A year or so ago, Xiao Li was seeing floods of Nvidia chip deals on WeChat. A real estate contractor turned data center project manager, he had pivoted to AI infrastructure in 2023, drawn by the promise of China's AI craze. At that time, traders in his circle bragged about securing shipments of high-performing Nvidia...

This is today's edition ofThe Download,our weekday newsletter that provides a daily dose of what's going on in the world of technology. China built hundreds of AI data centers to catch the AI boom. Now many stand unused. Just months ago, China's boom in data center construction was at its height, fueled by both government...