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ChatGPT mania pumps up Chinese AI technology stocks

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ChatGPT mania pumps up Chinese AI technology stocks

Chinese artificial intelligence stocks are the latest rage in mainland markets as the global frenzy around the Microsoft-backed ChatGPT chatbot spurs speculative bets on the revolutionary computing technology.

Just two months after its launch, ChatGPT – which can generate articles, essays, jokes and even poetry in response to prompts – has been rated the fastest-growing consumer app in history. That has pushed Google owner Alphabet Inc (GOOGL.O) to plan its own chatbot service and use more artificial intelligence for its search engine.

While ChatGPT is not accessible in China, mainland investors are still pumping up the shares of AI technology companies such as Hanwang Technology Co (002362. SZ), TRS Information Technology Co (300229. SZ) and Cloudwalk Technology Co (688327. SS).

The CSI AI Industry Index (.CSI931071), which includes larger capitalized companies such as iFlytek Co (002230. SZ), is up about 17% this year, outperforming the benchmark CSI300 Index’s (.CSI300) 6% rise.

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To be sure, there is no indication that these AI companies are close to pushing out a ChatGPT-like product. The closest seems to be search engine giant Baidu Inc (9888. HK) with plans to complete testing of its “Ernie bot” in March. Its shares surged more than 15% on Tuesday after making the announcement.

“The industry as a whole tends to first speculate on expectations before only later trading on actual results,” said Zhang Kexing, general manager of Beijing Gelei Asset Management.

Shares of Hanwang Technology, which makes products that enable intelligent interactions, jumped by their daily limit of 10% on Tuesday, the seventh consecutive session it has reached that limit since markets reopened from the Lunar New Year holiday, boosting prices by more than 60% so far in February.

The company expects to report an annual loss for 2022 but believes it has an edge over an interface like ChatGPT because its model can produce more precise results for clients.

Cloudwalk shares retreated 5.5% on Tuesday, but have nearly doubled in the seven trading days since the Lunar New Year holidays. On Tuesday, the company cautioned investors, saying its losses deepened in 2022, it has not cooperated with OpenAI and has generated no revenues from ChatGPT-related services and products.

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Other companies that have disclosed their progress in AI technology include TRS Information Technology, and Beijing Haitian Ruisheng Science Technology Ltd (688787.SS). Their share prices have soared too.

The price surge has stretched valuations. TRS for example, trades at nearly 60 times earnings, while Haitian Ruisheng’s price-to-earnings ratio is more than 240.

Retail investor Lu Deyong has purchased shares in TRS and iFlytek and is seeking to profit from the ChatGPT hype.

“ChatGPT is just a hot idea,” he said. However, he doesn’t think “China can realize such a technology in the short term.”

“For us retail investors, we prefer smaller stocks with this concept to make some quick money,” Lu said.

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Lunar racer car will take Moon astronauts to mysterious destinations ‘unreachable’ by foot

Lunar racer car will take Moon astronauts to mysterious destinations ‘unreachable’ by foot

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Lunar racer car will take Moon astronauts to mysterious destinations 'unreachable' by foot

Nasa has picked three companies to develop a new lunar racer car that Artemis astronauts will use to traverse the Moon in the 2030s.

It will help astronauts reach mysterious, never-before-explored destinations that are deemed unreachable by foot.

The lunar terrain rover (LTV) will be an essential string in Nasa’s bow in terms of scientific research and exploring the Moon’s south pole during the Artemis V mission.

The south pole is, scientists believe, the most promising location for water-based ice, which will be key to future human habitation on the Moon.

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The concentration of precious lunar materials in the polar region is also of interest to the US government, experts say.

We will use the LTV to travel to locations we might not otherwise be able to reach on foot, increasing our ability to explore and make new scientific discoveries, says Jacob Bleacher, Chief Exploration Scientist At Nasa.

Intuitive Machines, Lunar Outpost and Venturi Astrolab have been tasked with developing an autonomous vehicle as part of a $4.6billion contract over the next 13 years.

The trio will now launch a year-long study to develop a system that meets Nasa’s requirements.

Nasa has said that the Moon car must be able to accommodate two suited astronauts, and withstand extreme conditions.

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Temperatures can drop to as low as -230 degrees Celsius (-382 degrees Fahrenheit in shadowed regions of the lunar south pole.

It must also be able to work autonomously, so controllers on Earth can continue to explore the lunar surface without astronauts.

“We will use the LTV to travel to locations we might not otherwise be able to reach on foot, increasing our ability to explore and make new scientific discoveries,” Jacob Bleacher said.

“With the Artemis crewed missions, and during remote operations when there is not a crew on the surface, we are enabling science and discovery on the Moon year-round.”

Nasa’s Artemis V mission in 2029 will see two astronauts land on the Moon to explore, and another two astronauts set up the ESA’s refuelling module onboard Gateway – the first-ever lunar space station.
I
n 2026, Nasa will launch its Artemis III mission, the first human assignment on the Moon since Apollo 17.

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The third Artemis mission forms part of a decade-long programme that is hoped to culminate with a permanent lunar base.

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Brief disruption in internet services in Pakistan

Brief disruption in internet services in Pakistan

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Brief disruption in internet services in Pakistan

 Internet services were disrupted in several parts of the country on Tuesday.

According to Downdetector, there was a disruption in services in Lahore, Karachi, Rawalpindi and Peshawar.
Internet services across the country were restored after a brief outage. 

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EU regulators assess Apple’s plan for complying with music streaming order

EU regulators assess Apple’s plan for complying with music streaming order

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EU regulators assess Apple's plan for complying with music streaming order

 EU antitrust regulators are checking to see if an Apple (AAPL.O) proposal would comply with their order to let Spotify (SPOT.N) and other music streaming services inform users of payment options outside its App Store, the European Commission said on Monday.

The iPhone maker risks antitrust charges and fresh fines if its proposal announced last Friday fails to satisfy the EU competition enforcer, which issued its order together with a 1.84 billion euro ($2 billion) fine last month

Under Apple’s proposal, the Swedish music streaming service Spotify and others can include a link to their websites to inform users of other ways to purchase digital goods or services, away from Apple’s App Store.

They can also invite users to provide their email address to be sent a link to the platform’s website to buy digital music content or services. Such links, however, carry a 27% fee to Apple, including for subsequent auto-renewing subscriptions.

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“We are currently assessing whether Apple has fully complied with the decision,” a Commission spokesperson said.
“In general, if the Commission suspects that there is non-compliance with an adopted decision, it will send the undertaking concerned a Statement of Objections …”

Spotify bemoaned the fact that it was still waiting for Apple to comply with the EU order, five weeks on.

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