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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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Plea seeking restoration of ‘X’ adjourned till April 2

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Plea seeking restoration of 'X' adjourned till April 2

 Lahore High Court has adjourned the hearing of miscellaneous application seeking restoration of X (formerly Twitter) till April 21

LHC’s Justice Asim Hafeez heard the petition of Advocate Huzaifa Naeem filed for restoration of social media app X.

During the hearing Justice Asim Hafeez inquired about the petition and the petitioner stated that Pakistan Telecommunication Authority (PTA) has made impossible for public to access the micro-blogging site X.

The court suggested a solution referring to a minister who has suggested to access the platform with VPN.

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The petitioner stressed for a long-term effective solution, replied that “if police say to avoid a certain route as dacoit rule there, it is not a solution.”

The petition requested to court to declare the X outage as illegal and direct opposition to ensure the public access of X. Court has adjourned the petition for hearing till April 2.

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Samsung Galaxy to launch AI features in other devices as well on March 28

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Samsung Galaxy to launch AI features in other devices as well on March 28

Samsung Galaxy AI features will be introduced into other devices as well after on the acclaimed Galaxy S24 series.

Starting March 28, One UI 6.1 will begin rolling out across the Galaxy S23 series, S23 FE, Z Fold5, Z Flip55, and Galaxy Tab S9 Ultra, Tab S9+ and Tab S9 WiFi versions beginning this week.

In the US, Samsung Galaxy S24 users are embracing several innovative features that have revolutionized their smartphone experience.

One standout feature is Circle to Search with Google, which has become immensely popular among users. This feature allows users to search for information quickly by simply circling items on their screens, eliminating the need to switch between apps.

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Live Translate has been a game-changer for users, facilitating seamless communication by providing real-time voice and live caption translations during phone calls. This feature helps users overcome language barriers, ensuring smooth and effective communication.

Samsung’s Generative Edit tool has also garnered significant attention, offering users powerful AI-driven photo editing capabilities. This tool allows users to easily adjust and enhance their favorite pictures by resizing or filling in backgrounds after removing unwanted objects from the frame.

Another highly utilized feature is Chat Assist, integrated into the Samsung Keyboard. This feature provides users with translation, writing style suggestions, and spelling and grammar corrections, enhancing their communication experience across various apps.

These innovative AI features are enhancing the functionality and usability of Samsung Galaxy S24 smartphones, providing users with convenient and efficient ways to interact with their devices and communicate with others. 

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Amazon loses court fight to suspend EU tech rules’ ad clause

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Amazon loses court fight to suspend EU tech rules' ad clause

Amazon (AMZN.O) on Wednesday lost its fight to suspend a requirement regarding its online advertising under EU tech rules after Europe’s top court backed EU regulators, saying EU interests outweigh the U.S. online retailer’s material interests.

Under the Digital Services Act (DSA) which kicked in last year, Amazon was designated as a very large online platform subject to tough rules to tackle illegal and harmful content on its platform.

The company subsequently challenged a DSA requirement to make publicly available a repository containing detailed information on its online advertising and also asked for an interim measure until the court rules on the case.

A lower tribunal in September agreed to its request for an interim measure to suspend the contested obligation, which prompted the European Commission to turn to Europe’s top court.

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The Luxembourg-based Court of Justice of the European Union (CJEU) set aside the suspension order and dismissed Aamzon’s application for an interim measure.

The judge said that Amazon’s argument that the obligation unlawfully limits its fundamental rights to respect for private life and the freedom to conduct a business was not irrelevant.

He also said that without a suspension, it was likely that Amazon would suffer serious and irreparable harm before any judgment annulling the Commission’s decision.

However, he said a suspension could have a detrimental impact on the objectives of the DSA.

“Suspension would lead to a delay, potentially for several years, in the full achievement of the objectives of the Regulation on a Single Market for Digital Services and therefore potentially allow an online environment threatening fundamental rights to persist or develop,” the judge said.

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“The interests defended by the EU legislature prevail, in the present case, over Amazon’s material interests, with the result that the balancing of interests weighs in favour of rejecting the request for suspension.”

Amazon said: “We are disappointed with this decision, and maintain that Amazon doesn’t fit the description of a ‘Very Large Online Platform’ (VLOP) under the DSA, and should not be designated as such.”

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