Chinese AI infrastructure investors are getting crushed. The thesis looked clean six months ago—domestic chip plays, hyperscaler buildout, sovereign AI stack. Now you're sitting on drawdowns while U.S. names rip. DeepSeek showed China can ship competitive models on less compute, which should've been bullish for efficiency plays, but instead it tanked the whole capex narrative. If you believed the China AI infra story was about matching U.S. spend dollar-for-dollar, you missed the plot. The real edge was always going to be capital efficiency and model innovation, not brute-force hardware. That's a different trade entirely. Most allocators positioned for the wrong outcome.