Goldman's China Tech Tour Underscores One Message: America Must Reclaim These Supply Chains By 2030

Goldman is hosting its Private Tech Tour 2025 this week.

From Monday through Thursday, Goldman analysts will visit companies in Shanghai, Shenzhen, and Guangzhou. The tour will feature C-suite meetings and factory tours at 19 companies in eight critical industries.

These industries—including AI, semiconductors, eVTOL, and photonics—are poised to define the great powers of the 2030s.

Early takeaways from China's tech ecosystem suggest that Asia holds the lead, especially regarding handsets, eVTOL, and other technologies that share similar production ecosystems. This report serves as a wake-up call for Washington elites: re-shoring these critical supply chains is essential for 2030 dominance. 

Here's a list of the 19 companies in 8 critical industries the analysts have either visited or will visit this week:

1. Satellites: Landspace, Chinese liquid rocket and reusable rocket supplier

2. Silicon Photonics: Sicoya, Qianmu Laser, Macrochip, Chinese CW (continuous wave) laser suppliers

3. Robotaxi: Deeproute AI, Rhino.ai, GigaAI, Chinese autonomous driving software and chipsets suppliers

4. eVTOL: Aeroht (Xpeng affiliate), Chinese flying vehicles

5. AI Software: 01.AI, AutoArk AI, Chinese AI foundation model and AI agent AI hardware: MetaX, ZStack, xFusion, Chinese AI computing power and servers

6. Semiconductors: Innogrit, Ascen Power, ZenSemi, Capcon Semi, Chinese memory IC, SiC, foundry, and advanced packaging equipment suppliers

7. Smartphones: OPPO, Nothing, Chinese smartphone brand makers

The analyst provided the companies that clients should get exposure:

1. Satellites: UMT, WNC, Hon Hai; Satellites deepdive report,

2. Silicon Photonics: Landmark, VPEC; initiation report,

3. Robotaxi: Horizon Robotics, Pony AI,

4. eVTOL: Ehang,

5. AI software: Kingsoft Office, Kingdee, Yonyou,

6. AI hardware: Cambricon, FII, Quanta,

7. Semiconductors: Montage, SICC, SMIC, ASMPT,

8. Smartphones: Transsion.

It turns out that silicon photonics, robotaxi, eVTOL, AI software, semiconductors, and smartphones share a deeply interconnected production ecosystem centered around advanced electronics manufacturing, semiconductor integration, and software-hardware co-optimization. Right now, China controls a sizeable chunk of these supply chains that are essential for U.S. national defense. 

空飛ぶ車と人型ロボット、2つのテクノロジーの共演https://t.co/omaXfwnXP9#FlyingCar #eVTOL #bipedal #humanoid #robot #technology #unitree #XPENGAEROHT pic.twitter.com/PkXCz48Spw

— T.Yamazaki (@ZappyZappy7)

Twitter

President Trump's trade war is about re-shoring these critical supply chains to ensure U.S. dominance in the 2030s. 

Marc Andreessen of Andreessen Horowitz recently highlighted in a podcast that three key industries—drones, cars, and robots—are set to succeed smartphones as the next major technology platforms. He said these technologies share a similar production ecosystem and warned that China dominates these supply chains. 

NEW: Marc Andreessen on China's manufacturing dominance

"There's three industries that follow phones that the Chinese own the global market at:

1) Drones
Something over 90% of all the consumer drones are made in China. Which is what the US Military also uses. It's the whole… pic.twitter.com/e94C927MMU

— Autism Capital (@AutismCapital)

Twitter

The big challenge for the U.S. is the lack of companies with all or most of these technologies under one umbrella—EVs, robots, AI, drones, space, and more. Chinese firms like BYD, NIO, Xpeng, and others are rapidly building this full-stack ecosystem. In the U.S., the only comparable example is Elon Musk's empire: Tesla (EVs and humanoid robots), xAI (AI development and social media via X), and SpaceX (rocket launches and satellite internet).

Even more alarming is the Democratic Party's ongoing effort to kill Tesla and Elon Musk's companies—companies that are positioned to lead the U.S. through the 2030s in the great power competition against the Chinese Communist Party. 

This raises a troubling question: Is there foreign influence at play—possibly from Beijing? After all, the Democrats' history with China has long raised red flags.

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• Was Biden China's Manchurian Candidate The Entire Time?

Democrats targeting the very American companies poised to lead in the 2030s sends a disturbing message that raises national security risks.