DJI Sues U.S. Defense Department Over Military Links
China’s DJI, the world’s leading drone manufacturer, has filed a lawsuit against the U.S. Defense Department for being labeled a “Chinese military company.” DJI claims this designation is false and has led to significant financial losses, including canceled contracts and business stigma. Despite DJI’s assertion that it’s independent of Beijing’s military, U.S. lawmakers continue to raise concerns over national security and data risks posed by its drones. The lawsuit follows more than 16 months of unresponsiveness from the Pentagon.
Chinese Robotaxi Firm Pony AI Files for IPO
China-based autonomous driving firm Pony AI, backed by Toyota, has filed for an initial public offering (IPO) in the U.S., marking a surge in new listings as regulatory pressures ease. Pony AI’s revenue nearly doubled to $24.7 million in the first half of 2024, though it reported a net loss of $51.3 million. The company, valued at $8.5 billion in 2022, operates over 250 robotaxis with over 33.5 million kilometers of autonomous driving.
Chinese Bankers and Fund Managers Pivot Amid Regulatory Crackdown
Disillusioned by tightening regulations and dwindling opportunities, Chinese bankers and fund managers are abandoning finance for new careers, from education to stand-up comedy. Government initiatives like the “common prosperity” campaign, salary caps, and a crackdown on quant trading have stifled the financial sector, with IPO deals dropping by 75% in the first half of 2023. Industry veterans are transitioning to less regulated sectors or even moving abroad.
Apple Secretly Collaborated with BYD on EV Battery Technology
Apple’s ambitious foray into electric vehicles (EVs) included a covert collaboration with Chinese automaker BYD, dating back to 2017. The partnership aimed to develop advanced lithium iron phosphate (LFP) battery technology for Apple’s long-rumored car. Despite the project’s cancellation in 2024, the collaboration led to innovations now seen in BYD’s Blade batteries, propelling BYD to global EV leadership.
Vivo Tops Indian Smartphone Market, Surpassing Xiaomi and Samsung
Chinese smartphone brand Vivo claimed the top spot in India for the first time in Q3 2024, surpassing long-time leaders Xiaomi and Samsung. Vivo shipped 9.1 million units, capturing 19% of the market, driven by aggressive sales strategies and higher-end product launches. Xiaomi followed with 17%, and Samsung held 16% of the market. Oppo, the fastest-growing brand, saw a 43% rise in shipments.
Meta Pushes AI Boundaries with Self-Taught Evaluator Model
Meta unveiled new AI models, including a “Self-Taught Evaluator,” which aims to reduce human involvement in AI development. This evaluator, trained solely on AI-generated data, utilizes the “chain of thought” method, improving response accuracy in areas like science and coding by breaking down complex tasks. Meta researchers believe this advancement could lead to autonomous AI systems that self-correct and operate without human feedback, potentially replacing costly human-based reinforcement learning.
Amazon Bets on Small Nuclear Reactors to Power Data Centers
Amazon has signed agreements to explore small modular reactor (SMR) nuclear technology, aiming to power its growing energy-intensive data centers. Partnering with X-Energy and Energy Northwest, Amazon will fund a feasibility study for an SMR project in Washington, with plans to access electricity from four SMR modules. The potential capacity could reach 960MW, enough to power over 770,000 homes. SMRs are seen as a cost-efficient alternative to traditional nuclear plants, although critics question their economic viability.