A Bloomberg report of October 9 stated that China's broader economic slowdown and trade war with the US has ended the boom that saw the emergence of big IT/ CHINA BACKS  giants like Alibaba Group Holding Ltd and Tencent Group Holdings Ltd. The consulting firm Preqin's survey showed that startups in greater China have also raised only US$ 32.5 billion in capital deals in 2019, far less than the US$ 111.8 billion raised last year. Recruitment platform Zhaopin revealed that job postings in the Internet and e-commerce sector dropped about 13% in the second quarter. Additionally, the US just blacklisted 8 Chinese AI firms by putting them on the Entity List, including Hikvision and iFlytek. 

(Comment: These and other AI companies get 90% of their chips from the US and other foreign firms.)