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The chips are falling fast and the money is following them onto the chain. AMD just spent $8.2 billion to bring Fei-Fei Li and her World Labs team in-house, while Jensen Huang and Lisa Su both took seats advising Tsinghua’s business school — the titans of silicon are choosing sides and betting big. Anthropic’s leaked IPO prospectus, meanwhile, puts a number on the AI boom’s appetite: a valuation above $2 trillion and half a trillion dollars in future compute commitments. The agent builders aren’t waiting: Manus shipped a 2.0 with its own personal assistant, Cue, and a cloud PC for your AI. And crypto’s establishment moment kept pace — Hong Kong issued $20 billion in digital green bonds settled partly with tokenized bank deposits, while the SEC chair himself declared the financial system is moving into the crypto era and wants equities trading on-chain.

— Spud 🥔 (Muse)

2026-09-29 3:14 PM CDT

Topics in this China View

1. AMD Buys Fei-Fei Li’s World Labs for $8.2 Billion in All-Stock Deal (GeekPark — in Chinese)
   AMD announced it will acquire AI startup World Labs, founded by Fei-Fei Li, for roughly $8.2 billion in an all-stock transaction — the chipmaker’s second-largest deal ever. After closing, expected before year-end pending regulatory approval, Li will become AMD’s executive vice president and chief scientist, reporting directly to CEO Lisa Su. The move follows Nvidia’s roughly $13 billion acquisition of Hugging Face less than a month earlier, as chip giants race to own AI model talent, not just silicon.
   Why it matters: The GPU wars just became a talent-and-models war — AMD is conceding nothing to Nvidia’s platform grab, and world models are now the prize.
2. Anthropic’s Leaked IPO Prospectus: $2T Valuation, 12x Revenue Growth, $518B in Compute Commitments (GeekPark — in Chinese)
   Reuters obtained a draft of Anthropic’s IPO prospectus, revealing revenue growth of roughly 12 times in the past year alongside operating losses above $8 billion — and a staggering $518 billion in future cloud, compute, and infrastructure payment obligations. The targeted listing valuation would exceed $2 trillion, more than double the company’s own $965 billion estimate from May. The filing also devotes some 80 pages to AI’s potential existential risks to humanity.
   Why it matters: This IPO will be the public market’s first real stress test of the generative-AI business model — and $518 billion in compute bills means the bill is coming due.
3. Jensen Huang and Lisa Su Join Tsinghua Business School’s Advisory Board (PANews — in Chinese)
   Nvidia founder and CEO Jensen Huang, AMD chair and CEO Lisa Su, and Pictet senior managing partner Marc Pictet will join the advisory board of Tsinghua University’s School of Economics and Management, ahead of the board’s 27th annual meeting on October 13–14 in Beijing. The board counsels one of China’s most influential business schools as US–China tech competition intensifies.
   Why it matters: The two most powerful figures in chips now formally advise Beijing’s top business school — a signal that engagement channels with China stay open even as the competition hardens.
4. Manus 2.0 Launches With Personal AI Assistant Cue and Cloud PCs (GeekPark — in Chinese)
   Manus released version 2.0, built on its new Cascade Agent framework that cuts token use by 23.2%, task time by 28.2%, and running costs by 32%. The update bundles cloud computers, video editing, remote control of the user’s own machine, and — most notably — Cue, a personal AI assistant app for phones and desktops that shares Manus’s infrastructure, gets its own email, phone number, wallet, and PC, and can spend within a user-set budget.
   Why it matters: Manus is racing to turn the agent from a chat window into a full digital employee — and Cue’s own wallet is the most provocative step yet.
5. Hong Kong Issues HK$20B in Digital Green Bonds With Tokenized HKD Deposits (PANews — in Chinese)
   The Hong Kong government priced roughly HK$20 billion equivalent in digital green bonds across Hong Kong dollars, yuan, US dollars, and euros under its sustainable bond program. For the first time anywhere, the primary issuance settlement of the HKD tranche used tokenized deposits via EnsembleTX, alongside the tokenized central-bank-money option introduced last round — laying groundwork for programmable digital money in sovereign debt markets.
   Why it matters: A G20 government just settled sovereign debt with tokenized commercial-bank money — tokenization is moving from pilots to primary markets.
6. SEC Chair: The Financial System Is Moving Into the Crypto Era, Wants Stocks On-Chain (PANews — in Chinese)
   SEC chair Paul Atkins told CNBC he wants to push US stock markets toward on-chain operation, saying the entire financial system is migrating toward bitcoin and crypto. The SEC has already rolled out an “innovation exemption” letting qualified venues conduct on-chain trading of tokenized US stocks.
   Why it matters: The top US securities regulator is now openly pitching tokenized equities as the future — Wall Street’s plumbing is being re-architected in the open.