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China's Skyverse Technology has launched the Redwood-900, its first 10nm wafer inspection system, aiming to capture a larger market share. Meanwhile, Huawei is stealthily building three advanced chip fabs in Shenzhen to produce Kirin and Ascend chips amid US sanctions. Rare earth prices have surged due to China's export restrictions, impacting global supply chains for EVs and defense systems.
JPMorgan Chase has acknowledged a misstep in its strategy to bet against emerging market currencies, which have outperformed the US dollar since April 2nd. The bank has shifted its stance from underweight to overweight on Asian currencies, now bullish on the Malaysian ringgit and expecting stability in the Chinese Yuan. Amid rising recession risks, JPMorgan's analysts caution that US equities may no longer be a safe haven for investors.
Chinese exports surged by 8.1% year-on-year in April, reaching a record USD 315.7 billion, despite a 21% drop in exports to the US due to increased tariffs. Exports to ASEAN and the EU rose significantly, indicating resilience in global trade, which may support the CNY against depreciation in the coming months.
Hyundai's joint venture in China, Beijing Hyundai, has unveiled the Elexio, its first all-electric SUV, marking a strategic comeback in the competitive EV market. The debut occurred during a brand strategy session in Shanghai, with plans for a diverse lineup of electric vehicles by 2025. This year is pivotal for joint ventures in China as they re-enter the EV space after a period of inactivity.
Avatr has launched the updated Avatr 12 sedan, now available in two EREV and four BEV variants, starting at RMB 269,900 ($37,360). The model features a peak motor power of 231 kW for EREV variants and 237 kW for the entry-level BEV, with ranges of up to 1,155 km for EREV and 755 km for BEV. Amidst concerns over its drag coefficient, Avatr invited Elon Musk to witness a wind tunnel test after he shared a video questioning the vehicle's performance.
Huawei has launched the MateBook X Pro 2024 Linux Edition, available exclusively in China, priced from CN¥10,399 (CN¥8,199 with subsidies). This model features an Intel Core Ultra 7 processor, up to 32GB RAM, and a 14.2-inch OLED display, but lacks Windows support due to US sanctions. The laptop is likely running a Linux variant, possibly Kylin Desktop OS, and is available for purchase through Huawei Mall.
UBS' Suresh Tantia anticipates a positive outlook for Asian tech stocks, despite a short-term negative impact on Taiwanese equities due to a strengthening Taiwanese dollar. He believes the strong position of Taiwan's tech companies will mitigate this effect over time. Additionally, Tantia expresses hope for the commencement of US-China trade negotiations, which could enhance the potential of Chinese equities.
House Democrats are investigating Elon Musk for potential conflicts of interest related to his role as head of the Department of Government Efficiency and his ties to foreign powers, including China and Russia. They have requested information from key Trump administration officials regarding Musk's government contracts and any undisclosed connections. The inquiry reflects ongoing concerns about Musk's influence and the implications of his business dealings amid his close ties to the Trump administration.
Global AI spending is set to surge by 60% in 2025, reaching $360 billion, and is projected to rise another 33% to $480 billion in 2026. The share of spending by major tech firms—Microsoft, Amazon, Alphabet, and Meta—will decline from 58% to 52%, with China expected to contribute significantly, accounting for 35% of non-Big Four spending. Emerging players, including Neocloud providers, are anticipated to capture around 25% of this market, indicating a healthier distribution of investments across the sector.
Huawei has launched the MateBook X Pro 2024 Linux Edition, priced at 10,399 yuan for the Ultra7/16GB + 1TB variant and 11,399 yuan for the Ultra7/32GB + 1TB variant, with a national subsidy reducing the starting price to 8,399 yuan. This new model comes as the company shifts away from Windows due to expiring licenses amid U.S. sanctions, offering users the option to install different operating systems. The laptop features a 14.2-inch display with a 3120 x 2080 resolution, Intel Core Ultra 7 processor, and a 70Wh battery with 140W fast charging.
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