China's AI models may be becoming the new global stars. Certain US and global technology firms have reported using lower-cost, China-developed large language models (LLMs) for certain applications. We believe this development could significantly benefit China's internet sector by providing AI leaders, including $KWEB holdings $BABA, @Zai_org, @TencentGlobal, and @MiniMax_AI, with a stable and diversified revenue stream. KWEB has also expanded its index methodology to include LLM providers, data center operators, and enterprise cloud firms. We believe these additions reflect the evolution of web-based businesses globally in recent years and mean that KWEB may fully represent AI-enabled internet development in China. Our Summer 2026 China Internet Quarterly Earnings Report breaks down what this means for investors, plus a full subsector analysis and earnings update across KWEB's top 10 holdings. Read the full report: KWEB Top 10 Holdings: