China is only 3-6 months behind US in AI, Trump official says
WASHINGTON (Reuters) -China is three to six months behind the United States in artificial intelligence, White house AI and crypto czar David Sacks said Tuesday at an event in Washington, warning that excess U.S. AI regulation could damage American innovation in the industry.
"China is not years and years behind us in AI. Maybe they're 3-6 months,' said Sacks, speaking at the AWS summit in Washington. "It's a very close race."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
UK economy contracted sharply in April after Trump's tariffs
The UK economy shrank more than expected in April as the worst of President Trump's tariffs hit, according to the latest official figures. The standard measure of economic output (GDP) contracted a sharp 0.3% in April, data from the Office for National Statistics (ONS) showed. During the month, Mr Trump's so-called "Liberation Day" applied steep tariffs to countries around the world and sparked a trade war with China, the world's second-largest economy. It's worse than expected by economists. A contraction of just 0.1% had been forecast by economists polled by the Reuters news agency. Bad news for Reeves It's bad news for Chancellor Rachel Reeves, who has made the push for economic growth her number one priority. Additional costs on businesses were also levied during the month, as higher minimum wages and employer national insurance contributions took effect. When looked at over a three-month period, however, the economy grew. The expectation of trade upset looks to have pushed business activity forward to the first few months of the year. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.
Yahoo
12 minutes ago
- Yahoo
Semi-conductor group Alphawave is latest tech company to quit London listing as it agrees £1.8bn takeover
Semi-conductor group Alphawave IP is to become the latest major London listed company to leave the stock market after agreeing a £1.8 billion takeover from US chip giant Qualcomm. The Gresham Street headquartered company told shareholders this morning it had finally struck a deal with its suitor after an extension for the takeover deadline was extended for the fifth time last week. Anglo-Canadian Alphawave listed in London in May 2021 when it sold £856 million of shares in an IPO valuing it at £3.1 billion. It is the latest in a stream of tech companies to quit their London listings. Last week fintech Wise said it is switching its primary listing to America. The deal overshadowed the launch of London Tech Week which was attended by Keir Starmer and Nvidia boss Jensen Huang. Darius McDermott, managing director at investment research agency FundCalibre said:'It's a telling contrast: the Prime Minister courts Nvidia's Jensen Huang just as another UK tech success story, Alphawave, is set to be acquired by an American buyer. 'Our view is the government must prioritise policies that support domestic UK capital markets – not kill them. They are critical for a well-functioning economy and society. For too long, the government has neglected, overregulated and taxed them, driving liquidity and investment out of the UK.' Alphawave, which is advised by Goldman Sachs and BMO, originally confirmed it was in talks about a sale as long ago as 1 April. But it has repeatedly pushed back the so called 'put up or shut up' deadline. Under the terms of the now agreed acquisition Alphawave shareholders will receive $2.48 in cash for each share, equivalent to 183 p. It represents a 96% premium to the share price before the start of takeover speculation. Alphawave shareholders have an option to receive the cash in sterling or in new Qualcomm shares at a rate of 0.01662 Qualcomm shares for each Alphawave share held. There is also a further alternative of 0.00964 of a New Series A Qualcomm Exchangeable Security and 0.00698 of a New Series B Qualcomm Exchangeable Security for each Alphawave share. Tony Pialis, President and chief executive officer of Alphawave, said:"Qualcomm's acquisition of Alphawave represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers. 'By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities. Together, we will unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions. For our shareholders, the Alphawave Board is pleased that Qualcomm's offer provides an opportunity to realise compelling value for their shares." Cristiano Amon, President and chief executive officer of Qualcomm, said:"Under Tony's leadership Alphawave has developed leading high-speed wired connectivity and compute technologies that are complementary to our power-efficient CPU and NPU cores. Qualcomm's advanced custom processors are a natural fit for data centre workloads. 'The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data centre infrastructure." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Besi lifts its forecast, expects higher demand for its advanced solutions
(Corrects millions to billions in paragraph 2) (Reuters) -Dutch semiconductor company Besi raised its 2025 financial targets amid its investor day as it expects higher demand for its advanced packaging solutions. Besi now expects revenue between 1.5 billion euros and 1.9 billion euros ($2.19 billion), a gross margin of 64% to 66%, and an operating margin between 40% and 55%. ($1 = 0.8685 euros)
