I'm confused. China has been in a fairly bad recession the last ~2 years (their housing bubble popping). Why are we assuming that recessions can only happen in

I'm confused. China has been in a fairly bad recession the last ~2 years (their housing bubble popping). Why are we assuming that recessions can only happen in the US? I'm also confused how China managed to convince so many US VC's to spend an insane amount on a technology with "no moat". China exporting cheap AI hurts American hyperscalars. But it doesn't induce the behavior in American hyperscalars that causes them to be vulnerable to cheap AI. It seems kind of patronizing to point the finger at China, rather than acknowledge the American (potential) misallocation of resources.