Alice Han and James Kynge break down Huawei’s bold new strategy to challenge Nvidia and the future of AI chips. They explore the rise of Huawei’s influential "chip queen" He Tingbo, the company’s attempt to move beyond Moore’s Law, and what it could mean for the global semiconductor race. Then, tensions between China and Europe are heating up. With record trade deficits, growing concerns over Chinese imports, and new efforts to protect European industries, Alice and James examine whether a full-scale China-EU trade war is beginning to take shape. Finally, Hong Kong has officially overtaken Switzerland as the world’s largest offshore wealth hub. They discuss what’s driving the surge in cross-border wealth flowing through Hong Kong, why China’s ultra-rich are increasingly keeping assets closer to home, and the risks that come with tying so much wealth to the fortunes of mainland China. 01:15 Vitals 01:39 China’s chip industry possibly overtaking Nvidia 16:12 A growing trade war with the European Union 30:10 Hong Kong getting more popular with the ultra-rich 39:05 Predictions Subscribe to China Decode on Substack for weekly analysis, livestreams, and deep dives into the biggest story shaping the global economy: chinadecode.profgmedia.com.