China's chip exports are surging: China's chip exports jumped +100% YoY in April, to a record ~$31 billion. This figure has TRIPLED over the last 2 years. At the same time, overseas sales of laptops, tablets, and their components jumped +47% YoY. Goldman Sachs and Nomura estimate that semiconductors, computers, and other AI-related products accounted for ~50% of China's export growth last month. In total, Chinese exports rose +14% YoY in April, to $359 billion, the highest monthly reading on record. Put differently, Chinese companies were generating ~$500 million in export revenue every hour on average last month. China's economy is evolving with AI.(The Kobeissi Letter)