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A US bankruptcy court has approved the sale of Byju’s assets, including the coding platform Tynker for $2.2 million and the children’s learning platform Epic for $95 million, both significantly below their original acquisition costs. This follows Byju’s financial struggles and highlights the broader challenges in the edtech sector, where inflated valuations during the pandemic have led to severe value erosion and increased scrutiny of aggressive acquisition strategies. The company now faces over $1 billion in unpaid debts amid allegations of financial mismanagement.
Huawei's founder, Ren Zhengfei, asserts that despite U.S. tech controls, the company is thriving in China's tech sector, particularly in smartphones and AI. He cautions against overestimating Huawei's advancements, noting that its chips lag behind U.S. technology, but believes open-source design and innovative chip packaging will help bridge the gap. Meanwhile, U.S.-China trade talks continue amid tensions over export controls, particularly concerning rare earths, which China has restricted, impacting global supply chains.
[SEC]
Huawei's founder, Ren Zhengfei, is advocating for China's advancement in AI and software despite US export restrictions. He acknowledges the challenges posed by US chip limits but sees opportunities in chip packaging and stacking, indicating a strategic shift towards enhancing domestic tech capabilities. This move reflects broader geopolitical tensions and could reshape global tech dynamics as China aims for self-reliance in technology.
Temu and Shein are shifting their focus to the European market in response to changing trade regulations in the United States. This strategic move reflects the companies' adaptation to evolving economic landscapes and their efforts to maintain competitiveness in international markets.
Cboe Global Markets has appointed Ben Gough as Global Head of FX Liquidity Management, bringing extensive experience from his previous roles at Fenics FX and UBS, where he advanced through various positions over 14 years. Gough's responsibilities will include managing FX liquidity and optimizing pricing strategies. Meanwhile, Cboe's FX division continues to report high trading volumes, regularly exceeding $1 trillion monthly, despite a recent decline in May due to reduced market volatility.
Bengaluru-based ecommerce platform Meesho has transitioned to a public limited company, paving the way for a potential IPO while seeking to redomicile from the US to India. This move reflects a growing trend of Indian startups returning to domestic markets, capitalizing on India's booming IPO landscape. Meesho, which focuses on social commerce, has achieved significant growth, particularly among women entrepreneurs, processing around five million daily orders despite a lower gross merchandise value share.
Huawei's founder, Ren Zhengfei, stated that the company's chips are still "one generation" behind those from the United States. This comment comes amid new U.S. guidelines warning firms that using Chinese-made AI semiconductors, particularly Huawei's Ascend chips, could lead to violations of export controls.
Huawei's founder, Ren Zhengfei, acknowledged that the company's chips are still "one generation" behind those from the United States, amid ongoing tensions over U.S. export controls. He emphasized that while Huawei is making progress, many Chinese firms are also advancing in chip technology. Ren dismissed concerns about U.S. sanctions, urging a focus on overcoming challenges and continuing development.
Huawei founder Ren Zhengfei has minimized the effects of U.S. export restrictions on China's artificial intelligence ambitions, asserting that the country is well-positioned to compete due to its robust energy infrastructure, advanced telecommunications, and swift AI adoption in manufacturing. He emphasized that AI represents a significant technological revolution that will unfold over decades, expressing confidence in China's advantages in this field.
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