Goldman is hosting its Private Tech Tour 2025 this week.
From Monday through Thursday, Goldman analysts will visit companies in Shanghai, Shenzhen, and Guangzhou. The tour will feature C-suite meetings and factory tours at 19 companies in eight critical industries. These industries—including AI, semiconductors, eVTOL, and photonics—are poised to define the great powers of the 2030s.
Early takeaways from China's tech ecosystem suggest that Asia holds the lead, especially regarding handsets, eVTOL, and other technologies that share similar production ecosystems. This report serves as a wake-up call for Washington elites: re-shoring these critical supply chains is essential for 2030 dominance.
Here's a list of the 19 companies in 8 critical industries the analysts have either visited or will visit this week:
Satellites: Landspace, Chinese liquid rocket and reusable rocket supplier
Silicon Photonics: Sicoya, Qianmu Laser, Macrochip, Chinese CW (continuous wave) laser suppliers
Robotaxi: Deeproute AI, Rhino.ai, GigaAI, Chinese autonomous driving software and chipsets suppliers
eVTOL: Aeroht (Xpeng affiliate), Chinese flying vehicles
AI Software: 01.AI, AutoArk AI, Chinese AI foundation model and AI agent AI hardware: MetaX, ZStack, xFusion, Chinese AI computing power and servers
Semiconductors: Innogrit, Ascen Power, ZenSemi, Capcon Semi, Chinese memory IC, SiC, foundry, and advanced packaging equipment suppliers
Smartphones: OPPO, Nothing, Chinese smartphone brand makers
The analyst provided the companies that clients should get exposure:
Satellites: UMT, WNC, Hon Hai; Satellites deepdive report,
Silicon Photonics: Landmark, VPEC; initiation report,
Robotaxi: Horizon Robotics, Pony AI,
eVTOL: Ehang,
AI software: Kingsoft Office, Kingdee, Yonyou,
AI hardware: Cambricon, FII, Quanta,
Semiconductors: Montage, SICC, SMIC, ASMPT,
Smartphones: Transsion.
It turns out that silicon photonics, robotaxi, eVTOL, AI software, semiconductors, and smartphones share a deeply interconnected production ecosystem centered around advanced electronics manufacturing, semiconductor integration, and software-hardware co-optimization. Right now, China controls a sizeable chunk of these supply chains that are essential for U.S. national defense.
President Trump's trade war is about re-shoring these critical supply chains to ensure U.S. dominance in the 2030s.
Marc Andreessen of Andreessen Horowitz recently highlighted in a podcast that three key industries—drones, cars, and robots—are set to succeed smartphones as the next major technology platforms. He said these technologies share a similar production ecosystem and warned that China dominates these supply chains.
The big challenge for the U.S. is the lack of companies with all or most of these technologies under one umbrella—EVs, robots, AI, drones, space, and more. Chinese firms like BYD, NIO, Xpeng, and others are rapidly building this full-stack ecosystem. In the U.S., the only comparable example is Elon Musk's empire: Tesla (EVs and humanoid robots), xAI (AI development and social media via X), and SpaceX (rocket launches and satellite internet).
Even more alarming is the Democratic Party's ongoing effort to kill Tesla and Elon Musk's companies—companies that are positioned to lead the U.S. through the 2030s in the great power competition against the Chinese Communist Party.
This raises a troubling question: Is there foreign influence at play—possibly from Beijing? After all, the Democrats' history with China has long raised red flags.
Democrats targeting the very American companies poised to lead in the 2030s sends a disturbing message that raises national security risks.
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