Bankers working for JPMorgan Chase and Goldman Sachs in Hong Kong were recently shut off from using artificial intelligence models from Anthropic. Consequently, both banks pulled the plug based on a strict interpretation of Anthropic’s terms of use. These terms directly reflect Washington’s stringent restrictions on China’s access to frontier American AI models. Therefore, preventing access to these advanced tools represents a severe threat to Hong Kong’s revival as an international financial centre.
Sudden Export Controls and Chinese Alternatives
A recent US Commerce Department directive dictates that all foreigners are to be denied access to Anthropic’s most advanced Fable 5 and Mythos 5 models. Furthermore, this unprecedented restriction even includes Anthropic’s own foreign employees. The export control directive gave the pioneering company just 90 minutes to shut off access due to national security concerns. As events unfold, China’s AI industry may actually emerge as the real winner. If foreigners cannot use America’s most advanced models, they will simply switch to Chinese alternatives that charge a fraction of the cost.
The Rise of Open-Source Models
DeepSeek’s flagship V4 Pro model is reportedly 60 times cheaper than Anthropic’s Fable 5. Additionally, models from MiniMax, Xiaomi, and Alibaba rank highly for efficiency and value. Experts note that the performance of these Chinese models is increasingly on a par with US AI. More importantly, Chinese AI models are open source. This structure means clients can freely customize them without fearing sudden regulatory shutdowns on national security grounds. Therefore, global demand for Chinese models has already overtaken US models on popular platforms like OpenRouter.
Global Reactions and Corporate Fallout
Meanwhile, Europeans are deeply alarmed by the latest US move. French and British politicians warned that relying on foreign technology means a nation can be unplugged overnight. Consequently, this sudden cut-off exemplifies Europe forfeiting its technological leadership. Ultimately, China is not hurting from this restrictive ban. Instead, Anthropic and its clients are suffering just as the firm seeks a mega IPO. Anthropic’s CEO might have been too convincing about the dangers of his own models, leading Washington to strictly treat them like weapons.
Reference
Lo, A., & Lo, A. (2026, 23 junio). As I see it | US Anthropic ban is best advert for Chinese AI. South China Morning Post. https://www.scmp.com/opinion/china-opinion/article/3357898/us-anthropic-ban-best-advert-chinese-ai?module=perpetual_scroll_0&pgtype=article