Chamath Palihapitiya. Brian Ach/Getty Images for TechCrunch As firms move out of China, production will be more inefficient, Chamath Palihapitiya said. This will cause labor costs to rise as workers demand higher wages, the so-called SPAC King said. But knowledge-based sectors will see deflation as artificial intelligence brings pricing down. A new world order that is less dependent on China as its primary producer may keep inflation higher, according to "SPAC King" Chamath Palihapitiya. Western firms — and even some Chinese manufacturers — have started shifting their supply chains out of mainland China, due to both domestic and geopolitical risks….