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ByteDance Trounces Rivals
The TikTok owner saw a 60% jump in profit in 2023, outpacing legacy incumbents including Tencent Holdings [700:HK] and Alibaba [9988.HK], according to sources quoted by Bloomberg. Earnings before interest, tax, depreciation and amortisation climbed to more than $40bn, from $25bn in 2022. Meanwhile, Alibaba co-founder Jack Ma has broken his habitual silence in a memo to employees, expressing support for the company’s ongoing restructuring programme.
Moderna Pops on Cancer Treatment Results
The pharma giant’s [MRNA] share price jumped 8% to a three-month high on Tuesday, following the release of positive results from an early-stage trial of a new cancer treatment, developed in collaboration with Merck [MRK]. The study tested individualised neoantigen candidate mRNA-4157, also known as V940, and Keytruda, also known as pembrolizumab, in the treatment of advanced unresectable HPV-negative head and neck carcinoma.
Is China Exporting Too Many EVs?
Chinese automakers including BYD [002594.SZ] and SAIC Motor [600104.SS] have ordered a record number of car-carrying vessels, Reuters reported, to support the ongoing boom in electric vehicle (EV) exports. In total, Chinese companies have 47 ships on order. This comes as the Financial Times reports that imported vehicles — and Chinese EVs in particular — are collecting in bottlenecks at European ports.
Apple Doubles Production in India
In the fiscal year ended March 2024, the Cupertino company [AAPL] doubled its production of iPhones in India to $14bn. The firm now makes 14% of its flagship device in the country, Bloomberg reported, in a sign that it is accelerating its diversification away from China. The jump in activity is partly the fruit of Prime Minister Narendra Modi’s drive to woo tech multinationals. His government says the growth has led to the creation of 150,000 direct jobs.
Can New Intel Chip Compete with Nvidia?
Gaudi 3 is the name of the latest artificial intelligence (AI) chip from Intel [INTL]. According to the chipmaker, it is more than twice as power-efficient as Nvidia’s [NVDA] H100 GPU and can run AI models one-and-a-half times faster. It was tested on models including Meta’s [META] Llama. Both Meta and OpenAI have said this week that they are on the verge of releasing new AI models capable of reasoning and planning.
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