Notes: Incumbents vs. AI-Natives: Who Wins the Next Software Cycle?
Summary
* The AI narrative has swung from favoring SaaS incumbents in 2024 to highlighting nimble AI-native startups in 2025, though incumbents remain unseated for now.
* GPT-5’s incremental release underscored that AI progress may be more gradual than hyped, cooling expectations of dramatic disruption and leaving the field
Li Auto's Competitive Edge in UX, Autonomous Driving, Range Innovation, and Vertical Integration
Summary
* Li Auto has carved out a differentiated middle-ground strategy by combining REEV practicality, premium UX, and a sensor-rich autonomy stack tailored to China’s real-world conditions.
* Its vertically integrated charging network, in-house chip development, and end-to-end ADAS model position it as a credible
Trump’s Trade Reset and the Hidden Tailwinds for Tech
Summary
* Trump’s aggressive tariff agenda is creating strategic optionality for the U.S. — leverage for fair trade or a catalyst for reshoring.
* Bessent’s capital shift from equities to bonds may pressure tech in the short term but could lower yields and boost valuations long term.
* U.S. reindustrialization
Convequity's Bi-Annual Review (Pt.2)
Summary
* Klaviyo is evolving into an AI-native engagement platform, with recent churn and margin pressure masking strong long-term enterprise momentum.
* GitLab is delivering quiet leverage through agentic AI and enterprise expansion, though concerns around pricing model and platform depth persist.
* Meta is building full-stack AI infrastructure, but
Themes - DeepSeek, Kimi And AI Efficiency Paradigm Shift (Pt.2)
Summary
* DeepSeek has multifold lower opex and cluster costs than Western rivals, but its total capex is likely a lot closer.
* Despite US chip restrictions, DeepSeek has sustained its AI advancements through innovative training strategies.
* DeepSeek is scaling up with potential outside funding and deeper collaboration with Huawei.
Training
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