Ben Peters, known for his work in autonomous vehicles, is shifting gears with Cogna, a UK-based AI startup that just secured $15M in Series A funding led by Notion Capital. Hoxton Ventures and Chalfen Ventures also joined the round, which follows an earlier $4.75M seed investment. Cogna’s mission is to revolutionise enterprise resource planning (ERP) by using AI to develop custom software tailored to businesses’ specific workflows.
Cogna’s AI-driven platform claims to streamline the traditionally cumbersome and expensive ERP processes used for managing procurement, supply chains, finance, and more. Customers like Cadent Gas and Network Plus have already adopted Cogna’s solutions, which deliver bespoke software experiences through a seamless SaaS interface. Peters emphasises that the platform enables non-technical teams to articulate their needs in natural language, letting the AI handle the rest.
Leveraging tools from providers like OpenAI and Anthropic, UK based Cogna combines generative AI with specialised engineering to write code that meets unique enterprise requirements. This approach positions Cogna to compete with established IT consulting giants while carving a niche in the lucrative enterprise AI market. Peters, drawing on his expertise from FiveAI, is confident in his ability to adapt and innovate as Cogna scales its groundbreaking solutions.
Elon Musk’s social media platform X is testing a free version of its AI chatbot, Grok, which was previously exclusive to premium subscribers. Over the weekend, reports surfaced from users and researchers indicating that some free accounts in regions like New Zealand now have access to the AI tool. While usage is capped to 10 queries every two hours for the Grok-2 model, this marks a significant expansion of the technology’s reach.
Grok, developed by Musk’s company xAI, launched earlier this year with advanced features like image generation and understanding, powered by Black Forest Labs’ FLUX.1 model. Previously available only to paying users, the decision to extend limited access to free users may reflect xAI’s strategy to grow its user base and improve feedback for refining its technology.
To use Grok for free, accounts must be at least seven days old and linked to a phone number. This move positions xAI to compete with AI giants like OpenAI’s ChatGPT and Google’s Gemini, while also potentially bolstering its valuation, which reportedly reached $40B in recent funding discussions. This test of free access could accelerate Grok’s development cycle and further establish xAI in the competitive AI market.
AI companies, including OpenAI, are shifting away from the ‘bigger is better’ philosophy for training models. Instead, they are developing techniques that allow algorithms to ‘think’ in more human-like ways. These methods aim to address challenges such as massive energy consumption, hardware failures, and data scarcity that have hindered advancements in large language models.
OpenAI’s new model, o1, uses a technique called ‘test-time compute’, allowing it to consider multiple answers and choose the best option during use. This approach improves performance in complex tasks, like problem-solving and decision-making, without needing extensive pre-training. Noam Brown, an OpenAI researcher, revealed that even brief ‘thinking’ boosts the model’s capabilities significantly.
The industry-wide shift has broader implications for AI hardware, especially as Nvidia’s chips have been critical to AI training. Experts predict a move towards distributed cloud-based servers for inference tasks, potentially reshaping the demand landscape for chips. Prominent investors, such as Sequoia and Andreessen Horowitz, are monitoring these changes closely as they may impact investments in AI infrastructure.
The CEOs of Europe’s top three chip manufacturers expressed concerns about the rising nationalist policies from the US, China, and Europe. They argue these policies are pushing each region to secure its own semiconductor supply, causing significant strain on the global chip industry.
Infineon, STMicroelectronics, and NXP—major suppliers of chips for electric vehicles and industrial technology—highlighted the challenges these policies are creating. Speaking at an electronics conference in Munich, Infineon’s CEO Jochen Hanebeck warned that further fragmentation is likely, particularly through tariffs, which could seriously disrupt global supply chains.
STMicroelectronics’ Jean-Marc Chery pointed out that duplicating supply chains across continents has led to costly investments in both materials and engineering. The pressure to maintain regional independence in chip production is placing an unsustainable burden on resources, he noted, particularly as China’s demand for chips in electric vehicles remains strong.
Kurt Sievers, CEO of NXP Semiconductors, argued that no country could feasibly achieve self-sufficiency in the chip industry. Attempting to do so, he said, would lead to prohibitive costs, making electronic devices unaffordable for consumers. He anticipates governments will eventually realise that global cooperation is essential for sustaining the semiconductor industry.
Vietnam’s semiconductor industry is gaining momentum as foreign companies invest in chip testing and packaging facilities, shifting some production away from China. Amid trade tensions between the US and China, several global players, including South Korea’s Hana Micron and US-based Amkor Technology, are expanding operations in Vietnam to diversify their production bases. Hana Micron has committed over $930 million to boost its packaging capacity, while Amkor is investing $1.6 billion to establish its largest packaging plant, transferring some machinery from its Chinese facilities.
The rise in investment is set to increase Vietnam’s global share in chip assembling, testing, and packaging, with estimates suggesting a rise from 1% in 2022 to around 8-9% by 2032. Domestic companies are also stepping up. Vietnamese tech firm FPT plans to start a testing facility near Hanoi next year, investing up to $30 million, while Sovico Group is seeking partnerships for a chip plant in Danang.
Vietnam’s strategic push into the semiconductor sector has been encouraged by the US, viewing the country as a potential alternative to China for supply chains. The Biden administration’s support, especially as trade tensions grow, has bolstered Vietnam’s role in this industry. With domestic and foreign investments combined, Vietnam is poised to strengthen its position as a key player in the global semiconductor back-end market.
Looking forward, Vietnam is ambitiously aiming to develop its front-end chipmaking capabilities, planning to have its first foundry operational by 2030. Viettel, a state-owned firm, is set to lead this initiative, indicating Vietnam’s broader goal of advancing its semiconductor industry and reducing reliance on foreign production bases.
India’s financial crime agency is intensifying its probe into Flipkart and Amazon over alleged violations of foreign investment laws, with plans to summon executives from both companies after recent raids on their sellers. The Enforcement Directorate (ED) seized documents in last week’s raids, which a senior government source claims substantiate violations of India’s foreign investment laws. Under these laws, foreign e-commerce companies are restricted to operating as marketplaces without holding inventory, though the ED alleges that both Amazon and Flipkart have been exerting control over certain sellers.
This investigation adds to the growing regulatory scrutiny faced by the two e-commerce giants, which hold significant market shares in India’s $70 billion e-commerce sector. Previous findings from India’s antitrust authority suggested that both companies favour select sellers, allowing them to bypass marketplace-only regulations. One prominent Amazon seller, Appario, was reportedly raided and found to receive exclusive support from Amazon, including reduced fees and advanced retail tools.
The ED’s latest actions follow a pattern of increased regulatory focus on large e-commerce and delivery platforms, with recent antitrust findings indicating similar preferential treatment by food delivery services Zomato and Swiggy. As India’s retail landscape continues to expand, regulatory bodies are pushing for stricter compliance to ensure fair competition and protect smaller businesses.
Vietnam has warned Chinese online retailers Shein and Temu to register with the government by the end of November or face potential blocks on their websites and apps. The move follows concerns from Vietnam’s government and local businesses about the impact of foreign e-commerce platforms on local markets, especially regarding deep discounts and counterfeit goods. Deputy Trade Minister Nguyen Hoang Long stated that if Shein and Temu do not comply, technical measures will be taken to restrict access to their platforms.
Shein has been active in Vietnam for two years, while Temu only recently launched in the country. Shein expressed its commitment to adhering to Vietnam’s regulations, but Temu has yet to respond. This registration requirement comes amid broader scrutiny of ultra-low-cost foreign retailers in Southeast Asia, as governments like Indonesia’s have asked app stores to block Temu to support small businesses.
Vietnam’s e-commerce market, the third largest in Southeast Asia at $22 billion, is rapidly growing. Alongside Shein and Temu, the market features popular platforms like Shopee, Lazada, and local players Tiki and Sendo.
Taiwan Semiconductor Manufacturing Co. (TSMC) confirmed that its investment plans in the United States will continue unchanged, following the election of Donald Trump as the next US president. TSMC, a leading global chipmaker and supplier to tech giants like Apple and Nvidia, is investing $65 billion in new semiconductor factories in Arizona.
Despite Trump’s previous comments accusing Taiwan of harming the US semiconductor industry, TSMC has recently secured a $6.6 billion subsidy from the US Commerce Department to support advanced chip production in Phoenix. TSMC’s US unit, along with other firms like GlobalFoundries, is expected to receive additional support under the Biden administration’s Chips and Science Act.
TSMC shares have remained resilient, bolstered by strong demand for AI technology, with its American Depositary Receipts rising 4.1% on Thursday as Nvidia’s stock surged, helping drive investor confidence.
Cloud monitoring firm Datadog raised its annual revenue and profit forecasts on Thursday, driven by increasing demand for its AI-backed cybersecurity products. The New York-based company now expects full-year revenue of about $2.66 billion, up from its previous projection of $2.62 to $2.63 billion, with analysts having anticipated $2.63 billion. Datadog also raised its adjusted profit forecast to between $1.75 and $1.77 per share, surpassing earlier estimates of $1.62 to $1.66.
The company’s performance has been bolstered by the growing adoption of AI applications by its customers, who are increasingly deploying these tools in live production environments. As AI apps run in the cloud, Datadog stands to benefit from the ongoing migration to cloud services, which drives demand for its monitoring software. For the quarter ending September 30, Datadog reported revenue of $690 million, beating the expected $664.3 million, and posted an adjusted profit of 46 cents per share, exceeding analysts’ predictions of 40 cents.
Despite the strong results and optimistic growth outlook, Datadog’s stock saw some volatility, rising 4.1% before later paring its gains as investors reacted to high expectations for the company’s performance.
India’s financial crime agency has conducted raids at the offices of several sellers on Amazon and Flipkart, investigating alleged violations of foreign investment rules. This development follows a recent report from India’s antitrust body, which accused the e-commerce giants of favoring certain sellers and limiting fair competition. The Enforcement Directorate (ED) carried out searches in major cities, including New Delhi and Bengaluru, focusing on sellers suspected of being influenced by Amazon and Flipkart to manipulate prices.
This probe adds to Amazon and Flipkart’s regulatory struggles in India, one of their largest and fastest-growing markets. The Indian government has accused both companies of effectively controlling inventory through select sellers, despite regulations prohibiting foreign companies from direct multi-brand retail. Amazon and Flipkart, owned by Walmart, insist they comply with Indian laws and emphasize that they serve only as marketplace platforms.
While neither company has yet responded to these latest raids, they continue to face increasing scrutiny as India strengthens its regulatory approach to foreign e-commerce giants. The outcome could significantly impact how these companies operate within India, as the government seeks to ensure a more level playing field for local sellers.
