The "Involution" of Autonomy: Why China’s Robotaxi War Is Just Getting Started

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This is an article for Baiguan Pro subscribersSome of the best investment opportunities of the last several decades came from identifying big paradigm shifts.The rise of the internet fundamentally changed how people find information (Google), buy stuff (Amazon and Alibaba), and interact with each other (Facebook and Tencent). The rise of mobile internet made Apple into a truly generational company. The demand for a decentralized store of value led to the creation of Bitcoin. The shift from internal combustion engines to electric vehicles and batteries turned Tesla, BYD, and CATL into the industrial behemoths that they are today. The rise of GLP-1 medications made Eli Lilly the world’s first trillion-dollar pharmaceutical company. And do not forget: the intelligence revolution underway right now has made Nvidia the first 4-trillion-dollar company in human history.By definition, great structural changes take time to take shape. These trillion-dollar changes, affecting the lives of billions of people, do not happen in an instant. Also, by definition, truly great changes happen only rarely.This means that if you are patient and spend enough time thinking about it, you can identify big opportunities ahead and have enough time to study it and watch it unfold. This is happy news for long-term investors. Baiguan is a China-focused newsletter and research service. But we have a global perspective, and we are excited about major technological and industrial shifts that affect EVERYONE. After identifying one such shift, we examine which specific companies or industries in China will b…