Analysis of US-China AI competition and its investment implications. US leads in advanced chip/cloud tech but faces power grid bottlenecks, while China (via state funding) excels in rapid, cost-efficient development using open-source models—gaining market share from 15% to near parity. SCB CIO recommends favoring US tech stocks for superior earnings growth, but notes investment patterns are shifting beyond semiconductors toward power, data centers, and networking sectors that face supply constraints and pricing power. Key tracking metrics: CapEx announcements, monetization timelines (expected 3-4 years), and geopolitical trade restrictions.