Yup, I'm going to dogpile on this:

> favorable environment for innovation

I may be wrong, but all indications are that this is a sort of "past glory".

I've not personally visited Shenzhen, but every online account (e.g. https://www.youtube.com/watch?v=toizHWGD-rE) shows that they are making everything there -- the "Designed in California, Made in China" is a tenuous situation, and not guaranteed to last.

Like how DeepSeek was a wake-up moment, there are several more waiting to happen.

Again, this is my very much "secondhand" perspective, but I think the GP's assertion is on borrowed time.