Latest news with #Hangzhou-based
Hypebeast
2 days ago
- Business
- Hypebeast
B131 Café Embodies Enclosure and Openness With a Square-Framed Design
Summary Designed by Hangzhou-based architectural firmJiangjie Office, B131 is more than a simple café — it also functions as a miniature sanctuary within the bustling city of Hangzhou. Envisioned as a complementary space to an adjacent art museum in the BAC Art Community, its compact form and lightweight structure culminate in a thoughtfully balanced spatial experience. The resulting design offers visitors a welcoming haven — a unique moment of calm where they can engage in casual conversation, quiet reflection or simply observe the surrounding urban landscape. Rooted in geometric precision, the café's square plan defines its overall form. The structure itself is built upon a lightweight steel framework, which is then clad in anodized aluminum panels. This deliberate choice of materials contributes to a visually light and airy appearance during daylight hours. As dusk descends, these same panels emit a soft glow, subtly transforming the café's role within the city's nighttime landscape. At the heart of B131 Café's design is movement and interaction, guided by structural elements and natural lighting. Its twelve-column framework subtly defines seating zones and circulation, ensuring a fluid transition between spaces. A square skylight serves as a central focal point, inviting natural light to sculpt the café's changing ambiance throughout the day. The central bar acts as a focal point directly beneath the skylight, elevating the interaction between barista and visitors into an integral part of the space's unfolding narrative. On its western side, a full-length, low window offers an expansive view of the plaza and the distant Xiangshan Ridge. This window features four operable sliding panels that can be fully opened during warmer weather, effectively blurring the boundary between the interior and exterior. A slender window slit on the north side offers glimpses into the café's activities while maintaining an intimate atmosphere within. Through its deliberate spatial relationships, the café maintains an ever-shifting balance between enclosure and openness, offering a harmonious integration of architecture, nature and urban life. B131 CaféBAC Art Community,Zhuantang,Hangzhou,China
Time of India
2 days ago
- Business
- Time of India
DeepSeek unveils update to R1 model
DeepSeek said it has upgraded the R1 artificial-intelligence model that helped propel the Chinese startup to global prominence earlier this year. DeepSeek completed what it described as a 'minor trial upgrade' and told users they can start testing it, according to a company representative's post in an official WeChat group on Wednesday. The company didn't provide details about the upgrade and didn't respond to an email seeking further comment. The Hangzhou-based startup stunned the global tech industry in January when it unveiled the original R1 , an AI model that outperformed Western players on several standardised metrics, purportedly at a cost of just several million dollars. That triggered a rout in global tech stocks as investors questioned whether leading firms would still need to spend significant amounts to build AI services. The debut of R1 turned founder Liang Wenfeng into a tech celebrity and a symbol of the country's ability to compete with the best of Silicon Valley. It also set off a race to launch additional AI models in China. In February, President Xi Jinping invited Liang to a high-profile gathering with some of the country's most prominent entrepreneurs. The young founder was seated among the likes of Alibaba Group Holding Ltd. co-founder Jack Ma and Tencent Holdings Ltd.'s Pony Ma. DeepSeek's upgrade was announced just hours before the latest financial report from Nvidia Corp. , the leading maker of AI chips whose shares were pummeled in the January rout.
Yahoo
3 days ago
- Business
- Yahoo
DeepSeek Unveils Update to R1 Model
(Bloomberg) -- DeepSeek said it has upgraded the R1 artificial intelligence model that helped propel the Chinese startup to global prominence at the start of this year. NYC Congestion Toll Brings In $216 Million in First Four Months NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case The company completed what it described as a 'minor trial upgrade' and is allowing users to start testing it, it said in an official WeChat group on Wednesday. Details of the upgrade weren't provided and the company didn't respond to an email seeking further comment. The Hangzhou-based startup stunned the global tech industry in January when it unveiled the original R1, a reasoning AI model that outperformed Western players on several standardized metrics, purportedly at a cost of just several million dollars. It triggered a reconsideration of heavy investments in acquiring AI computational resources and a flurry of new model introductions from Chinese players from Alibaba Group Holding Ltd. to Zhipu AI. 'The fast pace of model releases and updates since the release of DeepSeek R1 has resulted in some 'model fatigue' among investors,' said Gary Tan, portfolio manager at Allspring Global Investments. 'Until there is a breakthrough in the model, investors are turning their focus on which internet companies can integrate AI into their operations and create a killer application.' The debut of R1 turned DeepSeek founder Liang Wenfeng into a tech celebrity and a symbol of China's ability to compete with the best of Silicon Valley. In February, President Xi Jinping invited Liang to a high-profile gathering with some of the country's most prominent entrepreneurs. The young founder was seated among the likes of Alibaba co-founder Jack Ma and Tencent Holdings Ltd.'s Pony Ma. DeepSeek's upgrade was announced hours before the latest financial report from Nvidia Corp., the leading maker of AI chips whose shares were pummeled in the immediate wake of R1's release. Nvidia's fortunes have recovered since, as AI data center investment has continued at a strong pace, and the US company offered a solid forecast for the current quarter. --With assistance from Jessica Sui, Winnie Hsu and Saritha Rai. (Updates with table compiling most recent Chinese AI model releases) Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P.
Yahoo
20-05-2025
- Business
- Yahoo
Ant Group Global Unit Brings in $3 Billion Ahead of Spinoff
(Bloomberg) -- Jack Ma-backed Ant Group Co.'s international division generated nearly $3 billion in revenue for 2024, according to people familiar with the matter, setting the stage for a spinoff after the unit set up its own board last year. America, 'Nation of Porches' Maryland's Credit Rating Gets Downgraded as Governor Blames Trump NJ Transit Train Engineers Strike, Disrupting Travel to NYC NYC Commuters Brace for Chaos as NJ Transit Strike Looms Illinois Cuts Revenue Outlook on Economic, Federal-Funding Woes Ant International, which is headquartered in Singapore, has also produced two consecutive years of adjusted profit, the people said, requesting not to be named because the information isn't public. It isn't clear how the company calculates its adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, but the metric typically strips out non-recurring costs, restructuring charges and other items. The group as a whole grew profits by 61% in 2024 to 38.3 billion yuan ($5.3 billion), according to Bloomberg calculations based on filings from its affiliate Alibaba Group Holding Ltd. Its latest revenue was not disclosed. Hangzhou-based Ant owns Alipay, a widely used digital payments app and financial services provider in China. Ant Group didn't immediately respond to an emailed request for comment. Ant International has been making inroads into Southeast Asia and expanding its business scope. It's been a key unit for Ant Group, which has been trying to bolster revenue growth by investing heavily into artificial intelligence and overseas. Ant International's IPO Valuation May Be $8-$24 Billion: React The global unit could fetch an initial public offering valuation of anywhere between $8 billion to $24 billion if it were to list in Hong Kong, Bloomberg Intelligence analysts Francis Chan and Sharnie Wong said in a note earlier this month. They based that on the assumption that Ant International's profit share is 20% of the entire group, which is estimated to be worth $40 billion to $119 billion. The international arm initially catered to Chinese tourists traveling outside the country by enabling them to use Alipay to make payments abroad. That service has since expanded into a backbone for cross-border payments known as Alipay+ that can be used by other digital wallets. For example, when customers of GCash from the Philippines travel to South Korea, they can make payments with their regular app when they see the Alipay+ logo displayed at merchants. Alipay+ currently connects 1.7 billion user accounts across 36 digital wallets. Ant International has three other core businesses: Antom offers payment solutions for merchants, WorldFirst enables cross-border trade payment, and Embedded Finance has an AI-powered digital lending service and helps clients with treasury and foreign exchange management. The unit is overseen by Chairman Eric Jing, who is also chairman of Ant Group. Yang Peng is the CEO of Ant International. Ant Group has made changes to its overall business strategy since Chinese regulators forced it to scrap its blockbuster initial public offering in 2020. In 2023, the company proposed buying back as much as 7.6% of its shares under a repurchase plan that took Ant's valuation down to about $79 billion at the time — well off its peak of $280 billion prior to its aborted listing. Ant overhauled its structure last year and set up independent boards for three of its units including the international division, OceanBase, and Ant Digital Technologies. The overall group would explore going public in Hong Kong first instead of a dual Shanghai-Hong Kong listing like what it tried earlier, people familiar said in 2023. (Updates with analyst estimate on Ant's valuation. An earlier version corrected Eric Jing's title in the 10th paragraph.) Why Apple Still Hasn't Cracked AI Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race As Nuclear Power Makes a Comeback, South Korea Emerges a Winner ©2025 Bloomberg L.P. Sign in to access your portfolio
Kuwait Times
17-05-2025
- Business
- Kuwait Times
Alibaba posts its annual revenue increase despite spending slump
BEIJING: Internet giant Alibaba posted on Thursday a six percent increase in annual revenue, the latest positive sign for China's tech sector despite persisting economic uncertainties that include sluggish spending and threatened trade. The Hangzhou-based company is one of the biggest players in China's tech industry, with operations spanning retail, digital payment, artificial intelligence and entertainment. This year has seen its share price rollercoaster on a wave of investor enthusiasm about Chinese AI capabilities that began in January, followed by a steep drop last month triggered by US President Donald Trump's global tariff blitz. The firm's revenue during the fiscal year ended March 31 totaled 996.3 billion yuan ($138.2 billion), according to results posted to the Hong Kong Stock Exchange, up six percent from the previous 12-month period. Net income attributable to ordinary shareholders rose to 129.5 billion yuan, the statement showed, a jump of 62 percent year-on-year according to AFP calculations. In the final quarter alone, Alibaba saw revenue of 236.5 billion yuan, narrowly coming up short of a Bloomberg forecast. Net income attributable to ordinary shareholders during the quarter reached 12.4 billion yuan, surging 279 percent from the low base of 3.3 billion yuan recorded during the same period last year. 'Our results this quarter and for the full fiscal year demonstrate the ongoing effectiveness of our 'user first, AI-driven' strategy, with core business growth continuing to accelerate,' CEO Eddie Wu said in a statement. The growth is another positive sign for China's tech sector, which has garnered revamped interest from investors since the shock release in January of advanced AI chatbot DeepSeek - apparently developed at a fraction of the cost thought necessary. Alibaba and fellow tech giants Tencent and Baidu are now funneling large sums into a new race to develop and integrate the most cutting-edge AI applications. Spending slump As the Chinese economy strains under sluggish spending and a tumultuous trade relationship with the United States, Beijing is increasingly looking to platforms operated by domestic internet giants as a cushion for employment and consumption. Prospects improved Monday when Beijing and Washington announced plans to significantly scale back sky-high tariffs that had severely threatened trade between the two nations. However, economists say that the Chinese economy may still struggle to achieve the official growth target set by leaders of around five percent this year. Alibaba's announcement on Thursday came after Tencent and e-commerce giant posted moderate increases in first-quarter revenue earlier this week, indicating a possible rebound in spending. But official figures released on Saturday showed that consumer prices remained mired in a slump last month, reflecting continued deflationary pressure. Alibaba was once a key subject of the aggressive regulatory crackdown launched in late 2020 on the domestic tech sector, attributed to worries in Beijing that top firms had become too powerful. Jack Ma, the firm's charismatic co-founder who had spoken boldly about the shortcomings of China's financial and regulatory system, kept a low profile during the lengthy campaign. He reappeared in February during a meeting with President Xi Jinping and other business luminaries - a shock development that suggested a warmer stance from Beijing and sent Alibaba stocks soaring. Ma is no longer an executive at Alibaba but is believed to retain a significant shareholding in the company. - AFP
