Today I saw that Guangdong has started doing 'Token Loans,' quite an innovation! It's pretty interesting to think about how the financing paths for AI computing power in China and the U.S. are completely different! China relies on commercial bank credit loans + local policy support, leaning more towards policy-driven approaches; while the U.S. uses private equity, debt financing, and NVIDIA's computing power ABS, which are more market-oriented. In the future, no need for factory buildings or fixed assets as collateral—just the amount of Token consumption can get you a loan from the bank. Feels like there's a lot of room for arbitrage!