The Opening Hand

- U.S. firms still hold the technology ace — leading-edge AIchips.

- China is short-stacked but aggressively building its ownfab capacity.

- The 15% levy is the buy-in to stay in the China gamewithout being banned outright.

**Mic-Drop Joke:** We’re not just playing poker — we’reselling the other guy the deck, the chips, and the dealer’s manual.