Chamath Palihapitiya(@chamath):👀 I don’t know ZAI’s P&L so won’t comment on it but will state the obvious: Unless you vertically integrate and show a credible path to owning models, app, tokens, cloud, data centers and silicon the risk of being a hi volume, low profit company is abnormally high in this sector because value is accruing and changing so rapidly.

2026.09.20 16:31

👀 I don’t know ZAI’s P&L so won’t comment on it but will state the obvious: Unless you vertically integrate and show a credible path to owning models, app, tokens, cloud, data centers and silicon the risk of being a hi volume, low profit company is abnormally high in this sector because value is accruing and changing so rapidly.

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the tiny corp@__tinygrad__

2026.09.20 09:25

Despite record usage of the models, ZAI stock is down over 2x from its peak. The Chinese markets have a real understanding of the economic impact of AI, the US ones do not. It's very important that the US government doesn't bail any of this out.

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