AI Drives SAP Cloud Boom

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AI Drives SAP Cloud Boom

Europe’s biggest software provider [SAP] posted record growth in expected cloud services revenue on Monday. Led by CEO Christian Klein, the company has been trying to nudge customers away from its on-premise software and onto the cloud, offering artificial intelligence (AI) services as an incentive. “The advent of AI has clearly propelled the story of the transformation of the cloud,” Chief Financial Officer Dominik Asam said on Bloomberg TV: “We already have more than 27,000 customers using AI-powered use cases.”

iPhone in China: From Bad to Worse?

Sales of Apple’s [AAPL] marquee device in the crucial Chinese market fell 19% during the quarter ended in March, according to Counterpoint Research estimates, in its worst performance there since the pandemic. Local rival Huawei grew 70% in the period. This news comes on the heels of analysis from IDC which showed global iPhone shipments fell nearly 10% in the first three months of the year.

New, Affordable AI Model

On Tuesday Microsoft [MSFT] announced the launch of a cost-effective AI model, which can carry out tasks such as content creation, but uses a lower amount of data than its larger models. Called Phi-3-mini, the model is aimed at smaller enterprises. According to Reuters, it could be used to summarise a document, or extract insights from market research. It is available now via Microsoft’s cloud service platform Azure.

IEA Predicts EV Sale Jump

According to an International Energy Agency (IEA) forecast released on Tuesday, global electric vehicle (EV) sales will hit 17 million this year, compared to 14 million in 2023. Affordability and charging infrastructure are key to future growth, the IEA said. Meanwhile, Lei Jun, the Founder of China’s Xiaomi [1810:HK], said the firm had secured lock-in orders for more than 70,000 SU7 EVs. He also said the company will keep its auto business “100% focused” on the Chinese market for the next three years.

Can Binance Hold On To the Top Spot?

According to Bloomberg, crypto exchanges like Bybit and OKX are eating into Binance’s share of bitcoin trading. While Binance is still the world’s largest crypto exchange, its share of such trading has dropped to 55.3% from 81.3% over the past year, said research firm Kaiko in analysis seen by Bloomberg. Binance has been grappling with legal issues ever since Co-founder Changpeng Zhao pleaded guilty to anti-money laundering and sanctions violations in the US last November.