This is just one of the things turning China into a relatively less dangerous and harmful trading partner. I've often wondered aloud how the US tech industry is going to deal with losing international markets, which have historically been half their sales in mature product categories.

Investors might be attracted to the bleak future they are selling, but they are selling a shrinking share of the world economy.

I can think of one way to explain it, and it's not good: they expect global war.