
US exaggerating Huawei's AI chip achievements, China state media quotes CEO as saying
BEIJING, June 10 (Reuters) - The United States is exaggerating Huawei's achievements when it comes to the Ascend AI chip, the chief executive of China's Huawei Technologies said, according to Chinese state media.
Huawei's founder Ren Zhengfei said the company uses group computing to supplement single chips, according to an article by the People's Daily on Tuesday.
The U.S. Commerce Department last month published guidance warning that companies risked violating U.S. export controls by using Huawei's Ascend AI chips, the Shenzhen-based tech company's most advanced semiconductor series.
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The Independent
an hour ago
- The Independent
Asian shares gain as investors keep an eye on China-US trade talks
Asian shares were mostly higher on Tuesday as investors kept an eye on China-U.S. trade talks that might help stave off a recession. A second day of talks was planned after U.S. and Chinese officials met in London for negotiations over various issues. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since U.S. President Donald Trump escalated his trade war are paused to allow trade in everything from tiny tech gadgets to enormous machinery to continue. In Asian trading, Tokyo's Nikkei 225 gained 1% to 38,473.97, while the Kospi in South Korea jumped 0.9% to 2,881.40. Hong Kong's Hang Seng edged 0.2% higher, to 24,242.03 and the Shanghai Composite index was up 0.1% at 3,403.51. In Taiwan, the Taiex surged 2%. Australia's S&P/ASX 200 advanced 0.7% to 8,578.50. On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 is within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76. The Nasdaq composite added 0.3% to 19,591.24. Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 has rally back after it dropped roughly 20% from its record two months ago. It's back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on what he called 'Liberation Day.' Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4 billion. IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08 billion. On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products. Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk's relationship with Trump broke apart, and it rose 4.6% Monday after flipping between gains and losses earlier in the day. The frayed relationship could end up damaging Musk's other companies that get contracts from the U.S. government, such as SpaceX. Rocket Lab, a space company that could pick up business at SpaceX's expense, rose 2.5%. In the bond market, the yield on the 10-year Treasury eased to 4.48% from 4.51% late Friday. It fell after a survey by the Federal Reserve Bank of New York found that consumers' expectations for coming inflation eased a bit in May. Economists expect a report coming on Wednesday to show inflation across the country accelerated last month to 2.5% from 2.3%. The Fed has been keeping its main interest rate steady as it waits to see how much Trump's tariffs will raise inflation and how much they will hurt the economy. A persistent increase in expectations for inflation among U.S. households could drive behavior that creates a vicious cycle that only worsens inflation. In other dealings early Tuesday, U.S. benchmark crude oil picked up 31 cents to $65.60 per barrel. Brent crude, the international standard, also gained 31 cents, to $67.35. The dollar rose to 144.93 Japanese yen from 144.61 yen. The euro slipped to $1.1399 from $1.1421. ___ AP Business Writer Stan Choe contributed.


Reuters
an hour ago
- Reuters
Mild bearish bias for rupee on dollar strength; US-China talks eyed
MUMBAI, June 10 (Reuters) - The Indian rupee will likely see slight pressure on Tuesday in the wake of a mostly firm U.S. dollar, while the market focuses on the outcome of the U.S.-China trade talks. The one-month non-deliverable forward indicated an open in the 85.63-85.66 range versus 85.62 in the previous session. The dollar index was up 0.24% on the day, while the majority of the Asian currencies were slightly weaker. "There's not much happening in Asia and the rupee anyway is essentially stuck in a narrow band," said a currency trader at a Mumbai-based bank. "It'll likely be a session with a 20-paisa range at most," he said, adding that the bias, if any, leans modestly to the downside for the rupee. The Reserve Bank of India's (RBI) larger-than-expected 50-basis-points interest rate cut on Friday has had little impact on the rupee so far, the trader pointed out. The currency is marginally higher than it was before the RBI's outsized cut. The market's attention is firmly fixed on updates from London, where the U.S. and Chinese officials are holding trade talks that are aimed at easing trade tensions between the world's two largest economies. On Monday, U.S. President Donald Trump struck an optimistic tone, saying his administration was doing well and that he had received "good reports" on the progress of the discussions. The meeting between the officials of the two countries is set to extend to a second day on Tuesday, with analysts noting that while headline risks around U.S. trade policy have diminished, significant concerns still persist. The uncertainty remains elevated on U.S. trade policy amid concerns about the timeline of any bilateral trade deals and the legality of tariffs following the U.S. Court of International Trade ruling that declared most tariffs illegal, ANZ Bank said. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.75; onshore one-month forward premium at 8 paise ** Dollar index up at 99.20 ** Brent crude futures up 0.5% to $67.4 per barrel ** Ten-year U.S. note yield at 4.49% ** As per NSDL data, foreign investors bought a net $147.5 million worth of Indian shares on June 6 ** NSDL data shows foreign investors bought a net $85.8 mln worth of Indian bonds on June 6

Reuters
an hour ago
- Reuters
Trump: China talks ‘doing well', getting 'good reports'
U.S. President Donald Trump said on Monday (June 9) that his administration was doing well and that he was getting good reports as U.S. officials hold trade talks with China in London.