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Making sense of the panic over Chinese AI

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The launch of the latest AI model from a Chinese company — Moonshot AI’s Kimi — reignited debates around American competitiveness and open versus proprietary AI.

While there was plenty of conversation on social media, it seems the debate is also happening behind the scenes in Washington, D.C., where OpenAI and Anthropic have reportedly lobbied regulators with concern about open Chinese models.

On the latest episode of TechCrunch’s Equity podcast, Kirsten Korosec, Sean O’Kane, and I discussed why this seems to be such a hot button issue. Beyond suggesting that certain folks should “touch grass” rather than spending their weekends arguing on X, Sean noted that in many ways, this “feels like we’re seeing repeats of prior freakouts,” with everyone in Silicon Valley “expecting that something is going to arrive and blow everything else away.”

And Kirsten noted that putting heavy restrictions on Chinese AI models could primarily benefit a handful of companies: “Are we accelerating and ensuring that Americans win the AI race, or are we ensuring that certain frontier labs do better than others?

Keep reading for an excerpt of our conversation, edited for length and clarity.

Anthony Ha: For folks who have followed the discourse around Chinese AI, this will probably be very, very familiar from the launch of DeepSeek, where basically a Chinese model comes out; on some benchmarks, it does as well, or at least seems competitive with some of the frontier models; and a certain portion of the tech industry loses their mind. 

Some of this [debate] got extra scrutiny because one of the people posting about it was [an executive] at OpenAI. But in general, there [is] this recurring question of: Can Chinese companies beat US companies, at least in some aspects, and do it much more cheaply and in a much more open way?

Sean O’Kane: Yeah, there are many elements of this that feel like we’re seeing repeats of prior freakouts. I think one of my favorites is: Everybody is so ready [for] and so expecting that something is going to arrive and blow everything else away. And I think my favorite example of that this past week was people showing off that “My gosh, Kimi made in 30 minutes an entire replication of macOS.” And yeah, it made a pretty impressive graphical reproduction of what macOS looks like, but it’s not an OS.

We keep seeing these things happen over and over again, where everybody’s so jumpy in the tech industry. And I think in particular, with some of the Chinese models that come out, there’s this expectation, and I think this gets to the core of why people reacted the way they reacted last weekend. (Also, by the way: Go outside, touch grass, it’s the weekend. Everybody in the industry was trading barbs on Twitter all weekend.) But this jumpiness is really interesting to me because we’re now a week out and I don’t think anybody’s feeling like the end is nigh like they were a week ago.

Kirsten Korosec: We have a really great story by one of our reporters, Tim Fernholz, who tries to unpack the psychosis around this here in the United States. He points to a number of reasons. And concludes — and I don’t want to conclude it for him, but I think that there’s one that rises more to the top than others. 

There’s concerns that these Chinese open weight models might have an implicit bias towards China, there’s another worry about security risks and guardrails. But there’s also a pretty big idea here, which is protectionism, and who is going to quote-unquote “win the race”? Is it going to be the US or China? And that seems to be driving a lot of what the fear is. 

I don’t know, Anthony, if you agree with that?

Anthony: I completely agree. I think the China aspect always adds this certain level of hysteria. And that’s not to say that people shouldn’t be concerned about how the U.S. stacks up against China across different industries. But it gets so amped up.

The other thing this reminds me of is the discussion around TikTok a few years ago. And again, it wasn’t that I thought that the concerns around TikTok were totally made up, but that the level of how panicked people got — it seems as soon as you add the word China to any discussion, things just ramp up dramatically.  And then in this case, it’s linked to this discussion about open [weights] and this idea that AI is so powerful and so dangerous that the only way we can control it is with these proprietary models from these American frontier companies. 

Obviously, most people saying this [have] reasons why they want to say that. David Sacks, who was the AI czar for the Trump administration [and] now has a different role in the Trump administration, was shouting on X about how, “I can’t believe people are opposing data centers, we’re tying ourselves in knots, there’s too much regulation.” And so it’s a way to argue for the positions that they already had around AI. “My gosh, if China beats us, that’s unthinkable, so you have to do what I want to do anyway.”

Kirsten: Right, and if you were to put across-the-board bans on Chinese open weight models — I’m not saying that there aren’t real concerns here, but let’s just play that out. If we were to do that, it would benefit models created by OpenAI, for instance, and it would force enterprises to use those as opposed to using models like Kimi.

So you really have to ask the question: Are we accelerating and ensuring that Americans win the AI race, or are we ensuring that certain frontier labs do better than others?

Sean: At this point, we should say a lot of this discussion really got kicked off by the head of strategic futures at OpenAI, Dean Ball, who was the first one to come out with this really long post mentioning some of these concerns.

Part of me thinks the reaction to this was because people disagreed with what Dean wrote. Part of me also thinks the reaction was driven by the fact that he kind of just said the thing out loud. He basically said the US should create regulatory FUD — fear, uncertainty, and doubt — and muck up the ability for these open weight models to compete with the US. [Ball later backed away from this argument.]

And to me, I think you can read in some of the responses from folks, like, “You’re not supposed to say that out loud, Dean.”

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Airtel Money sets IPO price at £1.96 per share, targets £5.3bn valuation

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Airtel Mobile Commerce N.V. (Airtel Money), the mobile money business of Airtel Africa, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7.0 billion) at admission.

Airtel Africa disclosed this in a statement on Thursday, saying Airtel Money intends to list its ordinary shares on the London Stock Exchange, with admission currently expected on 14 October.

The planned listing followed Airtel Africa’s announcement on 23 September of its intention to undertake an IPO for Airtel Money, which operates mobile money services across several African markets.

Listing offer

Under the offer, certain existing shareholders of Airtel Money are expected to sell 270 million existing shares. Also, an additional 27 million shares may be sold if the over-allotment option is fully exercised.

Airtel Africa said it does not expect to sell its existing Airtel Money shares in the offer, except pursuant to the over-allotment option.

The telco said it would remain a “long-term strategic shareholder” in Airtel Money and support the business as it moves into its next phase as an independently listed company.

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Based on current indications from existing shareholders, approximately 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could rise to approximately 17.5 per cent if the maximum additional shares are sold, according to Airtel Africa.

Airtel Money expects the level of public ownership to make it eligible for inclusion in the FTSE UK indices.

The company said it intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority and for trading on the London Stock Exchange’s Main Market.

Airtel Money said further details of the offer would be contained in its prospectus, which it said would be made available on Airtel Money’s IPO website, subject to applicable access restrictions, on Thursday.

READ ALSO: What Dangote IPO signals – NGX Chairman 

Airtel Africa has been planning to spin off its mobile money business from its core telecoms operations following the financial subsidiary’s performance in previous years.

Its mobile money unit, Airtel Money, logged a strong performance in 2025, recording $1.4 billion in turnover, more than one-third higher than what it reported a year before.

Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa.

Airtel Africa provides an integrated offer to its subscribers, including mobile voice and data services, as well as mobile money services, both nationally and internationally.


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The founder’s guide to TechCrunch Disrupt 2026: Everything you need to know

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TechCrunch Disrupt 2026 is built around one question: How do you build an enduring company in the AI era? Our programming and speaker lineup reflect that, based on the feedback we’ve gotten from the community and the reality on the ground.

Last year at Disrupt, we spoke with founders about their experiences and discovered the results of their attendance firsthand. One founder saw a 3x oversubscription rate after their confirmation for Startup Battlefield and more than 100 investor inbounds helping fuel conversations about a future fundraising round. Another founder had nearly 30 back-to-back conversations with investors who flocked to them after a pitch onstage and followed them to their booth.

That’s not the exception at Disrupt — that’s the point. And those opportunities aren’t just available for Battlefield finalists. Every conversation in the Expo Hall or in a Side Event can create an opportunity for your startup. For years, whether it’s been held in New York, San Francisco, or elsewhere, Disrupt has brought together thousands of founders, investors, startup team members, and tech leaders.  

We’re keeping that mission alive at SF’s Moscone West, this October 13-15 with a packed lineup of speakers, more than 200 expert sessions, a wealth of organized and serendipitous networking opportunities, and most of all, the chance to be in the same room as the person who could change your nascent idea for a company or your current startup’s trajectory.

This guide is for the founders out there who are just learning about Disrupt, who need a refresher, or are skeptical of whether it’s worth it. TechCrunch has been around for more than 20 years; we can take it. And before you dive in, we have two discounts that run up until Disrupt begins you should be know about. Founders can bring a team member along for 50% off their ticket by following this link, or you can help laid off members of your network find their next opportunity at Disrupt with our steep discount of Expo+ passes.

The expo hall at TechCrunch's 2025 Disrupt event
Image Credits:TechCrunch / Slava Blazer Photography

The reality of what makes Disrupt, Disrupt 

If you’re asking Claude or ChatGPT if TechCrunch Disrupt is worth it, you’re not alone. The reality is that Disrupt is a unique event, and it’s happening at a unique time for the startup community.

This year’s Disrupt isn’t about predicting the future of AI; it’s about building companies in it. Across six editorially curated stages, founders will hear practical lessons from the CEOs, investors, engineers, and operators shaping the next decade of technology.  

Whether you’re raising your first round, scaling your team, or deciding how AI changes your product, every session is designed to answer one question: “What can I take back to my company on Monday morning?”

The founders Disrupt empowers 

Disrupt works a bit differently, depending on where you are in your founding journey, with different tracks you can follow to make the most of the three days:

Pre-seed and idea stages 

You’re here to pressure-test your thesis, meet your first angel or pre-seed investors, and figure out who else is building in your space. Prioritize the Builders Stage, the Startup Battlefield semifinalist pitches, and the Expo Hall, along with roundtables tied to your industry and conversations you’ll want to learn more from.

Early revenue or actively raising 

You’re here for capital and validation above all else, and your time is valuable. Prioritize our investor-matchmaking tools and the connections that come with your Founder Pass, including the networking tools in our app. You also get access to the Deal Flow Café, where we foster one-on-one conversations between founders and investors.  

And when your schedule isn’t packed with dealmaking, learn from VC perspectives and fundraising-focused sessions at the Builders Stage.

Scaling, hiring, in search of partnerships 

You’re here in search of talent, strategic partners, and market visibility. Those same networking tools and opportunities can help you meet potential hires and partners and deepen those connections or make new ones. Disrupt’s Side Events aren’t to be missed — there’s one for every industry, interest, or post-event vibe you could be looking to find.

Startup Battlefield: The most iconic pitch competition 

The Startup Battlefield winner’s reveal packs the Disrupt stage and is each year’s capstone event. But it’s the lead-up to that $100,000 check and the deluge of attention the winner receives that’s the most valuable for founders attending Disrupt.

The 200 startups chosen on August 20 to compete go through a rigorous prep process and get the opportunity to pitch onstage in front of top-tier VCs and the Disrupt crowds. You’ll also get to watch those pitches, take notes, learn from the peaks and valleys, and potentially meet the teams behind the ideas and innovations. It could be in a follow-up meeting or just walking through the halls of Moscone.  

And if that all leaves you inspired, here’s an insider tip: Most Battlefield participants, and several winners, have gone through the process multiple times. We’re no longer taking applications for 2026’s competition, but we’re expanding the program to more international markets, and the 2027 process will be similar to this year’s, so take note for the future!

The founder-focused programming 

Disrupt 2026 spans several stages, each built around a different founder need:

  • Disrupt Stage: The biggest conversations in technology, featuring the founders, CEOs, and industry leaders defining what’s next. These are the conversations you’ll be talking about long after Disrupt ends.
  • Builders Stage: The tactical playbook for building a startup. From fundraising and hiring to GTM, product, and scaling, every session is designed to give founders practical advice they can put to work immediately.
  • AI Stage: AI isn’t the future — it’s the present. Learn how the fastest-growing startups are building, deploying, and monetizing AI, with practical lessons on agents, models, infrastructure, and what it takes to win in the AI era.
  • Real World AI Stage: AI is moving beyond the screen and into the physical world. Explore how robotics, autonomous systems, manufacturing, healthcare, and defense are turning AI breakthroughs into real-world products and businesses.
  • Smart Money Stage: Follow the money. From fintech and stablecoins to payments, embedded finance, and AI-driven financial services, this stage explores how technology is reshaping the movement of capital.
  • Smart Systems Stage: Every AI breakthrough depends on the infrastructure behind it. Discover the innovations in chips, compute, energy, networking, and data centers that will determine the next generation of technology companies.
TechCrunch's Builders Stage at the 2025 Disrupt event
Image Credits:TechCrunch / Slava Blazer Photography

Conversations you can only get at Disrupt 

  • RJ Scaringe (Rivian): Building a generational company. 
  • Panos Panay (Amazon): Designing products people love. 
  • Paolo Ardoino (Tether): Money, AI, and infrastructure. 
  • Toni Schneider and Rose Wang (Bluesky): Can social start over? 
  • Amjad Masad (Replit): Every founder becomes technical. 
  • Andrew Feldman (Cerebras): Winning the AI compute race. 

And that’s just the beginning — we’ll have more speakers to announce as we get closer to Disrupt. Check out the full lineup of speakers across all stages and events here.

How to get the most bang for your buck at Disrupt 

Disrupt’s prices increase as we get closer to the event, but we have a couple of promotions for Founders looking to save. You can save 50% on a second ticket by following the link here, and bring a coworker or co-founder along for the ride.  

If there are colleagues in your network who have been impacted by layoffs who you’d like to have join up, we have an option for them as well, with a special $75 Expo+ Pass available at a limited volume for those impacted by cutbacks this year.

Your time at Disrupt is valuable, too, so before you head there, check on our regularly updated schedule of speakers and Side Events, get ahead of competitors’ schedules by booking your networking opportunities in advance, and get your own elevator pitches in order to make the most of those magical Disrupt moments that can come at any point October 13-15!

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