Rhodium Group
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Rhodium Group is an independent research provider, combining policy expertise and data-driven analysis to help decision-makers navigate global challenges.
Annual recurring revenues (ARR) of China's frontier labs and hyperscalers’ AI model businesses have surged this year, but the total ARR for all of China’s AI models was still only around $10.7 billion, or around 10% of the recently reported levels of OpenAI and Anthropic.
September 17, 2026 at 3:00 PM
Annual recurring revenues (ARR) of China's frontier labs and hyperscalers’ AI model businesses have surged this year, but the total ARR for all of China’s AI models was still only around $10.7 billion, or around 10% of the recently reported levels of OpenAI and Anthropic.
US-China competition on AI is one of the biggest stories today, but there has been little focus on how China’s AI firms are financing their own expansion, or how constraints on compute and finance interact in China’s market.
Our latest report explores just that:
Our latest report explores just that:
Examining China's AI Financing
We examine how China’s AI firms finance their operations and evaluate their scope and sustainability, including a comparative perspective with US firms.
rhg.com
September 17, 2026 at 11:42 AM
US-China competition on AI is one of the biggest stories today, but there has been little focus on how China’s AI firms are financing their own expansion, or how constraints on compute and finance interact in China’s market.
Our latest report explores just that:
Our latest report explores just that:
Global investment in clean technology manufacturing and industrial facilities fell 14% in Q1 and another 7% in Q2 2026, continuing a downward trend underway since late 2023. Solar manufacturing accounted for a large share of the decline.
September 14, 2026 at 7:53 PM
Global investment in clean technology manufacturing and industrial facilities fell 14% in Q1 and another 7% in Q2 2026, continuing a downward trend underway since late 2023. Solar manufacturing accounted for a large share of the decline.
Across China's chemical industry, between 2021 and 2025, operating profits fell by 55% and revenues barely grew, yet liabilities increased by 43% according to data from the NBS.
September 11, 2026 at 1:54 PM
Across China's chemical industry, between 2021 and 2025, operating profits fell by 55% and revenues barely grew, yet liabilities increased by 43% according to data from the NBS.
Beijing has not delivered on its promised reforms to its banking system, but has instead tightened control over banks and molded them into policy tools, imposing consequences on both China's economy and its trading partners.
The Banks Behind the China Shock
Beijing has not delivered on its promised reforms to its banking system, but has instead tightened control over banks and molded them into policy tools, imposing consequences on both China's economy a...
rhg.com
September 10, 2026 at 6:00 PM
Beijing has not delivered on its promised reforms to its banking system, but has instead tightened control over banks and molded them into policy tools, imposing consequences on both China's economy and its trading partners.
The pace of global clean tech investment growth is leveling off after years of relatively steady expansion. From 2018-2025, investment experienced a relatively steady upward trend. That momentum may be flagging somewhat as investment in Q1 and Q2 2026 crept back to levels last seen in 2024.
September 10, 2026 at 5:29 PM
The pace of global clean tech investment growth is leveling off after years of relatively steady expansion. From 2018-2025, investment experienced a relatively steady upward trend. That momentum may be flagging somewhat as investment in Q1 and Q2 2026 crept back to levels last seen in 2024.
Has China made more progress toward consumption-led growth than commonly recognized?
Join Rhodium Group's Daniel Rosen on September 30 at @asiapolicy.asiasociety.org for a discussion with PIIE's Nicholas Lardy on China's consumption:
Join Rhodium Group's Daniel Rosen on September 30 at @asiapolicy.asiasociety.org for a discussion with PIIE's Nicholas Lardy on China's consumption:
Does China Really Need to Consume More? A Debate with Nicholas Lardy and Daniel Rosen
Join us for a debate on the future of China’s economic growth and whether greater household consumption is essential to sustainable rebalancing.
asiasociety.org
September 2, 2026 at 2:28 PM
Has China made more progress toward consumption-led growth than commonly recognized?
Join Rhodium Group's Daniel Rosen on September 30 at @asiapolicy.asiasociety.org for a discussion with PIIE's Nicholas Lardy on China's consumption:
Join Rhodium Group's Daniel Rosen on September 30 at @asiapolicy.asiasociety.org for a discussion with PIIE's Nicholas Lardy on China's consumption:
Chinese FDI in US clean tech suffered a flurry of divestment in Q2 2026: Boviet Solar, JinkoSolar, and AESC partly or fully sold their plants in North Carolina, Florida, and Tennessee.
See the latest on Chinese investment:
See the latest on Chinese investment:
China Doubles Down on Mining: Q2 2026 Update
Mining dominated announced Chinese outbound investment in Q2 2026, driven by new acquisitions and the expansion of previously acquired operations. Automotive investment is gradually recovering, led by...
cbm.rhg.com
August 28, 2026 at 5:01 PM
Chinese FDI in US clean tech suffered a flurry of divestment in Q2 2026: Boviet Solar, JinkoSolar, and AESC partly or fully sold their plants in North Carolina, Florida, and Tennessee.
See the latest on Chinese investment:
See the latest on Chinese investment:
Nuclear energy capacity is poised to expand in the US if the government and industry can overcome supply chain and financial barriers. However, this energy renaissance will only be possible if key investments are made in precise segments of the critical mineral value chain.
Critical Mineral Chokepoints Could Threaten the US Nuclear Energy Renaissance
We provide a granular, product-specific assessment of critical minerals needed for a US nuclear power plant build-out through the mid-2030s and associated key supply chain vulnerabilities.
rhg.com
August 24, 2026 at 1:42 PM
Nuclear energy capacity is poised to expand in the US if the government and industry can overcome supply chain and financial barriers. However, this energy renaissance will only be possible if key investments are made in precise segments of the critical mineral value chain.
In new analysis, we calculate the critical mineral requirements for a US nuclear build-out of Generation 3+ reactors. A careful review of supply chains reveals potential chokepoints, especially if there is a surge in demand from a large number of nuclear projects. rhg.com/research/cri...
Critical Mineral Chokepoints Could Threaten the US Nuclear Energy Renaissance
We provide a granular, product-specific assessment of critical minerals needed for a US nuclear power plant build-out through the mid-2030s and associated key supply chain vulnerabilities.
rhg.com
August 13, 2026 at 5:43 PM
In new analysis, we calculate the critical mineral requirements for a US nuclear build-out of Generation 3+ reactors. A careful review of supply chains reveals potential chokepoints, especially if there is a surge in demand from a large number of nuclear projects. rhg.com/research/cri...
In the second quarter of 2026, clean energy and transportation investment in the US totaled $75 billion, a 22% increase from Q1 2026 and the second-highest quarter of investments on record. The increase was largely driven by consumer spending on clean technologies.
August 11, 2026 at 4:21 PM
In the second quarter of 2026, clean energy and transportation investment in the US totaled $75 billion, a 22% increase from Q1 2026 and the second-highest quarter of investments on record. The increase was largely driven by consumer spending on clean technologies.
Reva Goujon joined Bloomberg's David Ingles and Avril Hong to discuss our latest report on why policymakers need to broaden their lens to the full stack when it comes to AI competition with China:
Watch Rhodium: China Leads US in Key Tech Stack Areas - Bloomberg
A Rhodium Group analysis shows China leads the US and other G7 nations in several key areas of AI development, despite lagging behind in chips. Reva Goujon, a director at the group and co-author of th...
www.bloomberg.com
August 5, 2026 at 1:51 PM
Reva Goujon joined Bloomberg's David Ingles and Avril Hong to discuss our latest report on why policymakers need to broaden their lens to the full stack when it comes to AI competition with China:
Since the Advanced Manufacturing Production Credit (45X) was enacted, the US has seen billions of dollars in investment across its clean energy manufacturing base. But for all its success, the credit is limited in scope, omitting technologies that have become increasingly important.
August 4, 2026 at 5:37 PM
Since the Advanced Manufacturing Production Credit (45X) was enacted, the US has seen billions of dollars in investment across its clean energy manufacturing base. But for all its success, the credit is limited in scope, omitting technologies that have become increasingly important.
Policymakers in the AI space have been narrowly focused on the most visible parts of the system: chips, cloud, and models.
But to craft a durable AI strategy, policymakers need to reconcile industrial capacity, geopolitical realities, and rapid evolution of the technology.
But to craft a durable AI strategy, policymakers need to reconcile industrial capacity, geopolitical realities, and rapid evolution of the technology.
August 4, 2026 at 3:28 PM
Policymakers in the AI space have been narrowly focused on the most visible parts of the system: chips, cloud, and models.
But to craft a durable AI strategy, policymakers need to reconcile industrial capacity, geopolitical realities, and rapid evolution of the technology.
But to craft a durable AI strategy, policymakers need to reconcile industrial capacity, geopolitical realities, and rapid evolution of the technology.
We project that a historic influx of renewables comes online between now and 2030, in response to surging electricity demand and in time to claim federal tax credits before they expire. 48-50 GW of solar, wind, and storage are deployed on average through 2030, in line with 2025's record of 50 GW.
August 3, 2026 at 6:48 PM
We project that a historic influx of renewables comes online between now and 2030, in response to surging electricity demand and in time to claim federal tax credits before they expire. 48-50 GW of solar, wind, and storage are deployed on average through 2030, in line with 2025's record of 50 GW.
India has seen some success in sectors it targeted for export growth, like smartphones and solar panels. Its Production-Linked Incentive program provided funds that helped companies break ground on capital-intensive projects.
August 3, 2026 at 1:54 PM
India has seen some success in sectors it targeted for export growth, like smartphones and solar panels. Its Production-Linked Incentive program provided funds that helped companies break ground on capital-intensive projects.
When the US-China trade war began in 2018, India was widely expected to be a top beneficiary of shifting supply chains. But it has lagged well behind Vietnam and Mexico in capturing manufacturing value added and absorbing China's declining share of US imports.
July 31, 2026 at 7:54 PM
When the US-China trade war began in 2018, India was widely expected to be a top beneficiary of shifting supply chains. But it has lagged well behind Vietnam and Mexico in capturing manufacturing value added and absorbing China's declining share of US imports.
Can India finally realize its manufacturing ambitions?
New trade deals and other countries’ rising barriers to Chinese goods offer India an opportunity to capture global export share, even as its manufacturing ecosystem remains less competitive.
New trade deals and other countries’ rising barriers to Chinese goods offer India an opportunity to capture global export share, even as its manufacturing ecosystem remains less competitive.
Can India Finally Realize Its Manufacturing Ambitions?
Trade deals with the EU and potentially the US, alongside other countries’ rising barriers to Chinese goods, offer India an opportunity to capture global export share, even as its manufacturing ecosys...
rhg.com
July 30, 2026 at 4:19 PM
Can India finally realize its manufacturing ambitions?
New trade deals and other countries’ rising barriers to Chinese goods offer India an opportunity to capture global export share, even as its manufacturing ecosystem remains less competitive.
New trade deals and other countries’ rising barriers to Chinese goods offer India an opportunity to capture global export share, even as its manufacturing ecosystem remains less competitive.
In our new Taking Stock 2026, our annually updated projections for the US energy system and greenhouse gas emissions under all current and federal state policy, we find that the US is on track to reduce emissions by 27-41% below 2005 levels in 2040.
July 29, 2026 at 4:13 PM
In our new Taking Stock 2026, our annually updated projections for the US energy system and greenhouse gas emissions under all current and federal state policy, we find that the US is on track to reduce emissions by 27-41% below 2005 levels in 2040.
In just a few years, Chinese OEMs have gone from zero to almost 30% market share in Thailand, and a whopping 90% of EV sales.
The question now is how much more market share Chinese OEMs can gain in the country.
The question now is how much more market share Chinese OEMs can gain in the country.
How Chinese Cars Took Over Thailand
In just a few years, Chinese OEMs have gone from zero to almost 30% market share, and a whopping 90% of EV sales. The question now is how much more market share Chinese OEMs can gain in the country.
rhg.com
July 23, 2026 at 1:39 PM
In just a few years, Chinese OEMs have gone from zero to almost 30% market share in Thailand, and a whopping 90% of EV sales.
The question now is how much more market share Chinese OEMs can gain in the country.
The question now is how much more market share Chinese OEMs can gain in the country.
In Q2 2026, actual investment in US clean tech manufacturing increased 4% quarter-on-quarter to $8 billion, breaking a six-quarter streak of consecutive declines. Investment remained 24% below Q2 2025 levels.
July 15, 2026 at 4:46 PM
In Q2 2026, actual investment in US clean tech manufacturing increased 4% quarter-on-quarter to $8 billion, breaking a six-quarter streak of consecutive declines. Investment remained 24% below Q2 2025 levels.
In new analysis, we assess which options for powering data centers genuinely accelerate the energy transition, which undermine progress, and which merely participate in trends that are taking place anyway, using the just launched Transition Acceleration Framework: rhg.com/research/dat...
July 10, 2026 at 4:10 PM
In new analysis, we assess which options for powering data centers genuinely accelerate the energy transition, which undermine progress, and which merely participate in trends that are taking place anyway, using the just launched Transition Acceleration Framework: rhg.com/research/dat...
Today we're launching the Transition Acceleration Framework, developed in partnership with Generate Capital and CalSTRS, for evaluating where climate investment, policy, and procurement will most accelerate decarbonization, beyond the trajectory the world is already on. Covers 100+ techs globally
Transition Acceleration Framework | Rhodium Group
The Transition Acceleration Framework (TAF) provides forward-looking analytics to direct climate capital, policy, and procurement where they accelerate decarbonization most.
taf.rhg.com
July 9, 2026 at 5:37 PM
Today we're launching the Transition Acceleration Framework, developed in partnership with Generate Capital and CalSTRS, for evaluating where climate investment, policy, and procurement will most accelerate decarbonization, beyond the trajectory the world is already on. Covers 100+ techs globally
Global clean technology manufacturing investment has moderated after a decade of extraordinary growth. China and the US were both the primary drivers of that rise and the subsequent pullback—though the nature of each country’s decline differs significantly. rhg.com/research/us-...
July 7, 2026 at 6:02 PM
Global clean technology manufacturing investment has moderated after a decade of extraordinary growth. China and the US were both the primary drivers of that rise and the subsequent pullback—though the nature of each country’s decline differs significantly. rhg.com/research/us-...
In both metals and agriculture, disruptions to sulfuric acid supply spread through global trade networks and ultimately feed back into China’s own cost structures.
Over the longer term, the constraints China is now facing are likely to intensify.
Over the longer term, the constraints China is now facing are likely to intensify.
Resource Nationalism and Inflation
As China and other countries engage in new forms of resource nationalism—attempting to control key industrial inputs at home—the results are strained global supply chains and new constraints on China’...
rhg.com
June 29, 2026 at 8:36 PM
In both metals and agriculture, disruptions to sulfuric acid supply spread through global trade networks and ultimately feed back into China’s own cost structures.
Over the longer term, the constraints China is now facing are likely to intensify.
Over the longer term, the constraints China is now facing are likely to intensify.