> though at the outset (pre-profit / private) it's hard to say there's much difference.

I think this is the tough part, we’re at the outset still.

Also, a political investment could could be sustainable, in the sense that China might decide they are fine running Deepseek at a loss indefinitely, if that’s what’s going on (hypothetically. Actually I have never seen any evidence to suggest Deepseek is subsidized, although I haven’t gone looking).