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Trump and Xi advance TikTok talks, plan South Korea summit

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U.S. President Donald Trump and Chinese President Xi Jinping said they made progress toward a TikTok deal during their first phone call in three months, and agreed to meet face-to-face on October 31 in Gyeongju, South Korea, at the Asia-Pacific Economic Cooperation (APEC) forum.

Trump told reporters Xi had “approved the TikTok deal,” though China’s official statement stopped short, saying only that it respected company negotiations “based on market rules.” A final agreement remains elusive, with disputes over ownership, algorithm control, and congressional approval still unresolved.

Under pressure from Congress, ByteDance must divest TikTok’s U.S. assets by January 2025 or face a nationwide ban. Trump has delayed enforcement, citing concerns about angering TikTok’s 170 million American users and disrupting political communications. He hinted the U.S. may even take a multibillion-dollar broker’s fee for helping facilitate the deal.

The call also touched on trade, fentanyl exports, and the Russia-Ukraine war. Trump said Xi indicated he wanted the conflict “ended,” though no specifics emerged. Meanwhile, Trump’s sweeping tariff hikes against China remain in place, with rates at historic highs despite limited deals earlier this year that paused tit-for-tat escalation.

For Beijing, analysts say the dynamic is favorable: China projects patience while Washington seeks quick wins on TikTok and summit optics. Critics in the U.S. warn that leaving ByteDance’s algorithm under Chinese control could still allow Beijing to influence or surveil Americans. China dismisses those concerns as unfounded.

Both sides confirmed additional leader visits in 2025: Trump to Beijing early next year, and Xi to the U.S. later. But thorny issues — from tariffs to Taiwan and the South China Sea — remain unsettled, ensuring the rivalry continues beneath the cautious diplomatic thaw.

Musk denies $10B fundraising at xAI after CNBC report

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Elon Musk pushed back on Friday against a CNBC report that his AI startup xAI was raising $10 billion at a post-money valuation of $200 billion. “Fake news. xAI is not raising any capital right now,” Musk wrote on X, dismissing claims the firm was in talks with investors.

CNBC had reported that the funds would be used to build massive data centers with Nvidia and AMD GPUs and recruit top AI talent as xAI ramps up to compete with OpenAI’s ChatGPT and Anthropic’s Claude. The company operates the Colossus supercomputer cluster in Memphis, Tennessee, which Musk has described as the world’s largest.

Investor interest in AI firms remains strong despite questions over the sustainability of big tech spending. If true, the $200B valuation would have more than doubled xAI’s reported $75B valuation in July and placed it among the world’s most valuable private companies—behind OpenAI, ByteDance, and SpaceX, but ahead of Anthropic, which recently raised funds at a $183B valuation.

Musk’s denial comes amid conflicting signals. In June, Morgan Stanley reported that xAI had already raised $5B in debt financing alongside a $5B strategic equity investment to expand its infrastructure. While Musk insists no new round is underway, xAI continues to scale aggressively, seeking to establish itself as a rival to OpenAI, which may soon be valued at $500B in a planned stock sale.

Trump–Xi call breathes life into TikTok U.S. asset sale talks

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A call between U.S. President Donald Trump and Chinese President Xi Jinping has revived hopes for a deal that would see ByteDance divest TikTok’s U.S. assets, though key details remain unsettled.

Trump posted on Truth Social that he appreciated Xi’s “approval of the TikTok deal,” though China’s readout stopped short of endorsing a sale. Beijing instead emphasized respect for market-based negotiations that comply with Chinese law. Analysts said the difference in tone suggests both leaders want to project progress while keeping leverage in ongoing talks.

The tentative breakthrough comes after months of deadlock. Congress mandated ByteDance sell TikTok’s U.S. assets by January 2025 or face a nationwide ban, but Trump has repeatedly extended deadlines, citing TikTok’s popularity with American voters and its political value. The latest extension runs until December 19.

Still, major hurdles remain: the ownership structure, the degree of Chinese control over TikTok’s algorithm, and whether Congress will sign off. Reuters has reported that any U.S. version of TikTok under new ownership would likely continue using ByteDance’s algorithm, a sticking point for lawmakers worried about data security and influence operations.

China blocked a similar deal earlier this year amid trade tensions, and experts say it may do so again if U.S. demands cross Beijing’s red lines. “The contours of the conversation better align with China’s interests than U.S. interests,” said Scott Kennedy of CSIS, noting structural reforms were not on the table.

Wendy Cutler of the Asia Society Policy Institute called the talks “positive and constructive” but stressed that the algorithm question remains unresolved.

For now, the deal remains fragile: Beijing wants to protect its tech assets, Washington wants to claim victory on national security, and Trump is balancing political calculations against congressional pressure. Months of negotiations still lie ahead.