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Elon Musk’s AI startup xAI lost USD 341 million on USD 52 million in Q1 2025 revenue but projects USD 13.1 billion in EBITDA by 2029, according to inv…

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Elon Musk’s <a href="/industry/ai">AI</a> startup xAI lost USD 341 million on USD 52 million in Q1 2025 revenue but projects USD 13.1 billion in EBITDA by 2029, according to investor materials. The firm plans USD 18 billion in data center investments and is seeking USD 5 billion in debt financing, now clouded by political fallout from Musk’s public feud with US President Donald Trump.

Tools for Humanity, co-founded by <a href="/company/openai">OpenAI</a> chief Sam Altman, is deploying iris-scanning “Orb” devices in six UK cities as part of its World ID expansion. The startup says no biometric data is stored, despite ongoing privacy probes in other countries. Users reportedly receive crypto rewards, with wider retail rollout planned.

Chinese and US officials plans to meet on June 9 in London for trade talks focused on export controls rather than tariffs. The US is expected to push for greater access to critical minerals, while China may seek relief from curbs on advanced technologies such as AI chips, amid efforts to recalibrate bilateral ties.

Lenskart has converted to a public limited company as of May 30, paving the way for its planned IPO at a USD 10 billion valuation. The eyewear firm is expanding across the UAE, Singapore, and the US, and <a href="https://kr-asia.com/deals-in-brief-efishery-secures-green-and-social-loan-from-hsbc-alibaba-invests-in-ai-edtech-startup-lenskart-scores-usd-200-million-and-more">raised USD 200 million in secondary funding</a> from Temasek and Fidelity in 2024.

<a href="/company/bytedance">ByteDance</a> has overhauled TikTok Shop’s US team near Seattle, replacing local staff with China-based managers after missing a USD 17.5 billion sales target. Internal meetings now reportedly favor Mandarin Chinese, as the firm navigates <a href="/industry/e-commerce">e-commerce</a> struggles and a looming US divestiture deadline.

Anysphere, maker of the <a href="/industry/ai">AI</a> coding assistant Cursor, has raised USD 900 million at a USD 9.9 billion valuation. Thrive Capital led the round, joined by a16z, Accel, DST Global, and others. The company reported USD 500 million in annualized revenue and plans to use the funds to expand R&amp;D, hire more staff, and boost enterprise adoption.

Danyang, China’s top eyewear manufacturing hub, is countering US tariffs with tech innovation and export shifts to RCEP markets. The city, which reportedly produces half the world’s optical lenses, logged RMB 2.5 billion in H1 2025 trade and is expanding into smart glasses and lithography-based lenses to sustain global demand.

SMIC has sold its 14.83% stake in Ningbo Semiconductor International (NSI) to Goke Microelectronics, which aims to raise its shareholding to 94.37%. The move supports SMIC’s core business focus and reflects continued consolidation in China’s semiconductor sector. NSI reported a RMB 813 million loss in 2024.

<a href="/company/tiktok">TikTok</a> has blocked search results for #SkinnyTok after pressure from European regulators, citing links to harmful weight loss content. The move follows an EU investigation launched in April amid broader scrutiny over the app’s impact on youth body image. Critics warn users may still bypass filters using coded language and misspellings.

Climate tech startup Bygen has raised AUD 3.5 million in a round led by Breakthrough Victoria, with backing from Investible’s Climate Tech Fund, FMG Circular Invest, Alberts, and the University of Adelaide. The funds will support global expansion of its low-emission activated carbon production, with new plants targeting 2,000 tons annually for purification and decarbonization.

Biotech firm Allay Therapeutics has raised USD 57.5 million in a Series D funding round co-led by Lightstone Ventures and ClavystBio, with participation from NEA, Arboretum Ventures, Vertex Growth, Vertex Ventures HC, Brandon Capital, IPD Capital, EDBI, and SGInnovate. HSBC Innovation Banking also provided venture debt as part of the deal.

BYD, a Chinese EV maker, produces electric cars, buses, and batteries, accelerating adoption of sustainable transportation worldwide.

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Discounts of up to 34% add to pressure that could squeeze out weaker players.

BYD price bombshell raises specter of wider China EV consolidation

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The startup is building bots that prioritize emotional presence over technical perfection, hoping that’s what wins over families.

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The Chinese firm hopes its “cold core” architecture will reshape expectations for the 4680 form factor.

xAI eyes USD 13 billion earnings by 2029

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