
Global Editor of The Wall Street Journal's Heard on the Street column. Previously with @wsj in Beijing and Hong Kong.
New York, NY
Joined April 2009
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Aaron Back retweeted
Breaking: Elon Musk ordered the Starlink slowdown that blindsided Ukraine on.wsj.com/4sgcpBv
Aaron Back retweeted
when i have really dumb questions i'll ask chatgpt or gemini because i don't want claude to think i'm stupid
OPENAI to EMPLOYEES: If someone is trying to seduce you, first consider — could they be a spy???
OpenAI is warning its employees about honeypot spies and strangers with children in playgrounds ... a very fun one with @georgia_wells and @MeghanBobrowsky:
wsj.com/tech/ai/ai-companies…
Aaron Back retweeted
$TSM TSMC CEO sees no AI demand slowdown and expects growth above its previous ~55% CAGR forecast.
"all I can say right now is the demand is extremely robust. We did not see any sign of slowdown. Whether it is a high 50 CAGR, it does not matter. It probably will be higher."
Aaron Back retweeted
.@abrownepek: “I’m betting that the end of the Xi era will look a lot less like Deng’s, whose passing created hardly a ripple…and more like Mao’s, a drama that involved a bloodless coup…intervention by the People’s Liberation Army, and show trials.”
semafor.com/article/10/13/20…
Aaron Back retweeted
As they say, every time you go back to China, you have to relearn everything. In less than two years, my experience using Alipay (no-cash society) has flipped, and this time it was a TOTAL NIGHTMARE. Multiple problems:
1. "Just walk up and scan the QR code" is not so simple. Now places have QR codes all over the counter! Which one? It’s a trap. Over and over again, we scanned the large-sized, prominently displayed code, which was spam! The real code was small and tucked away. This happened just now at M-Stand coffee, and the foreigner next to us did the same intuitive but wrong thing.
2. Popups. The next problem is the biggest, which is the barrage of spam popups. The worst was at Luckin, where there were literally TWENTY click-through barriers to ordering an Americano. The girl was frantically clicking through on my phone, she knew each spam screen from muscle memory and anticipated them, often clicking before they arrived, but as fast as she was, the other customers were annoyed. I told the wife, and she confirmed the same thing had happened to her earlier: literally 20 clicks, and only a local would know the answers to all those trick questions.
3. Translation. Just use the Alipay translate feature, you say? No, this has got to be the WORST translation software in existence. Claude is essentially flawless; even DeepSeek would be fine, but this is actually translating as the opposite of the meaning many times, which, as you can imagine, spins up serious confusion and wrong orders. For example, it translated "matcha latte no caffeine" (wtf?) and options like "with jelly or yes jelly” (no!).
4. Optionality. This is insane and adds to the above burdens. In the example of Luckin, the girl who works there could not even find the Orange Americano! She menu-dived three times, getting frustrated and coming up for air, before she dived into the right one. Then, of course, came corn syrup, iced, size, etc. Well, combined with misleading translation and constant spam, you are now spending up to 20 minutes ordering a coffee (this was the actual time it took in Starbucks when I did it myself).
5. When is the order ready? You would think this digital system would have that advantage, but again, it is totally unclear. It is written in some small print among dozens of other numbers and is different for each restaurant you go! We never knew when it was ready to pick up.
The effect of all this is that every single time you get a drink, or food, or do anything, it becomes an uninvited adventure, like solving a video game puzzle. It was vastly easier to just say "iced Americano, please" and let them do their job.
This seems to be a big change, or am I just imagining it? Two years ago, it took some getting used to, but I do not remember hitting this brick wall. Is this like how Facebook became 100% spam, but the product cycle is just moving faster in China? On the positive side, ordering a taxi with Alipay (DiDi Taxi) remains great!
Now, of course, we are tourists, true, and my Putonghua and comfort with simplified characters are very low, but typically when you set up systems like this, your own elder population cannot navigate them, like how elders in Korea cannot navigate the crappy banking apps and always get locked out of their own accounts.
Speaking of which, of course I got locked out of my WeChat account, sigh, and none of the three recertification options are available to me in China. We went to a beer stall where the beer is paid for with Alipay but the cup is paid for with WeChat!
This is just bad design!
CHENGDU TRIP REPORT: First-hand observations did confirm that infrastructure and technology advancements in China are moving at an extreme rate.
What we noticed in Chengdu: 1) Big clean subways comparable to Seoul or Tokyo, 2) Ruler-level super-wide roads and highways, 3) Alipay has revolutionized buying stuff and is way easier than say the Korean cashless systems, 4) Air pollution was not really a noticeable thing, 5) Overall, things are just built smart and pragmatically for widespread use by the common people. As far as social technology, same fun and safe vibe as elsewhere across East Asia, thanks to thousands of years of Confucian social science on how to cultivate good people and harmonious society.
Regarding Alipay/WeChat: This was the only truly shocking thing, as I had not read reports covering the full implications of this. It really changes everything. Now we don’t need lines, menus, verbal orders, credit cards, kiosks, account numbers, wires, or receipts. That whole annoying process just got annihilated, and this all seems to have happened since my 2018 trip to Shanghai!? For everything you just scan your phone, menus come up in your phone, select taxis destinations in your phone, all data and proof of purchases are in your phone.
But, like morons, we kept walking up to counters and staring like “where is the menu,” and they are staring at us alike “why are you standing here” and we are thinking like “is this even a coffee shop?” Habits. Okay, total process change! Now just walk in and sit down, menu comes up on your phone, select items and click pay, they bring, then you walk out. With taxis, subways, busses, movies, shopping, friends, it just makes everything so much more efficient and solves many long-standing problems… honestly have not yet fully mentally processed this.
Next stop, Shenzhen!
Aaron Back retweeted
Something big happened in Chinese elite politics today:
Huang Qifan, the former mayor of Chongqing, was placed under investigation for corruption, and the rumor is that it has something to do with P2P lending though there are a bunch of other rumors. This is pretty momentous because Huang is a legendary technocrat who played a critical role in developing Shanghai's Pudong district. He was best known as one of the main architects of Bo Xilai's Chongqing Model, which he once dubbed "Marx plus Reagan."
Remarkably, Huang survived Bo's downfall in 2012 and remained mayor until 2016, then took an economic policy advisory role in Beijing. At the time, this was views as the result of his previous economic achievements and technocratic personality, which made him not so politically threatening (He had a COO personality, not a founder.)
That's why the charges today are strange. If you spared the COO then, why are you going after him now? From his books and writings, you can tell that Huang doesn't have that instinct for political maneuvering. The guy is an engineer/state planner through and through. As he once described his motto: "follow your heart’s desire without overstepping the line."
Whatever the reason, Huang was one of the highest-profile figures of the Chongqing era, providing a rival economic vision to Xi Jinping. With his downfall, that chapter of Chinese politics has come to a close.
Aaron Back retweeted
Huang Qifan put under investigation. He was mayor of Chongqing during an especially dark time, 2010-16, wonder why now
Congratulations to Heard on the Street columnist Jonathan Weil, who was honored last night with a Gerald Loeb Award in the commentary category for his series, “The Financial Engineering Fueling the AI Race.” @JonathanWeil
Is the Flurry of Circular AI Deals a Win-Win—or Sign of a Bubble?
wsj.com/tech/ai/is-the-flurr…
AI Meets Aggressive Accounting at Meta’s Gigantic New Data Center
wsj.com/tech/meta-ai-data-ce…



















