AI FIRM NEWS
Ather IPO’s late close; Freshworks’ Q1 boost
Ather Energy’s IPO was oversubscribed on the final day, driven by late interest from QIBs. This and more in today’s ETtech Top 5.
Xiaomi joins China AI game with maiden DeepSeek-like model
Xiaomi has launched its open-source AI model. It joins other Chinese tech giants in this field. The model is named MiMo. It mimics human thinking. Xiaomi claims MiMo outperforms OpenAI and Alibaba platforms in tests. This launch follows Alibaba's new model release. It also comes after DeepSeek's R1 success. Xiaomi aims to develop human-level AI.
Samsung Electronics posts 22% jump in Q1 net profit
South Korean tech giant Samsung Electronics reported a better-than-expected 21.7 percent rise in first-quarter net profit on Wednesday as consumers rushed to buy smartphones under the looming threat of US tariffs. The world's largest memory chipmaker reported net profit of 8.22 trillion won ($5.75 billion) for the January-March quarter, up 21.7 percent on-year.
To open source or not; Urban Company founders sell stock
Happy Wednesday! With Sarvam’s new government assignment, India is debating open sourcing. This and more in today’s ETtech Morning Dispatch.
Urban Company founders sell stock; Alibaba ups AI ante
Founders of Urban Company have sold shares in the run-up to the firm's IPO. This and more in today’s ETtech Top 5.
Turkiye denies sending weapons to Pakistan amid rising cross border tensions with India
Turkiye has denied reports that it sent military supplies to Pakistan amid soaring tensions with India following the Pahalgam terror attack. Claims on social media had suggested that six Turkish C-130E aircraft delivered weapons, sparking alarm in India. However, Turkiye’s Directorate of Communications dismissed the reports as "speculative." While no confirmed arms delivery has occurred, Turkiye and Pakistan maintain close defence ties, including drone sales and joint fighter development.
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'100 days of destruction': Elon Musk's alliance with Trump cost him $113,000,000,000 as he nears 130-day DOGE stint
Elon Musk is stepping back from his role in the Trump administration's cost-cutting team, DOGE, amidst Tesla's earnings plunge. His involvement granted unprecedented access and influence, benefiting SpaceX and X, formerly Twitter. However, Tesla faced backlash, with a significant stock drop and protests. Musk's departure raises questions about the sustainability of DOGE's cost-saving measures and his future advisory role. Elon Musk lost 25 percent of his wealth after he joined DOGE.
Nvidia stock drops as Huawei unveils new AI chip amid US export ban; will Huawei's Ascend 910D AI chip outperform Nvidia's H100
Nvidia's shares declined following reports of Huawei's development of the Ascend 910D, a new AI chip potentially surpassing Nvidia's H100. This development coincides with US export bans impacting Nvidia's sales in China, projected to cause billions in revenue losses. The ban and increased competition from Huawei are contributing to investor concerns and a decline in Nvidia's stock value.
China, HK stocks flat; rebound fades amid no new stimulus to counter US tariffs
China and Hong Kong stocks barely moved on Monday after Beijing pledged to stabilise capital markets without announcing fresh stimulus to counter the hefty U.S. tariffs.
Zepto founders’ debt; Rapido’s food delivery ride
Happy Monday! Zepto founders are raising funds through structured debt ahead of the company’s IPO. This and more in today’s ETtech Morning Dispatch.
China's Xi Jinping says China must 'overcome' AI chip challenges
President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips, state media reported Saturday, as Beijing seeks to become a world leader in the rapidly developing industry. In this context, Xi called for "continuing to strengthen basic research, focusing our efforts on overcoming challenges in key technologies such as advanced chips and core software, and building an autonomous AI system," according to Xinhua news agency.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Apple’s India pivot; Cloud, AI fuel Alphabet's gain
Apple is seeking to assemble all iPhones sold in the US in India by next year, the Financial Times reported. This and more in today’s ETtech Top 5.
Peak XV’s new fund; Sebi’s bond crackdown
Happy Friday! Peak XV Partners is set to raise its new fund, first one after its split from Sequoia US. This and more in today’s ETtech Morning Dispatch
Audit shadows BluSmart’s books; Zomato rejigs top deck
Happy Thursday! BluSmart faces a forensic audit as losses mount. This and more in today’s ETtech Morning Dispatch.
BluSmart’s salary delays; Banks face KYC reset
Happy Wednesday! After ceasing operations, BluSmart now faces a fresh challenge: delayed March salaries for its employees. This and more in today’s ETtech Morning Dispatch.
Pixel moves to India; A91's largest fund
In the wake of US tariffs, Google is shifting Pixel manufacturing from Vietnam to India. This and more in today’s ETtech Top 5.
ED lens on Jaggi brothers; Flipkart begins India shift
Happy Tuesday! After a Sebi probe, Gensol Engineering is now on the Enforcement Directorate’s radar. This and more in today’s ETtech Morning Dispatch.
Real value in AI will be to create products and workflows around AI models: Synthesia CEO
Victor Riparbelli, CEO of Synthesia, says the real value in AI will come from building products and workflows around existing models, not just improving the models themselves. Synthesia’s AI video platform, used by half the Fortune 100, is growing fast and focuses on responsible, consent-based content
Tariff war threatens your job: These sectors will be impacted by Trump’s tariffs
The trade war isn’t just about geopolitics. It’s about your pay cheque, says Devashish Chakravarty.
China holds world's first robot half-marathon
China hosted the world's first marathon featuring humanoid robots alongside human runners, highlighting advancements in AI and robotics. Twenty-one robots from various universities and firms participated in the 21-km race, judged on speed, endurance, and design. This event underscores China's ambition to lead in AI technology, projecting a market value of USD 119 billion by 2030.
How AI is aiding Trump's immigration crackdown
Under President Trump, the U.S. is increasing its use of AI and surveillance to track and arrest immigrants, raising concerns about accuracy and privacy. Agencies like DHS and CBP are using tools like facial recognition and social media monitoring to track immigrants and justify warrants.
Wikimedia Just Dropped a Massive Wikipedia Dataset on Kaggle — A Bold Move to Stop AI Bots From Scraping
The beta dataset is being hosted on Google-owned Kaggle. The dataset features 'structured Wikipedia content in English and French', the Wikimedia Enterprise said in an official release. The release of the new beta dataset was announced on April 16
Infosys Q4 results; Sunscreen storm clears up
Infosys posted a drop in net profit for the March quarter. This and more in today’s ETtech Top 5.
Washington takes aim at DeepSeek and its American chip supplier, Nvidia
The attacks on DeepSeek and Nvidia are an outgrowth of fear in Washington that China could leapfrog the United States in AI, which would have wide-ranging implications for national security and geopolitics. If China took the lead, it could more quickly use AI systems to design next-generation weapons such as autonomous missiles and drones.
Sebi pulls Gensol’s plug; Wipro Q4 results
Sebi has banned Gensol Engineering and its promoters from accessing the securities market. This and more in today’s ETtech Top 5.
US curbs on Nvidia chips to have limited impact on South Korean chipmakers
Nvidia has been asked by US authorities to secure a license to export its H20 chips to China for the indefinite future. Experts say the new regulation is unlikely to significantly affect the South Korean semiconductor firms in the short term.
Conversational AI platform Gupshup lays off 300 employees
In a written statement shared with ET, Gupshup said the reduction in headcount follows its rapid scale-up to 1,500 employees since 2021, driven by five acquisitions and lateral hiring. It added that the layoffs were part of consolidation efforts as it integrated the acquired firms and aimed to “optimise for efficiency.”
Nvidia faces $5.5 billion charge as US restricts chip sales to China
While the H20 has lower computing capabilities than other Nvidia chips, its ability to connect to memory chips and other computing chips at high speeds is still high. Those memory and connectivity aspects could make the H20 useful in building supercomputers in China, and the US has placed restrictions on selling chips for use in supercomputers in China since 2022.
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