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China's ByteDance to overhaul VR arm Pico as global demand declines
Economic Times
·
1y ago
Medial
ByteDance's VR arm, Pico, is set to cut jobs and undergo a major overhaul due to decreased global demand for VR headsets. Much of Pico's software team will be integrated into ByteDance's product development team, while the hardware team will remain intact. Although the number of job cuts hasn't been specified, it is expected to impact "hundreds" of Pico staff worldwide. The restructuring is a setback for ByteDance, which acquired Pico in 2021 to compete with Meta's Quest VR headsets.
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Related News
ByteDance says committed to VR business Pico after report of it shutting brand
Economic Times
·
1y ago
Medial
ByteDance, the owner of TikTok, clarified that it is not shutting down its virtual reality (VR) business Pico and remains committed to the industry. This comes after reports emerged that ByteDance planned to gradually wind down the Pico brand. ByteDance stated that Pico is operating normally and the company will continue to invest in extended reality (XR) business in the long term. Pico, which holds the largest market share for VR headsets in China, is considered ByteDance's response to Meta's popular Quest headsets. However, Pico has been facing challenges, including employee departures and rethinking its strategy.
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Jio In Talks To Use Meta’s VR Software For A Potential VR Device
Inc42
·
11m ago
Medial
Reliance's digital arm, Jio, is in talks with Meta to use its Horizon VR software for Jio's upcoming VR device. This is part of Meta's strategy to expand the use of Horizon OS and establish it as a leading platform for VR, AR, and mixed reality devices. Jio had previously released a VR headset called JioDive and smart glasses named JioGlass in October 2021.
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Report: Apple has 90% of lucrative 5K+ display market — could be selling hundreds of thousands Studio Display and Pro Display XDR per year
Techradar
·
1y ago
Medial
According to a recent analysis by TrendForce, global monitor shipments decreased by 7.3% in 2023. However, TrendForce predicts a potential 2% increase in global monitor shipments in 2024, driven by an expected economic recovery and the PC replacement cycle. While major monitor brands like Dell, HP, and Lenovo experienced significant declines, AOC/Philips saw an 8.8% increase in shipments due to strong demand in China's gaming market. Additionally, high-end products like gaming monitors are witnessing a shift towards QHD resolution, with Apple dominating the 5K display market.
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FPI buying in Indian shares falls in first half of August
Reuters
·
1y ago
Medial
Foreign portfolio investors' (FPIs) purchases of Indian shares fell to a five-month low in the first half of August, amid declines in domestic and global equities due to rising interest rate concerns in the U.S. and worries over China's economy.
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As Big Tech scrambles to meet EU rules, investigations seen as likely
Economic Times
·
1y ago
Medial
Major tech companies, including Google, Apple, Amazon, Microsoft, Meta, and ByteDance, have made significant changes ahead of the implementation of the European Union's Digital Markets Act (DMA). The DMA, coming into effect on Thursday, aims to regulate Big Tech and reshape the industry. Potential non-compliance by any of these companies could result in fines up to 10% of their global turnover. Apple is particularly affected, being required to open up its closed ecosystem. Google's mandatory overhaul of search results could also draw scrutiny, while Meta and other companies may face investigations. Microsoft, Amazon, and ByteDance may initially face less scrutiny. The DMA enforcers have a year to issue their findings.
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ByteDance sues former intern seeking $1.1 million in damages for 'sabotaging' AI project
Internet
·
7m ago
Medial
ByteDance is suing a former intern, Tian Keyu, for allegedly sabotaging its AI model training, seeking $1.1 million in damages. The intern is accused of tampering with critical code, disrupting operations, and wasting resources. This lawsuit highlights ByteDance's aggressive AI expansion, including its leading chatbot Doubao, amidst China's competitive AI landscape and global tech challenges.
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China could use social media app TikTok to influence the 2024 elections: US spy chief
Economic Times
·
1y ago
Medial
China's social media app TikTok could be used to influence the 2024 US elections, according to Avril Haines, the US Director of National Intelligence. Haines stated that the Chinese ruling Communist Party (CCP) may utilize TikTok for this purpose. A bill has been introduced in the House of Representatives that would require TikTok's Chinese owner, ByteDance, to divest the app within six months. The concerns stem from reports that TikTok accounts linked to a Chinese government propaganda arm targeted US political candidates during the 2022 midterm elections. FBI Director Christopher Wray also emphasized the national security threats posed by TikTok.
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Meta strikes deal with Tencent to sell VR headset in China: WSJ report
Economic Times
·
1y ago
Medial
Meta Platforms has reportedly entered a preliminary deal with Tencent Holdings to sell a low-cost virtual reality (VR) headset in China, aiming to re-enter the market where Facebook and Instagram are blocked. Tencent will be the exclusive seller of Meta's headsets in China, starting late 2024. The deal allows Meta to compete with TikTok-owner Bytedance. Meta's Quest, the bestseller in the VR space, will be adapted for China with cheaper lenses, with Meta taking a larger share of device sales and Tencent focusing on content and service revenue.
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TikTok hires British firm NCC for auditing data security
Economic Times
·
1y ago
Medial
Several government bodies have banned TikTok from staff phones due to growing concerns about the company, which is owned by Chinese firm ByteDance, and whether China's government could harvest users' data to advance its interests.
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China's oil majors face uphill climb to adapt to EV future
Reuters
·
1y ago
Medial
China's state-run oil giants, Sinopec and PetroChina, are adapting to China's shift towards electric vehicles (EVs) by building charging stations. As EV sales are expected to reach 40% of total car sales this year in China, the demand for gasoline is predicted to peak by 2025. However, the public EV charging sector in China faces challenges such as low utilization, market fragmentation, and overcapacity. Despite this, global energy companies like Shell and TotalEnergies are also investing in EV charging infrastructure in China, drawing lessons from early adopter markets like Norway.
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