Dutch economy minister Dirk Beljaarts revealed a plan to form a ‘coalition of the willing’ within the EU to strengthen the bloc’s computer chip industry and compete globally with the US and China. At a G7 industry ministers’ meeting in Rome, he stressed the importance of EU nations working together to set up production, assembly, and packaging facilities. While the Netherlands is home to leading chip tool maker ASML, Beljaarts emphasised that other EU countries must also build their semiconductor industries.
Beljaarts expressed the Netherlands’ readiness to lead this initiative, collaborating with Italian Industry Minister Adolfo Urso to bring the plans to life. Although the Netherlands is not a G7 member, its influence in the tech sector, as the world’s 18th largest economy, secured its invitation to the meeting. The EU’s chip strategy has recently faced challenges, particularly after the departure of Thierry Breton, the former EU Commission industry chief and architect of the EU Chips Act. The act, valued at €43 billion, aims to boost Europe’s share of the global chip market to 20% by 2030.
In a separate meeting, Beljaarts spoke with US Secretary of Commerce Gina Raimondo, discussing potential areas of cooperation. This discussion took place amid anticipated US export restrictions on advanced semiconductor equipment to China, which could impact ASML. However, Beljaarts clarified that the talks focused on collaboration rather than export limitations.
Industry ministers from the G7 advanced democracies have agreed that non-market practices in the semiconductor industry pose an urgent challenge that requires collective action. This consensus was announced by the Italian presidency and is a response to growing concerns about China’s influence in the sector. During the G7 summit in June, leaders had previously pledged to address what they called unfair business practices by China, particularly as the country aggressively advances its semiconductor manufacturing capabilities.
The majority of global semiconductor production takes place in South Korea and Taiwan, with Taiwan’s closeness to mainland China heightening concerns about potential military conflicts that could disrupt global supply chains. Due to Taiwan’s leadership in advanced chip manufacturing, major economies such as the US and European nations have enacted legislation to enhance domestic semiconductor production. Initiatives like the US CHIPS Act and corresponding European measures have allocated substantial funding to incentivise companies to set up chip production facilities within their countries.
Alongside semiconductor issues, the newly established G7 task force will also focus on undersea cable connectivity, which has grown increasingly critical. Recent outages in major undersea cables have underscored the necessity for a stable and secure global internet infrastructure. This expansion of the G7’s agenda aims to address broader technological stability, moving beyond semiconductor concerns to encompass essential aspects of digital connectivity.
Stripe has announced a new collaboration with Nvidia to enhance its AI offerings and improve fraud detection. The deeper partnership will see Stripe integrating Nvidia’s advanced AI technology, enabling global developers and enterprises to access GPUs and AI software through Stripe’s payment platform.
This collaboration highlights Stripe’s focus on leveraging Nvidia’s capabilities to support AI products. Stripe has introduced new features, including usage-based billing and enhanced global payment methods, to accommodate AI products that are international from the start.
Patrick Collison, Stripe’s co-founder, praised Nvidia’s role in advancing AI technology, while Nvidia’s CEO, Jensen Huang, recognised Stripe’s leadership in enabling businesses to use AI to fuel growth. The partnership comes as Stripe continues to integrate AI into services like Stripe Radar, which recently received AI-driven upgrades to boost fraud prevention.
Stripe, valued at $70bn as of July, has consistently relied on Nvidia’s computing platform to train its machine learning models. This expanded partnership is expected to drive further growth and innovation in AI technology.
The European Commission has announced a significant investment in the continent’s digital infrastructure through its second work program under the Connecting Europe Facility (CEF) Digital, allocating €865 million in funding from 2024 to 2027. That initiative will target large-scale projects promoting the rollout of 5G and gigabit networks in key sectors such as healthcare, transport, logistics, and manufacturing.
By focusing on these industries, the EU aims to drive the integration of advanced technologies to meet increasing digital demands. The program also seeks to expand Europe’s digital backbone by strengthening quantum communication networks and laying new submarine cables to enhance connectivity with third countries.
Additionally, it will develop digital platforms for transport and energy, optimising ICT energy use while minimising environmental impact and ensuring seamless integration with existing European data, cloud, and connectivity infrastructures.
That initiative supports the EU’s ambitious 2030 Digital Decade goals, which aim to provide all citizens and businesses access to 5G and gigabit-speed internet. Margrethe Vestager, Executive Vice-President for Europe Fit for the Digital Age, emphasised the importance of enhancing connectivity to foster innovation and connect more citizens and businesses.
With a total budget of €2 billion until 2027, the broader CEF Digital program has already funded 65 projects, including 5G Smart Communities and cross-border 5G corridors. It plans to launch a fourth call for project proposals to accelerate digital transformation further.
On September 21, Prime Minister Pham Minh Chinh signed Decision No. 1018/QD-TTg, establishing Vietnam‘s strategy and vision for developing its semiconductor industry. This strategic plan outlines both short-term objectives until 2030 and long-term projections extending to 2050, emphasising five key tasks – developing specialised chips, promoting the electronics industry, enhancing human resources and attracting talent, drawing investment into the semiconductor sector, and implementing additional relevant measures.
The strategy includes a three-phase roadmap. In Phase 1 (2024-2030), Vietnam aims to leverage its geographical advantages and existing semiconductor talent to attract foreign direct investment (FDI). The goals are to establish at least 100 design companies, one small semiconductor chip manufacturing plant, and 10 packaging and testing facilities, with the semiconductor industry projected to generate over USD 25 billion in revenue annually. The workforce is expected to exceed 50,000 engineers and university graduates.
During Phase 2 (2030-2040), Vietnam intends to strengthen its position as a global center for semiconductors, targeting 200 design companies, two chip manufacturing plants, and 15 packaging and testing facilities. The expected annual revenue for the semiconductor industry is projected to surpass USD 50 billion, with a workforce growing to over 100,000 engineers and graduates.
In Phase 3 (2040-2050), Vietnam aspires to become a leading player in the global semiconductor arena, aiming for at least 300 design companies, three semiconductor chip manufacturing plants, and 20 packaging and testing facilities. The semiconductor industry’s revenue is anticipated to exceed USD 100 billion annually, while the electronics sector is expected to surpass USD 1.045 trillion. Despite the government’s ambitious strategy, challenges remain, including power shortages, competitive salaries for talent, and a weak technological foundation.
The European Investment Bank (EIB) is making strategic moves to close the funding gap that often drives European start-ups to seek capital outside the continent, particularly in the United States. To counter this trend, the EIB is expanding its support for venture capital and private equity markets, creating an environment where European start-ups can thrive and scale domestically.
A key part of this strategy is the expansion of the European Tech Champions Initiative, which provides late-stage funding to high-potential companies. Additionally, the EIB is increasing its equity and venture debt investments and proposing a new fund to support European firms’ acquisition and public listing of tech start-ups. That push aligns with the EU’s broader objective of developing and integrating capital markets, ultimately making Europe a more attractive environment for growth-stage companies.
Furthermore, the EIB’s funding strategy strengthens Europe’s role in climate-friendly technologies, supporting start-ups that advance the EU’s net-zero CO2 goal by 2050. That initiative reflects a strong push to deepen capital market integration, enhancing Europe’s global competitiveness and enabling it to rival major economies like the US and China. Through these investments, the EIB is committed to keeping Europe at the forefront of technological and environmental progress.
OpenAI has teamed up with Hearst Communications Inc. to incorporate content from its magazines and newspapers into the ChatGPT chatbot. This partnership, announced on Tuesday, enables Hearst to license material from well-known publications such as Esquire, Cosmopolitan, and Elle, along with more than 40 newspapers for use in OpenAI’s products. The content will be displayed in ChatGPT with proper attribution, providing transparency and easy access to the original sources.
Jeff Johnson, President of Hearst Newspapers, highlighted the significance of including journalism from professional journalists in AI products as generative AI advances. He stated that this partnership enables Hearst’s trusted and curated content to enrich OpenAI’s offerings, resulting in more timely and relevant information.
OpenAI has been working to establish similar licensing agreements with a range of publishers, such as Condé Nast, News Corp., and Time magazine, to train its AI models and ensure access to authoritative information. Many of these agreements include commitments to provide news summaries with proper attribution. However, not all media outlets are on board; the New York Times filed a lawsuit against OpenAI in December, alleging the unauthorised use of its copyrighted articles. OpenAI has contested these claims, asserting that the newspaper is not presenting the full context of the situation.
Singapore is set to mandate digital bunkering services for marine fuel suppliers from April 2025. The move, announced by senior minister of state for transport Amy Khor at SIBCON 2024, will require suppliers to issue electronic bunker delivery notes.
New measure like this one is expected to enhance efficiency and transparency in ship refuelling processes by improving data-sharing between buyers and sellers. The streamlined system could save the industry around 40,000 man-days per year, while also helping to minimise fraud.
Singapore has been testing digital bunkering with several marine fuel suppliers since November 2023. Following the successful trials, the Maritime and Port Authority confirmed that Singapore will be the first port globally to adopt digital bunkering on such a scale.
The digitalisation of the bunkering process reinforces Singapore’s position as the world’s leading bunker hub, setting new standards for the maritime industry.
OpenAI, known for its AI models, appears to be exploring the semiconductor manufacturing sector, raising questions about the feasibility of building wafer fabrication plants. Reports recently surfaced about CEO Sam Altman’s discussions with executives from major chip manufacturers, including TSMC and Samsung, during his trip to Asia last year. Altman proposed an ambitious $7 trillion plan to construct 36 new wafer fabs and data centres, aiming to produce AI chips funded by the United Arab Emirates. He believes these facilities would support the burgeoning demand for AI capabilities.
The investment Altman suggested is staggering, amounting to a quarter of the annual output of the US economy. However, the timeline for establishing these fabs is lengthy, as it would take several years to meet OpenAI’s growing computing power requirements. TSMC, while approached for the project, found the proposal too aggressive and risky, noting that even a few additional wafer fabs would entail significant capital and risk.
Building a wafer fab is an enormous undertaking, often costing hundreds of billions of dollars due to various factors. The expenses stem from land acquisition, facility construction, equipment procurement, and ongoing operational costs. Advanced lithography machines and other essential equipment represent substantial financial commitments, while research, maintenance, and talent training add to the complexity. Current estimates place the cost of modern fabs in the billions; for instance, Intel’s factories in Arizona are expected to cost around $15 billion each, and Samsung’s Texas fab is projected at $25 billion.
Moreover, the cost of constructing a wafer fab varies by region. In Asia, established supply chains, available talent, and supportive policies contribute to lower costs, whereas building in Europe, the US, and the Middle East can be more expensive due to the necessity of importing technology and developing a comprehensive supply chain. Overall, OpenAI’s ambitions in the semiconductor space highlight the significant challenges and investments required to succeed in this critical industry.
AI Fund, led by renowned computer scientist Andrew Ng, has made its first investment in India by backing Jivi, an AI healthcare startup based in Gurugram. Jivi uses AI to assist with diagnoses, treatment suggestions, generating health reports, and administrative tasks. The fund did not reveal the exact amount invested or the stake it acquired in the company.
India‘s AI industry is experiencing significant growth, projected to more than double in value to $22 billion by 2027. According to a report by Nasscom-BCG, the healthcare and financial services sectors are set to dominate the market, with products and startups accounting for a substantial share.
AI Fund has previously invested in notable platforms like Podcastle and Octagon AI. This latest move marks a continued expansion into sectors where AI is becoming increasingly vital for innovation and efficiency.
Andrew Ng, who heads AI Fund, brings vast experience from his leadership roles in AI projects at Google and Baidu. He joined Amazon‘s board earlier this year, further solidifying his influence in the AI and tech space.
