Jul 10, 2024 12:36 PM

Daily Tech Roundup: Beijing to Support Robotaxis, China’s AI Model Hurdles

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Autonomous cars provide a shuttle service between Beijing Yizhuang and Beijing Daxing International Airport terminals on March 4, 2024. Photo: Xue Siyuan (intern)/Caixin

Welcome to the Daily Tech Roundup — a briefing of the top technology news making headlines in China and the rest of Asia.

China’s AI models struggle to bring transformative use, executive says

Industry executives attending the World AI Conference in Shanghai expressed concerns about recurring technological issues in the development of large language models and offered possible solutions, as demand for more reliable artificial intelligence (AI) models designed for sector-specific software grows stronger.

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Executives at the World AI Conference in Shanghai expressed concerns about China's AI models facing technological issues and not supporting transformative vertical applications.
Beijing is preparing to introduce robotaxis with regulatory guidelines amid public backlash, insisting on safety officers or remote control for autonomous vehicles.
A kidnapping case in the Philippines highlighted the use of the cryptocurrency USDT in criminal activities, with increasing demand for crypto ransoms.

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Who’s Who

SenseTime Group Inc.: SenseTime Group Inc. is a Chinese company specializing in facial recognition and AI technology. Its CEO, Xu Li, highlighted at the World AI Conference in Shanghai that current AI models in China mainly serve as data memory devices and lack the capability to support transformative, industry-specific vertical applications.

Suzhou Rainmed Medical Technology Co. Ltd.: Suzhou Rainmed Medical Technology Co. Ltd. is a company involved in the healthcare sector. The firm recently faced tragedy as its international marketing director, Xia Kefu, and distributor Sun Jing were kidnapped and killed in the Philippines, with ransoms paid in cryptocurrency USDT. The incident highlights the growing use of cryptocurrencies in criminal activities.

Taiwan Semiconductor Manufacturing Co. Ltd.: Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) briefly surpassed $1 trillion in market capitalization after Morgan Stanley raised its price targets. TSMC’s U.S.-listed stock surged by 4.8%, making its share price increase over 80% this year. The company also surpassed Berkshire Hathaway to become the world's eighth most valuable company based on its ADRs, which trade at a high premium compared to its Taipei shares.

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What Happened When

June, 2024：: TSMC overtook Berkshire Hathaway Inc. to become the world's eighth most valuable company.

June 24, 2024：: Xia Kefu and Sun Jing were found dead near a lake in a city some 500 kilometers from Manila after ransoms were paid into a USDT account.

Thursday, July 4, 2024：: Xu Li, CEO of SenseTime Group Inc., said in a keynote speech that existing AI models in China are just functioning as data memory devices and cannot fully support vertical applications that could bring transformative changes.