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China’s tech firms were caught off guard by breakthroughs in generative artificial intelligence. Beijing’s regulations and a sagging economy aren’t helping.
The A.I. chip maker’s revenue more than tripled, and profits rose ninefold. It also projected that its revenue would more than triple again.
The chipmaker is the latest to see a funding infusion as part of Biden's CHIPS and Science Act.
The Biden administration said Monday that the government intends to provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont.
The grant will go toward chips for the auto and defense industries, and is the largest award to date from $39 billion in government funding.