Accessible version The Wild Cards: AI chatbot rivalry, capex, macro AI Chatbot rivalry: we anticipate an intensifying AI chatbot promotion war as Bytedance and BABA aggressively push their offerings, while smartphone OEMs accelerate adoption of AI assistant apps. User adoption patterns remain unclear – whether the market converges on a single agent or multiple platform-specific agents. AI Capex vs. Monetization Debate: heading into a high base of Chinese internet capex, chip supply constraints may cause qua ...