Paris tech fair opens with AI and trade war in the spotlight
Drawing high-powered tech CEOs and a presidential visit, the Vivatech trade fair opened in Paris on Wednesday, June 11, with a center-stage role for AI dogged by transatlantic trade tensions.
People from around the globe thronged out of packed metro trains into a southern Paris convention center, crammed with stands in blaring colors showing off the latest innovations from startups, tech giants and more traditional firms. The top attraction on the opening day of one of Europe's largest tech fairs will be Nvidia chief executive Jensen Huang, looking to make a mark in Europe for the company that builds the most computing hardware for artificial intelligence.
Vivatech regular President Emmanuel Macron will also attend, with a walking tour and chats with French tech startups on the agenda. Tech watchers expect more products than ever embedding AI into everyday life to be touted in the exhibition halls over the show's four days.
Around 14,000 startups and more than 3,000 investors were expected in Paris, while organizers forecast total visitor numbers to at least equal last year's 165,000 people.
Nvidia headlining
Nvidia's Huang – sporting his trademark leather jacket – has top billing with an opening presentation slated to last more than an hour. Bitouzet said it was a "source of pride" to bring aboard semiconductor heavyweight Nvidia, whose high-powered GPUs (graphics processing units) are widely used to power the latest generative AI models. "It proves that the European market in general and the French market in particular are attractive and that today (Nvidia) has ambitions for this market," the Vivatech boss added.
Cedric Foray, head of European tech at EY consulting firm, predicted that "there will definitely be announcements targeted at Europe" from Nvidia. French digital affairs minister Clara Chappaz said France would "continue to do all we can to make the country the best place in the world to start and develop businesses and build the technology we need." But she acknowledged that AI in particular "has never been as political as it is today."
US-based Nvidia has seen export restrictions slapped on its top-performing chips by Washington, with American politicians leery of ceding their country's lead in generative AI. Remaining high-tech controls on China are at issue in high-stakes trade talks with Beijing.
Huang has warned that the US's superpower rival is nevertheless making swift strides to catch up. There was little sign of impact from export restrictions on Nvidia's chip sales in its May earnings release. But the company has warned the braking effect may be larger in the current quarter.
Tech sovereignty
US politics preoccupies many European tech leaders and policymakers too. Concerns range from Trump's mercurial tariff policy to the continent's ability to stand on its own without US giants – and the massive gap in funding for AI development between the two sides of the Atlantic. "Sovereignty, which wasn't as important in the conversation just a year or two years ago, has become an absolutely strategic priority," Bitouzet said.
Macron is expected to again emphasize "European technological sovereignty", the Elysée said. Such remarks from the president would build on his hyping of French and European openness to AI at a Paris global summit in February.
Top French firms at Vivatech, where around half the exhibitors are local companies, will include Mistral AI, a French competitor to much-bigger OpenAI. Mistral's founder Arthur Mensch is set to discuss AI with Macron and Huang at a roundtable at the end of the first day of the event.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
34 minutes ago
- Fashion Network
Louis Vuitton to dress Real Madrid for off-field action
has announced a partnership to dress Real Madrid in off-field action, uniting luxury's largest label with the most successful football club in Europe. Vuitton will provide the formal wear and formal travel wear collections for Real's men's and women's soccer teams, as well as the men's basketball team. For the first time, the Maison is placing its tailoring at the service of athletes whose sporting exploits resonate far beyond the stadiums, celebrating the quest for excellence and self-improvement that unite the brand and top-level sport, Vuitton said in a statement. Founded in 1902, Real is the most decorated professional football team in the world, and holder of a record 15 Champions League titles, the continent's most prestigious soccer competition. However, Real comes off an unsuccessful season, where it failed to win any of the four competitions it entered. The Madrid club also saw its record-holding coach Carlo Ancelotti depart last month to become coach of Brazil — the most successful national team in history. As a partner of mega sporting events, from the Paris 2024 Olympic and Paralympic Games to the Formula 1® World Championship, Vuitton has been highly active in the world of elite sports by manufacturing original trophy trunks that accompany the winners of prestigious international competitions. Vuitton succeeds the house Versace, which had started dressing Real off-field in 2013, despite the fact Donatella Versace is a committed fan of Inter Milan. However, by dressing all of Real's representatives during their travels and major events, this new collaboration underlines the French brand's motto: 'La Victoire Voyage en Louis Vuitton' (Victory travels in Louis Vuitton). "Real Madrid is constantly pushing the boundaries of excellence and innovation. This energy echoes that of Louis Vuitton. This wardrobe has been designed to share that spirit, offering a style that evokes determination, strength and elegance. Real Madrid and Louis Vuitton share common values that motivate our respective actions, making this partnership even stronger," said Pharrell Williams, men's creative director. The formal wardrobe includes ready-to-wear, footwear and accessories that will be worn at official club events. The wardrobe highlights the house's tailoring art, with refined details such as the VVN leather label, an emblematic leather borrowed from Louis Vuitton trunks to illustrate the expertise of the workshops, embossed with the Louis Vuitton signature and sewn onto the lapel of jackets and the back pocket of pants. The ready-to-wear collection features a series of characterful accessories, including a leather belt with LV palladium buckle, an embroidered cotton navy cap and the LV Soft shoe. "We are proud to accompany a club whose history is marked by countless victories at national and international levels and which continues to inspire entire generations. Louis Vuitton and Real Madrid share founding values that have taken them to the very top of their sport, propelled by a relentless quest for excellence, a spirit of innovation and self-improvement,' stressed Pietro Beccari, chairman and CEO of Louis Vuitton. A collection of made-to-measure travel items completes the wardrobe. It includes the Horizon 55 cabin suitcase, the iconic Keepall and the Christopher backpack, as well as travel accessories such as a toiletry bag and a passport cover. Each piece is dressed in the iconic Monogram canvas and embellished with white and gold stripes in the club's colors. The initials 'RM' represent an original design created as part of the Mon Monogram personalization service offered to the Maison's customers. Emilio Butragueño, the former striker for Real Madrid, known as El Buitre (The Vulture) for his ability to poach goals, who is now director of institutional relations, commented: "At Real Madrid, we are convinced that excellence is the key to staying at the top. Louis Vuitton, an emblematic French brand, is also driven by this quest for excellence. We have both managed to remain timeless references, and we share not only the responsibility of building a legacy, but also that of inspiring beyond our respective spheres." The exclusive Louis Vuitton x Real Madrid formal wear and formal travel wear collections are not available for sale. However, certain emblematic Louis Vuitton models and the Mon Monogram personalization service can be found in stores and on the website.
Fashion Network
34 minutes ago
- Fashion Network
Shein targets Hong Kong listing to tap wider investor base
Shein, which sells products such as $5 bike shorts and $18 sundresses, has faced political and environmental criticism in the UK over its cotton sourcing and supply chain practices. The company has also faced allegations that its products contain cotton from China's Xinjiang region, where the U.S. and human rights groups have accused the Chinese government of forced labor and other abuses. Beijing denies any wrongdoing. Shein, which relocated its headquarters from China to Singapore in 2022, maintains that it enforces a zero-tolerance policy for forced labor and requires its contract manufacturers to source cotton only from approved regions. "If this is the only option now open to them, the Hong Kong market makes sense as a place to list a global business with a mainland supply chain," said Eliot Fisk, a Hong Kong capital markets consultant and former JPMorgan banker. Shein did not respond to a Reuters request for comment. Before pursuing a London listing, Shein had also explored listing in New York. The China-founded company encountered regulatory hurdles and political opposition from U.S. lawmakers in its attempt to list in the United States. "Listing in Hong Kong would also help Shein avoid the protests and political pushback it might face in the UK," said Craig Coben, former Bank of America co-head of capital markets in Hong Kong. It remains unclear whether Shein will seek any waivers for a potential Hong Kong listing. According to capital markets lawyers, several waivers— including those related to disclosure— are available to large IPO candidates in Hong Kong. A Hong Kong listing would also position Shein for eventual inclusion in the city's Stock Connect program, facilitating cross-border share trading between mainland China and Hong Kong investors. Shein would easily meet the market capitalization and other criteria required for Stock Connect inclusion and attracting mainland investment, according to Manishi Raychaudhuri, CEO of Hong Kong-based advisory firm Emmer Capital Partners. The Hong Kong Exchange reported a 255% year-on-year increase in average daily turnover in Southbound trading— mainland investors buying and selling Hong Kong stocks— in the first quarter of this year. "Hong Kong would attract a dominant base of Asia- and emerging market-focused investors. London, by contrast, would draw a larger share of global and developed market investors," Raychaudhuri said. "Supply chain issues would have carried more weight with the latter group."
LeMonde
2 hours ago
- LeMonde
Tax equity means taxing the ultra-wealthy
Ever since French President François Mitterrand established a wealth tax in 1982, the debate over increasing taxes on high incomes has shaped the political landscape and ideological divides. This recurring controversy resurfaced on Thursday, June 12, when the Sénat rejected a bill aimed at taxing the assets of ultra-wealthy individuals. The bill, which was adopted by the Assemblée Nationale after a first reading, was firmly rejected by the upper house of Parliament, which is dominated by the right and centrist parties. Though it had little chance of being successfully passed, it raised a pertinent question: Is it acceptable for average French citizens to have their incomes taxed at nearly twice the rate, proportionally, as a billionaire? While the average French taxpayer faces a combined tax rate (both income tax and welfare contributions) of 50%, the figure drops to 27% for a billionaire. This disparity, which was highlighted in a 2023 study by the Institute for Public Policy (IPP), is explained by ultra-wealthy individuals' ability to use tax optimization techniques. Although legal, these mechanisms lead to the tax system becoming, beyond a certain threshold, regressive. To address this, Gabriel Zucman, the economist who inspired the bill, supported by Olivier Blanchard, former chief economist at the International Monetary Fund, and Jean Pisani-Ferry, the architect of Emmanuel Macron's 2017 economic platform, has recommended creating a 2% minimum wealth tax on households whose net worth exceeds €100 million. In total, the measure targets 1,800 taxpayers. This is a narrow tax base, but one that could potentially generate between €15 billion and €25 billion in revenue. The tax would not only apply to income streams that largely evade taxation, but also to professional assets, which have, so far, been tax-exempt. Some side effects should not be overlooked: For example, the founders of young companies, the market valuation of which pushes their creators into the ultra-wealthy category, may not have access to the liquid assets needed to pay such a tax. Market valuations are virtual, and can fluctuate rapidly, which could complicate the process of calculating the tax. Tax exile is another concern. However, to put this argument in perspective, Zucman has cited studies that show that when a wealth tax is introduced, the number of people who leave the country to avoid it remains marginal. However, this level of wealth tax has never been tried, and the demographic in question is also the most able to relocate abroad. "Do you really think that if France alone introduces a tax on wealth over €100 million, people will politely stay to be taxed?" said President Emmanuel Macron on May 13, arguing for a global, coordinated initiative. The problem is that such an endeavor will take a long time to come to fruition, even though it was put on the G20's official agenda in 2024. At a time when reducing France's debt has become a collective necessity and requires effort from everyone, the debate must continue without either the left or the right spouting condemnations on the issue. To suggest that a tax on billionaires would solve the country's public finances all by itself is a fantasy, but defending the status quo, on the grounds that the richest individuals are not restricted by borders, is harmful for the fragile social contract that still unites the French people.
