Top Stories: Telegram Closes on 1 Billion Users, Eyes an IPO

• Telegram Closes on 1 Billion Users, Eyes an IPO
• China's Unveils Hypersonic Maglev Train Set to Redefine High-Speed Travel
• Xiaomi Stock Soars on Electric Vehicle Ambition
• Samsung and SK Hynix Halt Chip Equipment Sale Amid US Opposition
• AI Singapore Collaborates With Google to Enhance LLMs in Southeast Asia
• Huawei Pushes for AI Integration in Oil Production

Telegram Nears 1 Billion Users, Eyes an IPO

Telegram founder Pavel Durov has revealed that the platform has reached 900 million users, marking an 80% increase from its 500 million user base in 2021. He also hinted at nearing profitability while stating plans for an initial public offering (IPO).

Durov credited Telegram’s advertising and premium subscription services, introduced in 2022, as the reasons for the social media platform’s significant revenue growth. With 800 million active users worldwide, the social media giant has been valued at $30 billion by investors seeking to buy out the company.

Despite the interest from investors, Durov has explicitly stated that he does not plan to sell the company but wants to explore a future initial public offering to democratise access to the platform’s value. – Henry Chikwem

China Unveils Hypersonic Maglev Train Set to Redefine High-Speed Travel

Imagine zipping from Beijing to Shanghai in just over an hour – a journey that currently takes about 3 hours by plane. That is set to become a reality as China unveils its T-Flight hypersonic maglev train capable of reaching a blistering speed of 387 mph (623 km/h).

Although still in its development stages, China's hypersonic train project is as a stark contrast to Elon Musk's attempts to introduce similar technology in the US with his Hyperloop concept, which ultimately faced significant challenges and failed to materialize on a large scale.

By drastically reducing travel times between major cities, the T-Flight has the potential to unlock economic growth corridors boosting China's 1.4 billion economy, and foster greater collaboration across its vast regions. – David Adubiina

Xiaomi Stock Soars on Electric Vehicle Ambitions

Following the official announcement of entering the electric vehicle (EV) market Xiaomi has experienced a record-breaking stock surge which has set them on a collision course with the industry leader Tesla.

As the world's third-largest smartphone manufacturer with a market cap of $41.71 billion, this move signals a significant shift in the global EV landscape which will increase innovation, and ultimately, more affordable electric vehicles for consumers. 

Xiaomi's entry into the EV market is poised to disrupt Tesla’s 56% market dominance. This adds to the already competitive landscape with players like BYD, GAC and other Chinese entrants battling fiercely for a slice of the global EV market. – David Adubiina

CHART: The Battle for Dominance in the Global Electric Vehicle Market

A look at the “global scape” in 2023 shows EV sales surging to 13.03 million units, reflecting a robust growth rate of 29.8%. Although impressive, this growth marks a notable deceleration from the staggering 54.2% surge seen in 2022.

TechloyEmmanuel Oyedeji

Samsung and SK Hynix Halt Chip Equipment Sale Amid US Opposition

In light of US export sanctions targeting China and Russia, major memory chip manufacturers Samsung (valued at $373.54 billion,) and SK Hynix (valued at $88.27 billion) have agreed to discontinue the sale of old chip manufacturing equipment altogether.

Both companies have opted to store them away in warehouses over the fear of these machines falling into the wrong hands, particularly those of sanctioned entities like Huawei and Semi-Conductor Manufacturing International Corporation (SMIC) which are both on the US trade blacklist.

Recently, the US has intensified its trade restrictions, collaborating with allies in Asia and Europe to curb the progress of technological chip development by the Chinese state. In response, major companies have opted to prioritize compliance over immediate financial gains, to avoid potential sanctions. – Henry Chikwem

AI Singapore Collaborates With Google to Enhance LLMs in Southeast Asia

AI Singapore and Google are working to improve datasets that will evaluate large language models in Southeast Asian languages.

The initiative called Project SEALD, which represents South Eastern Languages in One Network Data will focus on creating robust datasets starting with Indonesian, Thai, Tamil, Filipino, and Burmese languages to close communication gaps between individuals fluent in regional languages and migrant workers fluent in only English.

AI Singapore has witnessed a total investment value of $1.87 billion as of 2022, and with Project SEALD in place, individuals and businesses could make even more investments that would yield new opportunities and make AI more inclusive. – Henry Chikwem

Huawei Pushes for AI Integration in Oil Production

With the lingering effect of COVID-19 on global oil extraction, technology giant Huawei has pointed out the potential of Artificial Intelligence (AI) to revolutionize oil production in Nigeria and other resource-rich countries.

Huawei's South African CTO Matamela Mashau presented that AI can be used to optimize extraction processes and pipeline maintenance. This AI-powered solution will significantly impact economies reliant on oil exports by increasing production efficiency. And also improve safety while reducing environmental risks associated with oil exploration.

With over $140 billion in market value, Huawei is seen as a well-positioned major player in the global tech scene to contribute to this digital transformation. Their AI and data management expertise positions them in this emerging trend to help transform Nigeria's $47 billion oil sector. – David Adubiina

– Editing by Emmanuel Oyedeji and Loy Okezie

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