Software

China’s AI catch-up begins to look inevitable

6 Mar 2025

Beijing’s leap in developing silicon smarts, embodied in DeepSeek’s shockingly cheap model, will challenge US attempts to restrict cutting-edge technology. In this week’s Viewsroom podcast, Breakingviews columnists debate whether it will destabilize the AI market.

How to sort winners from losers in AI’s civil war

4 Mar 2025

Some advocates believe artificial intelligence is poised to surpass human capabilities. Others see it more as a powerful problem-solving tool. In this episode of The Big View podcast, Felix Martin explores the implications of the diverging views for investors and economists.

Corporate anti-woke brigade gets $20 bln champion

26 Feb 2025

After stepping down amid reports of inappropriate behaviour, WiseTech's 70-year-old founder Richard White has returned as chair after a board exodus. That might bring short-term stability for the software firm. But it leaves thornier succession and governance issues unresolved.

Why China may struggle to unlock the power of AI

25 Feb 2025

Its fortunes as a great power will be shaped in part by the technology. Yet translating wins by innovators like DeepSeek and others into wider gains for the $18 trln economy will be challenged not just by the United States but also by Beijing’s own desire to maintain control.

Prosus’ delivery M&A makes most sense as a starter

24 Feb 2025

The $105 bln investor is paying $4 bln for Just Eat Takeaway.com. Prosus shares fell, perhaps due to the target’s past struggles and the absence of immediate synergies. But if the Dutch group used its Delivery Hero stake to drive a tie-up with Just Eat it might create more value.

AI agents have clear mission, hazy business model

20 Feb 2025

Companies are building applications based on artificial intelligence to perform tasks on behalf of workers. ‘Agentic AI’ could deliver $52 bln of revenue by 2030, BCG reckons. But developing tech and training staff takes time. Until clients value the benefits, it’s an extra cost.

Torrid AppLovin reignites scorching PAIR trade

13 Feb 2025

Strong results helped the mobile ads outfit add 30% to its valuation. Having already outpaced all tech stocks last year, including Nvidia, the $160 bln company is leading a fiery foursome targeting dominant incumbents. Palantir, IonQ and Reddit are also part of the hot new club.

Paris summits go from green accord to AI discord

11 Feb 2025

A decade ago, France’s capital saw the world unite to fight climate change. In 2025, the US has refused to sign even a vague pledge for ‘inclusive and sustainable AI’ at President Macron’s conflab. Washington is entitled to do as it likes, but the lack of consensus is striking.

Super Bowl mania: media’s defensive line versus AI

10 Feb 2025

Over 100 mln fans may have watched the Philadelphia Eagles beat the Kansas City Chiefs in American football’s big game. Commanding so many eyeballs, broadcasters have jacked up ad prices by 56% in a decade. Even ChatGPT maker OpenAI paid up. This live event is hard to disrupt.

Think twice about cybersecurity IPO encore

10 Feb 2025

SailPoint is teeing up another market debut, seven years after buyout shop Thoma Bravo first listed the software developer, which it took private again in 2022. Fast growth and progress toward boosting cash flow are tempting, but an $11.5 bln valuation invites a double-take.

AI’s civil war will force investors to pick sides

7 Feb 2025

In 17th century England, royalist Cavaliers clashed with parliamentarian Roundheads. The future of artificial intelligence faces a similar ideological schism. The release of Chinese startup DeepSeek’s model requires money managers to make a defining choice about the technology.

US tax weaponisation launches messy European fight

5 Feb 2025

President Trump has begun probes into “discriminatory” tax measures, like France’s 3% Big Tech duty. His retaliation may include hiking levies for foreign firms and wealthy investors in the US. But since Europe is unlikely to cave in on this issue, the crossfire will be intense.

Power groups’ post-DeepSeek pain looks justified

3 Feb 2025

The Chinese OpenAI rival’s lower costs saw shares in the likes of $57 bln Vistra and $103 bln GE Vernova crater. Scope for demand from AI users to soar may explain why they have partly recovered. But the risk that innovation means less power is real, and warrants a discount.

Masayoshi Son picks odd time to bet big on OpenAI

30 Jan 2025

The Japanese investor may sink $25 bln into the ChatGPT firm. DeepSeek has cast the OpenAI strategy of spending huge volumes of capital on smarter AI models in a new light. SoftBank investors will fret that this may be one of Son’s less successful double-dips.

DeepSeek scrambles AI development reasoning

30 Jan 2025

Breakthrough cost-efficiency claims from the made-in-China model stunned investors expecting a spending splurge, eroding $600 bln of chipmaker Nvidia’s value. In this week’s Viewsroom podcast, Breakingviews columnists debate what the advance means for machine-learning hype.

DeepSeek forks Microsoft and Meta’s AI fates

29 Jan 2025

The tech giants, worth a combined $5 trln, affirmed a continued commitment to investing in silicon smarts. Yet DeepSeek’s claimed cost breakthrough promises a cheaper, more competitive future. Cheap can help both. More competition, though, favors Meta.

DeepSeek rise blurs ASML’s AI-driven recovery

29 Jan 2025

Booming orders from customers like TSMC sent the $290 bln maker of semiconductor machines’ shares up 8%. But a Chinese model using fewer, less advanced chips is a threat, and may increase the risk of a US export purge. A return to last year’s heady valuation looks harder.

China advance creates more AI winners than losers

27 Jan 2025

The DeepSeek model’s quality and low cost has spurred a selloff in chips and energy stocks. Chinese competition may indeed hit ‘picks and shovels’ players like $3.5 trln Nvidia. But it’s not yet certain, and making AI less the domain of Big Tech may enhance its broader benefits.

How China can keep pace in the global AI race

24 Jan 2025

The US is trying to curb Beijing’s progress on artificial intelligence. Yet national champions like Huawei, as well as the military, have racked up some wins. Given the potential $6 trln economic prize up for grabs, the People’s Republic has every reason to find more workarounds.

How private share sales could kill the tech IPO

8 Jan 2025

Databricks, Stripe and Elon Musk’s $350 bln SpaceX facilitated large exits by insiders without a float. There’s a growing pool of patient capital targeting mature startups. The bigger the trend gets, the more likely it is that profitable unicorns can stay private indefinitely.