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Meituan’s Billionaire Co-Founder Joins China’s AI Chatbot Rush

10Mar

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Technology

Meituan’s Billionaire Co-Founder Joins China’s AI Chatbot Rush

[ad_1] Billionaire Meituan co-founder Wang Xing is clambering aboard a global investment wave to create ChatGPT-like AI bots. Wang, who's largely stayed out of the limelight in recent years, declared in a WeChat post he'll join a Series A investment round for fellow Meituan co-founder Wang Huiwen's AI startup. The billionaire becomes the latest Chinese tech executive to throw his weight behind the quest to top OpenAI's creation, which has taken the global industry by storm since its November debut. “The AI model makes me excited about the huge productivity that will be created, but also worried about its future impact on the whole world,” said Wang, who rarely posts on WeChat and prefers a social media service he himself founded years ago. “Wang and I have been together on the roa...

Microsoft and Alphabet Fail to Show at the AI Party

[ad_1] Artificial intelligence is the buzziest of buzz words on Wall Street. Apart, that is, for the two firms that are seen to be at the cutting edge of the technology. While the likes of Nvidia Corp. and lesser-known AI plays have soared on the back of excitement over the potential boost to their business, Microsoft Corp. and Google parent Alphabet Inc. have underperformed this year. Their stock lethargy reflects both payback from AI investment that will likely be slower than for others, as well as the tougher backdrop for tech shares more broadly as the Federal Reserve aggressively raises interest rates to combat inflation. Both are up roughly 5% this year, not even half the gain of the Nasdaq 100 Index and far behind the nearly 60% surge in Nvidia, which...

Chips industry goes all-in on AI

[ad_1] It's been a wild few years for the microchip industry, recovering from a long-term supply squeeze only to be thrust into the centre of a US-China battle to control supply lines of the valuable technology.But an industry long associated with volatility is quietly getting excited that artificial intelligence (AI) could be the key to some longer-term stability. US firm Nvidia dominates the market in specialised chips known as GPUs, which happen to be ideal for training AI programmes like the wildly popular chatbot ChatGPT. "Technology trends are working in Nvidia's direction," the firm's vice president Ronnie Vasishta told AFP this week at the Mobile World Congress (MWC) in Barcelona.This has helped make Nvidia the biggest company in the sector -- and one of the biggest firms of an...