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AI & Enterprise

China\'s DeepSeek nears 11 trillion won funding from Tencent, CATL; valuation seen up to 90 trillion won

Chinese AI startup DeepSeek is nearing the completion of its first external fundraising round since its founding. The funding is expected to exceed 50 billion yuan, while the company has been valued at close to $60 billion, reports said. Participants are said to include Tencent, NetEase, JD.com and battery maker CATL, as well as venture capital firms. Founder and CEO Liang Wenfeng plans to invest about 20 billion yuan of his own money.

Crypto

Coinbase to launch AI, defense, China-themed stock index perpetual futures

Coinbase, the largest cryptocurrency exchange in the United States, is launching stock index futures structured as perpetual futures. It will list a Tech100 (TEK) contract tracking the top 100 Nasdaq-listed companies, along with three themed contracts focused on AI, defense and China. Trading will be available from June 8 through Coinbase Derivatives under oversight of the U.S. Commodity Futures Trading Commission, with 24-hour trading and no expiry.

AI & Enterprise

Alibaba unveils in-house AI chip Zhenwu M890, speeds up push to replace Nvidia amid U.S.-China tensions

Alibaba unveiled its new artificial intelligence chip, the Zhenwu M890, stepping up competition in China to replace Nvidia chips as U.S. curbs on semiconductor exports to China continue. It also introduced a server system and a large language model at an Alibaba Cloud Summit. The company disclosed a roadmap for follow-on chips and said its T-Head unit has supplied more than 560,000 Zhenwu chips to over 400 customers.