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Meituan to Invest “Billions” in AI Chips, Joining China’s AI Spending Surge

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Meituan, China’s leading food delivery company, has announced plans to invest “billions” in chips for training artificial intelligence (AI) models, according to CEO Wang Xing during the company’s post-earnings call on Friday. This move aligns with the growing trend of significant AI investments by China’s tech giants.

The announcement comes as the company seeks to bolster its capabilities in AI, a sector rapidly gaining traction across industries. Meituan’s investment is part of a larger wave of funding within the tech sector, with companies like Alibaba also ramping up their AI-related expenditures. In February, Alibaba revealed plans to allocate at least 380 billion yuan toward cloud computing and AI infrastructure over the next three years.

These investments underscore the increasing competition in China’s tech industry as firms race to develop the next generation of AI technologies. Meituan’s focus on AI chip development signals its commitment to maintaining its leadership in food delivery and expanding into other AI-driven sectors.

Xiaomi’s YU7 Electric Crossover SUV to Compete with Tesla’s Model Y

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Xiaomi, the Chinese tech giant, is set to launch its first electric crossover SUV, YU7, with a driving range of up to 770 kilometers (478 miles), according to a government document released on Thursday. The YU7 is expected to hit the market this summer, positioning itself as a direct competitor to Tesla’s Model Y.

The YU7 will feature a battery-powered drivetrain combined with traditional crossover SUV characteristics. Along with the 770 km variant, Xiaomi will also offer shorter-range versions with 675 km and 760 km ranges. The vehicle has been added to a list of models that qualify for purchase tax breaks, as indicated in an industry ministry notice.

Tesla, which began deliveries of its refreshed Model Y in February, offers a long-range variant with a 719 km driving range per charge, up from 688 km in the previous version. Its rear-drive variant now offers a range of 593 km, a significant increase from its previous 554 km range.

Meta Secures Emergency Ruling to Halt Promotion of Former Employee’s Tell-All Book

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Meta Platforms has won an emergency arbitration ruling to temporarily halt the promotion of a tell-all book titled “Careless People” written by its former employee, Sarah Wynn-Williams. The ruling, issued by the American Arbitration Association, states that Wynn-Williams must cease promoting the book, which was released by Macmillan, and must take steps to stop its further publication, though the publisher is not required to take any action.

The book, which offers an unflattering portrayal of Meta and its leadership, including CEO Mark Zuckerberg, former COO Sheryl Sandberg, and Chief Global Affairs Officer Joel Kaplan, was described by the New York Times book review as “an ugly, detailed portrait” of the tech giant. Wynn-Williams, who was Meta’s former director of global public policy, claims in the book that the company’s executives were involved in unethical practices.

The ruling, issued after a hearing where Wynn-Williams did not appear, found that Meta would suffer “immediate and irreparable loss” without the emergency relief. Meta spokesperson Andy Stone commented on Threads, stating that the ruling confirmed that the book, which he characterized as “false and defamatory,” should not have been published.

Macmillan, the publisher of the book, argued that it was not bound by the arbitration agreement, which was part of Wynn-Williams’ severance agreement with Meta. Both Wynn-Williams and Macmillan have not yet responded to Reuters’ requests for comment on the arbitration decision.