The architecture of risk and reward. In 2015, Beijing published a document called Made in China 2025. It named ten industries: advanced manufacturing, aerospace, biotech, new-energy vehicles, AI hardware, robotics, and several others. It set targets, timelines, and financing. It coordinated ministries, state-owned enterprises, banks, universities, and provincial governments around…
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Introduction to a new series on AI and its ecosystem I mentioned in a recent note that I was working on a new series on the AI ecosystem. This is the first post. It is an introduction: what the series is, what it is not, and why it is worth…
Comments closedIt’s the topology, not the geography Post 4 of a series on globalization, concentration, and strategic de-risking. On July 19, 2024, a flawed software update from a single cybersecurity vendor, CrowdStrike, took roughly 8.5 million Windows machines offline in about two hours: Hospitals turned away patients. Delta cancelled thousands of flights and…
Comments closedHow Countries Make What They Make The Democratic Republic of the Congo (DRC) holds roughly seventy percent of the world’s mined cobalt, a metal essential to lithium-ion batteries, aerospace alloys, and a growing share of medical devices. It does not refine most of it. The ore leaves the country in trucks, crosses into…
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