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As attention shifts from soaring valuations and headline-grabbing breakthroughs, a key question is: Where will AI deliver the greatest productivity gains? Different AI ecosystems are taking distinct paths from technological breakthroughs to widespread adoption. China offers a distinctive lens, with strengths in engineering talent, advanced manufacturing, and vast amounts of real-world data. How is open-source AI reshaping the economics of AI development and deployment? What role will public and private capital play in funding the next phase of AI development? How will semiconductors and evolving policies influence adoption? And as AI moves into wider use, where can it create the greatest value—and what could this mean for investment and fundraising across the sector?