COREMI

Institutional research. US-China AI and infrastructure.

Trend thinking, not ticker chasing. Executable frameworks, not armchair theory. Backtested portfolio strategy, not survivorship bias.

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EXCLUSIVE
COREMI · ORIGINAL2026-05-20

DeepSeek at $50B Sticker, $65B Implied: Where Did the $15B Spread Go?

Coremi has learned that all GPs entering DeepSeek's current funding round pay a unified post-money valuation of $50B. But the implied economic valuation sits closer to $65B. The $15B spread is not a discrepancy — it's a structural reserve, allocated across state capital terms, early-investor share incentives, and the room created for intermediary markets.

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INVESTMENT METHODOLOGY

A trilogy: read the labs' procurement lists (01) · use a BOM to falsify a commercial narrative (02) · trace accounting rules to falsify consensus profits (03)

01
FT CHINESE · METHODOLOGY 012026-04-07

The Real Shortcut to AI Investing: Read the Labs' Balance Sheets

A lab's procurement list is more honest than a CEO on stage.
02
FT CHINESE · METHODOLOGY 022026-04-24

The RMB 680,000 Line in Unitree's BOM: The Question BrainCo Must Answer Before Its IPO

A single BOM line, used to falsify a commercial narrative — this is the PSC framework at its sharpest.
03
FT CHINESE · METHODOLOGY 032026-05-12

Google's "Watered" Profits: Why the AI Earnings Boom Is the Moment to Be Wariest

Within the rules, the megacaps have built a self-reinforcing loop. It is not false. But it is a bubble.
SILICON VALLEY WATCH
YICAI · SILICON VALLEY WATCH2026-04-15

Silicon Valley Watch: Autonomous Driving's Second Act — When the Valuation Reckoning Begins

Three signals — Waymo's $126B valuation, Tesla's pivot to FSD-as-subscription, and the Zoox-Uber alliance — point to the same conclusion: the competitive center of gravity has shifted from technology to business model. The real endgame variable: demand distribution — who owns the ride-hailing button.

YICAI · SILICON VALLEY WATCH2026-04-29

Silicon Valley Watch: The Capex-Payroll Scissors — This Isn't a Layoff Wave, It's a Corporate Rewrite

Meta, Snap, and Amazon cut tens of thousands of white-collar jobs in the same quarter capex hit record highs — $700B migrating from payroll to GPUs. What looks like another layoff cycle is in fact something more structural: the half-century-old shape of the Silicon Valley corporation is being rewritten in real time.

YICAI2026-01-28

Three Paths to Win Abroad: How Chinese Enterprises Are Going Global

Based on field reporting at CES Las Vegas and OCM Los Angeles, plus interviews with dozens of Chinese founders, this essay identifies three winning paths: AI-led expansion (asymmetric capability), hardware breakout products (small-niche wins), and traditional industry localization. The deeper logic: the next stage is not exporting goods, but exporting the full service-capability stack.

DEEP COVERAGE
BARRON'S CHINA2026-05-09

When Trump's Beijing Visit Meets America's Grid Crisis: A Trillion-Dollar Window for US-China Power Cooperation

Silicon demand is overtaking carbon demand — and that is breaking the US grid. More than 70% of US transmission lines were built in the 1960s–70s; large-transformer delivery times stretched from 50 weeks to 128 weeks. Meanwhile, China commands 60%+ of global transformer capacity, and large-transformer exports to the US surged 182% YoY. Between AI compute and power infrastructure sits a trillion-dollar window for US-China cooperation.

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