China’s DeepSeek Leads AI Revolution with Open-Source Models and University Integration
Chinese AI startup DeepSeek is revolutionizing the industry by open-sourcing five code repositories next week, furthering its commitment to transparency. The company, known for its R1 reasoning model that rivals Western giants, is challenging the closed-source approach in both China and the U.S. With universities like Shenzhen, Zhejiang, and Jiao Tong incorporating DeepSeek’s models into AI courses, the move supports China’s push for tech innovation and ethical AI education.
Xpeng Doubles Global Expansion, Targets 60 Markets in 2024
Chinese EV maker Xpeng is set to expand to 60 international markets this year, doubling its current presence. CEO He Xiaopeng announced the move in Guangzhou while launching global shipments of the X9 MPV, starting with Thailand. Xpeng aims for 50% of its sales to come from overseas by 2033, up from 13% in 2024. The company plans to roll out ultra-fast charging stations in Thailand and Hong Kong and will begin testing autonomous driving abroad this year. Part of its “Go-Global 2.0” strategy, Xpeng’s expansion includes Europe, Southeast Asia, the Middle East, and Africa.
Xi Jinping Calls on Private Businesses to Revive China’s Economy
China’s President Xi Jinping urged business leaders, including Alibaba’s Jack Ma and Huawei’s Ren Zhengfei, to “show their talent” in revitalizing the struggling economy. At a symposium on private enterprises, Xi emphasized China’s governance and market scale as key advantages in developing new industries. His call comes amid a downturn fueled by a housing crisis and high youth unemployment. The meeting, closely watched by investors, signaled which firms have government favor. Notably absent were executives from ByteDance and Baidu. Xi’s softened stance on private business contrasts with past crackdowns, reflecting a strategic shift to boost economic confidence.
OpenAI Surges to 400M Users Amid Growing AI Rivalry
OpenAI’s user base has soared to 400 million weekly active users, up 33% since December, with 2 million enterprise customers now on board. COO Brad Lightcap credits word-of-mouth growth and increasing workplace adoption. The company also faces rising competition, notably from China’s DeepSeek, which shook markets in January, causing Nvidia to lose $600 billion in value. OpenAI has accused DeepSeek of improper model distillation but remains unfazed. Meanwhile, Elon Musk has sued OpenAI over its shift to for-profit status, with his $97.4 billion buyout bid rejected.
Bybit's $1.4B Hack: Despite Losses, Reserves Remain Stable
Bybit, a leading cryptocurrency exchange, suffered a record $1.4 billion hack on February 21, marking the largest crypto theft in history. Despite this loss and a $5.3 billion decline in total assets, Bybit’s reserves still exceed its liabilities, according to its independent proof-of-reserve auditor, Hacken. The attack, attributed to North Korea’s Lazarus Group, compromised Bybit’s Ethereum multisig cold wallet via a deceptive transaction. However, Bybit has continued to function normally, processing withdrawals and receiving emergency transfers from other industry leaders.
U.S. Tech Giants Push Back Against Europe's Strict AI Regulations
Executives from Google and Meta have voiced concerns at Sweden’s Techarena conference, claiming that Europe’s stringent AI regulations hinder innovation and delay product launches. Meta’s Chris Yiu criticized the AI Act for slowing down AI applications like Ray-Ban glasses in Europe. Similarly, Google’s Dorothy Chou highlighted the AI Act’s outdated approach, created before the launch of ChatGPT. Both companies argue that regulation should balance responsible AI use with fostering industry growth. U.S. Vice President JD Vance echoed these sentiments at the AI Action Summit, calling for a more innovation-focused approach in Europe’s tech regulation.
Nvidia-Backed Together AI Raises $305M, Valuation Soars to $3.3B
AI startup Together AI secured $305 million in a funding round led by General Catalyst, more than doubling its valuation to $3.3 billion. Backers include Nvidia, Salesforce Ventures, Coatue, and Aramco’s Prosperity7. The San Francisco-based company plans to expand its cloud platform, focusing on large-scale Nvidia Blackwell GPU deployments. Together AI, which supports over 200 open-source models, has gained traction amid growing demand for AI infrastructure. Its rapid growth reflects the rising importance of open-source AI, especially as competition intensifies with China’s DeepSeek.
