Kai Chen

Kai Chen, an Emerging Markets Analyst at Marathon Asset Management, shares insights on China's evolving real estate landscape. He discusses the drastic changes driven by government policies aimed at reducing overleveraging and how these have affected home prices and developers. Chen draws parallels with historic downturns in Japan and the U.S., highlighting resilience factors and crucial market dynamics. He also illuminates the issue of overbuilding in lower-tier cities and showcases a successful project in Chongqing, challenging negative perceptions of the sector.

Kai Chen, an Emerging Markets Analyst at Marathon Asset Management, dives into the rise of Kanzhun’s online recruitment platform, Boss Zhipin. He explains the concept of network effects and its role in locking in users. Kai contrasts the early monetization of Boss Zhipin with Australia's Seek, showcasing its growth potential. He also highlights innovative features like direct chat and AI recommendations that set Boss Zhipin apart. Lastly, he discusses the company's balance sheet and the investment case, despite regulatory risks.

Kai Chen, an Emerging Markets Analyst at Marathon Asset Management, sheds light on the high-stakes gamble of AI investments. He discusses the slow revenue returns despite massive funding and the job displacement risks posed by generative AI. The conversation also addresses the limitations of large language models and the rising costs of AI development. Chen emphasizes the intense competition in the AGI race and the potential for monopolies, cautioning investors about the uncertain future and sustainability of capital inflows in the AI landscape.