ByteDance and Broadcom’s AI Chip Collaboration

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Is the AI Space Becoming More Collaborative?

TikTok parent ByteDance and US chip designer Broadcom [AVGO] have discussed collaborating on an artificial intelligence (AI) processor, a 5-nanometer purpose-built chip which would comply with US trade restrictions on China, according to Reuters. Meta [META] and Apple [AAPL], meanwhile, have discussed integrating the former’s generative AI model into the iPhone AI system. Elsewhere, Nvidia [NVDA] has reported that CEO Jensen Huang sold 720,000 shares of the company’s stock, worth approximately $95m. 

India: At the Forefront of AI’s Global Spread

Alongside local start-ups, Microsoft [MSFT] and Google [GOOGL] are moving to develop AI platforms adapted to India’s many different languages, among them Hindi and Tamil, and to its principal growth sectors, including customer service and call centres, the Financial Times reported. Elsewhere, Nvidia has signed a deal to deploy its AI tech at Ooredoo [ORDS:QA] data centres in Qatar, Algeria, Tunisia, Oman, Kuwait and the Maldives.

Dungeon & Fighter Smashes Expectations

After only a month, Tencent Holdings’ [0700:HK] new Dungeon & Fighter Mobile game has more than doubled the sales of its longstanding bestseller Honor of Kings. Produced by Nexon [3659:T], the title earned $270m on iOS in the 30 days following its launch on 21 May, according to data released by industry tracker Sensor Tower. Tencent has marketed the game aggressively, even to the point of inserting ads into WeChat conversations that featured the word “warrior.”

Taobao on Board with Vision Pro

Two of China’s biggest online retailers — Alibaba’s [BABA] Taobao and JD.com [JD] — have joined a growing list of apps on Apple’s Vision Pro headset, which goes on sale in China, Japan and Singapore on 28 June. EU regulators have accused Apple of squashing competition on its App Store, restricting developers’ ability to “freely steer their customers” to promotions outside it.

Will Lilly and Novo Continue to Dominate Weightloss?

Eli Lilly [LLY] and Novo Nordisk [NVO] will likely continue to prevail in the weightloss drug market, according to Holly Morris, Managing Director at J.P. Morgan Asset Management. “They have a huge moat around the supply chain, and both have spent billions building up supply”, Morris said at the Seeking Alpha Investing Summit in New York on 18 June. Eli Lilly recently announced that late-stage trials showed its weightloss drug Zepbound helps resolve sleep apnea for up to 52% of patients.