José Maria Macedo, founder of Delphi Labs, has expressed concerns over a potential AI bubble in China, likening it to the cryptocurrency market. In an interview with Empire, Macedo highlighted that Chinese AI companies like Zhipu and MiniMax have valuations between $40 billion and $50 billion, despite revenues under $1 billion, suggesting a valuation multiple 5 to 10 times that of OpenAI. This situation mirrors the inflated market conditions seen in crypto before token unlocks, complicating primary market investments. Macedo also noted that by 2025, the Hong Kong Stock Exchange is expected to become the largest IPO market globally, raising over $30 billion, surpassing the combined totals of the NYSE and Nasdaq. Despite his disappointment in Chinese software and founders, Macedo praised China's hardware capabilities, particularly in the Shenzhen Greater Bay Area, which supplies 70% of the supply chain inputs, emphasizing the critical role of Chinese manufacturing in hardware production.