CNBC's The China Connection newsletter: U.S.-China tech rivalry heats up—in other countries

At a supply chain expo in Beijing on June 24, 2026, PwC Global Chair Mohamed Kande gives a tour of the company's booth to Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT). CNBC | Evelyn Cheng Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses. As more Chinese tech companies set their sights on global users, competition with the U.S. enters a new phase. The big story From data centers to artificial intelligence applications, Chinese companies are expanding rapidly outside their home market, just as American firms race to do the same . " US tech investors need to keep a very close eye on the growing competition from China tech because as we've seen, many Chinese companies first prioritize market share over profit margins," market strategist Peter Boockvar wrote on June 24. Launching low-cost AI models with capabilities that rival American-made ones was only the first step. Next is industrial integration. It's a sign that price and functionality will increasingly matter as economic competition expands globally — clearly illustrated by events over the past week. …