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China's AI Race Has a Power Problem, and Beijing Knows It
A four-front scramble — chips, tokens, retail, watts — is exposing the structural constraint Beijing cannot brute-force past: electrons.

Desk note: The Western wire line this week led with chip-export politics and model benchmarks. Monexus led with the power constraint, because four same-day dispatches pointed the same direction and the structural argument is cleaner from the grid outward.
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