WeRide Eyes $5 Billion Valuation, Prepares for US IPO
Chinese autonomous driving startup WeRide is targeting a valuation of up to $5.02 billion in its upcoming U.S. IPO, aiming to raise $119.4 million. The IPO arrives as the Biden administration plans potential restrictions on Chinese software in U.S. autonomous vehicles. WeRide, which tests autonomous taxis, vans, and other vehicles in 30 cities worldwide, has also secured $320.5 million in private placements from investors including Alliance Ventures and Bosch.
Chinese Firms Stockpile HBM Chips, Anticipating More U.S. Export Curbs
Chinese tech giants and startups, including Huawei and Baidu, are stockpiling high bandwidth memory (HBM) semiconductors from Samsung Electronics ahead of expected U.S. export restrictions. China accounted for about 30% of Samsung’s HBM revenue in early 2024, as companies brace for new trade barriers impacting their tech development. U.S. officials plan to unveil export controls this month, which could limit access to crucial HBM chips used in advanced AI processors.
Chinese Airlines Surge in International Market Amid Foreign Retreat
Chinese airlines are capturing an increasing share of international routes as Western carriers scale back operations to China. With foreign airlines like British Airways and Qantas suspending or reducing services due to weak demand and extended flight times avoiding Russian airspace, Chinese airlines are expanding globally. While foreign carriers operated only 60% of pre-pandemic flights in July, Chinese airlines maintained 90% of their international flights.
Paris Data Center Heats Up Olympic Pool, Highlighting AI’s Impact on Energy Efficiency
In Paris, Equinix’s new data center, is transforming excess heat from AI-capable servers into a local energy source, heating the nearby Olympic Aquatics Center. Opened in 2023, the center uses waste heat from its operations to benefit the surrounding urban area and the Aquatic Centre. The facility, powered by 100% renewable energy, exports 10,000 MWh of heat annually, enough to warm over 1,000 homes. This project highlights a growing trend of using data center waste heat for sustainability, aligning with a move towards a circular economy.
TikTok and Amazon Partner for Seamless In-App Shopping Experience
TikTok and Amazon have launched a partnership allowing users to shop directly on the ByteDance-owned platform. Users will see Amazon product recommendations on TikTok’s “For You” feed, with features including real-time pricing and delivery estimates in the US. The integration lets users complete purchases without leaving TikTok by linking their Amazon accounts. This collaboration aims to boost both platforms’ e-commerce ventures amid growing competition from Shein and Temu.
Cisco Announces Second Round of Layoffs
Cisco plans to cut thousands of jobs, similar to the 4,000 layoffs in February, as it shifts focus to growth areas like cybersecurity and AI. Facing sluggish demand in its core business, Cisco is diversifying, highlighted by its $28-billion acquisition of cybersecurity firm Splunk, similarly, investing $1 billion in AI startups. This move is part of a broader trend in the tech industry, with over 126,000 layoffs this year as companies seek to balance costs with AI investments.
CrowdStrike Acknowledges IT Meltdown with 'Epic Fail' Award at Def Con
Just weeks after its software update caused a global IT meltdown, CrowdStrike’s president, Michael Sentonas, took the stage at the Pwnie Awards to accept the “Most Epic Fail” award. The event took place at Def Con, following the Black Hat conference where CrowdStrike had a significant presence. Sentonas’ candid acceptance speech, where he acknowledged the company’s mistake, was met with applause from the audience. He emphasized the importance of owning up to failures and vowed to display the trophy at CrowdStrike’s headquarters as a reminder of their commitment to protecting people.
