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CATL HK HQ
Contemporary Amperex Technology (CATL) [300750:SZ] is to invest HK$1bn in making Hong Kong its international headquarters, and will also establish an R&D centre in the city, Hong Kong Financial Secretary Paul Chan said Thursday. Elsewhere, the firm has denied accusations made by US utility firm Duke Energy [DUK], which said it has disconnected CATL batteries at a Marine Corps base over security concerns.
Can AI Halve Renault’s EV Costs?
The French automaker said on Thursday that it is hoping to cut the cost of producing electric vehicles (EVs) by 50% by 2027 with the help of artificial intelligence (AI). Renault [RNO:PA] also hopes to cut vehicle development times from three to two years. Elsewhere in the EV space, Ford [F] has said that it is unlikely that its Mustang Mach-E will qualify for federal tax credits in January, after the US Treasury issued guidance on new battery sourcing restrictions.
AI Major Disappoints on Earnings
C3.ai Inc. [AI] shares dropped about 9% in extended trading after the firm reported disappointing quarterly revenue, and projected operating losses of some $135m for the fiscal year — far more than analysts’ estimated $87.6m, reported Bloomberg. Elsewhere in AI, on Wednesday Google [GOOGL] released Gemini, the largest and most flexible model the company has yet built. Lastly, the EU is close to finalising its AI regulation: biometric surveillance remains a sticking point.
New AMD Chip Accelerates AI Race
On Wednesday Advanced Micro Devices [AMD] unveiled its new accelerator chips, which it says will be able to run AI software faster than the products of rivals including Nvidia [NVDA]. At the launch, CEO Lisa Su said the AI chip industry could grow to more than $400bn over the next four years, more than double the projection the company made in August.
AbbVie Splashes More Cash
AbbVie [ABBV] is to spend some $8.7bn — paying $45 per share in cash — on Cerevel Therapeutics [CERE], a developer of drugs for neurological conditions including Alzheimer’s. This is AbbVie’s second major deal in a week, as it seeks to make up lost revenue from its arthritis drug Humira: it earlier announced it was to buy cancer drug developer ImmunoGen [IMGN] for $10.1bn.