Animal Spirits Podcast Talk Your Book: The Bull Case for China With Brendan Ahern
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Jan 12, 2026 Brendan Ahern, Chief Investment Officer at KraneShares and author of the China Last Night newsletter, discusses key insights on China's investment landscape. He highlights the stark differences between U.S. and Chinese markets, delves into the challenges faced by Chinese tech stocks, and analyzes the impact of government policy on technology self-reliance. Brendan also shares thoughts on the unique trajectory of China-focused ETFs, public sentiment towards AI, and the future outlook for investment in China, making a compelling case for potential growth.
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STEM Investment Powers China’s Tech Edge
- China benefits from decades of STEM investment which fuels its engineering and manufacturing prowess.
- Brendan Ahern says China's STEM focus yields measurable output across tech and manufacturing sectors.
Why The China Tech Downturn Happened
- Multiple policy moves and events from 2021–2023 caused a deep correction in Chinese tech stocks.
- Brendan Ahern attributes the drop to Archegos, housing policy, internet regulation, Ant Group and COVID impacts.
China’s Open-Source AI And The Cloud Winners
- China pursues an open-source AI path focused on wide implementation rather than proprietary moats.
- Ahern highlights cloud giants like Alibaba, Tencent, and Baidu as AI beneficiaries rather than LLM monetizers.
