According to CoinMeta, China's AI computing power is rapidly flowing towards Ulanqab, a prefecture-level city under the jurisdiction of Inner Mongolia Autonomous Region. Goldman Sachs data shows that the total capacity of data centers that are already in operation, under construction, or planned in the area amounts to about 12.5GW, exceeding the initial 10GW target set by OpenAI for Stargate. However, only about 1.2GW has actually been put into operation so far. This round of expansion mainly occurred in the past year, with over 70% of Ulanqab's capacity commitments being added in the last 12 months. DeepSeek plans to build its own data center with a capacity of about 1GW, and REDnote has also been reported to be considering a project of about 600MW. Companies such as ByteDance and Alibaba have also entered the market. The region offers low land costs, cheap electricity, cold weather, and is close enough to Beijing. Dedicated fiber optic cables have reduced the average latency between Ulanqab and Beijing to within 5 milliseconds.