China investigates top AI chip supplier Nvidia

China has launched an investigation into Nvidia over suspicions that the US semiconductor maker violated antitrust rules following a 2020 acquisition.

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Nvidia CEO Jensen Huang speaks at an AI event in Tokyo on November 13. Photo: Kyodo

On December 9, China Central Television (CCTV) reported that the State Administration for Market Regulation has opened an investigation into recent actions, as well as Nvidia's acquisition of Mellanox Technologies.

Four years ago, Beijing approved the deal on the condition that Nvidia would not discriminate against Chinese companies.

Nvidia’s status as the world’s leading AI chip supplier has put it at the center of the US-China tech war. Washington has banned Nvidia from selling cutting-edge chips to Chinese companies, hurting its ability to develop AI services and drawing a backlash from Beijing.

The Chinese government approved Nvidia's $7 billion acquisition of an Israeli computer networking equipment maker on the condition that Mellanox send information about new products to competitors within 90 days of Nvidia receiving the information.

Nvidia has been working to develop AI chips that comply with US requirements but still give Chinese customers some access to important new technology.

Earlier this year, Bloomberg reported that the US Justice Department was also looking into whether Nvidia violated antitrust laws.

Jack Ma returns

Jack Ma made a rare public appearance to mark the 20th anniversary of Alibaba's fintech company Ant Group.

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Jack Ma sits between two Ant Group leaders as he attends the company's 20th anniversary celebration on December 8. Photo: 36Kr

Jack Ma attended the celebration on the afternoon of December 8. This was the first time he mentioned Ant Group since the fintech company canceled its blockbuster IPO in November 2020.

Early last year, the Chinese businessman pledged to hand over control of Ant Group to others.

In a brief speech, Ma, one of Ant’s founders, touted the company’s achievements. Though he has stepped down from management roles and kept a low profile in recent years, Ma is still seen as the spiritual leader of the business empire he created and the face of China’s private sector.

“Twenty years ago, the Internet was just starting, and my generation was fortunate enough to seize the opportunities brought by the Internet,” Ma said. “From today’s perspective, the changes brought by artificial intelligence (AI) in the next 20 years will be beyond people’s imagination, because AI will bring a greater era.”

“AI will change everything, but that doesn’t mean AI can decide everything,” he predicted. “While technology is important, what will determine success or failure is whether we can create things that are truly valuable and unique in the coming era.”

Ma, 60, said Ant will continue to use technology to bring "progress and change" to people's lives over the next two decades.

Ant did not release any statement about Ma's speech, but the recording and video clip went viral on Chinese social media platforms.

Elon Musk sets new record as world's richest man

With his net worth increasing by $63 billion in just one day, Elon Musk is now $200 billion richer than Jeff Bezos, the world's second-richest person.

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Elon Musk is the richest person on the planet. Photo: Bloomberg

According to the Bloomberg Billionaires Index, Elon Musk's net worth skyrocketed to $447 billion on December 11 (local time), after Tesla shares rose 6% and valued SpaceX at $350 billion.

This year alone, Musk has added $218 billion to his fortune, a figure that is more than the net worth of nearly every billionaire on Bloomberg’s list except Bezos ($249 billion) and Mark Zuckerberg ($224 billion).

Musk is nearly twice as rich as businessman Larry Ellison ($198 billion) and more than three times as rich as Warren Buffett ($144 billion).

Musk’s $63 billion one-day gain is on par with Changpeng Zhao’s net worth ($63.2 billion), and it also helped push the combined fortunes of the world’s 500 richest people above $10 trillion for the first time, according to Bloomberg.

His wealth comes mainly from nearly 13% of shares and stock options in electric car company Tesla, 42% of shares in SpaceX. In addition, he also runs a series of other companies such as xAI, Neuralink, The Boring Company, X (Twitter).

This year, Tesla shares increased more than 70% to $425 at the close of trading on December 11, raising its capitalization to nearly $1.4 trillion.

Musk's prominent role in the Trump 2.0 administration fuels investor optimism about his businesses.