This report does not constitute a rating action. HONG KONG (S&P Global Ratings) Nov. 5, 2026--The AI race is pitting China's state-led model against the U.S.'s market-driven approach amid growing concerns over the U.S. hyperscalers'massive spending plans. That's according to a report we published today titled"AI Race Pits Chinese Model Against U.S. Hyperscalers As Capex Concerns Grow, Panelists Say ,"from highlights of the AI panels at S&P Global Ratings'recent China Credit Spotlight conferences in Hong Kong and Shanghai."China shows advantages in government support and national coordination while the U.S. hyperscalers plan to invest vastly larger sums and have unimpeded access to cutting-edge technology,"said Charles Chang, S&P Global Rating's Greater China Country Lead for
