Chipmaker STMicro reports second-quarter loss
The Franco-Italian chipmaker, which makes power chips for Tesla's drivetrains and eSim modules for Apple's iPhones, posted a loss of $133 million for the quarter, missing the average $56.2 million profit expected by analysts in an LSEG poll.
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Business Times
14 hours ago
- Business Times
China's Premier Li Qiang proposes global AI cooperation organisation
[SHANGHAI] Chinese Premier Li Qiang on Saturday (Jul 26) proposed establishing an organisation to foster global cooperation on artificial intelligence (AI), calling on countries to coordinate on the development and security of the fast-evolving technology. Speaking at the opening of the annual World Artificial Intelligence Conference (Waic) in Shanghai, Li called AI a new engine for growth, but adding that governance is fragmented and emphasising the need for more coordination between countries to form a globally recognised framework for AI. The three-day event brings together industry leaders and policymakers at a time of escalating technological competition between China and the United States, the world's two largest economies, with AI emerging as a key battleground. 'Currently, overall global AI governance is still fragmented. Countries have great differences, particularly in terms of areas such as regulatory concepts, institutional rules,' Li said. 'We should strengthen coordination to form a global AI governance framework that has broad consensus as soon as possible,' he said. Washington has imposed export restrictions on advanced technology to China, including the most high-end AI chips made by companies such as Nvidia and chipmaking equipment, citing concerns that the technology could enhance China's military capabilities. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Despite these restrictions, China has continued making AI breakthroughs that have drawn close scrutiny from US officials. Li did not name the United States in his speech, but he warned that AI could become an 'exclusive game' for a few countries and companies, and said challenges included an insufficient supply of AI chips and restrictions on talent exchange. China wanted to share its development experience and products with other countries, especially those in the Global South, Li said. Waic is an annual government-sponsored event in Shanghai that typically attracts major industry players, government officials, researchers and investors. Tesla CEO Elon Musk, who has in past years regularly appeared at the opening ceremony both in-person and via video, did not speak this year. Besides forums, the conference also features exhibitions where companies demonstrate their latest innovations. This year, more than 800 companies are participating, showcasing more than 3,000 high-tech products, 40 large language models, 50 AI-powered devices and 60 intelligent robots, according to organisers. The exhibition features predominantly Chinese companies, including tech giants Huawei and Alibaba and startups such as humanoid robot maker Unitree. Western participants include Tesla, Alphabet and Amazon. REUTERS
Business Times
17 hours ago
- Business Times
China's Premier Li proposes global AI cooperation organisation
[SHANGHAI] Chinese Premier Li Qiang on Saturday (Jul 26) proposed establishing an organisation to foster global cooperation on artificial intelligence (AI), calling on countries to coordinate on the development and security of the fast-evolving technology. Speaking at the opening of the annual World Artificial Intelligence Conference (Waic) in Shanghai, Li called AI a new engine for growth, but adding that governance is fragmented and emphasising the need for more coordination between countries to form a globally recognised framework for AI. The three-day event brings together industry leaders and policymakers at a time of escalating technological competition between China and the United States, the world's two largest economies, with AI emerging as a key battleground. 'Currently, overall global AI governance is still fragmented. Countries have great differences, particularly in terms of areas such as regulatory concepts, institutional rules,' Li said. 'We should strengthen coordination to form a global AI governance framework that has broad consensus as soon as possible,' he said. Washington has imposed export restrictions on advanced technology to China, including the most high-end AI chips made by companies such as Nvidia and chipmaking equipment, citing concerns that the technology could enhance China's military capabilities. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Despite these restrictions, China has continued making AI breakthroughs that have drawn close scrutiny from US officials. Li did not name the United States in his speech, but he warned that AI could become an 'exclusive game' for a few countries and companies, and said challenges included an insufficient supply of AI chips and restrictions on talent exchange. China wanted to share its development experience and products with other countries, especially those in the Global South, Li said. Waic is an annual government-sponsored event in Shanghai that typically attracts major industry players, government officials, researchers and investors. Tesla CEO Elon Musk, who has in past years regularly appeared at the opening ceremony both in-person and via video, did not speak this year. Besides forums, the conference also features exhibitions where companies demonstrate their latest innovations. This year, more than 800 companies are participating, showcasing more than 3,000 high-tech products, 40 large language models, 50 AI-powered devices and 60 intelligent robots, according to organisers. The exhibition features predominantly Chinese companies, including tech giants Huawei and Alibaba and startups such as humanoid robot maker Unitree. Western participants include Tesla, Alphabet and Amazon. REUTERS
Business Times
a day ago
- Business Times
Tesla gets multiple shareholder proposals related to investment in xAI
[BENGALURU] Tesla said on Friday (Jul 25) it had received a number of shareholder proposals regarding the company's plan to invest in CEO Elon Musk's artificial intelligence startup xAI. Musk ruled out a merger between Tesla and xAI earlier in July, but said he planned to hold a shareholder vote on investment in the startup by the automaker. The proposals come amid significant funding activity for xAI this year. The startup completed a US$5 billion debt raise alongside a separate US$5 billion strategic equity investment, Morgan Stanley said last month. Musk has pursued an integration strategy across his business empire, with xAI acquiring social media platform X in March for US$33 billion to enhance its chatbot training capabilities, while also integrating the Grok chatbot into Tesla vehicles. The potential investment discussion comes as Tesla faces various challenges, including Musk's political activities, which have impacted demand for its electric vehicles and triggered a 22 per cent drop in its shares this year. 'Shareholders are welcome to put forward any shareholder proposals they'd like,' Musk said on Tesla's quarterly earnings call on Wednesday. Tesla, which will hold its annual shareholder meeting on Nov 6, said it would only include one proposal on each topic in its proxy statement, in accordance with the Securities and Exchange Commission rules. Earlier this month, the board set Jul 31 as the deadline for the submission of shareholder proposals to be included in the proxy statement. REUTERS
