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($) Q1 2025: Trust the Process, Trust the Temperament
Welcome to the Q1 2025 quarterly update letter of Interconnected Capital.
May 4
•
Kevin Xu
9
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($) Q1 2025: Trust the Process, Trust the Temperament
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Benchmark Invests in Manus: VC Math vs Geopolitics Math
An economically rational deal if you are true early stage VC
May 1
•
Kevin Xu
24
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Benchmark Invests in Manus: VC Math vs Geopolitics Math
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11
April 2025
($) Huawei's Global AI Ambition: The Core Depends on The Soul
A version of this essay was first written a few weeks ago as a contribution to a closed-door workshop hosted by a leading DC think tank on Huawei’s…
Apr 22
•
Kevin Xu
11
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($) Huawei's Global AI Ambition: The Core Depends on The Soul
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3
NVIDIA: Made in America (by Taiwan)
NVIDIA made a major announcement in its efforts to onshore advanced chip manufacturing to the US this week, by leading (demanding?) its ecosystem of…
Apr 15
•
Kevin Xu
27
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NVIDIA: Made in America (by Taiwan)
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9
($) This Time is NOT like Covid
It's worse...
Apr 6
•
Kevin Xu
10
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($) This Time is NOT like Covid
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March 2025
CoreWeave vs Nebius
Training Machine vs In-Production Inference
Mar 25
•
Kevin Xu
and
Howe Wang
39
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CoreWeave vs Nebius
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8
An Ordinary Analogy to Understand Pre-Training, Test-Time Compute, Inference
The AI is just taking an exam, like you and me
Mar 21
•
Kevin Xu
27
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An Ordinary Analogy to Understand Pre-Training, Test-Time Compute, Inference
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4
($) Manus vs Gemini vs GPT: the Junior Stock Analyst
This post is for our premium members only.
Mar 11
•
Kevin Xu
8
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($) Manus vs Gemini vs GPT: the Junior Stock Analyst
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1
Has American Soft Power Peaked?
Tying together DeepSeek open source week, the Oval Office meltdown, and TSMC’s new investment
Mar 5
•
Kevin Xu
40
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Has American Soft Power Peaked?
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9
February 2025
($) Alibaba Cloud: No Longer Ignored
How Should We Think About Asia’s Biggest Cloud Now
Feb 25
•
Kevin Xu
8
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($) Alibaba Cloud: No Longer Ignored
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2
Nebius Part 2: Cash, Optionalities, Challenges
In “Nebius Part 1: the Smooth (Developer) Operator”, I shared my point of view on why Nebius is the most compelling pure-play AI neocloud with its…
Feb 17
•
Kevin Xu
19
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Nebius Part 2: Cash, Optionalities, Challenges
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5
Nebius Part 1: the Smooth (Developer) Operator
Last Friday, Wall Street “discovered” Nebius. It was revealed in Nvidia’s latest 13F filing as one of its newest investees, along with WeRide, a Chinese…
Feb 17
•
Kevin Xu
26
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Nebius Part 1: the Smooth (Developer) Operator
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