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Zuckerberg says Meta will invest hundreds of billions in superintelligence

Zuckerberg says Meta will invest hundreds of billions in superintelligence

Business Times11 hours ago
[SAN FRANCISCO] Mark Zuckerberg said on Monday (Jul 14) that Meta Platforms would spend hundreds of billions of US dollars on computing power to build superintelligence, intensifying his pursuit of a technology he has chased with a talent war for top AI engineers.
The announcement comes as tech giants such as Meta aggressively chase high-profile acquisitions and offer multi-million-US dollar pay packages to attract top talent in the race to lead the next wave of artificial intelligence.
'We have the capital from our business to do this,' Zuckerberg said in a post on Threads.
The Facebook and Instagram parent has recently unveiled its new division, Meta Superintelligence Labs (MSL), to unify the company's AI efforts, following setbacks with its Llama four model and key staff departures.
The MSL will be led by former Scale AI CEO Alexandr Wang and ex-GitHub chief Nat Friedman, after Meta invested US$14.3 billion in Scale and ramped up efforts to recruit top AI talent. REUTERS
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China steps in as US pulls back from diplomacy, report says, World News
China steps in as US pulls back from diplomacy, report says, World News

AsiaOne

time33 minutes ago

  • AsiaOne

China steps in as US pulls back from diplomacy, report says, World News

WASHINGTON — China is increasing its diplomatic reach as President Donald Trump's administration pares back America's international presence, Democrats from the US Senate Foreign Relations Committee said in a report released on Monday (July 14). The report, the result of months of staff travel and research, was released as the Trump administration makes deep cuts to the State Department, including beginning on Friday to fire more than 1,350 US-based employees, part of a total reduction of nearly 3,000 people for the US-based workforce. The administration has also cut billions of dollars in foreign aid, effectively shutting down the US Agency for International Development, which funded the majority of US humanitarian and development assistance worldwide. That led to the firing of thousands of its employees and contractors and the slashing of more than 80 per cent of its programs. Critics said the cuts would undermine Washington's ability to defend and promote US interests abroad. Research published in The Lancet medical journal said the cuts to USAID and its dismantling could result in more than 14 million additional deaths by 2030. "Within days of the Trump administration taking office and starting to roll back our commitments around the world, China was already labeling the United States an unreliable partner," Senator Jeanne Shaheen, the top committee Democrat, told reporters on a conference call about the report. "At a time when we're retreating, they are expanding their footprint," she said. The Trump administration says its changes help align foreign policy with Trump's "America First" agenda, and are part of a push to shrink the federal bureaucracy and cut what Trump officials say has been wasteful spending. Trump has said the US pays disproportionately for foreign aid and he wants other countries to shoulder more of the burden. The Democrats' 91-page report listed ways, from broadcasting to health programs and development efforts, that committee researchers said China is expanding its influence. It lists dozens of cases in which the committee researchers found that China had stepped in as the US eliminated or cut back international programs, from funding vaccines and providing food to infrastructure development. For example, in Africa, as the US terminated food assistance programs, China in March donated US$2 million (S$3 million) in rice to Uganda. In May, after the US terminated a $37 million HIV/AIDS grant in Zambia, China said it would help the African nation fight HIV/AIDS, including by donating 500,000 rapid HIV testing kits and planning more meetings to discuss its continued partnership on the issue. In Southeast Asia, Chinese President Xi Jinping embarked on a tour to meet with leaders in Vietnam, Cambodia and Malaysia, the report said. The trip yielded an agreement in Vietnam for railroad connections, 37 co-operation agreements in Cambodia in sectors including energy, education and infrastructure and technical and manufacturing exchanges in Malaysia. And in Latin America, China in May hosted the "China-Latin American and the Caribbean Forum" and announced it would provide a $9 billion credit line and additional infrastructure investments for the region. [[nid:717864]]

Harvard clash with Trump, new tax may cost $1.28b a year
Harvard clash with Trump, new tax may cost $1.28b a year

Straits Times

timean hour ago

  • Straits Times

Harvard clash with Trump, new tax may cost $1.28b a year

Find out what's new on ST website and app. The university said it will continue to cut expenditures, while a hiring freeze remains in place. WASHINGTON - Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach US$1 billion (S$1.28 billion) annually. The university said its leadership in each school and unit will continue to cut expenditures and a hiring freeze for faculty and staff remains in place, according to a letter sent out by president Alan Garber and other leaders on July 14. 'The unprecedented challenges we face have led to disruptive changes, painful layoffs, and ongoing uncertainty about the future,' Mr Garber and the officers wrote. The Trump administration has made Harvard its primary target in its efforts to reshape higher education, freezing more than US$2.6 billion in research funding , threatening its tax-exempt status and trying to stop international students from enrolling. The government initially accused the school of failing to tackle antisemitism , but the attack has broadened to include accusations of political bias and for promoting diversity initiatives in hiring and admissions. Harvard has sued the government twice, for cutting off federal funding including from the National Institutes of Health and National Science Foundation, and to prevent a ban on international students, who have been a large source of revenue. 'We hope that our legal challenges will reverse some of these federal actions and that our efforts to raise alternative sources of funding will be successful,' the officials wrote. Top stories Swipe. Select. Stay informed. Business 'Some cannot source outside China': S'pore firms' challenges and support needed amid US tariffs Multimedia From local to global: What made top news in Singapore over the last 180 years? World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Opinion Sumiko at 61: Everything goes south when you age, changing your face from a triangle to a rectangle Sport World Aquatics C'ship women's 10km open water swimming event delayed by a day due to water quality Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man 'As that work proceeds, we also need to prepare for the possibility that the lost revenues will not be restored anytime soon.' The school, the richest and oldest in the US, has a US$53 billion endowment which provides almost 40 per cent of its annual operating budget. In 2024, Harvard's operating revenue base was US$6.5 billion, according to its annual report. Operating expenses were US$6.4 billion after increasing 9 per cent. Harvard explained in the letter that the reconciliation bill passed in July could raise the federal tax on income from its endowment to as high as 8 per cent from 1.4 per cent. BLOOMBERG

Tesla's long-awaited India debut bets on luxury vehicle buyers
Tesla's long-awaited India debut bets on luxury vehicle buyers

Business Times

timean hour ago

  • Business Times

Tesla's long-awaited India debut bets on luxury vehicle buyers

[NEW DELHI] Tesla is opening its first India showroom as Elon Musk's electric-vehicle (EV) maker looks to ply new markets and offset slowing sales where it's already well established. A 4,000-square-foot space in Mumbai's posh financial district of Bandra Kurla Complex will open its doors on Tuesday (Jul 15). It will showcase Model Y crossovers made in China with an expected sticker price of more than US$56,000 before taxes and insurance, Bloomberg News reported last month. That's about US$10,000 more than the vehicle's starting price in the US without a federal tax credit. A second showroom is expected to open in New Delhi by the end of July, and Tesla has beefed up local hiring and secured warehousing space. But with no plans to set up a manufacturing plant in the world's third-largest automobile market, Tesla's entry into India is less about racking up immediate sales volume gains and more about gauging demand for its EVs and building up the brand's image. 'It's not meaningful from a volume standpoint yet,' said Jay Kale, a Mumbai-based analyst at Elara Securities. 'But it plants the brand. Over time, as charging infrastructure improves and the lineup expands, Tesla could scale.' The long-anticipated move comes as Tesla faces challenges in China and the US, its two core markets. The company's sales fell last quarter and it's anxious to avoid a second year of declines after a dismal 2024. The American EV maker has been ceding ground globally to Chinese rival BYD and India represents an opportunity to grow in a relatively untapped market, due in part to a gamut of protectionist barriers. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While the Model Y is the world's top-selling electric car, few Indians will be able to afford one. The country's EV penetration remains under 5 per cent, and luxury cars make up just 1 per cent of total vehicle sales. Tesla will compete mostly with German luxury carmakers such as BMW and Mercedes-Benz Group, not mass-market budget-car players such as Tata Motors, Mahindra & Mahindra and MG Motor India. Musk's company has flirted with the idea of establishing a local manufacturing base, something the Indian government has courted and that could sidestep heavy import tariffs, but so far Tesla has not committed to doing so. India is currently negotiating a trade deal with the US, including a potential reduction in tariffs on automobiles, something Musk has been seeking for years. It's unclear what impact, if any, the Tesla chief executive officer's newly strained relationship with US President Donald Trump may have on his company's lobbying efforts to lower Indian trade barriers. The Tesla brand's debut in India follows the resignation in May of its former head of operations in the country. But the Mumbai showroom launch is expected to follow Tesla's playbook from its early days in China, where marketing buzz preceded an eventual manufacturing investment and sales blitz. BLOOMBERG

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