OpenAI hits $12 billion in annualized revenue, the Information reports
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Two Chinese nationals in California accused of illegally shipping Nvidia AI chips to China
LOS ANGELES: Two Chinese nationals were arrested in California and charged with illegally exporting tens of millions of dollars' worth of Nvidia AI chips and other advanced technology to China without the required US government licenses, the Justice Department said on Tuesday (Aug 5). Chuan Geng, 28, of Pasadena, and Shiwei Yang, 28, of El Monte, are accused of operating a company, ALX Solutions Inc, that facilitated more than 20 illegal shipments between October 2022 and July 2025, according to a criminal complaint unsealed this week. EXPORT CONTROLS VIOLATED The complaint alleges that ALX Solutions was established in 2022, shortly after the US imposed sweeping export controls restricting the sale of certain high-performance chips and technologies to China. The rules require exporters to obtain licenses from the US Commerce Department. Instead, Geng and Yang are accused of routing the chips through third-party shipping and freight forwarding firms in Singapore and Malaysia, common transshipment points for goods illegally destined for China. The Department of Justice said one China-based company paid ALX Solutions US$1 million in January 2024. Additional funds reportedly came from businesses in Hong Kong and mainland China, rather than the listed freight forwarding intermediaries. ADVANCED AI CHIPS SHIPPED The illegally exported items included Nvidia's H100 chips, which are among the most advanced semiconductors available and can be used for training large language models, powering autonomous vehicles, and running complex medical diagnostic systems. Records show ALX Solutions purchased over 200 Nvidia H100 chips from Super Micro Computer, a San Jose-based server manufacturer, between August 2023 and July 2024. The end users were falsely declared as being in Singapore and Japan. A spokesperson for Nvidia declined to comment on the case, while Super Micro did not immediately respond to a request for comment. In addition to the H100s, Geng and Yang allegedly exported Nvidia's PNY GE Force RTX 4090 graphics cards, another high-performance component that also requires a license for export to China under current US restrictions. COURT APPEARANCE IN LOS ANGELES Both defendants appeared in US District Court in Los Angeles late Monday. Geng, who holds permanent residency in the United States, was released on a US$250,000 bond. Yang, who allegedly overstayed her visa, remains in custody and is scheduled for a detention hearing on August 12. The charges come amid heightened scrutiny of illegal technology transfers to China, as the US intensifies efforts to restrict Beijing's access to advanced semiconductors and artificial intelligence hardware that could have military or strategic applications.
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Snap records slowest revenue growth in over a year amid tough competition for ads
Snap on Tuesday reported second-quarter revenue growth that was the slowest in more than a year, a sign of growing competition from bigger social media rivals including Meta. Shares of the Snapchat parent slumped 15 per cent after the bell following the results. The company's results came after stellar performances by rivals, including Instagram and Facebook parent Meta Platforms and Reddit. The Snapchat-parent's second-quarter revenue rose 8.1 per cent to $1.34 billion, largely inline with estimates. The quarterly revenue was hit by changes to its ad platform, the timing of Ramadan and the termination of de minimis exemption or a duty-free import loophole in the U.S. The company said it had reverted the ad platform change that unintentionally allowed some ads run at much lower prices, hurting revenue growth in the reported quarter. Snap said its expanded roll-out of the new ad format — Sponsored Snaps, video ads that appear in user inboxes — across the U.S. and several other global regions is helping by driving more user actions and deeper engagement with ad content. Small and medium-sized businesses were the largest contributors to ad revenue growth and its subscription service Snapchat+ remained a key driver for diversifying revenue beyond advertising. Snapchat+ subscribers rose 42 per cent to nearly 16 million for the quarter ended June 30. Daily active users rose 9 per cent to 469 million, compared with estimates of 467.9 million. The company forecast third-quarter revenue between $1.48 billion and $1.51 billion, compared with analysts' average estimate of $1.48 billion, according to data compiled by LSEG. It expects quarterly adjusted earnings before interest, taxes, depreciation, and amortization to be between $110 million and $135 million, above estimates of $111.9 million.
CNA
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Super Micro's quarterly revenue misses estimates
Super Micro missed Wall Street estimates for fourth-quarter revenue on Tuesday, hit by intense competition from larger server makers for high-performance computers used to train artificial-intelligence models. Shares of the San Jose, California-based firm fell 11 per cent in extended trading. The AI server market is becoming more competitive as many companies launch advanced servers and rack configurations.
