This is less so a hedge against Chinese labs catching up to the frontier/OAI Anthropic falling in valuation, and more a hedge against a complete recession. We are overleveraged in AI investment and if tomorrow any Chinese Lab can drop a model at the frontier what was the point of all those billions. Now, if you can protect the American model from the bubble popping even for just long enough to hedge risk a little better, then you may just prevent collapse. The problem is though, that the market is heavily irrational right now and if anything this may just be the signal to investors to double down on American AI.