Latest news with #JackMa
Straits Times
2 hours ago
- Business
- Straits Times
DeepSeek, Trump's plan steer agenda at China's premier AI forum
Star founders, Beijing officials and deep-pocketed financiers converge on Shanghai by the thousands this weekend to attend China's most important AI summit. At the top of the agenda: how to propel Beijing's ambitions to leapfrog the US in artificial intelligence – and profit off that drive. The World Artificial Intelligence Conference, which has featured Elon Musk and Jack Ma in years past, was devised to showcase the cutting-edge of Chinese technology. The attendance for the 2025 edition may hit a record as it's taking place at a critical juncture in the US-Chinese tech rivalry. This week, US President Donald Trump unveiled his so-called AI Action Plan – a sort of call to arms to ensure the country keeps its lead in the post-ChatGPT epoch. At the same time, the emergence of DeepSeek in January galvanized a generation of Chinese developers to ride a nationwide investment and innovation wave. From Alibaba Group Holding to fledgling firms such as Minimax, the country's AI aspirants have since moved aggressively to try and close the gap with the likes of OpenAI and Google. 'While many recognize DeepSeek's achievements, this represents just the beginning of China's AI innovation wave,' said Mr Louis Liang, an AI sector investor with Ameba Capital. 'We are witnessing the advent of AI mass adoption, this goes beyond national competition.' The Shanghai conference rundown for now remains largely unknown – as it has in years past just days before kickoff. Chinese Premier Li Qiang will attend, and tech leaders from Tencent Holdings to ByteDance and startups like Zhipu AI and Moonshot are likely to turn out in force. Here's what we can expect from the summit starting on July 26. DeepSeek's Aura Neither the startup nor its reclusive founder Liang Wenfeng feature in the advance literature for the event. And yet, the two-year-old firm is likely to be one of the topics du jour. Top stories Swipe. Select. Stay informed. Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Asia Cambodia and Thailand are willing to consider ceasefire: Malaysian PM Anwar Singapore Singapore urges all parties in Thailand-Cambodia border dispute to exercise restraint Business MAS' measures spark cautious optimism for Singapore stock market revival: Analysts World Trump, Fed chief Powell bicker during tense central bank visit Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71 Since its low-cost, high-performance AI model humbled much of Silicon Valley , the industry has watched China closely for another seismic moment. In a field notorious for splashing billions of dollars on Nvidia chips and data centres, DeepSeek's no-frills approach inspired a re-think of traditional models. And it challenged what till then was unquestioned US supremacy in bleeding-edge technology: Chinese president Xi Jinping himself turned out in public in February to congratulate Mr Liang and his fellow tech entrepreneurs. China craves another big breakthrough. Downloads and usage of DeepSeek models have slowed, as has the pace of new model rollouts that peaked over the spring at once every few days. Now, much of the industry talk centres on why DeepSeek's R2 – the followup to its seminal R1 – hasn't yet emerged. Local media have blamed everything from Mr Liang's perfectionist streak to performance glitches. Trump's, and Xi's, Ambitions The conference gets underway days after the US leader signed executive orders to loosen regulations and expand energy supplies for data centres. 'From this day forward, it'll be a policy of the United States to do whatever it takes to lead the world in artificial intelligence,' Mr Trump told executives and lawmakers at a DC event. Among the attendees was Mr Jensen Huang, whose Nvidia is one of the companies at the heart of the global AI movement. Much has been made in Washington of China's seemingly meteoric ascent in AI, with observers saying the country is now perhaps just months behind the US in terms of AI sophistication. That's a wafer-thin margin compared with sectors such as semiconductors, where America is regarded as many years or even generations ahead. Mr Trump's newly announced action plan is likely to spur Chinese companies into accelerating their own plans to go global, in part by aggressively open-sourcing their AI platforms. Beijing wants AI to become a US$100 billion (S$128 billion) industry by 2030. At the Communist Party's April Politburo study session, Mr Xi emphasised that China must push for breakthroughs in critical areas like high-end chips and AI research. Rise of the Robots Chinese humanoid makers are expected to showcase their most advanced models. Last week, UBTech posted a video of its Walker S2 humanoid walking to a battery station, removing the pack from its back, placing it on the recharge pad before fitting itself with a new battery. While obviously edited and choreographed, it encapsulated the advances that Chinese firms have made in a wide-open field - and their lofty ambitions. Unitree teased a bargain-basement price of under $10,000 for its androids. It joins the likes of AgiBot and UBTech in collectively driving a promising field in which American companies have so far failed to stake out a clear lead, despite decades of effort. The Chinese companies 'are targeting hundreds to thousands of units to be delivered this year, racing to establish the ecosystem', Morgan Stanley analyst Sheng Wong said in a note this week. Show the Money Venture capitalists and deal-makers will be hunting for emerging tech leaders. And not all of them are Chinese. China's largest venture capital houses are tapping the market for at least $2 billion in new funds. At least six of the country's most prominent VC firms – including Lightspeed China Partners and Monolith Management – are creating dollar-denominated funds designed to allow overseas investors to pool bets on Chinese companies. That's a wave of fundraising that hasn't been seen among Chinese VCs for years. It's unfolding as global investors reassess the country's startup landscape and economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds. Organisers promise a breakout event that will feature startup pitches and live demos for dealmakers. Startups by the hundreds are expected to fill a 70,000 sq m exhibition hall, showing off everything from autonomous delivery drones to machines that dispense toilet paper. Missing Global Touch Attendees are unlikely to spot US companies – at least not in major fashion. In 2024, Tesla popped up with its Cybertruck and Optimus robot. The 2025 speaker line-up doesn't (yet) include Mr Musk but does list Mr Yoshua Bengio, the Canadian scientist who pioneered artificial neural networks. With the US-China tech rivalry accelerating, many American companies remain wary of drawing the spotlight. Still, Beijing is likely to take the opportunity to continue pushing its international agenda. One of the conference centrepieces is a 'High-Level Meeting on Global AI Governance' to discuss the challenges in deploying AI responsibly. To many observers, it's also emblematic of China's overarching goal of setting global standards. 'Since 2018, China has used WAIC to stake its claim on global AI technical and political leadership,' said Mr Tom Nunlist, associate director of the Beijing-based consultancy Trivium. 'With the race to AI now neck and neck between the US and China, that play is more compelling than ever.' BLOOMBERG
Bloomberg
4 hours ago
- Business
- Bloomberg
DeepSeek, Trump's Plan Steer Agenda at China's Premier AI Forum
Star founders, Beijing officials and deep-pocketed financiers converge on Shanghai by the thousands this weekend to attend China's most important AI summit. At the top of the agenda: how to propel Beijing's ambitions to leapfrog the US in artificial intelligence — and profit off that drive. The World Artificial Intelligence Conference, which has featured Elon Musk and Jack Ma in years past, was devised to showcase the cutting-edge of Chinese technology. This year's attendance may hit a record as it's taking place at a critical juncture in the US-Chinese tech rivalry.
Time of India
4 days ago
- Business
- Time of India
Watch: Jack Ma is trending again, and this time it's for riding a bicycle
A short video clip has reignited global curiosity about Jack Ma . The Alibaba co-founder, once among the most prominent business figures in China, was filmed riding a bicycle through the quiet streets of Hangzhou. The video, shared on 17 July by X user Dott. Orikron, shows Ma dressed in sportswear, pedalling without any security around him. 'Jack Ma was spotted riding his bicycle in Hangzhou,' Orikron wrote. 'Although he has retained his position as CEO, his story reminds me of China's Last Emperor, who was pardoned after the revolution (despite collaborating with the Japanese) and became a simple gardener.' Explore courses from Top Institutes in Select a Course Category Artificial Intelligence others Data Science MCA Technology Finance Management Leadership Degree Others Operations Management healthcare CXO MBA Public Policy Cybersecurity Product Management Digital Marketing Data Science Design Thinking Data Analytics Healthcare Project Management Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details The comparison to Emperor Puyi struck a chord online. One user wrote, 'Simplicity at its peak,' while another said, 'Alas, look how happy and free he is.' A third remarked, 'A simple gardener with billions in the bank – is China so safe that billionaires like him don't need bodyguards?' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Morocco: Unsold Sofas May Be at Bargain Prices (Prices May Surprise You) Sofas | Search Ads Search Now Undo — orikron (@orikron) Reactions from the street and the screen According to Hype Malaysia, the original video was posted by a user on XiaoHongShu who claimed to have run into Ma at West Lake. She wrote, 'I came to West Lake with my friends and ran into Jack Ma! He was wearing sportswear!' She also noted that Ma confirmed his identity when asked. Live Events The relaxed scene drew a range of responses. Some admired his laid-back approach. Others raised concerns. One user on X questioned, 'Dangerous to be biking at night.' Another said, 'Unless he can give an interview and have people vouch he is alive, have to assume bad things happened to him.' The buzz reflects not just curiosity but also deep public memory of Ma's long silence. What happened to Jack Ma? Jack Ma has been mostly out of sight since October 2020. That was when he made a public speech criticising China's financial regulators. He compared state-owned banks to pawn shops and questioned the country's financial systems. According to a report in The Wall Street Journal, his comments did not sit well with President Xi Jinping. The response was swift and severe. Chinese authorities suspended Ant Group 's $37 billion IPO, a move that shocked markets globally. An investigation into Alibaba followed, wiping more than $100 billion off its market valuation. Ma, once omnipresent in business forums and media, simply vanished. His sudden withdrawal triggered months of speculation, conspiracy theories and international headlines. Public sightings were rare, often unconfirmed. Many assumed he was under house arrest or had been forced into silence. Earlier this year, Ma was seen at a high-level meeting with President Xi and other business leaders. It was the first clear sign that relations between China's tech sector and the government might be warming. His recent cycling trip, while personal and informal, could be part of that same slow re-entry into public life. As of July 2025, Ma's net worth stands at $26.5 billion, according to Forbes. Though he stepped down as Alibaba's executive chairman in 2019, he remains one of the company's largest shareholders. From rejection to riches Jack Ma's story isn't typical of China's business elite. Before founding Alibaba, he faced rejection after rejection. He applied for dozens of jobs, including one at KFC. Of 24 applicants, he was the only one not hired. Eventually, he became an English teacher. He taught himself English by offering free city tours to tourists in Hangzhou. For nine years, he cycled 70 miles every morning to the Shangri-La Hotel just to practise the language. His first ventures failed. Haibo Translation Agency didn't last. China Pages didn't succeed either. But in 1999, he gathered 17 friends in his apartment and pitched a new idea: Alibaba. With no funding and no tech background, Ma focused on customer experience. His motto was simple: customers first, employees second, investors last. The idea was mocked. But by 2000, he secured a $20 million investment from SoftBank, led by Masayoshi Son. That changed everything. Alibaba went on to reshape China's e-commerce and digital payment landscape. By 2022, the company became Asia's first to cross a $500 billion market valuation. Ma, once written off as unqualified and unworthy, became one of the richest people in the world.
Mint
4 days ago
- Politics
- Mint
Is this Jack Ma? Billionaire and Alibaba co-founder seen riding bicycle in China's Hangzhou — Viral video
In a viral video that has captivated millions across X(formerly twitter), billionaire co-founder of Alibaba, Jack Ma was recently spotted enjoying a bicycle ride on the empty streets of Hangzhou. The footage recorded by a woman and posted by an X user named Dott Orikon, shows Ma, known globally for his entrepreneurial prowess, pedaling casually without any visible security around him. Posted the video, an X user said, 'Although he has retained his position as CEO, his story reminds me of China's Last Emperor, who was pardoned after the revolution (despite collaborating with the Japanese) and became a simple gardener.' This statement compares Jack Ma to Puyi, China's last emperor. Puyi after losing his imperial power and even collaborating with the Japanese, was eventually pardoned and lived his remaining life humbly by being a gardener. The video garnered attention from several X users. Some people raised concerns about his safety as he was seen riding on the roads alone at night. The road also appeared quite empty in the posted video. A user also questioned China's safety, by stating, 'A simple gardener with billions in the bank, is China so safe that billionaires like him don't need body guards?' X user comment on the post While another user mirrored this concern and said, 'Dangerous to be biking at night.' Some users also questioned his sudden disappearance, adding in their theories. A user fueled this thought by stating, 'Unless he can give an interview and have people vouch he is alive, have to assume bad things happened to him.' Another person said, 'I thought he has disappeared. When did he reappear in public and why did he go missing for a while?' All the questions about Jack Ma's disappearance emerged after he started maintaining extremely low public life in late 2020 following regulatory crackdowns in China. His reduced visibility was also fueled by his critical comments on China's financial system. Ma lost more than half of his fortune after the incident, which also caused the suspension of Ant Group's IPO where he had 9.9% stake, according to CNN.
Mint
4 days ago
- Politics
- Mint
Is this Jack Ma? Billionaire and Alibaba co-founder seen riding bicycle in China's Hangzhou — Viral video
In a viral video that has captivated millions across X(formerly twitter), billionaire co-founder of Alibaba, Jack Ma was recently spotted enjoying a bicycle ride on the empty streets of Hangzhou. The footage recorded by a woman and posted by an X user named Dott Orikon, shows Ma, known globally for his entrepreneurial prowess, pedaling casually without any visible security around him. Posted the video, an X user said, 'Although he has retained his position as CEO, his story reminds me of China's Last Emperor, who was pardoned after the revolution (despite collaborating with the Japanese) and became a simple gardener.' This statement compares Jack Ma to Puyi, China's last emperor. Puyi after losing his imperial power and even collaborating with the Japanese, was eventually pardoned and lived his remaining life humbly by being a gardener. The video garnered attention from several X users. Some people raised concerns about his safety as he was seen riding on the roads alone at night. The road also appeared quite empty in the posted video. A user also questioned China's safety, by stating, 'A simple gardener with billions in the bank, is China so safe that billionaires like him don't need body guards?' X user comment on the post While another user mirrored this concern and said, 'Dangerous to be biking at night.' Some users also questioned his sudden disappearance, adding in their theories. A user fueled this thought by stating, 'Unless he can give an interview and have people vouch he is alive, have to assume bad things happened to him.' Another person said, 'I thought he has disappeared. When did he reappear in public and why did he go missing for a while?' All the questions about Jack Ma's disappearance emerged after he started maintaining extremely low public life in late 2020 following regulatory crackdowns in China. His reduced visibility was also fueled by his critical comments on China's financial system. Ma lost more than half of his fortune after the incident, which also caused the suspension of Ant Group's IPO where he had 9.9% stake, according to CNN. He resigned as the CEO of Alibaba in 2013 and executive chairman in 2019 as he continued to be the largest shareholder of the company.
