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Tencent chief says gaming business under threat, catching up in AI

Economic Times

Economic Times · 1y ago

Tencent chief says gaming business under threat, catching up in AI

Pony Ma, CEO and co-founder of Tencent Holdings, acknowledged significant challenges in the company's video games business, stating that competitors have outperformed Tencent in delivering new hits. Despite Tencent's past gaming successes, recent launches have fallen short of expectations. However, Ma expressed confidence in Tencent's progress in artificial intelligence (AI), noting that the company has caught up with first-tier competitors. He emphasized the integration of Tencent's "Hunyuan" AI model into various business scenarios to enhance efficiency. Ma also highlighted Tencent's focus on live-streaming e-commerce within its WeChat platform, aiming to find new growth opportunities.

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Tencent turns to ByteDance in gaming showdown with NetEase

Economic Times

Economic Times · 1y ago

Tencent turns to ByteDance in gaming showdown with NetEase

Tencent is leveraging ByteDance's advertising platforms to promote its significant video game release, "DreamStar," signaling improved relations and heightened competition in China's gaming industry. Despite a history of mutual exclusion from their platforms, Tencent has chosen to advertise DreamStar heavily on ByteDance's Pangolin platform. This unexpected collaboration comes as ByteDance withdraws from gaming competition with Tencent and NetEase, focusing on its core platform operations. Analysts anticipate DreamStar to earn up to 6 billion yuan in its first year, competing with NetEase's Eggy Party, boosted by advertising on ByteDance platforms.

China's Tencent posts weak revenue growth, plans to double buybacks

Economic Times

Economic Times · 1y ago

China's Tencent posts weak revenue growth, plans to double buybacks

Chinese tech giant Tencent Holdings reported a 7% increase in fourth-quarter revenue, falling short of analyst expectations due to China's economic slowdown. The company, known for its popular WeChat messaging platform and gaming business, generated revenue of ¥155.19 billion ($21.56 billion) in the final quarter of 2023. Overall, Tencent's revenue for the full year increased by 10% to ¥609 billion, marking a recovery from its previous year of decline. However, the company's core gaming business experienced a slowdown, with revenue in China declining by 3%. Despite the challenges, Tencent plans to double its share buybacks in 2024.

TikTok owner ByteDance in talks with Tencent, others to sell gaming assets

Reuters · 1y ago

TikTok owner ByteDance in talks with Tencent, others to sell gaming assets

Chinese social media firm ByteDance, owner of TikTok, is reportedly in talks with multiple buyers, including Tencent, regarding the sale of its gaming assets. ByteDance has been looking to retreat from the gaming industry and has been in discussions about popular video games published by its gaming unit, Nuverse. Tencent, the world's largest video games company, is one of the prospective buyers. However, no deal has been finalized. ByteDance had previously announced plans to divest itself of its gaming units, including Moonton, in order to focus on other core businesses.

Tencent says has Nvidia AI chip stockpile but seeking to buy domestic

Economic Times

Economic Times · 1y ago

Tencent says has Nvidia AI chip stockpile but seeking to buy domestic

Chinese technology giant Tencent Holdings is facing the impact of broadened US restrictions on high-end chip sales to China. Tencent has a stockpile of AI chips from US maker Nvidia, with enough chips to continue developing AI models for the near future. However, the new rules will affect Tencent's cloud services where they sell computing power to clients. The company will now have to seek domestically produced alternatives to overcome the chip ban and find ways to make their AI chip usage more efficient.

Google releases 'safety charter' for India, senior exec says India provides unique view on evolving threats

Economic Times

Economic Times · 1m ago

Google releases 'safety charter' for India, senior exec says India provides unique view on evolving threats

Google has launched a "safety charter" for India, focusing on online scams, government and business cybersecurity, and responsible AI. Heather Adkins, Google's VP Security Engineering, highlighted the unique insights India offers due to its vast online population and evolving threat landscape. Google aims to enhance collaborations with the government, local organizations, and academia. The initiative includes setting up the Google Security Engineering Centre across Delhi, Hyderabad, and Bengaluru to tackle emerging cyber threats and promote user safety.

Pentagon adds Chinese social media giant to military blacklist

Economic Times

Economic Times · 6m ago

Pentagon adds Chinese social media giant to military blacklist

The Pentagon has added Tencent, a major Chinese social media and gaming company, to its list of Chinese military businesses operating in the U.S. This move is part of ongoing tensions between the U.S. and China. The designation could deter American companies from collaborating with Tencent due to potential future Pentagon contract bans. Despite the listing, Tencent stated it will work with the Pentagon to address misunderstandings and asserted no military links.

Meta's chief AI scientist says terrorists and rogue states aren't going to take over the world with open-source AI

Business Insider

Business Insider · 1y ago

Meta's chief AI scientist says terrorists and rogue states aren't going to take over the world with open-source AI

Meta AI's Chief AI Scientist, Yann LeCun, believes that criminals and terrorists will not be able to exploit open-source AI systems for malicious purposes. He states that the significant amount of resources, including funding and talent, required for such an endeavor make it unlikely. LeCun also mentions that even wealthy states like China face difficulties in controlling open-source AI due to export bans on AI chips imposed by the US. Meta AI has been advocating for an open-source approach to AI development, distinguishing itself from competitors like OpenAI and Google. LeCun has dismissed notions of AI posing an existential threat to humanity in the past.

Musk’s xAI burns through $1 billion a month as costs pile up

Economic Times

Economic Times · 29d ago

Musk’s xAI burns through $1 billion a month as costs pile up

Elon Musk’s AI startup, xAI, is facing significant financial challenges, burning through $1 billion monthly as it builds advanced AI models. Despite limited revenue generation, the company plans to raise $9.3 billion in debt and equity to sustain operations. While struggling to keep up with competitors, xAI aims to leverage its proprietary infrastructure and Musk's influence to achieve profitability by 2027. Amid heavy expenditures, the company is optimistic about catching up in the competitive AI landscape.

Number of registered startups in Tamil Nadu tripled in two years, says CM Stalin

Economic Times

Economic Times · 1y ago

Number of registered startups in Tamil Nadu tripled in two years, says CM Stalin

The number of registered startups in Tamil Nadu has tripled within two years under the leadership of Chief Minister M K Stalin's government, reaching 6,800 from 2,300 in March 2021. The growth is attributed to various initiatives aimed at promoting startup development. The state government established the TANSEED fund, providing grants of up to Rs 10 lakh to startups, and set up regional startup hubs in cities like Madurai, Erode, and Tirunelveli to foster growth beyond urban centers.

Google says YouTube now has over 100 million subscribers

TechCrunch · 1y ago

Google says YouTube now has over 100 million subscribers

Google announced that YouTube Music and YouTube Premium now have over 100 million paid subscribers, a significant increase from the 80 million paid users reported in November 2022. Sundar Pichai, Google's CEO, revealed that the company's subscription business, including YouTube's paid plans, generates more than $15 billion annually. Philipp Schindler, Google's chief business officer, emphasized that Premium users are providing more value to partners, with each additional sign-up boosting earnings. YouTube has expanded its Premium subscription to over 100 countries. In Q4 2023, YouTube generated $9.2 billion in revenue for Google.

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