It's hard to disagree. The valuation gap on Chinese tech stocks is striking. Take Alibaba—trading with a P/E around 20x while Nvidia commands over 45x P/E multiples. That spread doesn't tell the full story though. Chinese companies are grinding it out in brutally competitive markets that force relentless innovation and operational efficiency. The international comparison isn't apples-to-apples when you factor in the domestic competitive pressure these firms navigate daily.