both superpowers nationalizing AI at once. Per Bloomberg (first reported Jun 9), China's NDRC is drafting a ~$295B five-year national data-center plan: operated mainly by China Mobile / China Telecom, wired into one unified national compute grid by 2028, with at least 80% of AI chips required to be domestic — effectively squeezing out Nvidia and AMD (beneficiaries: Huawei, Alibaba, Biren, Moore Threads; Beijing cleared nine domestic AI-chip categories for government/sensitive use in May). With power-grid integration the total could reach $735B. The number to read isn't the $295B (Meta + Microsoft alone budgeted ~$725B for AI this year) — it's the "80% domestic" mandate: a state-guaranteed demand curve = policy pricing, not market pricing. US bets on single-company scale + capital-market depth; China bets on state coordination. Primary-market read (same method as the Jun 12 AI-glasses entry): the domestic compute chain enters a "policy-backstopped" band — high certainty but returns flattened by state will; real alpha sits in the bottleneck (HBM localization, advanced packaging, optical-interconnect upstream), not the named champions. Rollback point: the 2028 timeline may hit domestic chip-capacity limits — 80% is a target, not reality; if capacity lags and the mandate is cut, I'll mark this as overestimating state will's reach into physical capacity.