AI Demand Fuels Record Profits, Chip Controversies, And Tech Giants Redefine AI Landscape: This Week In The World Of Artificial Intelligence – Alibaba Gr Hldgs (NYSE:BABA), Apple (NASDAQ:AAPL)

The week was buzzing with significant developments in the tech world, with artificial intelligence (AI) at the center of it all. From record-breaking profits driven by AI demand to potential violations of export rules, the tech industry kept us on our toes. Here’s a quick roundup of the top stories that shaped the weekend.

Nvidia Supplier SK Hynix Hits Record Profits

SK Hynix HXSCF, a key supplier to Nvidia Corp. NVDA, reported a record-breaking quarterly profit, fueled by the rising demand for artificial intelligence technology. The South Korean semiconductor company posted a 7% revenue increase from the previous quarter, marking its highest-ever quarterly revenue.

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TSMC’s Chip Found in Huawei’s AI Product

Taiwan Semiconductor Manufacturing Company TSM alerted the U.S. Commerce Department after a tech research firm discovered one of its chips in a Huawei product. The product in question is Huawei’s Ascend 910B, considered the most advanced AI chip from a Chinese company.

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Chinese AI Firms Defy US Chip Sanctions

Despite U.S. chip sanctions, Chinese AI firms, including Alibaba Group Holding Ltd. BABA and ByteDance Ltd., are making strides in reducing AI costs. These companies are focusing on smaller data sets, hiring cheaper engineering talent, and optimizing hardware.

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Apple Intelligence Set to Revolutionize Products

Apple Inc.’s AAPL CEO Tim Cook has high expectations for Apple Intelligence, believing it will make their products ‘profoundly different’. Cook anticipates that the release of Apple Intelligence will be one of the biggest technology releases in Apple’s history.

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Nvidia’s New AI Model Outperforms Competitors

Nvidia Corp. introduced a new AI model, Llama-3.1-Nemotron-70B-Instruct, that has reportedly outperformed its competitors in benchmark tests. The model, built on Meta Platforms Inc.’s META Llama 3.1 framework, has shown remarkable efficiency and performance.

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This story was generated using Benzinga Neuro and edited by Rounak Jain