(https://www.cnbc.com/2026/08/03/hugging-face-china-ai-race-open-models.html)—and that's the headline that should scare chip bulls more than any tariff. The consensus trade has been "NVDA and ASML are untouchable because China can't get advanced chips." But if Chinese open models catch parity with closed Western ones *this year*, the bottleneck shifts from foundries to *software moats*.

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