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Huawei Technologies Co reported its first quarterly net loss in years, posting a deficit of about 300 million yuan despite a 9.5% revenue increase to approximately 276 billion yuan. The loss is attributed to heavy investments in research and development, particularly in electric vehicles and chips, amid ongoing US sanctions. While the consumer business grew 38% and the smart driving solutions became profitable, the company faces challenges as the US pressures European carriers to limit business with Huawei.
Huawei Technologies Co. reported its first quarterly net loss in years, amounting to about 300 million yuan, despite a 9.5% revenue increase to approximately 276 billion yuan. The company invested heavily in R&D, totaling 179.7 billion yuan, as it navigated US sanctions and expanded into areas like EV software and AI server chips. Notably, its smart driving solutions became profitable for the first time, and the consumer business group saw a 38% growth, while the core telecom division grew by 5%.
Ant Group has developed AI models, "Ling-Lite and Ling-Plus," using Huawei chips at a cost 20% lower than industry standards, achieving performance comparable to Meta's models. This advancement highlights China's growing capabilities in AI, leveraging domestic technology and innovative training techniques, potentially challenging NVIDIA's market dominance.
Joe Tsai emphasizes his commitment to building a championship-winning Brooklyn Nets team before considering ownership of an NFL franchise, despite holding a minority stake in the Miami Dolphins. He views his investment in the Nets as a passion project rather than a financial venture, focusing on long-term success amid a current rebuild. Tsai's dedication is evident as he supports the team's future, even as they face challenges this season.
Wealthy Chinese investors are discreetly channeling tens of millions into Elon Musk's private companies, including SpaceX, xAI, and Neuralink, through special-purpose vehicles that obscure their identities. This trend arises amid strained US-China relations and Beijing's capital controls, with asset managers promoting these investments as lucrative opportunities despite the risks involved. The influx of Chinese capital is primarily profit-driven, reflecting a search for high-quality projects abroad as domestic economic conditions remain challenging.
Unitree Robotics, a Chinese start-up, has alerted investors to scams involving its shares, emphasizing that all transactions must go through its official financing department. The warning follows increased interest in the company after its founder, Wang Xinxing, participated in a high-profile business symposium. The company's humanoid robots gained visibility during the Spring Festival Gala, further fueling market activity.
During a meeting with private sector entrepreneurs, Huawei's founder Ren Zhengfei assured President Xi Jinping that concerns over China's lack of homegrown chips and operating systems have eased. Other industry leaders, including BYD's Wang Chuanfu and Xiaomi's Lei Jun, expressed confidence in overcoming international challenges under Xi's leadership. The discussion highlighted the progress of China's EV and tech industries, emphasizing a shift towards self-sufficiency in critical technologies.
Huawei's founder, Ren Zhengfei, informed President Xi Jinping that China's concerns over a shortage of domestic chips and operating systems have eased. During a meeting with private sector leaders, Ren expressed confidence in China's technological self-sufficiency, while other entrepreneurs highlighted advancements in the electric vehicle industry and resilience amid changing international circumstances.
Huawei founder Ren Zhengfei informed President Xi Jinping that China's concerns over a shortage of domestic chips and operating systems have eased. During a controlled meeting with private sector entrepreneurs, Ren expressed confidence in China's technological rise, referencing historical challenges related to semiconductors and software. Other industry leaders, including BYD's Wang Chuanfu and Xiaomi's Lei Jun, also shared insights on their sectors' progress and resilience under Xi's leadership.
Huawei's founder, Ren Zhengfei, informed President Xi Jinping that China's concerns over a shortage of domestic chips and operating systems have eased. During a meeting with private sector leaders, Ren expressed confidence in China's technological self-sufficiency, while other entrepreneurs highlighted advancements in the electric vehicle industry and resilience amid changing international conditions.
Jack Ma
People
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