Development

X discusses a new financing round at $44 billion

Elon Musk’s social media company X is currently in discussions to raise funds from investors at a $44 billion valuation, according to Bloomberg News. Musk purchased the platform, formerly known as Twitter, for the same price in 2022.

The financing talks are still ongoing, with the potential for details to change or even for the discussions to be abandoned altogether, the report added. The US company has not yet responded to requests for comment on the matter.

In related news, last month, it was reported that Morgan Stanley, Bank of America, and Barclays were preparing to sell up to $3 billion in debt holdings in X.

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Trump discusses TikTok sale with China

President Donald Trump confirmed on Wednesday that he was in active discussions with China over the future of TikTok, as the US seeks to broker a sale of the popular app. Speaking to reporters aboard Air Force One, Trump revealed that talks were ongoing, underscoring the US government’s desire to address national security concerns tied to the app’s ownership by the Chinese company ByteDance. The move comes amid growing scrutiny over TikTok’s data security practices and potential links to the Chinese government.

The Trump administration has expressed concerns that TikTok could be used to collect sensitive data on US users, raising fears about national security risks. As a result, the US has been pushing for ByteDance to sell TikTok’s US operations to an American company. This would be part of an effort to reduce any potential influence from the Chinese government over the app’s data and operations. However, the process has faced complexities, with discussions involving multiple stakeholders, including potential buyers.

While the negotiations continue, the future of TikTok remains uncertain. If a sale is not agreed upon, the US has indicated that it could pursue further actions, including a potential ban of the app. As these talks unfold, the outcome could have significant implications for TikTok’s millions of American users and its business operations in the US, with both sides working to find a solution that addresses the security concerns while allowing the app to continue its success.

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Hong Kong explores new virtual asset regulations

Hong Kong is considering approving derivatives and margin lending for virtual assets, aiming to strengthen its position as a global hub for digital assets, according to the Securities and Futures Commission (SFC). This move is part of the city’s broader strategy, initiated in 2022, to become a leading virtual asset trading centre, particularly after China’s cryptocurrency ban in 2021. The SFC’s CEO, Julia Leung, announced the potential inclusion of derivative products and margin lending for professional investors, highlighting ongoing efforts to enhance Hong Kong’s competitiveness in the sector.

As part of its regulatory push, the city has already issued nine virtual asset trading platform licences, with more applications under review. One such licence was granted to Bullish Group, the parent company of CoinDesk. Additionally, financial secretary Paul Chan noted that the government is working on advancing regulations for stablecoins, further solidifying Hong Kong’s ambitions in the digital asset space.

The city will soon release a detailed roadmap for virtual asset growth, which will outline future plans. Meanwhile, Hong Kong competes with cities like Singapore and Dubai, also striving to become leading centres for digital finance. The latest developments come amid a broader global shift in the cryptocurrency market, which has seen significant interest from institutional investors following regulatory changes in the US under President Trump.

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AI’s rapid rise sparks innovation and concern

AI has transformed everyday life, powering everything from social media recommendations to medical breakthroughs. As major tech companies and governments compete to lead in AI development, concerns about ethics, bias, and environmental impact are growing.

AI systems, while capable of learning and processing vast amounts of data, lack human reasoning and empathy. Generative AI, which creates text, images, and music, has raised questions about misinformation, copyright issues, and job displacement.

AI’s influence is particularly evident in the workplace, education, and creative industries. Some experts fear it could worsen financial inequality, with automation threatening millions of jobs.

Writers, musicians, and artists have criticised AI developers for using their work without consent. Meanwhile, AI-generated misinformation has caused controversy, with major companies halting or revising their AI features after errors.

The technology also presents security risks, with deepfakes and algorithmic biases prompting urgent discussions about regulation.

Governments worldwide are introducing policies to manage AI’s risks while encouraging innovation. The European Union has imposed strict controls on AI in sensitive sectors with the AI Act, while China enforces rules ensuring compliance with censorship laws.

The United Kingdom and the United States have formed AI Safety Institutes to evaluate risks, though concerns remain over AI’s environmental impact. The rise of large data centres, which consume vast amounts of energy and water, has sparked debates about sustainability.

Despite these challenges, AI continues to advance, shaping the future in ways that are still unfolding.

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Resonac plans to pursue acquisitions after reducing borrowing

Resonac Holdings, a leading chip materials maker in Japan, is positioning itself to make strategic acquisitions after reducing its borrowing, according to CEO Hidehito Takahashi. Speaking to Reuters, Takahashi expressed the company’s intention to take an aggressive approach this year, particularly eyeing opportunities when a state-backed fund exits its competitor JSR, a photoresist maker recently taken private.

Resonac, formed by Showa Denko’s acquisition of Hitachi Chemical, has been divesting assets, including a planned partial spin-off of its petrochemical business. Takahashi sees JSR’s potential exit as a key opportunity for Resonac to expand its footprint in the semiconductor materials sector. Japan’s semiconductor market remains competitive, despite the country’s reduced role in chip manufacturing, and companies like Resonac must scale up to remain viable.

In addition to its expansion efforts, Resonac is establishing an R&D centre in Silicon Valley to strengthen its ties with firms in the region. However, Takahashi made it clear that the company is not currently considering manufacturing materials in the US, though future demand could prompt a reassessment of such plans.

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New app replaces paper hospital passports for better accessibility

A new app designed by patients is replacing paper hospital passports to make hospital visits more convenient. Currently in use at Derriford Hospital in Plymouth, UK, the app stores key medical details, including allergies, medications, phobias, and emergency contacts, allowing staff to access critical information quickly.

Jessica, who helped develop the app, highlighted its ease of use, saying it eliminates the need to carry a booklet and makes sharing information with medical staff much simpler.

With nearly 700 users already, there are plans to expand the app to other hospitals in south-west England, and NHS England has expressed interest in its wider rollout.

Consultant Saoirse Read noted that digitalisation ensures staff can still access patient details even if their phone is left at home. The app has been particularly beneficial for neurodivergent patients, helping staff tailor care to individual needs.

By understanding factors such as pain responses and phobias, hospital teams can create personalised care plans, making the experience less stressful for patients.

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India faces AI challenge as global race accelerates

China’s DeepSeek has shaken the AI industry by dramatically reducing the cost of developing generative AI models. While global players like OpenAI and Microsoft see potential in India, the country still lacks its own foundational AI model.

The Indian government aims to change this within 10 months by supplying high-end chips to startups and researchers, but experts warn that structural issues in education, research, and policy could hold back progress.

Despite being a major hub for AI talent, India lags behind the United States and China in research, patents, and funding. State-backed AI investments are significantly smaller than those in the two superpowers, and limited private investment further slows progress.

The outsourcing industry, which dominates India’s tech sector, has traditionally focused on services rather than developing AI innovations, leaving startups to bridge the gap.

Some industry leaders believe India can still make rapid advancements by leveraging open-source AI platforms like DeepSeek. However, long-term success will require building a strong research ecosystem, boosting semiconductor production, and securing strategic autonomy in AI.

Without these efforts, experts caution that India may struggle to compete on the global AI stage in the coming years.

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Lawyers warned about AI misuse in court filings

Warnings about AI misuse have intensified after lawyers from Morgan & Morgan faced potential sanctions for using fake case citations in a lawsuit against Walmart.

The firm’s urgent email to over 1,000 attorneys highlighted the dangers of relying on AI tools, which can fabricate legal precedents and jeopardise professional credibility. A lawyer in the Walmart case admitted to unintentionally including AI-generated errors in court filings.

Courts have seen a rise in similar incidents, with at least seven cases involving disciplinary actions against lawyers using false AI-generated information in recent years. Prominent examples include fines and mandatory training for lawyers in Texas and New York who cited fictitious cases in legal disputes.

Legal experts warn that while AI tools can speed up legal work, they require rigorous oversight to avoid costly mistakes.

Ethics rules demand lawyers verify all case filings, regardless of AI involvement. Generative AI, such as ChatGPT, creates risks by producing fabricated data confidently, sometimes referred to as ‘hallucinations’. Experts point to a lack of AI literacy in the legal profession as the root cause, not the technology itself.

Advances in AI continue to reshape the legal landscape, with many firms adopting the technology for research and drafting. However, mistakes caused by unchecked AI use underscore the importance of understanding its limitations.

Acknowledging this issue, law schools and organisations are urging lawyers to approach AI cautiously to maintain professional standards.

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Meta announces LlamaCon as it accelerates AI push

Meta has unveiled plans to host its first-ever developer conference dedicated to generative AI, called LlamaCon. Scheduled for April 29, the event will focus on Meta’s open-source AI efforts, particularly its Llama models.

The company aims to share updates that will help developers build new AI-powered applications. Additional details are expected in the coming weeks, with Meta’s broader annual conference, Meta Connect, set for September.

The company has positioned itself as a leader in open-source AI, boasting hundreds of millions of downloads of its Llama models. Major firms, including Goldman Sachs, AT&T, and Accenture, are among those integrating Llama into their services.

However, reports suggest that Meta has been caught off guard by the rapid rise of Chinese AI company DeepSeek, whose latest models may challenge Llama’s dominance. Meta has reportedly launched internal efforts to study DeepSeek’s approach to efficiency and cost reduction.

With a planned $80 billion investment in AI this year, Meta is pushing ahead with new Llama models that could include reasoning, multimodal, and autonomous capabilities. CEO Mark Zuckerberg has expressed confidence in Llama’s potential to become the most widely used AI model.

However, Meta is also facing legal and regulatory challenges, including lawsuits over alleged copyright violations and privacy concerns in the European Union that have delayed some AI launches.

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Ant Group moves into humanoid robotics as China boosts sector

Ant Group, the Alibaba-linked fintech giant, has entered the humanoid robot industry, joining other major Chinese technology firms investing in this rapidly expanding field. The company has begun hiring for robotics-related positions through its subsidiary, Shanghai Ant Lingbo Technology, which was established in late 2024 with registered capital of 100 million yuan ($13.73 million).

The Chinese government has identified humanoid robots as a key driver of economic growth and technological competition with the United States.

Several Chinese companies are advancing in the humanoid robotics sector, with firms like UBTech and Unitree gaining attention for their cutting-edge designs. Unitree has showcased robots capable of walking, climbing, and carrying loads, further fuelling interest in the sector.

President Xi Jinping recently highlighted the importance of the industry by giving Unitree’s founder a front-row seat at a private sector meeting.

Large Chinese corporations are exploring humanoid robotics through direct research or investment. Xiaomi has been developing robots since at least 2022, launching its CyberOne model, while Tencent has supported the industry through strategic investments, such as its 50 million yuan backing of Shenzhen-based Leju Robot in 2018.

As interest in robotics accelerates, China is positioning itself as a global leader in the field.

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