Latest news with #Alibaba
South China Morning Post
18 minutes ago
- Business
- South China Morning Post
Hong Kong stocks log biggest drop in 3 weeks as US tariff rulings roil markets
Hong Kong stocks dropped by the most in almost three weeks, paring a monthly gain, after a US appeal court allowed President Donald Trump's 'reciprocal tariff' to stay in force. Advertisement The Hang Seng Index slipped 1.6 per cent to 23,203.49 as of 10.11am local time on Friday, set for the biggest loss since May 13. The Hang Seng Tech Index slumped 2.5 per cent. On the mainland, the CSI 300 Index lost 0.8 per cent and the Shanghai Composite Index retreated 0.6 per cent. Instant noodle maker Tingyi tumbled 6.3 per cent to HK$12.68 and shipping lines Orient Overseas sank 5.4 per cent to HK$137. Alibaba Group Holding declined 3.6 per cent to HK$113.90 and Tencent Holdings slipped 2 per cent to HK$500.50. The US Court of Appeals for the Federal Circuit in Washington on Thursday granted an order allowing the Trump administration to impose so-called reciprocal tariffs on national security reasons. A US federal court had earlier blocked the tariffs, saying Trump overstepped his authority in his April 2 tariff plans. Despite this week's wobble, Hong Kong's stock market remained on an uptrend with a 5 per cent gain in May. Prices rebounded after China and the US reached a 90-day truce on the tariff war, and the People's Bank of China cut borrowing costs to revive consumption and home purchases. Advertisement The Hang Seng Index has recovered all of April's 4.3 per cent loss triggered by Trump's 'Liberation Day' punitive tariffs on April 2, as well as separate sector-specific duties on certain industries and products.
Reuters
2 hours ago
- Business
- Reuters
Chinese tech companies prepare for AI future without Nvidia, FT reports
May 29 (Reuters) - China's biggest technology companies have begun the process of switching to homegrown chips as they contend with a dwindling stockpile of Nvidia (NVDA.O), opens new tab processors and tightening United States export controls, the Financial Times reported on Thursday. Alibaba ( opens new tab, Tencent ( opens new tab and Baidu ( opens new tab are among those starting to test alternative semiconductors to meet growing domestic demand for AI, the report said, citing industry executives. Reuters could not immediately confirm the report.
TechCrunch
10 hours ago
- Business
- TechCrunch
DeepSeek's distilled new R1 AI model can run on a single GPU
DeepSeek's updated R1 reasoning AI model might be getting the bulk of the AI community's attention this week. But the Chinese AI lab also released a smaller, 'distilled' version of its new R1, DeepSeek-R1-0528-Qwen3-8B, that DeepSeek claims beats comparably-sized models on certain benchmarks. The smaller updated R1, which was built using the Qwen3-8B model Alibaba launched in May as a foundation, performs better than Google's Gemini 2.5 Flash on AIME 2025, a collection of challenging math questions. DeepSeek-R1-0528-Qwen3-8B also nearly matches Microsoft's recently released Phi 4 reasoning plus model on another math skills test, HMMT. So-called distilled models like DeepSeek-R1-0528-Qwen3-8B are generally less capable than their full-sized counterparts. On the plus side, they're far less computationally demanding. According to the cloud platform NodeShift, Qwen3-8B requires a GPU with 40GB-80GB of RAM to run (e.g., an Nvidia H100). The full-sized new R1 needs around a dozen 80GB GPUs. DeepSeek trained DeepSeek-R1-0528-Qwen3-8B by taking text generated by the updated R1 and using it to fine-tune Qwen3-8B. In a dedicated webpage for the model on the AI dev platform Hugging Face, DeepSeek describes DeepSeek-R1-0528-Qwen3-8B as 'for both academic research on reasoning models and industrial development focused on small-scale models.' DeepSeek-R1-0528-Qwen3-8B is available under a permissive MIT license, meaning it can be used commercially without restriction. Several hosts, including LM Studio, already offer the model through an API.
Egypt Independent
15 hours ago
- Business
- Egypt Independent
China's DeepSeek releases update to AI model that sent US shares tumbling earlier this year
Shanghai Reuters — Chinese artificial intelligence startup DeepSeek released an update to its R1 reasoning model in the early hours of Thursday, stepping up competition with US rivals such as OpenAI. DeepSeek launched R1-0528 on developer platform Hugging Face, but has yet to make an official public announcement. It did not publish a description of the model or comparisons. But the LiveCodeBench leaderboard, a benchmark developed by researchers from UC Berkeley, MIT, and Cornell, ranked DeepSeek's updated R1 reasoning model just slightly behind OpenAI's o4 mini and o3 reasoning models on code generation and ahead of xAI's Grok 3 mini and Alibaba's Qwen 3. Bloomberg earlier reported the update on Wedneday. It said that a DeepSeek representative had told a WeChat group that it had completed what it described as a 'minor trial upgrade' and that users could start testing it. DeepSeek earlier this year upended beliefs that US export controls were holding back China's AI advancements after the startup released AI models that were on a par with or better than industry-leading models in the United States at a fraction of the cost. The launch of R1 in January sent tech shares outside China plummeting in January and challenged the view that scaling AI requires vast computing power and investment. Since R1's release, Chinese tech giants like Alibaba and Tencent have released models claiming to surpass DeepSeek's. Google's Gemini has introduced discounted tiers of access while OpenAI cut prices and released an o3 mini model that relies on less computing power. The company is still widely expected to release R2, a successor to R1. Reuters reported in March, citing sources, that R2's release was initially planned for May. DeepSeek also released an upgrade to its V3 large language model in March.
Economist
17 hours ago
- Business
- Economist
The contest to cash in on Chinese AI heats up
China's internet moguls are nothing if not fiercely competitive. Take, for instance, the jockeying for leadership in the market for cloud services. Baidu, the country's search giant, surprised industry watchers on May 21st when it revealed that revenue from its cloud-computing business in the first quarter had surged by 42%, year on year, blowing through analysts' predictions. The same day Tencent, maker of the WeChat super-app, hosted a cloud-computing conference at which the firm cut its prices and promised a big upgrade to its platform. The next day Alibaba, China's biggest e-commerce firm, told an audience at its own cloud-themed conference that it was expanding globally and that its services would soon be available in dozens of countries.
