Markets
China runs a more closed AI stack where advanced HBM access is often the stuck step. This door follows who gets paid inside that gate, what would loosen it, and the dates to watch — in plain English. Education only, not investment advice.
China
October 2026 in one line: NBS’s Jan–Aug print puts electronics at ¥847.5bn of profit, up 1.1 times, carrying 62% of all industrial profit growth. Who gets paid is that electronics P&L. The stuck step is still advanced HBM.
China
September 2026 in one line: NEA’s August print puts internet data-services electricity at 10.2 TWh, +37.9% YoY, while national use rose 1.7%. Who gets paid is new-format load. The stuck step is still matching compute to energisable power.
China
September 2026 in one line: Beijing’s computing-network meeting makes power–computing coordination the gate — green-power direct connection, source-grid-load-storage, planning link — while NEA clocks computing electricity at +>100 TWh/yr toward ~800 TWh by 2030.
China
September 2026 in one line: MIIT wants 9,800 EFLOPS by 2030, Ascend cards just got much more expensive, and advanced HBM access is still the stuck step in China’s domestic AI stack.
