1/10 China’s property market has fallen across the board since 2021. Yet the renminbi has not collapsed—and strengthened in 2026. Why? The exchange rate is not a high-frequency thermometer of GDP. A Zhibenshe Research thread. 🧵

1/6 What if prosperity can weaken the judgment that protects it? Drawing on H. G. Wells, our essay proposes the Eloi crisis: a group inherits security and freedom, then loses the capacity to recognize threats, exercise restraint and defend common rules. An argument, not a proven causal finding.

Marriage is not only a romantic bond. It is an economic institution that internalizes housing, care, income risk and long-term investment.

Zhibenshe Research asks a Coasean question: when does a household outperform markets, public services and informal cooperation? 🧵 1/5

“Flexible employment” can obscure more than it describes. One label groups entrepreneurs, couriers, farmers and part-time workers—even though their hourly pay, work intensity and social protection differ sharply. Zhibenshe Research’s new analysis 🧵

Power has a price. Olson and Wu Si show why rulers sometimes protect the wealth they extract—and why order can harden into decline. New essay: The Price of Power
zhibenshe.substack.com/p/the-price-...

NVIDIA is no longer only selling chips. It is coordinating capacity, credit support, power and third-party capital across the AI stack.

Zhibenshe Research's conclusion: the strategic question is no longer GPU supply alone. It is who can coordinate the full deployment chain.

AI capital is running ahead of economic realization.

Zhibenshe Research’s U.S. AI Industrialization Index: expansion 124.7 vs. realization 105.7 in mid-2026—a 19.0-point gap.

Test: utilization, cash flow, power, output per hour.
zhibenshe.substack.com/p/americas-a...

America’s AI boom is becoming a reindustrialization cycle—not a return to the factory economy of the 1950s. It is a shift from software profits into data centers, chips, power and automation. 🧵