Xiaohongshu Hits $1 Billion in Quarterly Revenues, Eyes IPO
Xiaohongshu, dubbed “China’s Instagram,” saw revenues soar to $1 billion in Q1 2024, fueled by increased advertising targeting Gen Z women. The social media platform reported $200 million in net profit, a sharp rise from $40 million in Q1 2023. With 312 million monthly users and strong backing from Alibaba, Tencent, and DST Global, the platform has become China’s fastest-growing social network.
Moonshot AI Unveils Enhanced Kimi Chat with Advanced Problem-Solving Capabilities
Chinese AI firm Moonshot AI launched an upgraded version of its chatbot, Kimi Chat Explore, boasting enhanced problem-solving and reasoning skills similar to OpenAI’s o1 large language model (LLM). The updated chatbot can now perform multi-step tasks, identify errors, and analyze over 500 online pages per query, far exceeding the previous limit of 50. Backed by Alibaba and Tencent, Moonshot AI’s valuation has surged to $3.3 billion.
Chinese AI Startups Target U.S. for Revenue Growth
Chinese AI companies like MiniMax, ByteDance, and 01.ai are expanding to the U.S. market to drive growth, inspired by TikTok’s success. MiniMax, backed by Alibaba and Tencent, projects $70 million in 2024 sales, primarily from its U.S. avatar chatbot app, Talkie. ByteDance has launched AI apps abroad, while 01.ai is testing a new AI search tool. Struggling with high domestic compute costs and fierce competition, Chinese AI firms see the U.S. as a crucial growth avenue.
Tesla Shares Plunge 9% After Disappointing Robotaxi Reveal
Tesla shares fell nearly 9%, wiping $67 billion from its market value, after Elon Musk’s Robotaxi event failed to impress investors. Musk introduced a two-seater autonomous “Cybercab” priced under $30,000, but lacked key details on the technology and cost reduction. Analysts called the presentation “underwhelming”. Musk also showcased a 20-person Robovan and AI-powered humanoid robots but emphasized design over tech advancements.
Internet Archive Hacked, Personal Data of 31 Million Users Exposed
The Internet Archive was hacked on October 9, with a pop-up warning of a security breach impacting 31 million users. The breach, confirmed by founder Brewster Kahle, involved defacement of the site via a JavaScript library and a DDoS attack. Exposed data included email addresses, usernames, and bcrypt-hashed passwords, which were sent to Have I Been Pwned (HIBP). In addition to the breach, the site experienced a Distributed Denial-of-Service (DDoS) attack, slowing operations. The hacker group, SN_Blackmeta, claimed responsibility and hinted at further attacks.
AMD Unveils New AI Chip Instinct MI325X to Challenge Nvidia’s Dominance
AMD launched its latest AI chip, Instinct MI325X, targeting Nvidia’s dominance in the data center GPU market. Expected to start production by late 2024, this chip is aimed at AI-driven workloads, competing with Nvidia’s upcoming Blackwell chips. While Nvidia holds over 90% of the AI chip market, AMD hopes to capture a significant share in the booming AI sector, projected to reach $500 billion by 2028.
Portugal Breaks Record for Largest Programming Lesson at University of Lisbon
Nearly 1,700 participants, ranging from ages 12 to 67, gathered at the University of Lisbon’s IST School of Technology to set a new Guinness World Record for the largest computer programming lesson in a single venue. The previous record of 724 participants, set in Dallas in 2016, was shattered with 1,668 people. Organizers aimed to raise international awareness of Portugal’s growing IT sector and promote computing education.
