Brief

Anthropic is reportedly seeking a significant funding round that could value the company at $950 billion, potentially surpassing OpenAI's recent valuation. The company's head of product, Cat Wu, discussed Anthropic's rapid model release pace and product strategy, emphasizing a focus on staying at the technological frontier rather than reacting to competitors. Wu also touched on the future of work, suggesting that managing fleets of AI agents will require human expertise to debug and guide them, ultimately aiming to enhance productivity. AI

Tencent intends to substantially increase its investment in AI infrastructure during the latter half of 2026. This move coincides with an alleged improvement in China's domestic AI chip production capabilities. The company is also reportedly in discussions to acquire a stake in Deepseek, a prominent AI research lab. AI

Mind Robotics, a spinoff from Rivian, has secured $400 million in new funding, bringing its total capital raised to over $1 billion. This significant investment validates the company's early backers and signals strong confidence in its future. The substantial financial backing is expected to accelerate Mind Robotics' development and market presence. AI

SoftBank Group announced a surprising increase in its quarterly profits, largely attributed to the appreciated valuation of its investment in OpenAI. This financial boost highlights the significant impact of AI company valuations on investment firms' performance. AI

Venture capital firm Andreessen Horowitz has emerged as the largest donor in the current midterm election cycle, contributing over $115.5 million to political action committees. This significant financial backing, with a notable portion directed towards crypto and pro-AI Super PACs, signals the firm's intent to influence policy in Washington. The firm's co-founders, Marc Andreessen and Ben Horowitz, have also made substantial donations to specific political groups, including those supporting Donald Trump. AI

SoftBank's investment in OpenAI is reportedly boosting its quarterly profits, with analysts estimating its stake to be worth around $80 billion. However, concerns are rising about SoftBank's increasing debt to fund its AI strategy and the concentration of risk in a single company. Despite these worries, SoftBank's stock has seen significant gains, indicating investor confidence for the time being. AI

Cisco reported strong fourth-quarter financial results, exceeding analyst expectations for both earnings and revenue, largely driven by significant demand for AI infrastructure. The company secured $5.3 billion in AI-related orders and raised its full-year AI revenue outlook to $4 billion. Despite these positive financial indicators and a 14% stock surge, Cisco also announced workforce reductions affecting nearly 4,000 employees, which CEO Chuck Robbins stated are necessary to optimize costs in light of AI opportunities. AI

OpenAI has launched a new entity, the OpenAI Deployment Company, backed by over $4 billion in initial investment. This new venture aims to help organizations integrate and deploy AI systems by embedding specialized engineers. The move follows a trend of tech companies, including Google and Anthropic, establishing dedicated teams and partnerships to facilitate enterprise AI adoption. AI

Public health officials are monitoring a hantavirus outbreak that originated on a cruise ship, with no current signs of a widespread pandemic. Despite a high mortality rate for this strain, its spread requires close contact, making a COVID-19-level crisis unlikely. Meanwhile, NVision Quantum Technologies has secured $55 million in new funding to advance its quantum-based metabolic imaging for real-time cancer treatment monitoring, valuing the company at over $250 million. AI

Alibaba's AI business has entered a commercialization phase, with annualized recurring revenue from its AI models and applications, including the Baichuan MaaS platform, projected to exceed 10 billion yuan in the June quarter and reach 30 billion yuan by year-end. This growth is driven by increasing demand from enterprise clients for model and application services, evidenced by a significant rise in token consumption. Concurrently, storage company Bowei Storage has refiled its application for an H-share listing in Hong Kong, though the offering remains subject to regulatory approvals. AI

Alibaba's AI business is entering a commercialization phase, with its Annualized Recurring Revenue (ARR) for AI models and applications projected to exceed 10 billion yuan in the June quarter. CEO Eddie Wu anticipates this figure will surpass 30 billion yuan by the end of the year. The demand for AI model and application services, particularly from the Baileen MaaS platform, is rapidly increasing, evidenced by a significant rise in token consumption over the past three months. AI

Lin Junyang, the former head of Alibaba's Qwen large language model, has launched a new AI startup. The company is reportedly seeking a seed funding round with a valuation of $2 billion, an unusually high figure for a pre-product Chinese AI firm. Lin's previous work on Qwen, known for its open-source contributions and multimodal capabilities, positions his new venture to focus on "Agentic Thinking," a concept he outlined in a recent essay emphasizing AI's ability to act, observe, and adapt within an environment. AI

Lin Junyang, formerly the technical lead for Alibaba's Qwen large language models, has launched a new AI venture. The company is reportedly exploring directions such as world models and embodied intelligence. Lin is seeking to raise funds at a valuation of approximately $2 billion USD, with initial discussions held with venture capital firms like Sequoia China and Gaorong Capital. AI

Fervo Energy's initial public offering experienced a significant 33% increase on its first day of trading. This surge in valuation, which propelled the company's worth beyond $10 billion, is largely attributed to the escalating demand for AI data centers. The company's focus on geothermal energy solutions is seen as a key factor in meeting this growing need for sustainable power in the AI infrastructure sector. AI

Tencent reported first-quarter earnings that fell short of revenue expectations, attributing the shortfall to a slowdown in gaming sales. CEO Pony Ma indicated a potential turnaround, emphasizing the company's strategic focus on artificial intelligence for future growth. A key development was the launch of their foundational model, "Hy3 preview," led by former OpenAI researcher Yao Shunyu, which has shown promising performance on AI hosting platforms. AI

AI startup Recursive has launched with $650 million in funding to develop self-improving artificial intelligence systems. The company's core mission revolves around the concept of recursive self-improvement as the most efficient route to achieving superintelligence. This significant funding positions Recursive to pursue ambitious goals in advanced AI development. AI

Chinese autonomous driving company WeRide reported a 58% year-over-year revenue increase to 114 million yuan in the first quarter of 2026. The company also saw its operating loss narrow and gross profit rise by 56% to 39.6 million yuan, achieving a 35% gross margin. WeRide's Robotaxi service in China doubled its registered users compared to the previous year, with daily orders per vehicle exceeding 17. AI

Isomorphic Labs, an AI-driven drug discovery company, and Anduril, a defense technology firm, have both recently secured significant funding rounds. Isomorphic raised $2.1 billion in Series B funding, while Anduril closed a $5 billion Series H round at a $61 billion valuation. Thrive Capital was a lead investor in both rounds, with Andreessen Horowitz also leading for Anduril. Both companies are leveraging advancements in AI to pursue ambitious goals, with Isomorphic aiming to cure diseases and Anduril developing autonomous weapons systems. AI

Alibaba announced its fiscal year 2026 financial results, highlighting significant growth in its cloud computing segment. The company's AI-related products now constitute 30% of its external cloud revenue, which saw a 40% increase in commercialization. Additionally, Alibaba declared a quarterly cash dividend for its shareholders, payable in USD. AI

Alibaba Cloud reported a significant increase in revenue for the quarter ending March 31, 2026, with external commercialized revenue growing by 40% to a new high. AI-related products were a major driver, contributing over 30% of external revenue and showing triple-digit year-over-year growth for the eleventh consecutive quarter. The company also highlighted advancements in its proprietary GPU chip production, model capabilities with the Qwen 3.6-Plus, and the launch of its enterprise-grade intelligent agent platform, Wukong. AI

Chinese startup Magic Core Technology has secured nearly 100 million yuan in new funding, with investments from prominent tech firms including Huawei Hubble and Lenovo Holdings. This follows a similar funding round just a month prior, indicating strong investor confidence in the company's spatial intelligence technology. Magic Core's founder, a young PhD student, is developing a 4D world model that aims to surpass current VLA model capabilities and has been recognized with a CVPR2026 paper acceptance. AI

Alibaba Cloud reported a 40% year-over-year increase in external commercialization revenue for its fourth fiscal quarter of 2026. Revenue from AI-related products within this segment grew by triple digits for the eleventh consecutive quarter, reaching 8.971 billion yuan and an annualized revenue exceeding 35.8 billion yuan. The company also noted an eightfold increase in customers for its "Bai Ling" platform by March 2026, indicating a surge in enterprise demand for AI solutions. AI

The AI server market is experiencing unprecedented growth, with companies like Dell, HPE, Lenovo, and Supermicro reporting billions in revenue and substantial backlogs. While demand for GPUs, particularly from Nvidia, continues to outstrip supply, server vendors are finding that attracting enterprise customers requires more than just hardware. These businesses often lack the expertise to deploy and manage AI infrastructure, pushing vendors to offer comprehensive software management tools and professional services to guide them through the AI adoption process. AI

Kuaishou plans to spin off its AI video product, Kling, aiming for an IPO next year with a valuation exceeding 130 billion yuan. The company is reportedly in talks for a pre-IPO funding round of $2 billion. Meanwhile, former Tencent AI Lab executive Yu Dong has joined Capital One as a Vice President in AI Foundations, bringing extensive experience in speech and AI research. AI

SEEKOO, a video AI startup, has secured tens of millions of dollars in funding. The company also launched Anijam.ai, a new platform that utilizes a multi-agent system for video generation. Anijam.ai has already attracted over 1,000 paying users, indicating early market adoption. AI

Hong Kong-listed AI application stocks experienced a significant surge, with Zhipu AI leading the gains at over 15%. Other notable performers included MINIMAX-W, which rose more than 11%, and Xuncai, up over 8%. This rally in AI-related equities reflects growing investor confidence in the sector's potential. AI

Taiji Industry announced that its stock experienced an abnormal surge, with its cumulative price increase exceeding 20% over three consecutive trading days. The company's primary businesses include semiconductor operations, engineering technical services, and photovoltaic power station investment and operation. Its semiconductor segment, which focuses on IC chip packaging and testing, generated 4.65 billion yuan in revenue in 2025, accounting for 15.15% of the company's total annual revenue. A significant portion of this semiconductor revenue, 3.939 billion yuan, came from its subsidiary Haitai Semiconductor (Wuxi). AI

NVision, a startup specializing in cancer imaging, has secured $38 million in funding led by Abbott, with an additional $17 million venture loan. The company utilizes quantum technology to enhance MRI scans, allowing for real-time monitoring of a tumor's metabolic response to treatment. This innovation aims to provide faster feedback on therapy effectiveness, potentially changing treatment timelines from months to days. NVision plans to expand its metabolic imaging system to 20 centers globally and is preparing for human clinical studies in 2027. AI

Yiren Technology has secured tens of millions of RMB in a new funding round, following a previous successful close. The company has surpassed 100 million RMB in annual revenue from its AI data services, marking it as the first in China's AI data sector to achieve profitability. AI

The Canadian government has allocated over $800 million towards artificial intelligence contracts in the past three years. Public Services and Procurement Canada and Innovation Canada were the leading departments in this spending. National Defence also contributed significantly, with $83.7 million spent on AI-related contracts. AI

Xunfei's Doubao LLM is reportedly receiving enhanced capabilities, though specific details remain undisclosed. Separately, Scenovation Technology has secured nearly $100 million in Series C funding, led by Suzhou Industrial Park Investment Group, to advance its automotive and embodied AI chip development. Additionally, a report from Scotiabank predicts a global copper deficit of 350,000 tons by 2027, driven by robust demand and supply-side challenges. AI

Xinchip Technology has secured nearly $100 million in Series C funding, with Jiangsu Provincial Investment leading the round. The company plans to use the capital to enhance its technological advantages and production capabilities in automotive-grade chips. This funding will also support Xinchip's expansion into the embodied intelligence sector. AI

METiS TechBio, a Hong Kong-listed biotech firm, has successfully debuted on the stock market, with its shares surging significantly on its first day of trading. The company utilizes artificial intelligence to design and produce nano-rockets for drug delivery, aiming to revolutionize pharmaceutical development. This IPO marks a notable event in the growing trend of AI-driven companies listing in Hong Kong, following similar successful debuts by other biotech firms. AI

Photonix, a Beijing-based startup founded by Tsinghua University alumni, has secured tens of millions of RMB in angel funding. The company is developing optoelectronic fusion computing chips utilizing a novel "full-wave computation" approach based on metasurface technology. This technology aims to significantly increase computing density and energy efficiency compared to traditional methods, with plans to integrate with electronic chips via Chiplets and develop a supporting software toolchain. AI

Fangshi Robotics has secured nearly 100 million yuan in Series A funding to advance its embodied intelligence and construction large model solutions. The company aims to address labor shortages and safety concerns in the construction industry by developing intelligent robots. Fangshi Robotics has already served over 100 major construction firms in China and expanded its reach to more than ten countries. AI

SKC, a subsidiary of SK Group, plans to raise 1.17 trillion Korean won (approximately 5.3 billion RMB) through a new stock issuance. A significant portion of these funds, around 589.6 billion won, will be allocated to its subsidiary Absolix to advance its glass substrate business. Absolix is already collaborating with a US semiconductor company on prototypes for next-generation communication semiconductors. AI

International capital is increasingly investing in Chinese tech ETFs, reversing earlier outflows and signaling growing investor interest. Foreign institutions are actively researching sectors like semiconductors and AI, seeking leading companies with global potential. The Chinese tech industry's appeal is rising due to increased investment in domestic AI and advancements in smart devices. AI

快手计划将其AI部门可灵（Kling）分拆出来，并寻求20亿美元的融资。此举表明了公司对AI业务的重视以及对独立发展的期望。此前，快手已在AI领域进行了大量投入，但面临预算快速消耗的挑战。 AI

AI safety firm Anthropic is reportedly in early-stage talks to acquire developer tools startup Stainless for at least $300 million. The deal may also involve Anthropic contributing some of its own stock as part of the acquisition. Negotiations are ongoing, and the final terms are subject to change. AI

Microsoft's $13 billion investment in OpenAI has reportedly yielded over double its revenue return. Separately, United Airlines flight attendants have ratified a new five-year contract, securing a nearly one-third increase in base pay and other benefits. Additionally, Kuaishou plans to spin off its AI company Keling, aiming to raise $2 billion. AI

中微公司 has successfully acquired a controlling stake in 杭州众硅, a move that has received official registration approval from the China Securities Regulatory Commission. This transaction marks the first instance on the Shanghai STAR Market to utilize simplified review procedures for mergers and acquisitions, signaling a significant development in the market. The acquisition is now poised to move into its implementation phase. AI

A couple in Shenzhen, founders of memory module manufacturer Demingli, have significantly increased their wealth by stockpiling memory chips. They capitalized on the AI boom, which created a global chip shortage, leading to a surge in demand and prices. This strategic hoarding allowed their net worth to grow by approximately 30 billion yuan in just five months. AI

The ChiNext index surged past 4000 points, reaching a decade high and nearing its 2015 peak. In related business news, AMEC acquired a controlling stake in Hangzhou Zhonggui, a transaction approved by the China Securities Regulatory Commission. Additionally, a separate report mentions "Qwen" (a Chinese AI model) increasing its capabilities for "Doubao" (likely a related product or service). AI

Anil Kochhar, a commencement speaker at North Carolina State University's Wilson College of Textiles, surprised graduates by announcing he would pay off their final-year student loans. This philanthropic act aims to alleviate the significant debt burden faced by many graduates, with the average student debt in the U.S. exceeding $39,000. The university is working with Kochhar to implement the plan, which is intended to enable graduates to pursue their careers with reduced financial pressure. AI

The Open Society Foundations, led by Alex Soros, announced a $30 million commitment over three years to combat antisemitism and anti-Muslim hate. This initiative aims to strengthen interfaith partnerships and protect communities facing increased threats, particularly in light of recent global events and heightened rhetoric. The funding will support educational programs, community leaders, and nonprofits working to address discrimination and intolerance in a unified manner, rather than in silos. AI

Envirotech Vehicles is set to merge with AZIO AI in a deal valued at $480 million. This strategic move aims to reshape AI infrastructure and includes a planned leadership transition. The merger is expected to significantly impact the AI sector. AI

Chinese internet giant Kuaishou is reportedly exploring external funding for its AI video generation unit, Kling AI. The company is considering a restructuring of the business, which could involve bringing in outside investors. This move signals Kuaishou's strategic focus on advancing its generative AI video capabilities. AI

Anker Innovations' eufy Make UV printer E1 achieved a record-breaking $46.7 million in crowdfunding on Kickstarter, far exceeding its initial goal. The product, which is the world's first consumer-grade UV printer, faced significant manufacturing challenges, including supply chain integration and quality control issues like leakage, requiring engineers to live at the factory for a month to resolve. The company also had to develop its own consumer-grade UV ink, which is now a point of discussion due to its high cost, and is working towards domestic production of key components like printheads. AI

Amp, a startup aiming to democratize access to AI computing power, has secured $1.3 billion in funding. The company plans to create an "AI grid" by acquiring compute capacity from data center operators and making it available to organizations and smaller startups that lack the resources of major tech giants. Founding members of Amp's coalition include Mistral, ElevenLabs, and Black Forest Labs, with a goal of pooling 1.9 gigawatts of capacity over five years. AI

China's technology exports, particularly in computing hardware and integrated circuits, have surged significantly, driven by global demand for AI applications. This boom in tech exports is providing Beijing with increased economic leverage ahead of a crucial meeting with former US President Donald Trump. Analysts note that the growth in these sectors is a key driver for China's overall export performance, even offsetting challenges from other global events. AI