

“In every line of business, whether it's China, India, Southeast Asia, our hedge fund, a multi-family office called Heritage, we've had to go in and effect change as Once. So it wasn't that we got it so perfect from the beginning. So we had to go in aggressivel…”

“We invested in seven solar companies. The Chinese crushed six of them, all six of which made solar panels. The seventh one made microinverters. It's name is Enphase, and the gains from Enphase made up for the losses across all the rest of the solar investments”

“This is key result one dot one to achieve price performance parity with internal combustion engine vehicles in the US by 2024. That means they cost 35,000 dollars and in India and China importantly by 2030 where the cost target has to be 11,000 dollars.”

“When you look at that tech penetration index in a more developed country like the United States, that's around 52%. Even if you look at, you know, China, that number is 20%. You look at India, it's 15%. But when you look at what the tech penetration level is a…”

“And we were spending A hundred million dollars a month competing there.”

“Think about what consumer tech companies operate in China. Zero. There was, there's enterprise tech like Hewlett Packard and IBM and all those guys, but no one else had done that.”

“The most popular role in China's growth space is called operation. It doesn't exist here in US at all. I was confused initially, but what is behind that is because the average labor cost in China is lower. So a lot of things that tend to be automated here in t…”

“When we were doing a billion dollars, that included China, and that was more than 50%, like paid drove a ton of our growth in China. And so, and it was like, it was nonsense. It was just wild. And so, like, let's say six, seven hundred million dollars on, like…”

“China accounted for half of clean energy investment last year, about five hundred and fifty billion US of the 1.1 trillion. So half in effect. Renewable investments growing at 50% a year. They have more than 50% of the EV market in terms of the flow there.”

“Two thirds of the emissions in the world now come from the emerging world. Now that includes China. China's about 30% of global emissions. So, but you've got 35% plus of emissions coming from countries that most private investors never visit, don't have exposu…”

“And the number of babies born in China has fallen by just about half in the last six years.”

“It's a joke, but not without some element of truth to say that Europe's a museum, Japan's a nursing home, China's a jail, and Bitcoin's an experiment.”

“More than France and Germany combined, more unicorns than anywhere apart from the US and China.”

“So, so China, they have, like, a key advantage that, like, there is no GDPR or very few regulation internally and so the data quality they have and the amounts, both the quality and quantity of data is incredible in China.”

“Europe is probably 10 years late compared to U.S. And China, and with a new regulation, we are probably going to take 50 years more.”

“I worry that the Western political system Ah, and capitalism is by permission of democracy. Ah, so the Western political system will pay more importance to the short term, which is things like job displacement, while in China you might get Tiananmen Square typ…”

“I think that level of complacency in these industries, in these big countries, has stopped innovation and have permitted that a lot of these emerging markets, these technologies have leapfrog to a place today where, where Brazil, China, India are ahead of U.S.…”

“The average hourly wage in Mexico is now cheaper than in China.”

“I lived in China for two years. They work Saturdays. We don't work Saturdays. You know, that's a bit extreme, but most Chinese people work six days a week.”

“Chinese people believe in China. Half of Americans hate America.”

“We're definitely, I think like many others, we're doing a lot less there now. I mean, we're not gonna categorically not do it at all yet. But we are reducing it, and to the things that we keep doing, we're, you know, we're very careful about whether they're pe…”

“I mean, we pride ourselves that Europe has grown a lot, but still relatively speaking has lost a track with America and China.”

“If you look at where are sentiments really high and where are they really low, clearly US offices, so real estate, very low. China, very low. US tech, very high.”

“We invest in great Chinese companies, and there are, you know, many of them, which are good.”

“I'm very concerned about the geopolitical situation with China and Russia and the potential of war. When I was in, you know, a country in Asia, I won't say the name, seeing our ambassador there, who's on the other political side, but a very smart guy. Even he …”

“Yeah, I would force them to divest of Tik Tok. I think that, I think that's fine for Americans own Tik Tok. I think right now, China controls the Tik Tok algorithms. I don't care if the guy's based in Singapore, some of the data's here. It's very clear China c…”

“China is by far our biggest threat to have that kind of dictatorship. A lot of people like to pretend that it's just like, oh, Americans are just being like nativist or hawkish or whatever. No, this guy was hiring a lot of his best and brightest to build milit…”

“It's come down by half over the last 10 years.”

“Like, the capabilities, the huge expensive platforms that we built for competing with the Soviet Union are not particularly relevant in a future conflict with, you know, a China or an Iran.”

“We don't operate in China because you can't really operate in US and China without being like a very, very large corporation.”

“China last year installed more solar in 20, 23 than exists in the United States.”

“Google does not work for the US government. Microsoft does not work for the US government. There is, there's ways they're accountable by law, but they have to go through a legal process for that kind of thing. And so, given that legal process doesn't exist wit…”

“Let's say China or Russia had AGI today and the United States didn't, I would imagine they would use that to conquer.”

“I think that reflecting back, not going to, not jumping on the bandwagon and going to China or India was actually a really important lesson for us in maintaining maintaining our focus.”

“And so when you look at kind of the key markets for AI development, where the US is first and China is second and Israel is third I think those are likely to be less regulated than most, and certainly than Europe, and so these, those will be advantaged economi…”

“I think China was a ZERP phenomenon also.”

“I think they were 10 years ahead of the U.S. On AI and psyops using TikTok. I think they were 10 years ahead of the U.S. In sophistication of how to manipulate the minds of young people.”

“The U.S. Put a banner on Nvidia chips going to China. I don't sense that it slowed China down in a meaningful way.”

“For example, if you train a large model, you have to, like, supply random samples of the training data to the to the CCP or to the government. You have to you have to, like, show it's, like, political, that it is not gonna undermine any of the, you know, state…”

“When Leopold Aschenbrenner published his situational awareness thing, which obviously, like, you know, became You know, kind of blew up a couple of weeks ago. Within three days, I hear from a friend who follows China very closely, there were five Chinese circu…”

“And I think in China, as we've seen in other parts of the tech industry in China, the CCP is very nervous about entrepreneurs being given that much room. And so I think that it's not trivial to create the conditions in which a Chinese Sam Altman or a Chinese D…”

“The one bipartisan issue in Washington Is screw China. And, you know, like, it's certainly true that I remember writing about in 20, you know, 1819, about, like, Trump export controls, and what's interesting is that the Biden White House has been as aggressive…”

“China is more paranoid about AI safety than probably any other government.”

“In 2005, when we got into India and China, we did so with the thesis that the world is getting smaller. When we parted ways in 20, 23, it was because that thesis in some ways had been invalidated. And so I think maybe we could have done that a few years sooner…”

“I think that China is going to catch up.”

“Like you look at the cross-border trade in China and like the percent of it that's happening in Yuan now, it's now like 60% is happening in Yuan, which is insane compared to a decade ago.”

“If you look at what actually happened, I think that Trump was the best president in the modern era. At dealing with Russia, the best at dealing with Iran, the best at dealing with China.”

“I think that over time, like in a war of production, the East will win. I think that China will just wildly outproduce munitions compared to the West.”

“I think it's unlikely to be World War III. I think it would just be a very big regional war. I like for it to be World War III, you'd have to have Like, China and the US directly involved with each other, and I think that's extremely unlikely right now.”

“The challenge in China is, you know, again, what drive valuation? Consistency and predictability. So right now there is no predictability on regulations, right? So it's hard to invest.”

“I think there are certain things like, for example, AI safety, where we very much need to work as a world to help set standards and help better the future of everyone here. Because yes, certain things can be done by countries. Capabilities can maybe advance mo…”

“No, I think China is at an incredible level of capabilities and in no way should be discarded or thought of as years behind on AI or AGI progress.”

“The research that still gets published openly, right, that doesn't get held back, that is most interesting, is all coming out of China in vast spades and majorities.”

“It has to. I mean, The level of just pure entrepreneurship, the level of just the founder quality, how smart and aggressive they are. It's just remarkable. And I just don't think that goes away.”

“China, hands down. The mindset of the PRC, I think their approach to basic human rights, I think their conducting of an ongoing genocide with their Uyghur population, I think their approach to free speech, to political assembly, to religious freedom, are funda…”

“I mean, I was personally sanctioned by China for selling missiles to Taiwan as was my co-founder, Brian Schimpf, and a couple other executives in the company itself.”

“I, Think that if America does its job and the West and our allies do their jobs, I think no.”

“We today are one of the few players that's fully vertically integrated, so we have our own hardware team, so we design our own squatters, we have our own team in China where we manufacture them, we then ship them to Europe, we have hundreds of warehouses, we t…”

“China is a complete and not a tyranny, obviously. But we don't think of it that way because it pretends to have free market economics, which it really doesn't, but people think it does.”

“I, again, I think it's plausible that there will be a conflict. When? It's hard to tell. I don't think it's 10 years away if it happens. It's probably quite a lot sooner than that.”

“When we started Helsing in March, 2021, we actually put one of our slides that we thought there were going to be two galvanizing events. One of them was going to be an invasion of Ukraine by Russia, the other one an invasion of Taiwan by China.”

“You're actually, in fact, trying to destroy our industry in the short term so that you can then raise prices later and capture it. That is mercantile warfare. Responding to mercantile warfare is completely fine.”

“The right way, I think, to think about this from an American or any other perspective is to say China bans Competition in China from Meta, Twitter, etc. And so the right way to say is like, look, if you're banning our companies, we should ban yours. Commercial…”

“Yes, I'm really terrified that the German car industry is going to get wiped out by China. Like, by the EVs in China. I think they're asleep at the wheel.”

“And so, in 2016, when Grok started, we decided that we were not going to do business in China. This was not a geopolitical decision. This was purely commercial.”

“And the formula is actually pretty simple. You're not allowed to make net money. You're allowed to spend more money in China. But the moment that you start to become profitable or anywhere near profitable, all of a sudden there's a thumb on the scale.”

“And then you look at China, China practices R D T research development theft. It's just part of the culture. And it's not just against Western company. It's against each other too. The difference is if you're a Western company, then the government Steals from …”

“One of the problems, so we actually block IP addresses from China.”

“It's also a little bit fruitless because, you know, someone could just like rent a server anywhere and then log into us from there. Right? And then there's nothing we can check. So I don't know that IP addresses are really the right way to do it anyway. I thin…”

“There needs to be some sort of Automated response of like, if you do this, we will respond. If you subsidize this industry, we will automatically subsidize the equivalent industry. Just automatic. So don't do it because there's no benefit to you.”

“And the reality is you go to China and there's, it's different, right? It's not as like the sleek, elegant design isn't where design sort of falls into the background isn't as prominent and it's a lot more, you know, color and red and big buttons and that type…”

“If they want to go out into the world and deploy chips like they did with Huawei and networking gear, that's going to be complicated because people aren't going to have the power around the world to run more expensive accelerators.”

“One of the concerns right now is about Malaysia or Singapore, that region over there being a place where people are deploying GPUs with the wink, wink, like we're not going to rent it to China, right? But that's a belief that a lot of people are doing that. Ot…”

“They're a bit late in terms of, you know, ASIC. There are like A-one-hundred level”

“They are constrained, so they are bound to Bound to do better. They can just not buy their way into better compute. So I think it hinders their success, but I think it's short term to think that way.”

“It was absolutely. Be a mistake to have underestimated or continue to underestimate like China's ability to both train at the frontier especially like if they get access to compute and then continue to innovate there too.”

“They're the market leader in online advertising in China. And I think at the moment they're about number three in e-commerce in China.”

“I think it does. I think it does remain a big opportunity.”

“A hundred percent. I think, and it is one of the most obvious and frequent errors in judgment. Is that you underestimate the other side. I think, ah, you have to look carefully at what they're doing, and their investment in infrastructure has been extraordinar…”

“And I asked myself that, and I came to believe that, that the deal on the table was, wouldn't be used for good, and I wasn't comfortable with that, and I wouldn't have been able to explain to my mother. And that's a moral compass, and I think that's, ah, ah.”

“A hundred percent. I just have seen how hard people in China work at some of these tech companies.”

“We create more unicorns than anywhere outside the US and China, and we're a world leading capital market by any measure.”

“I think by all, like, I think by all measures, like the U.S. Is winning. If you look at, like, all the AI products, like, ChatCPT is the most used, ah, AI assistant in the world, and sure, you can talk about, like, oh, how about DeepSeq and this and that, but …”

“We saw very intelligent investors, Sequoia, people like that get out of billions of dollars Of value because they just wouldn't want to be there.”

“Right now, we don't have the manufacturing capacity. We would lose a war with China right now.”

“If you're in the quadrant of patriotic and greedy, which let's be frank, most of that quote people are, you ain't going to be releasing any open source models right now, because it's a Value destroyer from an economics perspective. And you are, you have the wh…”

“I think that right now open source is most dangerous because China is better at it than we are, and as a result of that.”

“We had a fund out of China that produced over a 20 X net return to LPs.”

“And frankly, you know, a lot of the best, you know, Chinese founders have chosen to raise elsewhere, whether in the US or Singapore or London it's a tough place.”

“I do think there's like a fifty-fifty chance they will have the best model. We'll be using a Chinese model at some point, because...”

“They haven't yet. Right. They've made good models. Definitely good models, but I don't think they've made models that are like beating, you know, the other models out there.”

“And I think just using a model that is built, you know, by China or built within America might not set your country and your economy up as well as having a model that understands the context built in that language, in that dialect, in like, you know, has the c…”

“Europe's not in the race right now. I mean, maybe it can find a way to be in the race, but I don't think it's in the race. You've got the US and China as the two groups that are leading in AI.”

“I think China and the US are very comparable in where they are in AI today. There's a few months lead here and there.”

“Whatever this crazy deal is, it's going to get signed in the next 60. I think these deals are going to get done this calendar year, and I think it's going to get signed”

“They're going to build a 150 nuclear reactors. So they're going to have enough energy, even though their chips aren't as energy efficient.”

“So my expectation is that right now for the next two to three years, the United States has a clear advantage in that away game over China.”

“We had a huge opportunity in, in 2019 to do a deal in China, and I decided to pass because I didn't think it was the right thing to do. Long before the Department of Commerce limited exports to China, I didn't think it was right.”

“I do think it's healthy that there are models that are getting built in different places around the world, not just in the US and China right now. I think this is healthy in terms of diversity of thoughts. I think it's healthy in terms of having a greater amou…”

“I think the export control on chips has largely backfired. The way that the US and I think that the way the US first put restrictions on Huawei and then later on, you know, exported NVIDIA and AMD and other semiconductors that really incentivized China. So bef…”

“China especially has been really taking the lead or, well, Taking a lead or getting up there in terms of releasing tons of really good open way models. So I would say if not, it is kind of not whatever predicted, you know, a decade ago that China AI would end …”

“Open-weight models are a key part of the AI supply chain, and China releasing, you know, free low-cost or free models into that key part of supply chain means it's, Really starting to build up a lead, right, in, in build up a commanding user base”

“I think it's very impressive, like the progress that they've made in open source with DeepSeek Kimi Ketu, Kuen. These models are state of the art.”

“So I think you're just going to see a gradual separation. You'll just examine the risks and go, why would I, you know, yeah, I can get great engineers. I can save 20, 30%. But in return, I get embroiled in arguments on Twitter, but more importantly, I probably…”

“They've laid more cables of grid than all Western economies combined.”

“In China, they deploy more solar than the all Western economies combined.”

“I think that's a, yeah, model economy we should follow for energy policy.”

“So if you look at energy consumption per capita in the last 25 years, UK has dropped 25%. In the US, it's been flat. In China, in the same period of time, it's gone up by seven times.”

“So, like, if you look at the, what the Brits and Europeans pay in terms of, you know, cost per kilowatt, it's roughly 25 to 30 dollar cents. And the US is 10 to 15 dollar cents. In China, it's eight dollar cents.”

“Don't count China out. I bet they win the AI world.”

“Don't underestimate, like, Chinese creativeness and, like, ingenuity to, like, figure out how to, like, reverse engineer and engineer things in much cheaper ways than Americans can do.”

“Look, if you look at the internet, the biggest innovation in internet is usually over the last decade or 15 years to come out of China.”

“Huawei chips are able to produce capabilities improvements today in China that rival some of the best chips here when integrated up and down the stack.”

“You know, the idea that we're in some kind of, you know, kind of race, existential race where a month or two of advantage is gonna, you know, change the total outcome of AI progress and what everybody does between us and China. I just don't agree with, I think…”

“30% of the entire market is in China. He wants to sell those guys Nvidia chips, and there's simply no argument on God's green earth that's going to convince him that he shouldn't get that forty billion dollars of revenue from shipping chips to China.”

“What it really is doing is it's less about getting this thing back than it's preventing it from ever happening again. That's the first, last, and only one of these deals that anyone will do, right?”

“The investors who've gotten their capital out, the chances of them having to or being willing to return that capital are zero.”

“60% of people, more than 60, I think the numbers have gone up since, and people think that the United States is the largest risk to Canada, like, much larger than, like, Russia or China would be.”

“If we sell leading edge technology to China, will their military use it? Everybody says yes. There is no debate on that point. Their military will use it. You ask a second question, which is, if you sell our leading edge technology, will they, will their gover…”

“Their power infrastructure is extraordinary. And in the US, we are a patchwork of 19 fifties technology, if we're lucky.”

“Think of one person that's very prominent who's invested in multiple competitors and just, like, made this tweet about how all of our data was getting accessed by China when it was totally untrue.”

“And one advantage they have is they can actually build data centers A lot faster. Power is not a problem. Permits are not a problem. People are not a problem. Labor is not a problem. Expertise is not a problem.”

“Outside of China, there are basically no good open source models.”

“All the competitive models to the foundation models, all the open source models, bar not quite all, but most of are Chinese-based.”

“And DeepSeek is intentionally crippled in China. It's not as good as it is here. It can't search the web and it is trained on different data as near as I can tell.”

“Open source is a bit of a fake because China's paying for all the trading, okay? It's not open source like a generation ago.”

“The only Country in the world, you know, that has produced models outside of US is China. And then of course, maybe a little bit in, like, you know, France with Mistral.”

“I do believe, in terms of talent density and resources, I do believe U.S. Will be able to build that open system by ourselves, and we should.”

“If you look at you know, if you look at open router data, half the traffic's through China, China created models”

“It's difficult for me to imagine. The federal government's ever going to use a China built model at this point in the U S right.”

“Though for what it's worth, on whatever chips they have now, they've built frontier models.”

“And within that time, they'd become the number one American open source model. But then the less generous take would be the companies existed for a year and a half. And then they've come up with, yes, the number one American open source, but there's nine Chine…”

“I don't really see them banning the use of Chinese models in the U.S. I don't think it makes sense for them.”

“The downside of export control is that it can incentivize them to build their own ecosystem, and then what do we do?”

“So they're way hardware constrained over there. And they've been trying to like black market import chips because of this. And you see this in the news, right? The information just reported on this.”

“And by the way, it's worth noting that China has already restricted the use of American models within China, right? So if you look at the two by two matrix of US China restrict, not restrict, you know, like export import stuff They have already restricted the …”

“That anthropic and open AI are going to be disrupted. It's like unequivocal. Like our whole careers are about disruption. Those platforms never, ever stay forever. Where is it going to come from? Excellent chance it comes from China. It's coming.”

“If you look at the amount of money that's being spent in China on energy efficiency and energy research now, I don't think we're spending enough. And by that, that's a negative of the Trump administration is we need much more money being spent on R&D.”

“The abilities of the Chinese models inside China is actually relatively limited. The guardrails are incredibly stringent and prohibitive. So it's ironic that they are incredibly superior to us. Shit domestically. Terrible.”

“When Uber and Didi did our deal we were the two largest players, but before there was a third player, I think it was called Quaddi, and Didi and Quaddi merged and they sort of merged the companies, they did a deal, you're combining HR systems, and they realize…”

“I don't think it was plausible that we were ultimately going to be the market winner. I mean, even for geopolitical reasons alone, like the notion that a U S tech company would ultimately be the largest mobility service in China. I just don't think it's someth…”

“I remember the last few weeks in the negotiation, we were burning fifty two million a week in China, just on price subsidies, because there was this heated behind the scenes battle happening To get to the best economics and the ultimate sort of surrender or u…”