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SITUATION EXPLAINED: A Chinese state-backed company started mass-producing DUV lithography tools, a step below EUV but still significant. • ASML shares fell as much as 6.5%, their lowest since early June, after The Information reported a Shanghai-based, state-backed company began mass-producing immersion DUV lithography machines • The company is...

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CTS co-founder Konstantin F. Pilz says China makes all its AI chips on Western DUV machines, the US could cut that off tomorrow, and explains why it hasn't: "China is relying entirely on Western machines to make its AI compute. They are not using EUV, which has been banned since 2019, but they are using DUV, the previous generation. China has rapidly ramped up the amount of DUV they are buying, and the US is just not doing anything about that." "If the US wanted to, they could just restrict those exports and China would be making way less AI compute." "Someone goes to policymakers and says, here's my first recommendation, ideally we'd also do this, this, and this. And policymakers are like, oh, maybe we'll talk about the first one." "We've known about DUV for probably several years now. It's just a very slow process to convince people to actually act on it." Center for Technology & Statecraft
2:08

CTS co-founder Konstantin F. Pilz says China makes all its AI chips on Western DUV machines, the US could cut that off tomorrow, and explains why it hasn't: "China is relying entirely on Western machines to make its AI compute. They are not using EUV, which has been banned since 2019, but they are using DUV, the previous generation. China has rapidly ramped up the amount of DUV they are buying, and the US is just not doing anything about that." "If the US wanted to, they could just restrict those exports and China would be making way less AI compute." "Someone goes to policymakers and says, here's my first recommendation, ideally we'd also do this, this, and this. And policymakers are like, oh, maybe we'll talk about the first one." "We've known about DUV for probably several years now. It's just a very slow process to convince people to actually act on it." Center for Technology & Statecraft

MTS

111,221 views • 14 days ago

$ASML CEO Christophe Fouquet says customers are sharing longer-than-usual visibility into their own business, which has translated into strong order bookings through the first half of 2026, and ASML is adding about 30% EUV capacity in 2027 while evaluating another 30% for 2028. "Based on everything we have said so far, you can imagine that we are having very constructive discussions with our customers on the long term. Their own visibility to their business allows them to share with us also, longer than, I would say, usual visibility on their business. We are talking of course about next year, but also beyond that. Now this has also translated practically into very strong order bookings through the first half of 2026." "If we look into more detail starting with 2027, there we are pretty much already close to receive all the EUV orders we need for 2027. This is with us adding about 30% capacity for EUV in 2027 versus 2026." "When we look at 2028, we have received already a large number of orders from our customers for EUV. This has also invited us very strongly to investigate another 30% increase in our EUV capacity for 2028." "Now, of course, when EUV grows DUV grows as well. Immersion is going to be important. Also for 2027 and for 2028 we are going to look into a 30% increase of our capacity for both years." ____ Follow Fireside Alpha for more daily highlights of key business and technology conversations.
1:24

$ASML CEO Christophe Fouquet says customers are sharing longer-than-usual visibility into their own business, which has translated into strong order bookings through the first half of 2026, and ASML is adding about 30% EUV capacity in 2027 while evaluating another 30% for 2028. "Based on everything we have said so far, you can imagine that we are having very constructive discussions with our customers on the long term. Their own visibility to their business allows them to share with us also, longer than, I would say, usual visibility on their business. We are talking of course about next year, but also beyond that. Now this has also translated practically into very strong order bookings through the first half of 2026." "If we look into more detail starting with 2027, there we are pretty much already close to receive all the EUV orders we need for 2027. This is with us adding about 30% capacity for EUV in 2027 versus 2026." "When we look at 2028, we have received already a large number of orders from our customers for EUV. This has also invited us very strongly to investigate another 30% increase in our EUV capacity for 2028." "Now, of course, when EUV grows DUV grows as well. Immersion is going to be important. Also for 2027 and for 2028 we are going to look into a 30% increase of our capacity for both years." ____ Follow Fireside Alpha for more daily highlights of key business and technology conversations.

Fireside Alpha

30,680 views • 2 months ago

Chinese AI models are about seven months behind the best American ones, even though China has roughly 5% of the AI chips the US does. The seven-month figure comes from Epoch AI, which has tracked the gap since 2023. The 5% is a rough estimate from Anand Kannappan, who runs the evaluation company Patronus AI. If the US has 20 times the chips, you would expect its models to be more than seven months ahead. The lead stays that small because training a model has a finish line. You borrow enough chips, run the training, and you are done. Serving millions of users every day never finishes, and Chinese labs do not have the chips for that. Moonshot (a Chinese AI lab) launched its flagship model in July, suspended new subscriptions after three days because it ran out of computing power, and eight days later published the model for free so anyone could download and run it themselves. DeepSeek (a Chinese lab spun out of a Hangzhou hedge fund) ran its entire global service at a peak of 278 nodes, about 2,000 chips. MacroPolo's Global AI Talent Tracker (which surveys the major machine-learning conferences) finds that 38% of the world's top-tier AI researchers did their undergraduate degrees in China against 24% in America, and that 72% of the China-educated ones now work at American institutions. China trains more top AI researchers than any other country, most of them leave to work in America, and Chinese models still trail by only seven months. The chips China is short on are all printed by one kind of machine: an EUV lithography scanner. One Dutch company builds it, at about $380 million and 165 tons apiece. Under US pressure, the Dutch license to send one to China lapsed in mid-2019, and none has been issued since. ASML tracks all 314 operational machines on Earth for connectivity, so it knows where every one of them is.
2:21

Chinese AI models are about seven months behind the best American ones, even though China has roughly 5% of the AI chips the US does. The seven-month figure comes from Epoch AI, which has tracked the gap since 2023. The 5% is a rough estimate from Anand Kannappan, who runs the evaluation company Patronus AI. If the US has 20 times the chips, you would expect its models to be more than seven months ahead. The lead stays that small because training a model has a finish line. You borrow enough chips, run the training, and you are done. Serving millions of users every day never finishes, and Chinese labs do not have the chips for that. Moonshot (a Chinese AI lab) launched its flagship model in July, suspended new subscriptions after three days because it ran out of computing power, and eight days later published the model for free so anyone could download and run it themselves. DeepSeek (a Chinese lab spun out of a Hangzhou hedge fund) ran its entire global service at a peak of 278 nodes, about 2,000 chips. MacroPolo's Global AI Talent Tracker (which surveys the major machine-learning conferences) finds that 38% of the world's top-tier AI researchers did their undergraduate degrees in China against 24% in America, and that 72% of the China-educated ones now work at American institutions. China trains more top AI researchers than any other country, most of them leave to work in America, and Chinese models still trail by only seven months. The chips China is short on are all printed by one kind of machine: an EUV lithography scanner. One Dutch company builds it, at about $380 million and 165 tons apiece. Under US pressure, the Dutch license to send one to China lapsed in mid-2019, and none has been issued since. ASML tracks all 314 operational machines on Earth for connectivity, so it knows where every one of them is.

Sam Szuchan

12,999 views • 28 days ago

ACCELERATOR-BASED LITHOGRAPHY AND THE INDUCTION STORAGE RING LIGHT SOURCE The future of chipmaking may look less like a factory and more like a power grid. The proposed “Terafab” paradigm reimagines semiconductor manufacturing at utility scale: chip design, wafer fabrication, EUV lithography, memory, advanced packaging, and testing all under one roof, with the ambition of producing more than one terawatt of AI compute capacity per year. Its most radical innovation is treating light as a utility. Today, each EUV scanner relies on its own laser-produced plasma source, firing lasers at molten tin to generate 13.5 nm light. The process is inefficient, intensely hot, debris-heavy, and difficult to scale. Terafab replaces those individual sources with centralized, accelerator-driven free-electron lasers capable of distributing multi-kilowatt EUV light across an entire network of scanners. The advantages could be transformative: • No tin contamination or destructive plasma debris • Higher efficiency through electron-beam energy recovery • Greater photon flux to suppress stochastic defects at sub-3 nm nodes • Redundant accelerators that keep scanners operating during maintenance • Tunable wavelengths, potentially enabling 6.x nm “Beyond EUV” lithography THAT LAST POINT MATTERS ENORMOUSLY Conventional EUV is locked to the atomic emission of tin. Free-electron lasers are not. Their wavelength can be tuned through the energy of the electron beam creating a possible path beyond today’s 13.5 nm limit. If realized, Terafab would represent more than a larger semiconductor plant. It would transform lithography from a collection of isolated tools into shared industrial infrastructure. The next era of chipmaking may not be defined by a better machine. It may be defined by an entirely new architecture for manufacturing intelligence at civilization scale.
6:11

ACCELERATOR-BASED LITHOGRAPHY AND THE INDUCTION STORAGE RING LIGHT SOURCE The future of chipmaking may look less like a factory and more like a power grid. The proposed “Terafab” paradigm reimagines semiconductor manufacturing at utility scale: chip design, wafer fabrication, EUV lithography, memory, advanced packaging, and testing all under one roof, with the ambition of producing more than one terawatt of AI compute capacity per year. Its most radical innovation is treating light as a utility. Today, each EUV scanner relies on its own laser-produced plasma source, firing lasers at molten tin to generate 13.5 nm light. The process is inefficient, intensely hot, debris-heavy, and difficult to scale. Terafab replaces those individual sources with centralized, accelerator-driven free-electron lasers capable of distributing multi-kilowatt EUV light across an entire network of scanners. The advantages could be transformative: • No tin contamination or destructive plasma debris • Higher efficiency through electron-beam energy recovery • Greater photon flux to suppress stochastic defects at sub-3 nm nodes • Redundant accelerators that keep scanners operating during maintenance • Tunable wavelengths, potentially enabling 6.x nm “Beyond EUV” lithography THAT LAST POINT MATTERS ENORMOUSLY Conventional EUV is locked to the atomic emission of tin. Free-electron lasers are not. Their wavelength can be tuned through the energy of the electron beam creating a possible path beyond today’s 13.5 nm limit. If realized, Terafab would represent more than a larger semiconductor plant. It would transform lithography from a collection of isolated tools into shared industrial infrastructure. The next era of chipmaking may not be defined by a better machine. It may be defined by an entirely new architecture for manufacturing intelligence at civilization scale.

Lacey

13,405 views • 1 month ago

The CEO of ASML delivered the most diplomatically worded indictment of European tech policy you'll ever hear (Save this). His core argument is simple, sovereignty without innovation is a slogan. You cannot declare yourself independent from American and Chinese AI if you have nothing of your own to be independent with. The data makes his point for him because only 4 of the world's 50 largest tech companies are European. 73% of all foundational AI models developed since 2017 came from the US, 15% from China, and Europe basically has none. Europe's best AI researchers train at ETH Zurich, Oxford, and TU Munich then move to San Francisco. The regulation problem is what makes European founders the most furious. The EU has approximately 100 tech-focused laws and over 270 active digital regulators. The AI Act, GDPR, the Digital Services Act, and the Digital Markets Act each add compliance cost, slow deployment, and make Europe a structurally worse place to build a company at scale. ASML itself is actually the counterexample that proves the rule. Fouquet is on an active internal mission to strip out the bureaucratic weight that accumulated as the company tripled in size, returning engineers to doing engineering instead of sitting in meetings. ASML reinvests 30% of profit into R&D and operates on a 15-year technology roadmap with the discipline of a deep-tech startup. It is culturally more like a Silicon Valley company that happens to be located in Eindhoven and that is precisely why it is the only European tech company that the entire world cannot function without. Fouquet's conclusion is the most honest thing a major European executive has said Europe has ASML, a large consumer market, and not much else in the AI stack. Being a customer is not the same as being a builder, and in a world where the AI stack is controlled by whoever builds it, being a big buyer means being permanently dependent on the goodwill of whoever you're buying from.
2:44

The CEO of ASML delivered the most diplomatically worded indictment of European tech policy you'll ever hear (Save this). His core argument is simple, sovereignty without innovation is a slogan. You cannot declare yourself independent from American and Chinese AI if you have nothing of your own to be independent with. The data makes his point for him because only 4 of the world's 50 largest tech companies are European. 73% of all foundational AI models developed since 2017 came from the US, 15% from China, and Europe basically has none. Europe's best AI researchers train at ETH Zurich, Oxford, and TU Munich then move to San Francisco. The regulation problem is what makes European founders the most furious. The EU has approximately 100 tech-focused laws and over 270 active digital regulators. The AI Act, GDPR, the Digital Services Act, and the Digital Markets Act each add compliance cost, slow deployment, and make Europe a structurally worse place to build a company at scale. ASML itself is actually the counterexample that proves the rule. Fouquet is on an active internal mission to strip out the bureaucratic weight that accumulated as the company tripled in size, returning engineers to doing engineering instead of sitting in meetings. ASML reinvests 30% of profit into R&D and operates on a 15-year technology roadmap with the discipline of a deep-tech startup. It is culturally more like a Silicon Valley company that happens to be located in Eindhoven and that is precisely why it is the only European tech company that the entire world cannot function without. Fouquet's conclusion is the most honest thing a major European executive has said Europe has ASML, a large consumer market, and not much else in the AI stack. Being a customer is not the same as being a builder, and in a world where the AI stack is controlled by whoever builds it, being a big buyer means being permanently dependent on the goodwill of whoever you're buying from.

Milk Road AI

16,194 views • 3 months ago

EUV machines are the most complicated tools humans make. Their supply chain has over 10,000 individual suppliers, and any one of them not scaling fast enough can bottleneck the entire AI industry. An EUV tool fires lasers at a tiny tin droplet three times in precise sequence, blasting it hard enough to emit EUV light. That light bounces off 18 multilayer mirrors onto the wafer. Meanwhile, the two platforms inside the machine - one holding the stencil, one holding the chip - are flying back and forth at 9Gs in opposite directions. The successive passes have to land on top of each other to within 3 nanometers. If any part of this is off, yield goes to zero. Take just one component. The mirrors are mostly supplied by Carl Zeiss, who have probably fewer than a thousand people working on them. In turn, Carl Zeiss rely on machines from Switzerland to deposit each of the layers, and use a coating process co-developed with a different German company. None of these companies have woken up. They’re gradually increasing production, but nowhere near the levels necessary for what the labs want by the end of the decade. Dylan Patel predicts production can't scale beyond about 100 EUV machines per year by 2030, no matter how much money gets thrown at the problem. In the medium term this is the key bottleneck on scaling.
4:09

EUV machines are the most complicated tools humans make. Their supply chain has over 10,000 individual suppliers, and any one of them not scaling fast enough can bottleneck the entire AI industry. An EUV tool fires lasers at a tiny tin droplet three times in precise sequence, blasting it hard enough to emit EUV light. That light bounces off 18 multilayer mirrors onto the wafer. Meanwhile, the two platforms inside the machine - one holding the stencil, one holding the chip - are flying back and forth at 9Gs in opposite directions. The successive passes have to land on top of each other to within 3 nanometers. If any part of this is off, yield goes to zero. Take just one component. The mirrors are mostly supplied by Carl Zeiss, who have probably fewer than a thousand people working on them. In turn, Carl Zeiss rely on machines from Switzerland to deposit each of the layers, and use a coating process co-developed with a different German company. None of these companies have woken up. They’re gradually increasing production, but nowhere near the levels necessary for what the labs want by the end of the decade. Dylan Patel predicts production can't scale beyond about 100 EUV machines per year by 2030, no matter how much money gets thrown at the problem. In the medium term this is the key bottleneck on scaling.

Dwarkesh Patel

154,381 views • 6 months ago

🇨🇳 Chinese brands seem to be replacing Western brands in China Just like Chinese-owned Luckin Coffee replacing American-owned Starbucks in my tweet below You see it with lots of other shops too Here's Maia, a Lululemon/Alo Yoga clone, but with sizes specifically for Asian women, which the Western brands are, well, too Western to be able to niche in to Then they also make them a bit cheaper than the Western brands but with same or higher quality And many to most Chinese customers will just switch over to the Chinese brand You have to think on a geopolitical level what this means, we can put all the tarrifs we want on Chinese products, but they'll do the same back to us, and meanwhile one of the biggest markets for Western brands with 1.4 billion people is lost to us when we get too expensive / low quality for them Again these are not cheap rip offs, it's real brands with quality materials that they're switching over to The same with GPUs of course, we can ban China from using ASML chip making machines, but they'll just develop their own and by then we've lost them at customers I don't have a dog in this fight but it's very interesting to see the macro economics and politics actively happening on the ground!
2:06

🇨🇳 Chinese brands seem to be replacing Western brands in China Just like Chinese-owned Luckin Coffee replacing American-owned Starbucks in my tweet below You see it with lots of other shops too Here's Maia, a Lululemon/Alo Yoga clone, but with sizes specifically for Asian women, which the Western brands are, well, too Western to be able to niche in to Then they also make them a bit cheaper than the Western brands but with same or higher quality And many to most Chinese customers will just switch over to the Chinese brand You have to think on a geopolitical level what this means, we can put all the tarrifs we want on Chinese products, but they'll do the same back to us, and meanwhile one of the biggest markets for Western brands with 1.4 billion people is lost to us when we get too expensive / low quality for them Again these are not cheap rip offs, it's real brands with quality materials that they're switching over to The same with GPUs of course, we can ban China from using ASML chip making machines, but they'll just develop their own and by then we've lost them at customers I don't have a dog in this fight but it's very interesting to see the macro economics and politics actively happening on the ground!

@levelsio

1,210,995 views • 10 months ago

Seyed Mohammad Marandi replies to question about Russia and China's involvement in Iran. Glenn Diesen: "The American media as well as the European is full of accusations that Russia could be assisting Iran with intelligence with possible targeting. What do we know actually about China and Russia being involved?" Mohammad Marandi: "I don't know the details, but what I do know is that the Chinese and the Russians and the Iranians have moved closer to each other. This has been ongoing for years, but after the 12-day war, they've moved even closer. Iran has 15 neighbors. It's a large country. All the transit routes really have to go through Iran in Asia that would connect West Asia and East Asia, and the the Persian Gulf to to Europe and the Caucuses and Central Asia. So, the ability for Iran to receive weapons or anything that would help with the war is there. It could be done through its eastern borders. It can be done through its northern borders and there would be nothing that the United States could do about it. And the Chinese and the Russians can easily use these routes to trade with Iran, for Iran to send what what Iran purchases. I think it's clear as day that the the Russians do not want the United States to succeed in West Asia, and the Chinese obviously don't want it either. ...Zionist expansionism would basically mean further empowerment for the Trump regime and the United States, and they would have control over all the oil that are no longer leaving the Persian Gulf as we speak, but they would have control over everything and that would put China in a very very dangerous situation. More than dangerous. So, I think it's only natural to assume that the Chinese and the Russians are going to cooperate with Iran more. What the United States has done is that it has cemented the relationship between Russia, Iran and China for the years to come. They cemented it."
4:48

Seyed Mohammad Marandi replies to question about Russia and China's involvement in Iran. Glenn Diesen: "The American media as well as the European is full of accusations that Russia could be assisting Iran with intelligence with possible targeting. What do we know actually about China and Russia being involved?" Mohammad Marandi: "I don't know the details, but what I do know is that the Chinese and the Russians and the Iranians have moved closer to each other. This has been ongoing for years, but after the 12-day war, they've moved even closer. Iran has 15 neighbors. It's a large country. All the transit routes really have to go through Iran in Asia that would connect West Asia and East Asia, and the the Persian Gulf to to Europe and the Caucuses and Central Asia. So, the ability for Iran to receive weapons or anything that would help with the war is there. It could be done through its eastern borders. It can be done through its northern borders and there would be nothing that the United States could do about it. And the Chinese and the Russians can easily use these routes to trade with Iran, for Iran to send what what Iran purchases. I think it's clear as day that the the Russians do not want the United States to succeed in West Asia, and the Chinese obviously don't want it either. ...Zionist expansionism would basically mean further empowerment for the Trump regime and the United States, and they would have control over all the oil that are no longer leaving the Persian Gulf as we speak, but they would have control over everything and that would put China in a very very dangerous situation. More than dangerous. So, I think it's only natural to assume that the Chinese and the Russians are going to cooperate with Iran more. What the United States has done is that it has cemented the relationship between Russia, Iran and China for the years to come. They cemented it."

Eva Karene Bartlett

23,102 views • 6 months ago

Where are DeepSeek and other Chinese AI firms going to be getting their chips over the next 5 years? Jordan Schneider says that without Nvidia hardware, they're just not going to be able to keep up. "There's this ratio between the US semi ecosystem and the China semi ecosystem. The capacity is like 15:1. "And you can project that out pretty clearly, doing some math around how much capex is being spent, how much equipment is being acquired, yield rates, etc." "So where is [DeepSeek founder Liang Wenfeng] going to get the chips? He's probably going to get as much Nvidia as he can get." "But the larger takeaway with the Chinese and Western ecosystems is that the Western one is way better capitalized and has way more straightforward access to chips, which is basically an order of magnitude better over at least the next 5 years." "So it's going to be rough sledding for Chinese firms." "The Chinese AI IPOs are making like, $500M. Or like $1B. And it's cute. But it's not $3 trillion. Or even $10B. And the reason that's the case is that they're not on the frontier — so they can't charge a premium — and they're compute-constrained." "If all the firms have is access to Chinese chips, it's going to be really difficult to make a lot of money, and keep paying for more chips, in the way that the Western labs have been able to mobilize the entire global financial system."
2:28

Where are DeepSeek and other Chinese AI firms going to be getting their chips over the next 5 years? Jordan Schneider says that without Nvidia hardware, they're just not going to be able to keep up. "There's this ratio between the US semi ecosystem and the China semi ecosystem. The capacity is like 15:1. "And you can project that out pretty clearly, doing some math around how much capex is being spent, how much equipment is being acquired, yield rates, etc." "So where is [DeepSeek founder Liang Wenfeng] going to get the chips? He's probably going to get as much Nvidia as he can get." "But the larger takeaway with the Chinese and Western ecosystems is that the Western one is way better capitalized and has way more straightforward access to chips, which is basically an order of magnitude better over at least the next 5 years." "So it's going to be rough sledding for Chinese firms." "The Chinese AI IPOs are making like, $500M. Or like $1B. And it's cute. But it's not $3 trillion. Or even $10B. And the reason that's the case is that they're not on the frontier — so they can't charge a premium — and they're compute-constrained." "If all the firms have is access to Chinese chips, it's going to be really difficult to make a lot of money, and keep paying for more chips, in the way that the Western labs have been able to mobilize the entire global financial system."

TBPN

52,507 views • 1 month ago

China Invests in Absorbing Russian Knowledge Over the past few years, various Chinese officers have visited the front lines in Ukraine to learn from the conflict, according to a CNN article from September. China has been doing this long before officers from Vietnam and Laos, who have also been near the front lines to learn. The same thing is happening on the Ukrainian side, with various NATO officers accompanying and learning from the conflict. However, the cooperation between Russians and Chinese is much deeper. Russian instructors are involved in Chinese training on trenches and drone usage, bringing modern assault and shelter tactics. Some time ago, I wrote this post: It discussed the great technological advances of the Chinese army, but how they occurred in a very accelerated manner and without field experience. The Chinese seem to be investing in Ukraine's experience and intense training to compensate for all that. Although the Chinese have become a powerhouse in missiles and drones, and have good radars, there is an excessive dependence on technology that is capable of weakening rather than strengthening. War is still defined by the quality of armor, innovations learned from the battlefield, and trust in one's own equipment, which must withstand sun, rain, desert, and snow. The Chinese will continue investing in absorbing this real-world learning in the coming years, but they face major challenges in improving their equipment for conventional warfare, treating technology as an additive rather than the main foundation.
0:29

China Invests in Absorbing Russian Knowledge Over the past few years, various Chinese officers have visited the front lines in Ukraine to learn from the conflict, according to a CNN article from September. China has been doing this long before officers from Vietnam and Laos, who have also been near the front lines to learn. The same thing is happening on the Ukrainian side, with various NATO officers accompanying and learning from the conflict. However, the cooperation between Russians and Chinese is much deeper. Russian instructors are involved in Chinese training on trenches and drone usage, bringing modern assault and shelter tactics. Some time ago, I wrote this post: It discussed the great technological advances of the Chinese army, but how they occurred in a very accelerated manner and without field experience. The Chinese seem to be investing in Ukraine's experience and intense training to compensate for all that. Although the Chinese have become a powerhouse in missiles and drones, and have good radars, there is an excessive dependence on technology that is capable of weakening rather than strengthening. War is still defined by the quality of armor, innovations learned from the battlefield, and trust in one's own equipment, which must withstand sun, rain, desert, and snow. The Chinese will continue investing in absorbing this real-world learning in the coming years, but they face major challenges in improving their equipment for conventional warfare, treating technology as an additive rather than the main foundation.

Patricia Marins

81,833 views • 8 months ago

The Chinese have limited understanding of the West. In recent weeks, Chinese military circles have extensively discussed the U.S. operation in Venezuela, attributing its success primarily to the decapitation of the regime. All Chinese analyses center on the collapse of the defense chain and the subservience that resulted from the leadership vacuum. The Chinese seem almost incapable, at least initially, of considering the reverse scenario: that U.S. intelligence, by infiltrating circles close to Maduro over many months and negotiating compensations, managed to neutralize the entire chain, delivering Maduro in exchange for preserving the governing structure. The Chinese are analyzing the U.S. approach in the context of Taiwan, focusing on decapitation of the central leadership. But suppose the Chinese were willing to spend tens of millions of dollars. Even then, the level of corruption in Taiwan is not comparable to the situation among Venezuela’s military. Although more than 150 people have been indicted since 2020 for spying for China, and the majority of them are active or retired military personnel,this does not mean the high command would be susceptible to the kind of structural sabotage seen in Venezuela. The Chinese already know every inch of Taiwan’s governmental structure and conduct military training on full-scale replicas, constructed as a mock district since last year. However, what would the situation look like under a pro-China government? Could similar self-sabotage actions occur, as seen in Venezuela? It seems to me that the Chinese will also consider this scenario. Even so, the Chinese still have much to learn and will come to realize that the level of negotiations between the U.S. and Latin American governments is quite different from the dynamics they maintain with Taiwan.
0:20

The Chinese have limited understanding of the West. In recent weeks, Chinese military circles have extensively discussed the U.S. operation in Venezuela, attributing its success primarily to the decapitation of the regime. All Chinese analyses center on the collapse of the defense chain and the subservience that resulted from the leadership vacuum. The Chinese seem almost incapable, at least initially, of considering the reverse scenario: that U.S. intelligence, by infiltrating circles close to Maduro over many months and negotiating compensations, managed to neutralize the entire chain, delivering Maduro in exchange for preserving the governing structure. The Chinese are analyzing the U.S. approach in the context of Taiwan, focusing on decapitation of the central leadership. But suppose the Chinese were willing to spend tens of millions of dollars. Even then, the level of corruption in Taiwan is not comparable to the situation among Venezuela’s military. Although more than 150 people have been indicted since 2020 for spying for China, and the majority of them are active or retired military personnel,this does not mean the high command would be susceptible to the kind of structural sabotage seen in Venezuela. The Chinese already know every inch of Taiwan’s governmental structure and conduct military training on full-scale replicas, constructed as a mock district since last year. However, what would the situation look like under a pro-China government? Could similar self-sabotage actions occur, as seen in Venezuela? It seems to me that the Chinese will also consider this scenario. Even so, the Chinese still have much to learn and will come to realize that the level of negotiations between the U.S. and Latin American governments is quite different from the dynamics they maintain with Taiwan.

Patricia Marins

22,305 views • 8 months ago

Swedish Prime Minister Ulf Kristersson said China often has access to the European market in ways that European companies do not enjoy with the same ease in China. He said Europe cannot allow China to have one set of rules while European companies operate under a completely different set of rules. That is the punchline. For years, Europe has restricted or excluded Chinese companies under the language of “security.” Huawei. ZTE. Chinese telecom firms. Chinese solar products. Chinese EVs. Chinese batteries. Chinese infrastructure. Whenever Chinese companies become too competitive, Europe suddenly discovers “risk,” “dependency,” “distortion,” or “strategic vulnerability.” But when China responds with its own controls, tariffs, rare earth restrictions, or market measures, Europe starts crying about fairness. Classic. China has not banned European industrial giants from the Chinese market the way Europe has tried to politically suffocate Chinese companies. Volkswagen, BMW, Mercedes, Airbus, Siemens, BASF, Schneider, LVMH, and countless European firms have made fortunes in China for decades. China opened its market, built supply chains, created demand, and let European companies profit massively. Europe took the money. Then it blocked Chinese firms, joined U.S. containment, restricted high-end exports, attacked Chinese clean-tech industries, and now complains that China enjoys unfair access. If Europe really wants “one set of rules,” it should be careful what it asks for. Because China can play that game too. The difference is simple: Europe complains about access while using access as a weapon. China has shown restraint. Perhaps too much restraint. If Beijing treated European companies the way Europe treats Chinese companies, Brussels would discover very quickly what “same rules” actually means.
1:11

Swedish Prime Minister Ulf Kristersson said China often has access to the European market in ways that European companies do not enjoy with the same ease in China. He said Europe cannot allow China to have one set of rules while European companies operate under a completely different set of rules. That is the punchline. For years, Europe has restricted or excluded Chinese companies under the language of “security.” Huawei. ZTE. Chinese telecom firms. Chinese solar products. Chinese EVs. Chinese batteries. Chinese infrastructure. Whenever Chinese companies become too competitive, Europe suddenly discovers “risk,” “dependency,” “distortion,” or “strategic vulnerability.” But when China responds with its own controls, tariffs, rare earth restrictions, or market measures, Europe starts crying about fairness. Classic. China has not banned European industrial giants from the Chinese market the way Europe has tried to politically suffocate Chinese companies. Volkswagen, BMW, Mercedes, Airbus, Siemens, BASF, Schneider, LVMH, and countless European firms have made fortunes in China for decades. China opened its market, built supply chains, created demand, and let European companies profit massively. Europe took the money. Then it blocked Chinese firms, joined U.S. containment, restricted high-end exports, attacked Chinese clean-tech industries, and now complains that China enjoys unfair access. If Europe really wants “one set of rules,” it should be careful what it asks for. Because China can play that game too. The difference is simple: Europe complains about access while using access as a weapon. China has shown restraint. Perhaps too much restraint. If Beijing treated European companies the way Europe treats Chinese companies, Brussels would discover very quickly what “same rules” actually means.

𝘊𝘰𝘳𝘳𝘪𝘯𝘦

27,742 views • 3 months ago

Micron is going to be a $4,000 stock and the CEO just told you exactly why in one interview (Save this). Micron is no longer a chip company but rather a America's monopoly on the most strategically critical material in the AI buildout. It's the only western company manufacturing memory at advanced nodes, sitting on $200 billion in committed domestic capex, with every unit of its highest value product already sold. let's start with the supply reality, Mehrotra said Micron can currently meet only 50% to two thirds of the demand from its key customers. That shortage will last well beyond 2027, and meaningful new supply from anyone in the industry does not arrive until 2028 at the earliest. Two more years of demand outpacing supply in a market growing 168% year over year and that is the floor on the bull case. Now layer on what makes this cycle structurally different from every one before it. Micron is the only American memory manufacturer on earth, Samsung and SK Hynix are South Korean. In a world where AI infrastructure has become a declared national security priority where Commerce Secretary Lutnick and Trade Ambassador Greer personally showed up to a fab dedication in Manassas, Virginia being the only US memory company is not just a competitive advantage. It is a government backed structural monopoly on the most critical input to the US AI buildout, backed by $6.2 billion in CHIPS Act subsidies across Idaho, New York, and Virginia. The $200 billion buildout spans Manassas for DDR4 defense and industrial memory, Boise for leading-edge DRAM with first wafers out mid 2027, a second Boise HBM fab with first wafers by end of 2028, and the Syracuse megafab, the largest semiconductor facility in US history, breaking ground January 2026 with up to four fabs over time. Combined, these sites take Micron's domestic production from 10% of its total output today to 40% over the next decade, and create 90,000 jobs in the process. The business model transformation is the real story. Come join Milk Road Pro for our full breakdown, our complete Micron valuation model incorporating the $200 billion domestic buildout and our entire AI thesis. Link below.
10:05

Micron is going to be a $4,000 stock and the CEO just told you exactly why in one interview (Save this). Micron is no longer a chip company but rather a America's monopoly on the most strategically critical material in the AI buildout. It's the only western company manufacturing memory at advanced nodes, sitting on $200 billion in committed domestic capex, with every unit of its highest value product already sold. let's start with the supply reality, Mehrotra said Micron can currently meet only 50% to two thirds of the demand from its key customers. That shortage will last well beyond 2027, and meaningful new supply from anyone in the industry does not arrive until 2028 at the earliest. Two more years of demand outpacing supply in a market growing 168% year over year and that is the floor on the bull case. Now layer on what makes this cycle structurally different from every one before it. Micron is the only American memory manufacturer on earth, Samsung and SK Hynix are South Korean. In a world where AI infrastructure has become a declared national security priority where Commerce Secretary Lutnick and Trade Ambassador Greer personally showed up to a fab dedication in Manassas, Virginia being the only US memory company is not just a competitive advantage. It is a government backed structural monopoly on the most critical input to the US AI buildout, backed by $6.2 billion in CHIPS Act subsidies across Idaho, New York, and Virginia. The $200 billion buildout spans Manassas for DDR4 defense and industrial memory, Boise for leading-edge DRAM with first wafers out mid 2027, a second Boise HBM fab with first wafers by end of 2028, and the Syracuse megafab, the largest semiconductor facility in US history, breaking ground January 2026 with up to four fabs over time. Combined, these sites take Micron's domestic production from 10% of its total output today to 40% over the next decade, and create 90,000 jobs in the process. The business model transformation is the real story. Come join Milk Road Pro for our full breakdown, our complete Micron valuation model incorporating the $200 billion domestic buildout and our entire AI thesis. Link below.

Milk Road AI

235,568 views • 3 months ago

SMARTMATIC & DOMINION voting machines are the foreign puppet masters of the global election fraud cartel. Dominion Voting Systems—purportedly a U.S.-based company with ties to Venezuela operating with its true "center of gravity" in Serbia, backed by Chinese influence. Venezuelan, Chinese, and Serbian engineers hold admin keys to manipulate US elections. There is a pattern of deception with around 15 different cheating methods, but this backdoor exploit stands out for its stealth, scale, and capability to be accessed from almost anywhere. Smartmatic's election-rigging source code, owned by Venezuela's narco-regime (Cartel del Sol), powers Dominion systems and is designed to flip votes completely undetected. The key ties lay within the Serbian Hub. Dominion's Belgrade office houses swing-state voter data on Huawei servers – directly linked to CCP-controlled Huawei in Hong Kong. CCP fingerprints are all over this and the shadow player. The hardware is built in Beijing and snuck through Taiwan in violation of US law. Huawei flagged as natsec threat by the FCC. The "Glitch Trap" is one of the easiest and most common methods of election fraud. Pre-election "glitches" in Dominion machines are no accident. These prompt emergency patches that conveniently open backdoors, allowing remote access from Dominion's Serbian offices. Now, it's on to the foreign side of the actual election manipulation. Far from mere R&D, the Serbian hub is described as the operational core, running on Huawei servers—Chinese technology at the heart of U.S. elections. Chinese nationals, funneled through a military institute, log in during elections to manipulate results. Virtual manipulation is crucial to the facade until the completion of the manipulation occurs. Using virtual machines software-based servers created invisibly within county election systems—intruders reportedly alter databases at will. Once done, they collapse the virtual setup, leaving no trace unless a deep forensic audit uncovers the digital footprints. This isn't just fraud it's a national security threat. It's foreign interference by Maduro's cartel, China's CCP, and the globalist deep state cabal to steal democracies in the U.S. and in 100+ other countries worldwide.
10:10

SMARTMATIC & DOMINION voting machines are the foreign puppet masters of the global election fraud cartel. Dominion Voting Systems—purportedly a U.S.-based company with ties to Venezuela operating with its true "center of gravity" in Serbia, backed by Chinese influence. Venezuelan, Chinese, and Serbian engineers hold admin keys to manipulate US elections. There is a pattern of deception with around 15 different cheating methods, but this backdoor exploit stands out for its stealth, scale, and capability to be accessed from almost anywhere. Smartmatic's election-rigging source code, owned by Venezuela's narco-regime (Cartel del Sol), powers Dominion systems and is designed to flip votes completely undetected. The key ties lay within the Serbian Hub. Dominion's Belgrade office houses swing-state voter data on Huawei servers – directly linked to CCP-controlled Huawei in Hong Kong. CCP fingerprints are all over this and the shadow player. The hardware is built in Beijing and snuck through Taiwan in violation of US law. Huawei flagged as natsec threat by the FCC. The "Glitch Trap" is one of the easiest and most common methods of election fraud. Pre-election "glitches" in Dominion machines are no accident. These prompt emergency patches that conveniently open backdoors, allowing remote access from Dominion's Serbian offices. Now, it's on to the foreign side of the actual election manipulation. Far from mere R&D, the Serbian hub is described as the operational core, running on Huawei servers—Chinese technology at the heart of U.S. elections. Chinese nationals, funneled through a military institute, log in during elections to manipulate results. Virtual manipulation is crucial to the facade until the completion of the manipulation occurs. Using virtual machines software-based servers created invisibly within county election systems—intruders reportedly alter databases at will. Once done, they collapse the virtual setup, leaving no trace unless a deep forensic audit uncovers the digital footprints. This isn't just fraud it's a national security threat. It's foreign interference by Maduro's cartel, China's CCP, and the globalist deep state cabal to steal democracies in the U.S. and in 100+ other countries worldwide.

The SCIF

180,591 views • 9 months ago

A New 957-Room Chinese Hotel Just Opened in the City Chinese Investors Are Leaving Huan Hai Hotel has opened on Ocheuteal Beach in Sihanoukville. It is the centerpiece of Huanhai Bolai International, a $168 million Chinese-held development approved by the Council for the Development of Cambodia in late 2022, built by the state-owned Chinese contractor Shanghai Baoye and promoted as part of the Belt and Road Initiative. The 957-room, five-star tower is now operating, its facade lit at night and fountains running at the entrance. It is also hiring. A recruitment notice lists roles from sales and marketing to Chinese-language translators, with monthly salaries of $800 to $1,500, well above the local norm for hospitality work. The pay points to a property aimed squarely at Chinese guests. The timing is what stands out. CamboJA reported in April that a second wave of Chinese departures has followed the anti-scam crackdown that began in late 2025, and a property consultant cited by the outlet estimated that around 400 buildings remain stalled across downtown Sihanoukville. The same consultant was direct about the cause. Scam compounds had become a major source of occupancy and economic activity in the city, and dismantling them removes much of the demand those towers were built to serve. That is the environment Huan Hai is entering. Most of the large compounds are gone, with some smaller operations reportedly still active, but the city is quiet and its reputation is slower to recover. Drawing Chinese tourists and investors back will take more than a single crackdown. It will require an effort sustained long enough, and visibly enough, that the scam industry does not simply return once attention moves elsewhere.
0:21

A New 957-Room Chinese Hotel Just Opened in the City Chinese Investors Are Leaving Huan Hai Hotel has opened on Ocheuteal Beach in Sihanoukville. It is the centerpiece of Huanhai Bolai International, a $168 million Chinese-held development approved by the Council for the Development of Cambodia in late 2022, built by the state-owned Chinese contractor Shanghai Baoye and promoted as part of the Belt and Road Initiative. The 957-room, five-star tower is now operating, its facade lit at night and fountains running at the entrance. It is also hiring. A recruitment notice lists roles from sales and marketing to Chinese-language translators, with monthly salaries of $800 to $1,500, well above the local norm for hospitality work. The pay points to a property aimed squarely at Chinese guests. The timing is what stands out. CamboJA reported in April that a second wave of Chinese departures has followed the anti-scam crackdown that began in late 2025, and a property consultant cited by the outlet estimated that around 400 buildings remain stalled across downtown Sihanoukville. The same consultant was direct about the cause. Scam compounds had become a major source of occupancy and economic activity in the city, and dismantling them removes much of the demand those towers were built to serve. That is the environment Huan Hai is entering. Most of the large compounds are gone, with some smaller operations reportedly still active, but the city is quiet and its reputation is slower to recover. Drawing Chinese tourists and investors back will take more than a single crackdown. It will require an effort sustained long enough, and visibly enough, that the scam industry does not simply return once attention moves elsewhere.

Jacob in Cambodia 🇺🇸 🇰🇭

17,346 views • 4 months ago

“It’s just to highlight just how much dominance America has over Iran right now. It has dominated the Iranian theocracy’s skyline. It is able to strike anywhere at any time, at will. It has demonstrated that not just by the strike on Kargh Island and by sparing Iran’s oil refineries there, but also by decapitating its leadership time and again. The American and Israeli alliance in striking Iran is able to strike anywhere at any time at will. And what that really indicates is that the Iranian regime stands completely isolated, has no chance of winning. But crucially, the Americans and Israelis would not be dominating the skyline in Iran if the Russians and the Chinese had not taken a step back. The only way you stop another country dominating a sky is by sending your own jets to stop them. Iran doesn’t have an air force. It would have had to have been the Russian or Chinese. The Chinese aren’t going to get involved anytime soon. And the Russians clearly, as they’ve indicated, have decided to stand back. And in fact, from Syria, the Russian Navy voluntarily withdrew. So all of this appears to us to reconfirm the idea that the world is being divided into spheres of influence, as we have said repeatedly on radical media. Venezuela was part of that. Syria was part of it. The American sphere of influence will include Venezuela and Cuba. The Middle East will be settled in the way that we’re currently witnessing for it to emerge eventually its own sphere of influence led by the Sunni Muslim Arabs of the region. Russia gets its own sphere of influence and Ukraine will be settled in Russia’s favour and China will get its own sphere of influence and Taiwan will be settled probably in China’s favour. So you end up with a Russian sphere, a Chinese sphere, a NATO stroke Western sphere and a Middle Eastern sphere” Maajid Nawaz for WARRIOR CREED:
1:55

“It’s just to highlight just how much dominance America has over Iran right now. It has dominated the Iranian theocracy’s skyline. It is able to strike anywhere at any time, at will. It has demonstrated that not just by the strike on Kargh Island and by sparing Iran’s oil refineries there, but also by decapitating its leadership time and again. The American and Israeli alliance in striking Iran is able to strike anywhere at any time at will. And what that really indicates is that the Iranian regime stands completely isolated, has no chance of winning. But crucially, the Americans and Israelis would not be dominating the skyline in Iran if the Russians and the Chinese had not taken a step back. The only way you stop another country dominating a sky is by sending your own jets to stop them. Iran doesn’t have an air force. It would have had to have been the Russian or Chinese. The Chinese aren’t going to get involved anytime soon. And the Russians clearly, as they’ve indicated, have decided to stand back. And in fact, from Syria, the Russian Navy voluntarily withdrew. So all of this appears to us to reconfirm the idea that the world is being divided into spheres of influence, as we have said repeatedly on radical media. Venezuela was part of that. Syria was part of it. The American sphere of influence will include Venezuela and Cuba. The Middle East will be settled in the way that we’re currently witnessing for it to emerge eventually its own sphere of influence led by the Sunni Muslim Arabs of the region. Russia gets its own sphere of influence and Ukraine will be settled in Russia’s favour and China will get its own sphere of influence and Taiwan will be settled probably in China’s favour. So you end up with a Russian sphere, a Chinese sphere, a NATO stroke Western sphere and a Middle Eastern sphere” Maajid Nawaz for WARRIOR CREED:

أبو عمّار

20,640 views • 6 months ago

An 82-year-old Cuban pilot went viral on Chinese social media after recounting his friendship with and studies in China during the 1960s and asking about the cost of a flight from Havana to Beijing to a Chinese tourist. Living in a cramped room with just one bed in Cuba, the 82-year-old is known as "Tito" on Chinese social media. When a Chinese female tourist walked by his door, he tried to converse with her despite her language barrier and initial shock. The girl later discovered that Tito was a Cuban pilot who studied aviation in Shanxi Province, China, from 1961 to 1963. Tito showed her his Chinese PLA graduation certificate and told her that he missed China and that most of his pilot friends had already died. After that, he asked how much a plane ticket from Havana to Beijing would cost. The girl later shared the video on Chinese social media, describing Tito as "the lonely grandfather in Cuba." She mentioned that Tito kept a little notebook in which he planned to jot down his inquiries for the Chinese and his wish lists for sites to visit in China. It appears that he had made repeated attempts to strike up conversations with Asian tourists who passed his door, but they all thought he was strange and quickly left. In Tito's notebook, you can still see Chinese expressions like "How are you?" "When will you leave?" and "When are you planning to return?" Tito's story has moved many Chinese internet users, who are rallying to help him get a plane ticket to China or locate his Chinese friends. In September 1961, the Cuban Air Force chose 223 young pilots (average age less than 20) to study in China. They were among the first international students to come to China, as the Chinese netizens learnt later. A Chinese netizen later claimed on social media that his grandfather was Tito's teacher at the time. The story of Tito has gone viral on Chinese social media. The official account of the Chinese PLA Air Force left a comment under Tito’s video, stating that they had been attempting to get in touch with Tito. The comment said that the Chinese PLA will never forget a friend like Tito and that their friendship will transcend space and time. Today is the Lantern Festival in China, a time for family reunions. The Chinese embassy in Cuba invited Tito and other Cuban pilots who had studied in China for their youth to attend the festival feast, where they reminisced and sang many Chinese songs together. The Chinese have an old proverb: "滴水之恩当涌泉相报" (A drop of water shall be returned with a burst of spring), being grateful is a virtue in Chinese culture; we always give back when someone helps us. The life and work of Canadian surgeon Norman Bethune is a topic included in Chinese school curricula; his heroic contributions to our cause during World War II are emphasized in our textbooks, and his legacy lives on in China. John Rabe, a German merchant who rescued some 250,000 Chinese people from the Nanjing Massacre, and his family are still very much loved and respected by the Chinese people. Thomas Rabe, a doctor at the medicinal Faculty of Heidelberg University in Heidelberg, southwest Germany, and grandson of John Rabe, sent a plea to the Chinese embassy in Germany in March 2020 for medicinal supplies to help his hospital battle the COVID-19 pandemic. In April 2020, with all of the necessary assistance and coordination, medical supplies given from various sources, including medicines, protective suits, and masks, arrived in Germany from China. Chinese embassy staff raced from Berlin to Heidelberg, a distance of 700 kilometers, to expedite the delivery of supplies to the Heidelberg administration, the Medical Faculty of Heidelberg University, and Dr. Thomas Rabe.
0:31

An 82-year-old Cuban pilot went viral on Chinese social media after recounting his friendship with and studies in China during the 1960s and asking about the cost of a flight from Havana to Beijing to a Chinese tourist. Living in a cramped room with just one bed in Cuba, the 82-year-old is known as "Tito" on Chinese social media. When a Chinese female tourist walked by his door, he tried to converse with her despite her language barrier and initial shock. The girl later discovered that Tito was a Cuban pilot who studied aviation in Shanxi Province, China, from 1961 to 1963. Tito showed her his Chinese PLA graduation certificate and told her that he missed China and that most of his pilot friends had already died. After that, he asked how much a plane ticket from Havana to Beijing would cost. The girl later shared the video on Chinese social media, describing Tito as "the lonely grandfather in Cuba." She mentioned that Tito kept a little notebook in which he planned to jot down his inquiries for the Chinese and his wish lists for sites to visit in China. It appears that he had made repeated attempts to strike up conversations with Asian tourists who passed his door, but they all thought he was strange and quickly left. In Tito's notebook, you can still see Chinese expressions like "How are you?" "When will you leave?" and "When are you planning to return?" Tito's story has moved many Chinese internet users, who are rallying to help him get a plane ticket to China or locate his Chinese friends. In September 1961, the Cuban Air Force chose 223 young pilots (average age less than 20) to study in China. They were among the first international students to come to China, as the Chinese netizens learnt later. A Chinese netizen later claimed on social media that his grandfather was Tito's teacher at the time. The story of Tito has gone viral on Chinese social media. The official account of the Chinese PLA Air Force left a comment under Tito’s video, stating that they had been attempting to get in touch with Tito. The comment said that the Chinese PLA will never forget a friend like Tito and that their friendship will transcend space and time. Today is the Lantern Festival in China, a time for family reunions. The Chinese embassy in Cuba invited Tito and other Cuban pilots who had studied in China for their youth to attend the festival feast, where they reminisced and sang many Chinese songs together. The Chinese have an old proverb: "滴水之恩当涌泉相报" (A drop of water shall be returned with a burst of spring), being grateful is a virtue in Chinese culture; we always give back when someone helps us. The life and work of Canadian surgeon Norman Bethune is a topic included in Chinese school curricula; his heroic contributions to our cause during World War II are emphasized in our textbooks, and his legacy lives on in China. John Rabe, a German merchant who rescued some 250,000 Chinese people from the Nanjing Massacre, and his family are still very much loved and respected by the Chinese people. Thomas Rabe, a doctor at the medicinal Faculty of Heidelberg University in Heidelberg, southwest Germany, and grandson of John Rabe, sent a plea to the Chinese embassy in Germany in March 2020 for medicinal supplies to help his hospital battle the COVID-19 pandemic. In April 2020, with all of the necessary assistance and coordination, medical supplies given from various sources, including medicines, protective suits, and masks, arrived in Germany from China. Chinese embassy staff raced from Berlin to Heidelberg, a distance of 700 kilometers, to expedite the delivery of supplies to the Heidelberg administration, the Medical Faculty of Heidelberg University, and Dr. Thomas Rabe.

Eivor

252,469 views • 1 year ago