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China’s launch of its new DeepSeek large language model at a fraction of the cost of comparable US AI solutions calls into question a whole raft of the beliefs that have underpinned the bull market in US growth stocks over the last couple of years, writes Louis, potentially leaving the AI bubble facing its dot-com moment.

It’s a dedicated Frenchman who consents to work in August. But the financial market volatility of the last week has seen Louis hard at it, fielding client questions about the outlook for global markets and economies. In this paper, he sets out the most salient questions, and offers his answers.

China has become another country to many global investors, who now consider the market uninvestible and so rarely choose to visit. They are missing out on seeing transformational changes whose import you only really grasp when in the country, argues Louis. In this piece, he explains that the most likely outcome is the move into a deflationary boom.

When Constantinople fell to the Ottomans in 1453, Western European powers were locked out of trading routes in the Eastern Mediterranean. Trade was hamstrung unless another route could be found to link Europe with India and China. Cue the age of the great explorers. In this piece, Louis explains why a latter day parallel of this episode in history may be unfolding before us.

Today, Charles's idea is not to say something new about China’s economy but to argue that its current dislocation is inevitable for well-documented reasons. French economist Clément Juglar explored cycles as recurring phenomena based on periods of eight to 12 years, and his ideas may be relevant to China's current predicament.

A new Biden administration catchphrase calls for a “small yard, high fence”: export and investment controls on China will be limited to a small number of critical technologies, but they will be very hard. Yanmei argues that advanced computing technologies will be locked inside that yard, while most other technologies are likely to sit outside it.