Pony AI CEO on US operations, Hong Kong IPO plans
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UPI
44 minutes ago
- UPI
Trump announces creation of 'AI economy' during innovation summit
July 15 (UPI) -- Pennsylvanians and the nation will benefit from $100 billion in energy- and artificial intelligence-related investments announced on Tuesday to energize the nation's growing AI economy. The investments should create tens of thousands of new jobs for Pennsylvanians in the energy and AI sectors while helping the United States improve its economy and global AI standing, President Donald Trump said during Tuesday's inaugural Pennsylvania Energy and Innovation Summit in Pittsburgh. "We're here today because we believe America's destiny is to dominate every industry and be the first in every technology," Trump told attendees. "That includes being the world's No. 1 superpower in artificial intelligence," he added. The president said the United States is "way ahead of China" in AI development and has many plants under construction. "China and other countries are racing to catch up to America having to do with AI," Trump said. "We're not going to let them do it," he said. "We have the great chips [and] the great everything." Trump said the United States is "going to be fighting them in a very friendly fashion," adding that he and Chinese President Xi Jinping have a "great relationship." "Remaining the world's leader in AI will require an enormous increase in energy production," Trump told the audience. He said "clean, beautiful coal" and oil production will be a key element in producing more electrical power to support AI endeavors in the United States and to stay ahead of China in AI development. More than $56 billion in new energy infrastructure and $36 billion in new data projects were announced on Tuesday, the president said. A $15 billion investment by Knighthead Capital Management will create the largest natural gas-fired power generation plant in North America in Homer City, Pa. Google also is investing "billions and billions" to revitalize two hydropower facilities in the commonwealth, Trump added. Westinghouse officials also have announced that the company will build several nuclear power plants throughout the nation to ensure the AI economy has ample energy available. "A lot more than that will be announced in the coming weeks and months," Trump added. The president said 20 "leading technology and energy companies" are poised to invest in Pennsylvania to develop an AI economy that utilizes the commonwealth's energy and technology assets, CBS News reported. Many firms are investing elsewhere in the country, too, in order to support the nation's AI economy, according to the New York Post. Trump spoke for about 30 minutes during the hour-long Pennsylvania Energy and Innovation Summit, which was organized by Sen Dave McCormick, R-Pa., and held on the campus of Carnegie Mellon University. Pennsylvania's Democratic Gov. Josh Shapiro and others joined Trump and McCormick to discuss energy matters and the growth of AI in the United States.
Business Wire
an hour ago
- Business Wire
Southeast Asia Is the Biggest Export Destination for Chinese Products: Euromonitor International
SINGAPORE--(BUSINESS WIRE)--Southeast Asia is the largest and fastest-growing export destination for Chinese goods, with imports reaching USD587 billion, a 12% year-on-year increase in 2024, a study by data analytics company Euromonitor International has revealed. Chinese exports to Southeast Asia surged to USD587 billion in 2024. Euromonitor International's whitepaper on The Rise of Chinese Brands in Southeast Asia highlights how Chinese players have leveraged product innovation and pricing strategies. The whitepaper offers a strategic analysis of Southeast Asia's major consumer market, focusing on growth opportunities for Chinese brands in key ASEAN-6 economies. The ASEAN-6 -- Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, represent 95% of Southeast Asia's USD4 trillion GDP. This momentum presents opportunities for Chinese brands to continue gaining ground in the region. Tim Chuah, senior global insight manager at Euromonitor International, said: 'Chinese companies are rapidly gaining ground in the region, particularly in sectors where they hold clear competitive advantages—electric vehicles, consumer electronics, and home appliances." 'More recently, with Chinese brands' aggressive expansion into industries such as beauty, food and foodservice, incumbents face new challenges that are reshaping competition across Southeast Asia.' Chinese brands threaten longstanding dominance of East Asian rivals Chinese brands have emerged as key drivers of growth in Southeast Asia's appliances market. In the air conditioning category, between 2015 and 2024, Japanese firms lost 7% market share, while Chinese brands grew from 9% to 25%. Chinese beauty brands are also rapidly gaining ground, leveraging affordable pricing and digital-savvy strategies to challenge competitors in the region. Chinese brands recorded a remarkable CAGR of 115% in the Southeast Asian mass skincare market between 2019 and 2024. Appetite for innovation fuels Chinese brand expansion Southeast Asia's love affair with coffee and milk tea continues to thrive, with Chinese players at the forefront of this trend. Driven by a projected 9% annual growth through 2029, the region presents a compelling opportunity for brands seeking growth beyond China's intensifying competition. Snacks and dairy products from China are also gaining momentum with double digit CAGR growth from 2019-2024, projected to be Asia Pacific's fastest growing region. Changing consumers taste and curiosity to try unique flavours are giving Chinese players an opportunity to showcase their broad product portfolio. Chinese pet care manufacturers are moving beyond contract production, and using their expertise to develop their own brands, both domestically and internationally. The region's pet care market is expected to grow at a CAGR of 9% from 2025 to 2030. Ecosystem partnerships are key as Chinese digital wallets face local adoption hurdles abroad Chinese digital wallets remain mostly as travel payment tools for Chinese tourists, with limited everyday adoption due to strong local payment networks and presence. In such markets, forming ecosystem partnerships is crucial for gaining local traction. For more information, see Euromonitor's The Rise of Chinese Brands in Southeast Asia whitepaper.
Yahoo
2 hours ago
- Yahoo
UBS Global Wealth's Lee on Outlook for Chinese Equities in Second Half of 2025
Eva Lee of UBS Global Wealth Management says the performance of Chinese equities in the second half of 2025 depends on what investors make of President Trump's tariff rates and what happens to transshipments. She also says that China's tech, utility and bank stocks are drawing investor interest. Lee speaks on Bloomberg Television.
