> The biggest Chinese companies only exist because of stolen technology.
We can debate the origination of their know how just like we can debate the origination of Covid. But at the end of the day what matters are the results, and China demonstrated with Covid how much more successfully they were in execution than we were. That same scenario is being replayed in board rooms across the globe - the Chinese people are hungrier, work harder, and get results more quickly. Granted, there are still gaps in some areas, but the margins are shrinking every day.
> Maybe in the short term they'll see some growth, but in the long-term innovation will always prevail.
You are somehow implying that the Chinese people are fundamentally bad at innovation. That's neighboring on being a racist statement that you should take a moment to reflect on. Just like innovation is not limited to the Bay Area, it's not limited to the US either. The Bay Area did in fact produce a disproportional amount of breakthrough ideas in the past 50 years, but not because their residents are somehow genetically more superior to other parts of the country (and ironically, you might be surprised to find out just how many Chinese workers stand behind so many of those Bay Area companies). It happened because the infrastructure for ideas was there (lack of enforcement of non competes, high risk tolerance of financial backers, previous waves of successful founders sharing their know-how with young founders and pouring money into new startups, etc). The pandemic has removed the need for in-person meetings for fundraising, and suddenly we're seeing an even more pronounced decentralization of the Bay Area, which should prove that innovation is not tied by city, county, or country borders - it's tied by regulatory, educational, and financial constraints, all of which are rapidly improving in China.
Once this current wave of Chinese mega-successful companies cashes out, the next wave will be even stronger. It's only a matter of time until a suitable ecosystem forms in China that will give their people the right ingredients to kick our ass in innovation, on top of all the other things they are already kicking our ass in.