ByteDance valuation surges to record high of over US$600b on proposed equity sale: sources

South China Morning Post - Apr 8, 2026

ByteDance, the Chinese owner of TikTok, has seen its valuation surge to a record high of more than US$600 billion after a proposed equity sale from one of the founding shareholders, according to two sources familiar with the matter. The deal aimed to transfer US$900 million worth of ByteDance shares, one of the sources said. The seller originally had the company’s valuation at US$550 billion, in line with an earlier proposal by General Atlantic, one of the firm’s earliest institutional...

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Meta to pay New Mexico a historic US$25 billion in Cambridge Analytica Facebook case

Meta to pay New Mexico a historic US$25 billion in Cambridge Analytica Facebook case

Meta Platforms was ordered to pay a groundbreaking US$25 billion civil penalty to the state of New Mexico in a consumer deception case spurred by the Cambridge Analytica scandal. The fine issued by state court Judge Francis Mathew is among the largest verdicts issued in US legal history. The award comes after a jury in Santa Fe determined that Meta had violated the state’s consumer protection over 43 million times based on widely viewed deceptive statements made by the company and its top...

Tesla signs deal to integrate Alipay into its cars as China competition heats up

Tesla signs deal to integrate Alipay into its cars as China competition heats up

Tesla has agreed a deal to integrate Chinese fintech giant Ant Group’s Alipay digital payment software into its vehicles in China, as Elon Musk’s firm steps up efforts to offer localised smart features amid intense competition in the Chinese market. The agreement, signed on Tuesday, will see Tesla roll out an Alipay-powered smart parking service across its Chinese fleet, according to the fintech firm. Neither side revealed a launch date or which car models would receive the feature, though...

Washington’s DeepSeek ban may deter US firms from adopting Chinese AI models: experts

Washington’s DeepSeek ban may deter US firms from adopting Chinese AI models: experts

The US government’s latest ban on Chinese artificial intelligence start-up DeepSeek could have a chilling effect on the wider American business community and deter companies from adopting low-cost Chinese AI models, industry experts say. The US Department of Homeland Security (DHS) ordered federal civilian agencies to remove DeepSeek products and third-party services built on the Chinese AI model from their IT systems, according to a directive signed in July and published on Monday. The...

Nvidia CEO to deliver keynote speech in Berlin as his firm faces investor scrutiny over AI

Nvidia CEO to deliver keynote speech in Berlin as his firm faces investor scrutiny over AI

Nvidia CEO Jensen Huang is set to take the stage in Berlin on Wednesday, as the world’s most valuable company faces heightened investor scrutiny over whether the massive artificial intelligence spending boom – the engine behind the chipmaker’s meteoric growth – can deliver long-term returns. The conference agenda focuses on sovereign AI, industrial automation and operational infrastructure – key sectors where Nvidia hopes to drive demand beyond the handful of US tech giants currently dominating...

DeepSeek seeks ‘total victory’ over closed-source AI with new open-source tool

DeepSeek seeks ‘total victory’ over closed-source AI with new open-source tool

Chinese artificial intelligence start-up DeepSeek has fully open-sourced an internally developed framework designed to run AI models efficiently, as a senior researcher at the company described the growing divide between open-source and closed-source AI as a battle between “light and darkness”. The company on Tuesday released DeepInfer, an inference framework tailored to support its DeepSeek-V4.1-Flash model on both Nvidia’s SM100 Blackwell graphics processing units (GPUs) and Huawei...

Why Anthropic has a major China problem ahead of its blockbuster IPO

Why Anthropic has a major China problem ahead of its blockbuster IPO

The growing popularity of Chinese artificial intelligence models has emerged as a key risk factor for Anthropic ahead of its blockbuster initial public offering, according to US research firm Hedgeye Risk Management. “It’s all about Chinese competition when analysing Anthropic,” said Felix Wang, managing director and global tech sector head at Hedgeye. “Many of my clients are asking the same question.” The assessment comes as Anthropic faces renewed investor jitters over whether its massive AI...

China creates state-owned firm in Xiongan to develop nation’s AI data resources

China creates state-owned firm in Xiongan to develop nation’s AI data resources

China has set up a new state-owned enterprise dedicated to managing the country’s massive data resources, a significant move designed to turbocharge the nation’s artificial intelligence industry and bolster its digital economy. The National Data Group Co – based in China’s “city of the future”, Xiongan New Area in northern Hebei province – is tasked with “developing and utilising data resources, unlocking the value of data elements, serving AI development and fostering a data industry...

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

Alibaba Group Holding’s research arm, Damo Academy, has seen more than 6 billion chips shipped based on its XuanTie RISC-V architecture, marking a milestone as the tech giant doubles down on the open standard in artificial intelligence and automotive systems. Meng Jianyi, chief scientist at Damo Academy, announced the figure on Monday at the annual RISC-V Summit China in Shenzhen. The achievement comes as Chinese companies seek to play a greater role in the global RISC-V ecosystem, an...

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

Alibaba’s RISC-V IP powers over 6 billion shipped chips as tech giant targets AI, autos

Alibaba Group Holding’s research arm, Damo Academy, has seen more than 6 billion chips shipped based on its XuanTie RISC-V architecture, marking a milestone as the tech giant doubles down on the open standard in artificial intelligence and automotive systems. Meng Jianyi, chief scientist at Damo Academy, announced the figure on Monday at the annual RISC-V Summit China in Shenzhen. The achievement comes as Chinese companies seek to play a greater role in the global RISC-V ecosystem, an...

CXMT shares fall 7.8% despite blockbuster earnings figures

CXMT shares fall 7.8% despite blockbuster earnings figures

Chinese memory chip giant ChangXin Memory Technologies (CXMT) saw its shares fall more than 8 per cent in early Monday trading, despite forecasts of strong profits and plans for a share buy-back amid a global sector-wide market rout. CXMT shares dropped 7.8 per cent on Monday to close at 41.52 yuan. The company’s stock surged to a peak of 61.8 yuan in August – up as much as 614 per cent from its initial public offering price of 8.66 yuan in July – before paring back gains. The market reaction...

CXMT shares fall 7.8% despite blockbuster earnings figures

CXMT shares fall 7.8% despite blockbuster earnings figures

Chinese memory chip giant ChangXin Memory Technologies (CXMT) saw its shares fall more than 8 per cent in early Monday trading, despite forecasts of strong profits and plans for a share buy-back amid a global sector-wide market rout. CXMT shares dropped 7.8 per cent on Monday to close at 41.52 yuan. The company’s stock surged to a peak of 61.8 yuan in August – up as much as 614 per cent from its initial public offering price of 8.66 yuan in July – before paring back gains. The market reaction...

The AI promise was automation. The reality? Managing digital workers

The AI promise was automation. The reality? Managing digital workers

When artificial intelligence agents first arrived, they came with a tantalising promise: autonomous “digital workers” that would finally free humans from corporate drudgery. As businesses across Asia are discovering, however, the reality is quite the opposite – more work, new friction and a whole new layer of management. When Xiao Mengjie, an AI product marketing manager at a Big Tech firm in Shanghai, recently assigned two AI agents what she described as a simple task, she expected efficiency....

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