Open-Source Chinese Models Will Shift Investment Focus

jfischoff · x · 2026-07-20

The author believes that top labs worry that as Chinese open-source models approach their capabilities, it will depress funding enthusiasm and revenue multiples.<br><br>However, he notes that investment won't disappear; it will simply migrate up the stack. Eventually, everyone will use their own data to train their own models, regardless of whether the underlying foundation is a Chinese open-source model.<br><br>The core takeaway is that the ecosystem won't stop growing; it's just that foundation model providers may no longer stand at the center of it.

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