Interconnected

($) Kimi Kimi on the Wall

Who is the fairest (open weight) model of all?

Nov 13 • 

Kevin Xu

7

3

2

Sovereign AI with South Korean Characteristics

From beer (and fried chicken) summit to launching AI moonshots

Nov 5 • 

Kevin Xu

23

5

3

October 2025

($) Q3 2025 Update: Good Risks, Bad Risks

Welcome to the Q3 2025 update of Interconnected Capital.

Oct 26 • 

Kevin Xu

9

1

Europe's Hidden Sovereign AI Gem: Nebius

I added a new category “Sovereign AI” to our grouping of posts.

Oct 15 • 

Kevin Xu

30

11

5

($) Dot-Com “Dumb Money”

How I look for the AI bubble bursting

Oct 6 • 

Kevin Xu

16

7

4

September 2025

The TikTok Template

Not a one-off deal, but a sign of things to come.

Sep 17 • 

Kevin Xu

43

6

13

($) Nebius: An Investor's Diary

A rollercoaster ride that's not for the faint of heart

Sep 9 • 

Kevin Xu

6

2

2

August 2025

The Real DeepSeek Moment Just Arrived

Last week, DeepSeek released a new version of its model to much fanfare.

Aug 25 • 

Kevin Xu

109

6

21

($) P(Grand Bargain) = 55%

A US-China deal is the appropriate season finale for a reality TV, “deal junkie” president

Aug 12 • 

Kevin Xu

5

3

2

From DeepSeek-R1 to gpt-oss

Finally, some positive-sum competition between the US and China

Aug 5 • 

Kevin Xu

26

5

6

July 2025

($) H20 and the Broken Export Control Debate

Guess what, Chinese tech companies hate Huawei too!

Jul 29 • 

Kevin Xu

19

3

5

Five Interesting Things about the White House AI Action Plan

Open Source, American AI in a Box, GPU Tracking, Sub-Systems Export Control, "Try First" Culture

Jul 23 • 

Kevin Xu

38

5

9