Latest News
ByteDance in talks to buy Chinese AI chip maker Iluvatar CoreX
Chinese tech firm ByteDance is in talks to buy AI processors for inference work from Shanghai-based Iluvatar CoreX (9903.HK), and is also eyeing a similar deal with Baidu (9888.HK), two persons with knowledge of the subject said.
If an agreement is reached, Iluvatar CoreX would be ByteDance’s third major domestic GPU supplier after Huawei and Cambricon (688256.SS), the sources stated.
ByteDance, TikTok’s company, is also considering utilising Baidu’s (9888.HK) Kunlunxin chips, they said, declining to be named as the discussions are private. Tencent (0700.HK) is already a customer for Kunlunxin chips, one of the sources said.
ByteDance, Iluvatar CoreX, Baidu and Tencent did not respond to requests for comment.
The possible acquisitions reflect Chinese chipmakers’ efforts to build alternatives to foreign AI chips that are gaining pace as Beijing pushes the use of locally made chips to increase self-reliance amid U.S. export limits on sophisticated processors.
In April, Reuters reported that Chinese GPU and AI chip makers took about 41% of China’s AI accelerator server market last year, eating into Nvidia (NVDA.O)’s once-dominant position there in one of its most crucial overseas markets.
In the second half of this year, Chinese AI chips would be accessible in big quantities, while Nvidia’s market share in China has effectively gone to nothing, Tencent’s Chief Strategy Officer James Mitchell said in May.
The sources claimed Iluvatar CoreX, a top GPU startup in China, expects to sell at least 50,000 chips to ByteDance this year, with the most of them going to inference workloads as ByteDance adds customers to its flagship AI chatbot, Doubao.
Inference workloads are all about answering questions and they are different from AI model training that tends to use the most powerful CPUs.
Sources stated the terms of the possible deals are not final and could possibly alter.
BUSINESS MILESTONE
A partnership with ByteDance — one of China’s biggest digital businesses and a heavy spender on AI infrastructure — would mark a key commercial milestone for Iluvatar CoreX. The Shanghai-based company has largely supplied government procurement projects until now, said one of the sources.
Iluvatar CoreX, which debuted in Hong Kong in January, had sales of 1 billion yuan ($148 million) in 2025, almost 90% of which came from selling GPUs, as it benefited from increased demand for local AI gear.
Its Tiangai series chips are designed for AI training, and its Zhikai series is targeted at inference tasks, according to its website.
The research note said Huatai Securities estimated Iluvatar CoreX’s sales would reach 3.04 billion yuan ($449.8 million) this year, with total shipments soaring 139% to more than 100,000 chips. The average selling price for the Zhikai inference chips was 12,000 yuan, or around $1,775 each, said the trader.
Shares of Iluvatar Corex jumped 12% in Hong Kong after the Reuters report.
Latest News
The Women’s Asia Cup and Asian Games squads have been announced by the PCB.
The Pakistan Cricket Board (PCB) has named 15-member teams for the Women’s Asia Cup and the 20th Asian Games.
Regular captain Fatima Sana will lead the national team in both the competitions. She missed the current T20I series of Pakistan versus Sri Lanka due to her commitments in The Hundred.
The Women’s Asia Cup will be played in Dubai from August 28 to September 13.
Fatima Sana, Muneeba Ali Siddiqui, Shawaal Zulfiqar, Ayesha Zafar, Gul Feroza and Syaira Jabbeen are the six uncapped players included in the Asia Cup roster. Asia Cup is scheduled to be played in Bangladesh from August 30 to September 17.
The lineup for the Asian Games includes Alia Riaz, Tasmiya Rubab and Humna Bilal.
Pakistan are in Group A together with India, Thailand and Hong Kong, China. The national team will play Thailand on September 1, India on September 5 and Hong Kong, China on September 7.
Semi finals will be contested on September 10 and 11, with the final on September 13 at Dubai International Cricket Stadium. All matches will start at 7:30pm Pakistan Standard Time
Pakistan have been paired up with Thailand at the Asian Games. The national team will face Thailand in the fourth quarter-final at Koroogi Athletic Park in Aichi on September 17.
In the other quarter-finals India will play Japan, Bangladesh will meet China and Sri Lanka will face Malaysia.
Pakistan won gold medals in the women’s cricket competitions in the 2010 and 2014 Asian Games, and finished fourth in the 2022 edition.
Either Sri Lanka or Malaysia will meet Pakistan if they reach the semi-final this time. September 22nd is the date of the medal matches.
Pakistan will hold a national training camp at the National Cricket Academy in Lahore from August 16 to 25 as part of preparations for the Asia Cup.
Business
ECC allows increase in dealers’ margin on fuel, diesel
As a result of the approval of the Economic Coordination Committee (ECC), the margin that dealers make on gasoline and diesel has been increased by Rs1.34 per liter respectively.
In the course of an ECC meeting that was presided over by Senator Muhammad Aurangzeb, who is the Minister of Finance, the decision was made.
As a result of the approval, the manufacturers’ profit margin on gasoline and diesel will go up from Rs8.64 to Rs9.98 per liter.
This action is being taken with the intention of addressing the concerns of petroleum dealers and increasing the practicality of operations at gas stations.
Nauman Butt, Vise Chairman of the All Pakistan Petroleum Pumps Owners Association, expressed his satisfaction with the decision and expressed gratitude to Prime Minister Shehbaz Sharif and the Petroleum Minister for their approval of the hike.
Latest News
Pakistan Embassy in Washington unveils statue of Quaid-i-Azam
— A statue of Pakistan’s founder Quaid-i-Azam Muhammad Ali Jinnah has been erected at the Pakistani Embassy in Washington D.C.
The statue was unveiled Friday at a ceremony at the embassy marking Pakistan’s Independence Day celebrations, giving the occasion a historic and patriotic flavor.
The statue was unveiled by Pakistan’s Ambassador to the United States, Rizwan Saeed Sheik, at the ceremony attended by members of the Pakistani-American community, diplomats and members of the media.
The statue was donated to the embassy by the Houston-based Quaid-i-Azam Foundation and will be permanently installed in the Pakistani Embassy in Washington.
The installation comes as Pakistan prepares to mark the 150th birth anniversary of Quaid-i-Azam Muhammad Ali Jinnah this year. Speaking at the occasion, Ambassador Sheik paid honor to the founder of Pakistan for his political fight and hard efforts for foundation of the country.
The Independence Day celebration began with the hoisting of the Pakistani flag followed by the national song and recitation of verses from the Holy Quran. Messages of the president, prime minister and deputy prime minister on the occasion of Independence Day were also read out.
Addressing the gathering, Ambassador Sheik said Pakistan continued to be essential to the United States in the regional and global context.
In his Independence Day speech to Pakistan, US Secretary of State Marco Rubio also spoke of bilateral collaboration. Areas of collaboration are: regional mediation, key minerals, energy, counter-terrorism, cultural heritage, trade and investment.
Pakistan’s attempts toward regional mediation have also become important in the wake of continued tensions between the United States and Iran. Pakistan has sought to leverage its contacts with both Washington and Tehran to foster discussion and aid in defusing tensions.
There was also a particular honor at the event. Pakistani-American community leader and cultural ambassador Waqar Ali Khan was given President’s Medal for Pride of Performance for his decades-long services.
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