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China faces deepening deflation as US tariffs on exports soar to 145%, prompting exporters to shift goods to the domestic market. Major ecommerce platforms are offering discounts to manage surplus inventory, leading to price wars that threaten corporate profits and employment, with urban unemployment projected to exceed 5.7%. The lack of major stimulus from Beijing raises concerns about the economic stability as millions of jobs tied to US-bound production hang in the balance.
BNP Paribas has renewed and expanded its multi-year partnership with IBM, introducing a new cloud infrastructure initiative set to launch in 2028. This collaboration aims to enhance operational resilience, data security, and compliance with regulatory standards, while also providing advanced GPU resources for AI-driven innovation in financial services. The bank will maintain a hybrid approach by hosting IBM Cloud within its data centres, further strengthening its technological foundation.
Huawei is poised to gain significant global demand for its AI chips as NVIDIA faces pressure from U.S. export regulations, according to CEO Jensen Huang. The ongoing U.S.-China "AI war" has allowed Huawei to enhance its AI capabilities, with its Ascend AI chips now competing closely with NVIDIA's offerings. As Huawei unveils advanced products like the CloudMatrix 384, the competitive landscape is shifting, raising concerns for NVIDIA's market position.
Huawei has secured second place in the H2 2024 Chinese Cloud market, capturing 13.2% of the market share among the top five public cloud IaaS vendors. While Alibaba leads with 26.1%, Huawei's performance reflects a slight decline from the first half of the year, driven by advancements in AI technologies. China Telecom, China Mobile, and Tencent follow in third, fourth, and fifth places, respectively.
Tencent has restructured its Hunyuan AI unit, creating specialized teams for large language models and multimodal models, while enhancing its data infrastructure and machine learning platform. This move aligns with a significant increase in AI investment, projected to reach 90 billion yuan by 2025, as the company aims to optimize efficiency and integrate AI across its product ecosystem. The strategy reflects a focus on maximizing returns amid competitive pressures in the AI landscape.
Huawei has introduced the Ascend 920 AI chip, designed to counter U.S. sanctions and Nvidia's dominance in the Chinese AI market. Built on a 6nm process, it boasts 900 TFLOPS and 4000GB/s memory bandwidth, promising 30-40% faster performance than its predecessor and potentially outperforming Nvidia's H20 processor. The chip is set for mass production soon, aiming to meet the demands of major Chinese companies like ByteDance, Alibaba, and Tencent.
China dominates the global AI patent landscape, holding about 60% of total patents, a significant increase from 13.4% in 2010. While the quantity of patents is impressive, concerns about quality persist, as only 7.3% of generative AI patents are filed internationally, and the grant ratio is lower than in other countries. This growth is attributed to strategic government initiatives and collaboration among tech giants, positioning China as a leader in AI by 2030.
Chinese tech giants Tencent, ByteDance, Baidu, and Alibaba have upgraded their AI tools, focusing on visual applications and autonomous agents. Tencent's Hunyuan3D-2.5 model enhances 3D design capabilities, allowing users to generate more high-resolution assets, while ByteDance is beta testing Coze Space, a versatile AI agent for tasks like stock analysis and presentations.These advancements align with China's strategic goal to lead in AI by 2030, supported by significant investments from major firms and a vast data advantage from over 700 million internet users. However, a talent gap persists, with many technical roles unfilled, highlighting the importance of established companies in driving innovation.
Guangzhou Automobile Group (GAC) has committed to taking responsibility for the safety of its Level 4 autonomous vehicles, a significant move announced at the Shanghai Auto Show. This commitment comes amid China's regulatory evolution aimed at clarifying the capabilities of autonomous systems and ensuring consumer safety. GAC's partnership with Aion and Didi Global highlights a strategic collaboration model that combines manufacturing expertise with advanced technology, positioning China competitively in the global autonomous vehicle landscape.
BMW is set to integrate AI technology from Chinese startup DeepSeek into its vehicles in China later this year, highlighting the automaker's commitment to local partnerships and innovation. This collaboration follows a pattern of adapting to China's unique automotive landscape, building on previous integrations with local tech firms. As the automotive sector increasingly embraces AI, this move signifies a shift towards practical applications that enhance driving experiences and vehicle functionality.
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