In short: Leads multi-modal under the framework. Closed-source Seed model + the Doubao app give it ~70% of China's domestic token share alone; per LatePost/36Kr its Seedance video model runs ~70% gross margins at a US$2bn+ ARR run-rate.
ByteDance is the odd one out in China's open-source wave: its Seed model is fully closed and proprietary, like OpenAI's. It doesn't need openness for distribution because it already owns the audience — its Doubao chatbot is China's #1, and ByteDance alone accounts for roughly 70% of all AI tokens consumed in China. In video generation, its SeeDance model reportedly runs a healthy ~70% gross margin at a $2bn+ revenue run-rate, in an segment where demand far exceeds available computing power.
Goldman's framework crowns it the leader in multi-modal AI (video, image, audio) — the part of the market that, unlike text, still holds pricing power. Private, so not investable directly, but it's the benchmark every listed Chinese AI player is measured against.
Full passage: premium transcript (PDF).
In short: Private; named among the ~10 Chinese companies reportedly cleared for H200 — part of the China call-option set NVIDIA assumes contributes zero.
In short: The only name on the page held by two of the listed holdings — Scottish Mortgage 4.1% and Sofina 7.0%, where it is the largest direct investment. Described only as "ByteDance (TikTok)". No stance, and no comment on how a private Chinese platform is marked in a daily-priced European vehicle.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.