Wu Blockchain (@WuBlockchain): Delphi Founder: China's Hardware Edge Is Unrivaled, AI Bubble Looks Like Crypto
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Delphi Founder: China's Hardware Edge Is Unrivaled, AI Bubble Looks Like Crypto On March 26, Delphi Labs founder José Maria Macedo @ZeMariaMacedosaid in an Empire interview that China's AI market shows strong "crypto bubble" characteristics. He noted that AI firms like Zhipu and MiniMax are valued at $40–50 billion despite generating under $100 million in revenue. With valuation multiples 5 to 10 times higher than OpenAI, this signals a clear bubble.He added that this resembles pre-unlock conditions in the crypto market, making private investments highly tricky. Furthermore, he highlighted that the Hong Kong Stock Exchange became the world's largest IPO market in 2025, raising over $30 billion-surpassing both the NYSE and Nasdaq combined. While disappointed with China's AI software, he highly praised its hardware strength, noting that Shenzhen's supply chain advantages make building hardware outside of China extremely difficult.