The millionaire mindset: 3 powerful ways wealthy people think differently
What distinguishes those who create long-term wealth from those who live paycheck to paycheck and struggle financially? According to a recent article from New Trader U, it's not just earnings, inherited wealth, education, or pure chance. The difference lies in mindset, how people approach life, and what they think about money, opportunity, and how they spend the most valuable resource on earth—time.
Research indicates that self-made billionaires have espoused mental agendas that unswervingly direct their decisions and choices toward continuing success. These aren't innate qualities or strictly protected secrets; these are hands-on, easy-to-learn methods of thinking that anyone can acquire and develop.
Here are three fundamental patterns of thinking that distinguish wealthy individuals: Long-term advanced thinking
People of permanent wealth are reinforced by a mindset that favors 'long-term' over 'short-term.' Instead of pursuing instantaneous rewards or freaking out about short-term expenditures, they ask—How will this decision affect my finances 10 or 20 years from now? See also The Cheapest & Most Expensive Areas to Live in Singapore
This future-focused mentality changes their behavior and, ultimately, their actions. Rather than indulging in fleeting pleasures, they invest in growing assets, such as businesses, stocks, and real estate. They also understand that time is the ultimate leverage factor.
In their professions, they are more into learning, gaining experience, and networking. They understand that acquiring experience may not immediately yield compensation, but that it lays the groundwork for future success. The capacity to postpone self-gratification is a trademark of sustainable wealth-building. 'It can't be done' vs. 'This is possible'
Where others see impediments, the wealthy see launchpads and building blocks. This approach is particularly evident in times of economic recessions, failed attempts, and personal disappointments. While most would react with distress or defeat and then withdraw completely from life, financially successful individuals view these episodes as remarkable opportunities to innovate or transpose for advancement.
They meet challenges head-on and with curiosity, not panic, asking, 'How can I benefit from this?', 'What can I learn from this situation?' rather than 'Why is this happening to me?' Wealth machines vs. paychecks
The wealthy don't just work for money; they build systems that make money for them. While many people focus on increasing their pay, wealthy individuals concentrate on accumulating assets that generate passive income.
This mentality frees them from the trap of swapping time for money that can lead to financial independence. All financial decisions are sifted through a simple lens—Will this multiply in value or create income? If not, they move on. Mindset: The first investment
These three thought patterns are not kept back for a select few. They're psychological habits anyone can espouse and implement.
The good news is that you don't need so much wealth to begin thinking like a well-heeled individual. Start with one change—ask better questions, meet a challenge head-on, or use your time on something that will pay off in the future. When you're consistent, your mindset can become your most treasured asset on your ride to financial independence. See also What Are Singapore Treasury Bills and Are They a Good Investment?
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CNA
2 hours ago
- CNA
Husband of deceased bakery owner to close her hawker stall but continue her cafe at Bugis
Michelle Goh, aged 35, founder of 2112 Bakery at OG Bugis and a food court stall in Yew Tee, passed away on June 17, 2025. Besides bakes like Nutella cookies and pistachio roll cakes, she was also known for participating in Mediacorp baking show Creme De La Creme. There was an outpouring of condolences from her customers and netizens after broke the news. We caught up with her husband, Ken Yap, 36, over the phone after her funeral last weekend. 'THE KIDS HAVEN'T BEEN EXPRESSING [THEIR EMOTIONS] MUCH' Yap told 'My family and I are coping with her passing. It has already happened and we can only focus on the kids at the moment.' The couple have a son, 12 and daughter, 10. He declined to share the details of his wife's death on record. He added with a sigh: 'The kids haven't been expressing [their emotions] much.' Yap said he will shut down Goh's food court stall at Yew Tee Square's Kopitiam at the end of June but will continue running her fancier 2112 bakery-cafe at OG Bugis. A 'JOYFUL, HELPFUL PERSON' WHO HAD FLUCTUATING MOODS DUE TO DEPRESSION 'She was a joyful person, very helpful, and always trying to put [others before herself],' Yap said. Yet, behind the friendly, bubbly demeanor that her customers saw (and shared about on social media), in private, her spirits often fluctuated due to depression. 'Sometimes her mood can be good, then all of a sudden without any reason, it can be extremely low,' he said. Goh had battled depression since 2018 and had been open about her mental health challenges on social media. Coping with the pressures of running a business exacerbated the situation. In an interview with last August, Goh had said: 'I got very depressed [due to the poor business at her now-defunct bakery in Toa Payoh], so my husband asked me whether I wanted to just shut it down, but I didn't want to waste my efforts. I know I can do it, I just need time.' She added back then that struggling to keep her business afloat affected her mental health. 'I am taking medication that controls my anxiety and depression. So when things get bad, I'll just 'hide' and bake. There are times that I'll shut down [the shop] to think of what's the next step I should take to preserve this business'. The millennial's love for baking was first sparked 'when she was admitted to IMH (Institute of Mental Health) a few years ago', Yap said. 'We bought Nutella cookies for her. On the way back home from the hospital, she was really enjoying them. [Eating them] made her feel better. So instead of having to keep on buying them, she decided to bake her own Nutella cookies.' He added that his late wife's baking journey started as a home-based business with her mother in 2019, eventually growing into a bakery-cafe – first in the now defunct branch at Toa Payoh, then a fancier joint at OG Bugis, plus a rojak-cum-popiah stall in a Yew Tee food court that also sells some of her bakes. '[Running] a business where you have something to worry about plays a part with whatever you're battling with at that moment,' Yap reflected. 'MENTAL WELLNESS IN SINGAPORE IS UNDERRATED' Yap told that he met Goh 14 years ago while working together in admin at a small firm. They got married in 2013. 'Since day one, she has been trying to work her way out [of her depression]. From our experience, the [Singapore] system doesn't have proper support to cater to this group of people,' he said. 'Mental wellness in Singapore is very underrated. There's very little assistance provided and it's very costly to seek treatment. For example, a 45-minute session for a private psychology therapy session costs about S$200. [If you want something cheaper], government hospitals require advance bookings many months ahead,' he said. SHE HAD A FEVER THAT LASTED FOR WEEKS AFTER HER HOLIDAY In the weeks leading up to her passing, Goh had shared photos of her recent holiday in Japan on social media. Yap told us that she developed a fever after the trip, which persisted for weeks. Despite being hospitalised and making numerous visits to clinics over two weeks, doctors were unable to determine the cause of her fever. During this time, Michelle took a break from work. 'It was not a life-threatening fever. Constantly throughout the day, it would subside for a while and come back again,' Yap said. 'She was, of course, feeling especially down during this period.' WHAT'S NEXT FOR 2112 BAKERY? Yap said that Goh's mum, who co-founded the 2112 brand with her, co-owns the business. He said she has been helping with baking on and off, while also working at her own hawker stall in Bukit Canberra Hawker Centre selling other snacks. Yap is not a shareholder and had no role in the business before his wife's death, other than occasionally helping her to clear tables at the cafe. He works full-time in the car trading industry and said his hours are flexible. He said that he plans to keep the bakery-cafe at OG Bugis running. 'Money has been invested into it and at the end of the day, it's something Michelle left behind. I'll try to see what I can do. Closing [the entire business] is the last thing I want.' That being said, Yap has decided to shut down the 2112 food court stall at Yew Tee. He said it has been operating for over a year but has yet to turn a profit. 'It's so I can focus more on the bakery at OG Bugis and cut our losses at the rojak stall,' he added. He is unsure of the exact amount of the losses. HE PLANS TO MANAGE THE BUSINESS FROM NOW ON Before her passing, Yap said his wife managed every aspect of the business – from baking to operations. She also hired bakers, who will continue preparing her recipes, including the bakery's signature items like the Nutella cookies, roll cakes and puffs. '[Michelle and her mum] started this business together, so her mum will ensure the recipes are followed properly moving forward,' he said. Yap plans to take over the management of the bakery-cafe: 'Baking is not my forte, but I will very likely be taking over the business operations, marketing and sales – with some help along the way. 'I've spoken to some of our close friends who have worked in the baking scene for over 30 years, to see if anyone is interested to assist us or take over the bakery. 'Anything is possible, nothing is final for now.' 'MICHELLE'S MUM IS COPING WELL' While the mother and daughter initially started out together, both women later branched out into their own physical stores in 2020, catering to different demographics. Michelle opened 2112 Bakery under an HDB block in Toa Payoh (now-defunct) selling bakes like roll cakes and cookies, while her mum runs a hawker stall called 2112 Snack Delights at Bukit Canberra Hawker Centre, serving local favourites like you tiao, prawn fritters and curry puffs. 2112 is a nod to Goh's mother's birth date. '[Her mum] is coping well. I'll try not to disturb her as much as possible as the working hours at a hawker centre are longer than at the bakery,' said Yap. INVESTED $120K INTO NEW BUGIS LOCATION Goh told in August 2024 that her first bakery in Toa Payoh suffered a S$19K loss due to low footfall and high rent. In December that year, she decided to relocate from Toa Payoh to a spot with more dine-in space at OG in Bugis, investing S$120K to open her bakery-cafe there. Before the move, Yap said he had advised her to shut the business down instead of continuing to operate it. 'My view was if you're making a loss, might as well just keep it to that [amount] and close it.' He was also concerned about her mental well-being: 'I had my objections, I thought it would be better if she could rest well without doing anything – at least for the time being.' '[But ultimately], it was her decision [to continue with the biz]. I had to give her my full support, regardless of whether I agreed [with her decision] or not,' he said. Yap said that the OG Bugis bakery-cafe business is faring better than it did at the original Toa Payoh outlet – 'by a few thousand dollars in revenue' monthly. While the six-month-old bakery-cafe has yet to break even, it has been profitable. CREME DE LA CREME HOST DENNIS CHEW ATTENDED HER WAKE Michelle participated in season two of Mediacorp baking show Creme De La Creme in August 2023, to gain more exposure for her bakery. She placed sixth out of eight contestants. Yap said that the show's host, deejay and actor Dennis Chew, and guest judge pastry chef Then Chui Foong, along with several contestants, attended Goh's wake, though he didn't get a chance to speak with them. Some 2112 Bakery customers, including those from the previous Toa Payoh outlet, also attended the funeral, said Yap. 'I hope people will remember Michelle through her bakes, knowing that she was the one behind [treats like these] Nutella tarts,' he added. When asked for his fondest memory of her, Yap said: 'Every memory [of her] is dear to me and the kids.' 2112 Bakery (cafe in OG Bugis) is at #02-02 OG Albert, 60 Albert St. 2112 Bakery (with rojak & popiah) is at #02-222/224 Yew Tee Square Kopitiam, 624 Choa Chu Kang St 62. Its last day of operations is on June 30, 2025 (Monday). This story was originally published in 8Days. For more 8Days stories, visit
CNA
8 hours ago
- CNA
How these vanilla farmers in Singapore took their plants from HDB corridors to luxury hotels
At first glance, the small garden beside Ascent at Science Park may seem modest, but beyond its understated facade lies one of Singapore's most unexpected luxuries: Homegrown vanilla; rare and quietly remarkable crops cultivated with precision and care by Mireia Vanilla Singapore. Helmed by founders Charles Santoso, 46, and his wife Juwita Maha Ranni Setiawan, 42, the couple have been running the business since 2019. It is the only company in Singapore that manages the entire vanilla journey end-to-end – from growing and harvesting raw green vanilla pods, to curing and processing them into vanilla beans, and supplying directly to chefs, retailers, and consumers. Today, they operate several vanilla farms across Singapore, including plots at Gardens by the Bay and within the grounds of luxury hotels such as The Fullerton Hotel, Four Seasons, and Conrad – where chefs harvest the beans fresh for their farm-to-table menus. Apart from hotels, Mireia also supplies organic vanilla to restaurants such as Ce La Vi and Atout to be used in pastries, desserts, drinks, and cocktails. They also sell a myriad of organic vanilla products, ranging from the vanilla beans themselves, to vanilla matcha and vanilla-infused coffee and tea. What started as a S$100 (US$79) company and an experiment with 10 vanilla vines at their HDB corridor in Tampines has now grown into a company worth several million dollars, with over 3,500 plants. Santoso and Setiawan tell CNA Luxury about their six year journey with Mireia. HOW MIREIA STARTED 'It all started because of my wife,' Santoso said. 'She spent over a decade in Europe studying at the Glion Institute of Higher Education in Switzerland, one of the world's leading hospitality schools, and later managing a hotel.' There, immersed in Europe's rich culinary culture and high standards of luxury hospitality, Setiawan was introduced to Grade A vanilla beans through her coursework and interactions with top chefs and restaurateurs. 'She fell in love with this beautiful ingredient and its story,' he said. 'That spark stayed with her long after she returned home." Originally from Indonesia, the couple migrated to Singapore in 2015. 'But when we first came here, we couldn't find really good vanilla,' Setiawan said. 'We noticed a lot of Singaporeans will go to the supermarket, buy vanilla products with a lot of chemicals, and give it to their kids.' The couple, who share two sons aged six and 10, said that while their children were avid fans of vanilla ice cream, they often worried about the potential health effects of consuming too much artificial food. 'We love natural ingredients,' Santoso added. 'So when my wife came back to Singapore, she had the idea of growing our own vanilla plants.' 'We were initially thinking about bringing awareness about organic vanilla to Singapore; that we can grow our own, which is great for health, especially for kids who may love desserts,' he added. But with an education background in real estate and finance respectively, Santoso and Setiawan had no prior knowledge on agriculture. 'Everything I've learned has come from a place of curiosity and passion. I picked things up through a lot of self-learning – reading books, watching videos, and spending countless hours researching and experimenting.' For Santoso and Setiawan, much of their knowledge was also gained through the mentorship and guidance of fellow farmers. The first farmer they met was through a friend of theirs in the coffee industry who knew about vanilla farmers in Indonesia that owned plantations. When they visited him in Indonesia, he demonstrated to the couple how to grow vanilla, from the exact soil mixture to the processing of the pods. Over time through social media, Santoso and Setiawan were also introduced to a global network of vanilla farmers, including those from Hawaii, Myanmar, Madagascar and even Bora Bora, where they exchanged knowledge such as how to crossbreed vanilla varieties in Singapore to get new flavour notes. Currently at their Science Park site, which is their biggest plantation in Singapore, Mireia grows five varieties of vanilla: Planifolias, tahitians, pomponas, odoratas and aphyllas. 'Since vanilla was something we learnt how to grow naturally and process, both of us thought, why not start a business with it,' Santoso said. EDUCATING THE PUBLIC 'When we first started planting, people would ask, 'Why is your vanilla black and not white?'' Santoso recalled, explaining that many assumed vanilla was white – a misconception due to the appearance of artificial vanilla. 'That's why we did workshops for people to share our knowledge and let them taste and see, which is real and fake vanilla,' he said. 'In fact, not many people know that artificial vanilla is actually made from petroleum or cow dung." 'Artificial vanilla usually has only one flavour note, which is sweet. But for real vanilla, there are 250 notes,' he explained. 'So people are confused when they eat the vanilla, they say 'Charles, did you add ginger or cinnamon?', but no it's just the natural vanilla flavour notes.' 'The artificial vanilla flavour is very strong,' Setiawan added. 'The real one is more blended, it's very smooth.' STARTING OUT Their first vanilla seed was planted at the corridor of their HDB flat in Tampines, where they started growing a simple 10 vines. As their mini garden flourished, the pair wanted to grow more vanilla plants, but space was becoming a concern. 'The rental (for land) here is very expensive,' Santoso lamented. 'Actually, vanilla plants don't occupy as big a space as vegetables do, but even finding a smaller space in Singapore is quite difficult; it's one of the biggest chunk of costs that every business in Singapore faces.' Due to the unique climate in Singapore, they also had to learn how to tailor their agriculture techniques on their own. 'Even the farmers we talk to from places like Indonesia or Madagascar were also not sure how to care for vanilla in Singapore because the soil, weather, and humidity are all different,' Santoso said. 'For instance we have to get the soil mixture right for the plants to grow,' Setiawan explained. 'Singapore soil is more clayish. Because in Singapore, to make the island bigger, they landfill the area. So most of the soil is not very good for plants.' 'We had to experiment and mix the soil to see what works,' Santoso added. It was only after two to three years of trial and error did they solidify their processes. Santoso explained that it takes eight years for a vanilla plant to grow from the seed. To shorten the time taken, he cuts the plant till its stem to harvest the fully grown vanilla pod to make way for the plant to grow more vanilla. But even after doing so, it still would take four to five years to harvest the vanilla pods. 'That's why the price for vanilla is not cheap, because it takes a long time to grow,' Setiawan said. 'It's labour and time intensive.' He explained that this long duration makes finding a space to grow plants difficult as well, as some vacant places only offer a two to three year contract, which is insufficient for them. 'This is why thankfully, we have solutions from the hotels, restaurants and institutions, who support us and give us space, for example in their empty garden,' Santoso said. SECURING THEIR PROJECT SITES The couple began to reap the fruits of their labour when they secured a project site at Gardens by the Bay in 2021. 'At the time they were having their 10-year anniversary for their collaboration with the Mexican embassy," Santoso said. 'So the Mexican embassy was also suggesting to Gardens by the Bay that they should have vanilla plants there,' he continued, explaining that vanilla historically originated from Mexico. Gardens by the Bay then reached out to Mireia, asking if they could support the garden with their vanilla plants. 'It's more for knowledge purposes; to see what the actual vanilla plants look like,' he said, adding that they now have two project sites there, including one at the Flower Dome. 'We should be proud that we have our own vanilla here in Singapore, that we can pollinate them ourselves and that everything is natural.' Shortly after in 2022, a pop up market Mireia hosted at Henderson Road caught the attention of an F&B director from luxury hotel Shangri-La and offered to house their plants in their herb garden. 'They wanted to have a farm to table concept for their restaurant,' he said. 'Our plants are still there until now.' Thereafter, more hotels like the Four Seasons, Fairmont and Fullerton reached out in 2023 and 2024, wanting to house their vanilla plants in their gardens. 'We're also a member of the hotel associations,' Santoso added. 'For us we don't really advertise, it's mostly through word of mouth; when we open a booth for instance in Sentosa, maybe the chef or manager comes and gets to know about us.' These hotels often use Mireia's organic vanilla in pastries, cocktails, and cooking. They sometimes use their vanilla coffee and tea products in their drinks. 'Actually vanilla is a basic flavour that can be used for anything; our clients even use it for dog food, and making candles and soaps,' Santoso revealed. He added that some hotel restaurants like Fairmont and Four Seasons have even used vanilla beans in their main courses, like roast lamb or duck. 'They use it to make the dish more fusion style,' Setiawan said. 'They would swap out the rosemary used to roast beef for vanilla instead to give the meat a subtle vanilla taste or fragrance.' 'It also makes it more premium and enhances the flavour profile,' she added. 'It's something more creative.' More recently, Mireia also collaborated with Conrad Singapore Marina Bay hotel for an afternoon tea set called La Vanilla. Available from now till Jul 31, the set features both savoury and sweet treats that use Mireia's vanilla. Some dishes include the Tempura Mushrooms and Vanilla Essence with a shoyu-vanilla dip, the Seared Scallop with mango-jalapeno salsa and vanilla espuma, the Matcha Vanilla Sonata which uses Mireia's vanilla matcha, and the Vanilla Peach Tart. Apart from using vanilla in the restaurant dishes, some hotels have come up with other ways to experiment and raise awareness on farm to table concepts. In May 2025, Mireia held an event at The Fullerton Hotel where they brought their vanilla plants, green vanilla, and vanilla pods to showcase to their visitors. The chef then used the vanilla on the spot, mixing it into their desserts like ice cream. 'This event really allowed people to see what vanilla plants look like and learn what green vanilla is,' Santoso explained. 'Because green vanilla is quite difficult to get since it's only available during harvesting time, which happens to be in April and May.' 'It's really nice that they are supporting us.' At times, hotel chefs also invite the couple to their restaurant, hoping they can share their knowledge of vanilla and help them with their cooking. 'When they don't know where this vanilla comes from or whether it's good or not, they will come to us for help,' he said. Santoso added that they also often have chefs and customers telling them that they can taste the difference in their organic vanilla. 'That kind of feedback makes every early morning and late night worth it,' he said. CHALLENGES RUNNING A TWO MAN SHOW Every day, Santoso and Setiawan make their rounds to project sites across the island, which makes for a rather demanding routine, especially under the hot sun. 'Usually we will check if there are any rotten stems, because the stems need to have a certain kind of thickness for it to grow nicely,' Santoso said about his visits to the plantations. 'We will also take out the weeds and adjust the stems to ensure they don't break because they are very fragile. Once the stems break, we'll have to start the whole plant all over again, so we'll need to keep checking and making sure the stem is protected.' In the beginning, when the couple had no background in agriculture, they said that everything came with a learning curve. 'Figuring out how to grow, cure, and process vanilla in Singapore's climate required endless trial and error,' Santoso explained. 'There were seasons where the vines didn't flower or when we lost pods after months of hard work.' 'We bootstrapped everything financially, so there were moments of doubt and stress, wondering if we were doing the right thing. Also, because vanilla takes years to grow and cure, it tested our patience and perseverance on a deep level,' Santoso added. Santoso and Setiawan however, are the only people in the Mireia team, along with a few volunteers who help out occasionally. 'It's challenging to find people who want to volunteer and help us,' Setiawan shared. 'There's not really enough interest in agriculture in Singapore. People here prefer city landscapes.' 'The cost of labour is also very expensive and people want very high salaries,' Santoso said. 'They rather work a white collar job as opposed to getting their hands dirty picking up weeds.' 'But through every up and down, we've stayed grounded in our purpose –creating something pure, honest, and beautiful from nature, with our own hands,' he added. WHAT'S NEXT FOR MIREIA Apart from searching for more clients, the couple said that they are currently looking for a centre to process their vanilla pods, vanilla coffee and tea either in Singapore or overseas. 'We also hope to attract tourists to come to Singapore by showing them we can process vanilla from start to finish,' Setiawan said. 'I think in Asia, not many people really can do end-to-end vanilla production,' she added. 'In countries like Indonesia and Madagascar, there are a lot of people who grow, but outsource their processing.' The couple shared that they are also keeping an eye out for new clients and have noticed Singapore does in fact have spaces for plantations. 'Some are quite abandoned; like at schools, hospitals and warehouses. There's still a lot of space that is not used optimally that maybe nobody knows how to use,' Santoso said. 'I think there is also consensus that Singapore is not a very agricultural place so people tend to think products from overseas have better quality,' Setiawan added. 'We are here to support the country, we don't want Singapore to keep depending on others for resources,' she explained. 'I think Singapore needs to be proud of locally grown produce.' When asked about urban farmers in Singapore, Setiawan said: 'Based on our experience, we need to have a lot of support from the government and other parties.' 'We're really thankful that we get support from the hotels, or institutions that really know how hard it is to have a farm like us,' she added. 'When they know our story, about how genuine we are and they want to support and help us, it's really a blessing.'
CNA
9 hours ago
- CNA
Commentary: China's AI dragons risk choking each other
TOKYO: It's a story that has played out many times in the history of China's tech sector. Notoriously fierce competition means that whenever a new craze comes along, scores of rivals emerge ready to pounce. Firms are then locked in a race to the bottom when it comes to pricing. The food delivery wars forced out smaller players over the years and led bubble tea – another consumer fad fallen prey – to be sold this month for as little as 1.68 yuan (less than US$0.25). A similar cutthroat market has left behind a trail of zombie cars in the electric vehicle sector. Now the same forces are in full swing in the booming artificial intelligence industry. The stakes could not be higher. The government is betting that the technology will uplift swaths of the economy. Eager to not be left behind, AI startups, including the so-called Little Dragons, are awash with funding, and even the Big Tech companies like Alibaba are going all-in. INTENSE COMPETITION For now, AI firms in China are focused on the tech industry's classic playbook: scaling up userbases and racing for market share. But a key difference this time around is that nobody has actually cracked the key to getting consumers to pay. DeepSeek and open-sourcing breakthroughs have made some headway in cutting down on costs, but eventually something will have to give. It has all undoubtedly spurred a vibrant innovation ecosystem and the widespread adoption of AI applications. But it has also forced players to slash prices and even offer services for free, making the industry's path to monetisation uncertain. The intense competition means the biggest risk for Chinese AI firms may not be Washington's chip curbs or other external factors, but each other. It represents a stark contrast to the dominance of a few large players in Silicon Valley. For example, China's top 10 global AI chatbots generated just US$1 million in revenue from Apple's iOS app store in the last 12 months ending in May, Bloomberg Intelligence analysts wrote in a note last week. Most of this came from Baidu's Ernie Bot, which stopped charging consumers in March. By contrast, OpenAI's ChatGPT bot alone garnered iOS revenue of $669 million in the same period. The dilemma has been simmering for a while. At a tech conference last year, Baidu CEO Robin Li criticised the abundance of AI models in China, complaining of a 'significant waste of resources, particularly computing power'. At the same conference, the CEO of MiniMax, one of the Little Dragons, predicted a major consolidation on the horizon. NOBODY WILLING TO BACK OUT OF THE RAT RACE An industry concentration would help ameliorate some of the pressures. But instead, the release of DeepSeek's market-moving reasoning model earlier this year has only spurred fresh pandemonium. Nobody seems willing to back out of the rat race anytime soon. There were more than 3,700 registered generative AI tools operating in China, according to one analysis of government registration data as of April, and cyberspace administrators were approving roughly 250 to 300 new products per month. Not all will survive. Some firms may be tempted to seek growth abroad. But geopolitical realities may get in the way of making it in overseas markets, where consumers have shown more willingness to pay for AI services. Already, countries from Australia to Italy are restricting the use of DeepSeek or banning it on government devices. There was brief hope that the rise of AI agents would offer a way to differentiate a company's products, but even this has already become a crowded field. This puts the Little Dragons at higher risk. Tech giants like Alibaba, ByteDance and Tencent have more resources to play the long game, especially in a sector marked by high costs for chips and computing resources. Official support and insatiable hype remains a strong propellant of China's AI sector. A former top official predicted earlier this week that the nation is on the cusp of generating more than 100 DeepSeek-like breakthroughs. But in the long run, it seems just as likely to produce at least a hundred zombie chatbots or AI agents.
