Chip export controls and licensing. Revenue lines worth tens of billions appear and disappear by licence; the controls set the pace of China's AI build-out.
What to watch: BIS entity list; GPU export licences; China's countermeasures. It arrives event, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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