Daily Tech Roundup: Kuaishou Unveils Sora Rival, Nvidia Valuation Tops $3 Trillion

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Nvidia CEO Jensen Huang speaks ahead of Computex 2024 in Taipei on Sunday. Photo: VCG

Welcome to the Daily Tech Roundup — a briefing of the top technology news making headlines in China and the rest of Asia.

Kuaishou unveils video-from-text rival to Sora

Chinese short-video platform Kuaishou Technology unveiled its text-to-video model “Kling” on Thursday, joining other Chinese tech firms in the race to rival OpenAI’s Sora with artificial intelligence-powered video generation. Using technology similar to Sora, Kling can generate high-definition videos lasting up to two minutes, Kuaishou said. The model is capable of producing large-scale realistic motions, simulating physical world characteristics.

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Chinese short-video platform Kuaishou Technology unveiled a text-to-video model "Kling," capable of generating high-definition videos up to two minutes.
Nvidia Corp. hit a $3 trillion market capitalization, surpassing Apple, driven by high demand for its AI chips.
China's national chip fund is expected to exceed its $47.5 billion goal, reflecting efforts to close the technology gap with the U.S.

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Who’s Who

Kuaishou Technology: Kuaishou Technology, a Chinese short-video platform, recently unveiled "Kling," a text-to-video model. Similar to OpenAI's Sora, Kling can generate high-definition videos up to two minutes long, simulating realistic motions and physical world characteristics.

Nvidia Corp.: Nvidia Corp., the world’s most valuable semiconductor firm, has become the first computer-chip company to hit $3 trillion in market capitalization. Its shares have surged approximately 147% this year due to soaring demand for AI chips, closing at a record $1,224.40 on Wednesday. This growth places Nvidia ahead of Apple in market value for the first time since 2002.

Nio Inc.: Nio Inc. reported a larger-than-expected loss in the first quarter due to increased competition in the electric vehicle market. The Shanghai-based EV-maker’s adjusted net loss grew 18.1% to 4.9 billion yuan ($676 million), exceeding analysts' estimates. Vehicle deliveries slowed to 30,053 units, with revenue falling 7.2% to 9.9 billion yuan.

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What Happened When

By 2023：: Chinese government agencies have stepped up efforts to overcome U.S. sanctions and propel local players, key to which is the National Integrated Circuit Industry Investment Fund.

May 29, 2024：: Stanford students Siddharth Sharma, Aksh Garg and Mustafa Aljadery from the University of Southern California released an AI model called 'Llama3-V.'

Tuesday, June 4, 2024：: Stanford University students Siddharth Sharma and Aksh Garg apologized on X to the original authors of MiniCPM.

Wednesday, June 5, 2024：: Nvidia Corp. shares rose 5.2% to close at a record $1,224.40, pushing the market value to more than $3 trillion and overtaking Apple Inc.