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<a href="/company/grab">Grab</a> kicked off fiscal year 2025 with a robust first quarter, reporting a net income of roughly USD 10 million for the three months ended March 31. This marks a notable turnaround from the USD 115 million loss registered in the same period last year, and was accompanied by an upward revision to its full-year adjusted EBITDA forecast, now pegged between USD 460–480 million.
Revenue reached an all-time high of USD 773 million in the quarter, up 18% year-on-year (YoY), with gains across Grab’s mobility, deliveries, and financial services segments. Adjusted EBITDA at group level rose to USD 106 million—its 13th consecutive quarterly increase—while operating losses narrowed around 72% to USD 21 million.
“We achieved yet another quarterly record number of users on our platform,” said CEO Anthony Tan, noting that demand growth came despite seasonal slowdowns linked to the Lunar New Year and Ramadan. He attributed the momentum in part to product innovations such as artificial intelligence-powered merchant tools and ride guidance features.
<h3>A closer look at the segments</h3>
Grab’s deliveries segment, which includes food and grocery services, posted revenue of USD 415 million—an 18% increase YoY—while gross merchandise value (GMV) rose to USD 3.13 billion. Even during what is typically a seasonally softer quarter, the segment reported its highest-ever number of monthly transacting users, helped by a Ramadan-related shift toward home cooking that lifted demand for GrabMart, its grocery delivery service. Segment adjusted EBITDA climbed 50% to USD 63 million, boosted in part by advertising revenue, which now accounts for 1.7% of deliveries GMV, up from 1.3% a year ago.
Mobility revenue rose 15% to USD 282 million, with GMV up 17% to USD 1.8 billion. Grab noted that advance bookings for airport rides more than doubled from a year earlier, reflecting stronger travel demand. Monthly transacting users for the segment rose 20%, and the adjusted EBITDA margin held steady at 8.8%, even as the company increased incentives to support new service tiers.
Financial services recorded the fastest growth of the three segments, with revenue rising 36% to USD 75 million. Total loan disbursals grew 30% to USD 630 million, though the segment remained in the red, posting an EBITDA loss of USD 30 million—9% wider than the previous year—due to higher credit loss provisions.
<h3>Incentives haven’t gone away, but are being used differently</h3>
Grab spent USD 501 million on consumer and partner incentives during the quarter, amounting to 10.1% of its on-demand GMV, up slightly from 9.7% in the same period last year. Rather than reduce spending outright, the company has shifted toward more targeted deployment of incentives, relying on scale and operational efficiencies to help support its bottom line.
Internally, Grab’s incentive structure has gradually become more performance-driven. While the company has long used bonuses to attract and retain drivers, eligibility criteria have grown more stringent over time. For instance, drivers in Singapore looking to qualify for Grab’s new joiner incentive must now maintain a minimum customer rating of 4.7, accept more than 90% of trip requests, and keep cancellations below 10%.
Grab has also overhauled its welfare offerings. GrabBenefits 2.0, introduced in 2025, expands on the original 2018 initiative with added features such as medical subsidies, telemedicine access, and wellness perks like flu vaccinations and massage services. However, these remain largely reserved for top-tier drivers who meet certain performance thresholds. These changes were said to be guided by partner feedback and are aimed at reducing downtime from illness and supporting overall well-being.
At the same time, the platform has expanded its use of tiered offerings. “Saver” rides now make up over a quarter of mobility transactions, while demand for premium features like prebooked airport pickups has increased. These options allow for more granular margin control, though they also raise the possibility that service quality may increasingly depend on what users are willing to pay.
<h3>Profit through precision, not just cuts</h3>
Where Grab did reduce costs was in regional corporate spending, which fell 5% YoY. Share-based compensation also declined. Foreign exchange movements worked in the company’s favor too, delivering USD 33 million in gains that helped tip net income into the black.
More broadly, user engagement deepened. Grab said more than 60% of customers now use multiple services on its platform. Advertising revenue grew alongside this trend, with average spend per merchant up 30% YoY, and the number of self-serve ad clients increasing 49%.
Still, not all metrics were positive. Adjusted free cash flow was negative USD 101 million for the quarter, due to working capital outflows that are common in Q1. And while its digital banking units in Singapore and Malaysia are drawing in customer deposits—USD 1.4 billion as of March 31—the lending business remains unprofitable.
<h3>Cautiously forward</h3>
Grab is maintaining its full-year revenue forecast at USD 3.33–3.40 billion. But with its Q1 performance showing that the business can turn a profit without significantly pulling back on growth efforts, the company raised its EBITDA target by USD 20 million at both ends.
How durable that performance proves to be remains an open question. Grab continues to rely on incentives, and while its pricing and segmentation strategy appears to be gaining traction, concerns persist about long-term affordability for users and income stability for drivers.
Still, broader trends suggest Grab isn’t running out of road. According to the <a href="https://economysea.withgoogle.com/report/">e-Conomy SEA 2024 report</a> by Google, Temasek, and Bain &amp; Company, Southeast Asia’s digital economy is projected to grow from USD 263 billion in 2024 to USD 363 billion this year, and could reach USD 600 billion by 2030. If that growth materializes, it could offer significant upside for Grab’s multi-vertical model.
For now, its first-quarter results signal that profitability and growth need not be mutually exclusive, at least when the economic winds are blowing in the right direction.

Grab raises EBITDA outlook as Q1 revenue and user growth beat expectations

Grab

On-demand Services

Ride-hailing

Food Delivery

Grocery Delivery

Consumer Services

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

At this year's Auto Shanghai, Axera and Black Sesame Technologies showcased advancements that reflect two major automotive technology trends: expanding compute power and deeper system integration.
Axera presented its M57 series, the latest addition to its automotive chip portfolio, while Black Sesame revealed the Huashan A2000 family and a new smart safety platform built on its Wudang series. These products are designed to meet the growing need among automakers for centralized, high-performance computing systems.
The M57 series represents a substantial upgrade from Axera's previous generation, offering up to 10 TOPS (tera operations per second) of compute capacity. It supports mixed-precision formats, FP8 and FP16, and is optimized for bird’s eye view (BEV) algorithms—critical for advanced driver assistance systems (ADAS) and autonomous driving technologies.
Designed for energy efficiency and thermal stability, the M57 keeps power consumption below 3.5 watts even at a junction temperature of 125 degrees Celsius. This low power draw makes it a practical solution for both traditional internal combustion engine vehicles and electric vehicles.
To further enhance system performance, the M57 integrates Axera’s SmartVision AI-ISP technology, improving image quality under extreme lighting conditions and thereby supporting more accurate perception and decision-making in ADAS applications.
In terms of safety, the M57 incorporates a microcontroller unit (MCU) with an embedded safety island, allowing it to meet ASIL-B and ASIL-D requirements. This structure helps localize faults and limits their propagation across vehicle systems.
Axera has leveraged its mass production experience to make the M57 series readily deployable. The chip supports configurations ranging from advanced 5R5V domain control systems, which integrate driving and parking functions, to more cost-efficient solutions using two-megapixel cameras. Vehicles featuring the M57 are under development for the European market.
Black Sesame introduced its Huashan A2000 family, fabricated using a seven-nanometer automotive-grade process. The company shared that the A2000 series offers compute performance up to four times that of current automotive chips. The product line includes the A2000 Lite for assistance in urban scenarios, the A2000 for broader scenarios, and the A2000 Pro for high-level, full-scenario support.
To maximize computational efficiency, Black Sesame developed the Jiushao NPU architecture. This design accelerates transformer-based AI models for real-time inference and supports mixed-precision FP8 and FP16 computations. It also includes a priority preemption mechanism, ensuring that time-sensitive tasks receive computational resources when needed—a critical factor for high-level driver assistance systems.
In addition to Huashan, Black Sesame introduced its Wudang series, described as the industry's first cross-domain fusion computing chips. The accompanying smart safety platform isolates smart cockpit, driver assistance, and body control functions, minimizing the risk of system-wide failures due to localized faults.
The modular design of the Wudang platform enables scalability via multi-chip parallelism, allowing automakers to adapt computing capacity to a wide range of vehicle classes while managing platform development costs more effectively.
Among the new offerings, Black Sesame showcased the Wudang C1296 chip, also manufactured using a seven-nanometer process. The C1296 integrates smart cockpit, driver assistance, and body control functions at the hardware level, facilitating real-time communication across critical subsystems. Several Dongfeng Motor Corporation models are already set to incorporate the C1296, with mass production planned for 2025.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3267719254495881">article</a> was written by Fan Shuqi for 36Kr.

Axera and Black Sesame roll out chips built for smarter, safer vehicles

Deep Tech

Semiconductors

… shipment value is only USD 1–2 million,” Gao said. “But as companies scale, they’ll need to go legit.”
He believes gray clearance will remain an option under high tariffs—just not for everyone. “The risk is on the brokers, not the startups. The higher the tariffs, the more lucrative the business becomes. Someone will always take that bet.”
whereRelatedArticle
<h3>Not putting all eggs in one basket</h3>
Most founders and investors are stuck in wait-and-see mode.
36Kr has learned that typical overseas inventory can sustain sales for two to three months. Many companies have already paused new shipments, holding out for clarity on tariff negotiations.
The founder of a smart glasses brand predicted that tariffs will eventually stabilize at around 30–40%. At that level, he believes Chinese products can still find ways to remain competitive.
“Tariffs above 100% are just too extreme. They won’t stick,” said the founder of an AI companion toy startup that recently launched on Kickstarter. Still, he’s preparing for the worst. His team is drafting a new global strategy that would reduce the US market’s share of sales from 70% to below 50%.
Even with the headwinds, the US will likely stay on the map for Chinese AI hardware firms—just not in the driver’s seat.
“Kickstarter will probably still be the first stop for Chinese startups going overseas,” Li said. “The US market still sets the tone for innovation. Even with 100% tariffs, early adopters here might still pay.”
The challenge, according to Gao, is diversification.
“In the long run, this could be a healthy reset,” he said. “It has made everyone realize they can’t rely on the US alone. They need to think globally from the start.”
Chinese exporters are now slicing up the global market with sharper precision. At the top of the priority list: North America and Europe. Next come Japan, South Korea, Singapore, and the Middle East. Southeast Asia and Latin America trail behind, with India and Belt and Road Initiative countries rounding out the lineup.
“Each market has its own needs. The key is finding the right value-for-money fit,” Gao said.
Some players are already adapting. The AR glasses company mentioned earlier has carved out a diversified footprint spanning Europe, East Asia, Southeast Asia, and the Middle East.
“Our product is currently exempt from US tariffs, so sales haven’t been hit,” the company’s founder said. “But even if tariffs spike, we’re confident our global business will remain steady.”
For a time, AI hardware and US expansion were at the top of investors’ wishlists. Now? Not so much. Gao said several firms have paused investments in projects targeting the US market.
Still, he sees that as a temporary reaction. “Investor sentiment can flip in a few months. That’s just how the market works.” In fact, he sees this as an ideal moment to back promising startups at more favorable valuations. The playing field is more level now, and that gives investors leverage.
“China’s manufacturing ecosystem is unmatched. Some of these precision gadgets, like AI glasses, can only be made here. And China’s AI capabilities are world-class. None of that changes just because tariffs go up,” Gao said. “The road to global expansion won’t stop here.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3260923510718208">article</a> was written by Wang Fangyu for 36Kr.

US tariffs push Chinese hardware startups to redraw global roadmaps

Hardware

<a href="/company/bukalapak">Bukalapak</a> swung to a net profit of IDR 112 billion (USD 6.7 million) in the first quarter of 2025, recovering from a net loss of IDR 955 billion (USD 57.3 million) in the final quarter of 2024, according to unaudited financial results released on April 30.
Revenue rose to IDR 1.5 trillion (USD 90 million), up 37% from the previous quarter. The uptick was driven by gains in the company’s gaming and retail operations. Contribution margin—defined as revenue minus variable costs—nearly doubled to IDR 80 billion (USD 4.8 million), while adjusted EBITDA loss narrowed to IDR 20 billion (USD 1.2 million), improving from a loss of IDR 147 billion (USD 8.8 million) in the previous quarter.
On a cash flow basis, adjusted EBITDA plus net interest income climbed to IDR 212 billion (USD 12.7 million), from IDR 105 billion (USD 6.3 million) in Q4 2024.
The financial turnaround follows Bukalapak’s decision to <a href="https://kr-asia.com/indonesias-bukalapak-pivots-to-digital-services-ends-physical-goods-sales">exit physical goods sales</a>, a shift first announced in January and completed by February 9. The company has refocused on digital offerings—including mobile credits, streaming vouchers, and tax payments—as part of a broader transition to higher-margin services. The move came amid fierce competition from larger players such as Shopee and TikTok Shop, with physical sales accounting for less than 3% of Bukalapak’s total revenue.
As part of its overhaul, Bukalapak reorganized its business into four new segments: Mitra Bukalapak, which offers digital services for Indonesia’s warungs (small neighborhood shops); gaming; retail; and investment. This replaces its earlier two-division structure, and is intended to better reflect the company’s evolving strategic priorities.
CEO Willix Halim said the company expects to complete its restructuring by midyear and believes the latest results signal progress in its transformation. “The improvements in contribution margin, operational efficiency, and return to profitability show that our transformation is yielding tangible results,” he said in a statement.
Bukalapak closed the quarter with IDR 18.8 trillion (USD 1.1 billion) in cash, cash equivalents, and liquid investments. While the company has ample financial headroom, it remains under pressure to demonstrate that its pivot to a digital-first strategy can drive sustainable returns after years of losses and a sharp decline in its stock price since its 2021 IPO.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

Bukalapak returns to profit in Q1 after shedding physical sales

Bukalapak

<a href="/company/goto">GoTo Group</a> reported record adjusted EBITDA of IDR 393 billion (USD 23.6 million) for the first quarter of 2025, swinging into the black after a loss in the same period a year earlier. The results, announced on April 29, reflect sharp gains across core business units and arrive as the company remains the subject of ongoing merger speculation involving Singapore-based Grab.
Core gross transaction value (GTV) rose 54% year-on-year to IDR 83.2 trillion (USD 5 billion), while net revenue climbed 37% to IDR 4.2 trillion (USD 252 million).
<a href="https://www.bloomberg.com/news/articles/2025-03-18/grab-is-said-to-move-forward-with-talks-to-acquire-rival-goto">Bloomberg</a> reported in March that Grab had started due diligence on GoTo, examining its financials, contracts, and operations. Talks were said to have taken place, although no agreement has been finalized. Any merger would require regulatory clearance, a significant hurdle given antitrust concerns in Southeast Asia’s on-demand economy.
GoTo’s fintech unit contributed IDR 47 billion (USD 2.8 million) in adjusted EBITDA—the segment’s second straight profitable quarter. Lending revenue surged 168% year-on-year to IDR 763 billion (USD 45.8 million), while outstanding consumer loans grew 108% to IDR 5.7 trillion (USD 342 million). The number of monthly transacting users in the fintech ecosystem increased 30% to 20.6 million.
On-demand services, spanning mobility and delivery, posted adjusted EBITDA of IDR 314 billion (USD 18.8 million), with both segments delivering 17% GTV growth.
The company’s overall net loss narrowed to IDR 276 billion (USD 16.6 million), down from IDR 420 billion (USD 25.2 million) a year earlier. Operating cash flow turned positive at IDR 301 billion (USD 18.1 million).
As of March 31, GoTo held IDR 21 trillion (USD 1.26 billion) in cash, cash equivalents, and short-term time deposits. It has also repurchased 25.9 billion shares—worth approximately IDR 1.6 trillion (USD 59.4 million)—under a buyback program launched in 2024.
The company reiterated its full-year 2025 adjusted EBITDA guidance of IDR 1.4–1.6 trillion (USD 84–96 million).
CEO Patrick Walujo, who <a href="https://kr-asia.com/goto-ceo-patrick-walujo-commits-to-long-haul-as-profitability-edges-closer">committed</a> in January to remain at the helm through 2029, continues to drive GoTo’s focus on profitability. Since assuming the role in mid-2023, Walujo has prioritized operational discipline, including strategic exits from non-core markets.
GoTo finalized its <a href="https://kr-asia.com/goto-pulls-out-of-vietnam-as-it-doubles-down-on-core-markets">withdrawal from Vietnam</a> in September 2024, shutting down Gojek-branded services after prolonged struggles to gain market share. The move was part of a broader strategy to consolidate and strengthen its core markets.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

GoTo posts EBITDA profit in Q1 as Grab merger rumors simmer

Gojek

Tokopedia

GoTo

Fintech

Logistics

At the 21st Auto Shanghai exhibition, Eve Energy showcased its latest technological developments, with its large cylindrical battery emerging as a focal point.
Jiang Jibing, vice president of Eve Energy and head of its battery system research institute, introduced the large cylindrical battery as the "optimal solution" for new energy vehicles (NEVs). He detailed the battery’s advantages through three key factors: standardization, adaptability, and structural integrity.
First, Jiang emphasized standardization. He explained that large cylindrical batteries streamline manufacturing processes by addressing a major challenge in China's NEV sector: mismatched production capacities. Unlike prismatic batteries, large cylindrical designs deliver nearly ten times the production efficiency. Their uniformity in system components and module assembly allows them to function as standardized automotive parts, enhancing overall manufacturing efficiency.
Second, Jiang discussed "in-situ upgrading." As NEV product cycles shorten to 12–18 months, maintaining fixed physical dimensions while supporting various chemical compositions becomes critical. The large cylindrical batteries accommodate multiple chemistries—including lithium iron phosphate (LFP), lithium manganese iron phosphate (LMX), and nickel cobalt manganese lithium (NCM)—providing flexibility in adjusting energy density, range, charging times, and output. This adaptability significantly cuts R&amp;D timelines to as little as three to six months and can lower development costs by up to 80%.
Third, Jiang introduced the "zero expansion" feature. Thanks to their cylindrical structure and choice of materials, these batteries maintain consistent dimensions over their lifecycle. This property reduces the complexity of mechanical stress management and simplifies the overall battery system design, making the in-situ upgrade model more viable.
Jiang also stressed the battery’s inherent safety features. Eve Energy integrates a 1,500-megapascal thermal solid steel shield, aerospace-grade fiberglass rated at 3,500 MPa, and full-domain foaming technology. Together, these features allow the battery to absorb up to 1,000 joules of collision energy, exceeding China's new national safety standard by a factor of 6.6.
Achieving mass production of large cylindrical batteries posed several technical challenges. Jiang outlined four key breakthroughs:
<ul>
<li aria-level="1">Low-temperature performance: After four years of R&amp;D, Eve Energy introduced low-resistance pathways and system insulation heating technology. Their batteries now support 25-minute fast charging at temperatures as low as minus 30 degrees Celsius, while improving low-temperature driving range by 20%.</li>
<li aria-level="1">Precision in assembly: Each battery system contains approximately 700–800 individual cells, cooled with a double-sided liquid system and connected by intricate electrical circuits. Eve Energy achieved vertical tolerance within 200 micrometers and horizontal positional accuracy within 250 micrometers, ensuring stable thermal management and mechanical durability.</li>
<li aria-level="1">Weld reliability: Each battery pack has over 1,500 weld points critical for electrical continuity. Eve Energy reports achieving weld depth precision within 80 micrometers, securing consistent and reliable connections throughout the battery system.</li>
<li aria-level="1">Structural reinforcement: The cylindrical form factor naturally offers five times the strength of prismatic batteries. Full-domain foaming fills all gaps, increasing the battery pack's torsional rigidity beyond 15,000 newton-meters. This enhancement allows vehicle chassis to achieve torsional stiffness exceeding 50,000 micrometers. The company tightly controlled temperature during the foaming process at three degrees Celsius and used a 1:4 foaming ratio to maximize material density and structural integrity.</li>
</ul>
On the IP front, Jiang noted that Eve Energy has filed more than 2,300 patent applications across 15 countries, reportedly making it the global leader in patent filings for large cylindrical batteries.
Commercially, Eve Energy has ramped up production over the past 15 months, supplying battery systems for more than 32,000 vehicles, maintaining a safety record of zero incidents across an average mileage exceeding 210,000 kilometers per vehicle.
According to announcements at Auto Shanghai, Eve Energy’s large cylindrical batteries have been adopted by several automakers, including Chang'an Automobile, FAW Group, BMW, Nio, and JAC Motors. The company anticipates further expansion in production and adoption in the near future.

Round, rugged, and ready: Eve Energy sees cylindrical batteries as “optimal solution” for EVs

Batteries

Energy

China's top internet companies have stockpiled billions of USD worth of <a href="/company/nvidia">Nvidia's</a> H20 artificial intelligence chips this year before the US cut off shipments of the components in April, Nikkei Asia has learned.
The H20 graphic processing unit (GPU) was specifically designed for sale in the Chinese market to comply with US export controls, but <a href="/company/bytedance">ByteDance</a>, <a href="/company/alibaba">Alibaba</a>, and <a href="/company/tencent">Tencent</a> began preparing last year for the possibility that Washington could curb their shipments, too, sources said.
The three companies had asked Nvidia to ship a total of around one million H20 chips—roughly a full year's supply—as soon as possible, ideally by the end of May, one person briefed on the matter told Nikkei Asia. The actual number delivered fell short due to the Trump administration announcing in early April that these chips would <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Nvidia-faces-5.5bn-charge-as-US-restricts-chip-sales-to-China">need a license for export</a>, the source added.
Another source said the value of those rush orders exceeded USD 12 billion, and that several billion USD worth of chips were shipped before the new curbs took effect.
ByteDance was among the most aggressive in snapping up as many Nvidia chips as possible, according to two of the sources.
These stockpiling efforts came amid a surge in demand for AI computing power in China, particularly since the emergence of DeepSeek early this year. In February, Tencent began integrating DeepSeek into its superapp WeChat, greatly boosting computing power demand.
"The H20 curb didn't come as a surprise because it was widely anticipated across the industry," a leading Chinese tech company executive said. "Every major Chinese tech company had been stockpiling H20 in advance. After all, it wasn't banned at the time, and given its strong performance, why not?"
In addition to rush orders, Chinese companies have been looking into ways to buy Nvidia chips outside of China, where they are not subject to US export controls, sources said. Other efforts to secure access to AI hardware include exploring ways to set up subsidiaries or affiliates overseas or collaborating with industry partners such as telecom operators, multiple industry sources told Nikkei Asia.
"The [Chinese] clients are very calm," said an executive with a supplier to ByteDance and Alibaba Cloud that met with the companies after the latest restrictions. "They knew it was coming and they have been prepared for this day. They told us that their aggressive goal to build more data centers this year remains unchanged."
Besides mainland China and Hong Kong, Alibaba runs data centers in 13 countries, including two in the US, while ByteDance has data centers in various Southeast Asian and European countries, including Ireland and Norway.
Meanwhile, Chinese data center giants are speeding up the verification process for domestic GPU platforms, such as Huawei's Ascend, according to multiple people with knowledge of the matter. In early April, Huawei unveiled its latest AI computing solution, the CloudMatrix 384, which connects 384 of its self-developed Ascend AI chips to rival the performance of Nvidia's advanced GB200 NVL72.
The H20 is the twice-downgraded version of Nvidia's H100 chip, which first hit global markets in the third quarter of 2022. In response to US export controls that year, Nvidia introduced the lower-powered H800 for the Chinese market. Nvidia later downgraded this to the H20 after the US further clamped down on AI hardware exports to China.
The H20, launched in the first half of 2024, is roughly one-tenth of the computing power of the original H100 for AI training and only 20% of its inference capability. However, it remains very popular in China.
Inference refers to an AI application making predictions or generating responses based on a trained model.
Eugene Lee, a Hong Kong-based AI engineer, said that while the H20 might appear to be a training GPU, its configuration is actually optimized for inference, in contrast with the high-performance training capabilities of Nvidia's H100 and H800 chips. Thus, if supplies of the H20 run short, it can be partially substituted by domestic alternatives or cloud-based solutions for small and midsize models. However, the deployment and ongoing optimization of large models in such a situation could be significantly constrained.
Lee added that many large-scale AI models rely on previously procured H100s and H800s for training, with major cloud providers also using them to deliver inference services.
"If existing inventories of the H100 and H800 are depleted, it could seriously hinder the training of advanced models and the development of next-generation systems, posing a substantial threat to China's competitiveness in high-end AI development," Lee said.
Nvidia warned that the restrictions on the H20 will benefit its competitors as Chinese customers seek alternatives domestically or elsewhere. On April 15, the company said it expects to take a USD 5.5 billion quarterly hit from the curbs.
Following that announcement, Nvidia CEO Jensen Huang made an unexpected visit to Beijing, where he told officials he would <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Nvidia-s-Jensen-Huang-promises-every-effort-to-serve-China">make "every effort"</a> to keep serving China.
In the fiscal year that ended on January 26, China accounted for about 13.1% of Nvidia's total revenue, down from nearly 17% a year earlier, the company's filing showed. Singapore's share, by contrast, rose to 18% from 11.2% the previous year. Those numbers are based on customer billing locations, however, and Nvidia noted that many customers use Singapore to centralize invoicing even though products are typically shipped elsewhere. By actual shipments, Singapore made up less than 2% of its total revenue for that period.
Nvidia declined to comment. ByteDance, Alibaba, and Tencent did not respond to requests for comments.
This article first appeared on <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/ByteDance-Alibaba-and-Tencent-stockpile-billions-worth-of-Nvidia-chips">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

ByteDance, Alibaba, and Tencent stockpile billions worth of Nvidia chips

Tencent

ByteDance

Alibaba Cloud

Nvidia

East Asia

… https://console.kr-asia.com/wp-content/uploads/2025/04/GITEX-Asia-GITEX-Vietnam-Announcement-1536x1024.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px" /><figcaption id="caption-attachment-152688" class="wp-caption-text">Kaoun International CEO LohMirmand shook hands with Kim Ngoc Thanh Nga, deputy director of the Vietnam National Innovation Center, during a ceremony announcing GITEX Vietnam, scheduled for October 2026. Photo courtesy of Kaoun International and DWTC.</figcaption></figure>
With the completion of GITEX Asia, the event series will head to Berlin next for GITEX Europe, scheduled for May 21–23, with subsequent events in Nigeria and Thailand before concluding for the year with the next edition of GITEX Global back in Dubai.
KrASIA was a partner for <a href="https://gitexasia.com/">GITEX Asia 2025</a>, held in Singapore from April 23–25.

From Dubai to Singapore, GITEX Asia caps a strong start to its regional expansion

Artificial Intelligence

Robotics

At this year’s Auto Shanghai event, Unity China introduced three key innovations designed to strengthen its position in the automotive sector: a digital twin factory platform, an "emotional" cockpit system, and an in-vehicle gaming ecosystem anchored around the emerging "fourth screen."
Three years into its automotive industry strategy, Unity China has formed partnerships with 35 global automakers, reportedly supporting 77 mass produced vehicle models and claiming approximately 85% of the domestic cockpit solution market.
As a subsidiary of Unity Technologies, Unity China has focused on localized R&amp;D to address the specific needs of the Chinese market. Its localized Unity Engine, an evolution of Unity 6, now serves as a core real-time 3D technology platform underpinning advances in China's smart automotive landscape.
The company’s first major announcement at Auto Shanghai was the launch of its digital twin factory project in collaboration with Nio. Utilizing the Unity Engine, the project enables comprehensive data collection and synchronization, real-time monitoring of automated guided vehicles (AGVs), robotic operation oversight, and virtual factory navigation. The digital twin framework mirrors and controls manufacturing processes in real-time, signaling Unity’s expansion beyond visualization to become a computation and data platform for the automotive value chain.
The second highlight was Unity HMI, an "emotional" cockpit solution that combines multimodal interaction, artificial intelligence, panoramic 3D visualization, and real-time physical rendering. Designed for original equipment manufacturers (OEMs), Unity HMI offers 12 features, including 3D map visualization, driver assistance displays, dynamic ambient environments, interactive 3D vehicle control, real-time weather monitoring, immersive lighting effects, AI-based meditation functions, and augmented reality-enhanced heads-up displays.
Unity China also outlined its ambitions for the "fourth screen," viewing vehicle interiors as the next frontier for user engagement alongside televisions, computers, and smartphones. The rise of smart cockpit technologies and advanced displays has created new opportunities for immersive entertainment within vehicles.
To capitalize on this trend, Unity China established an in-vehicle gaming center. The center showcases emerging gaming experiences, including multi-screen interactive formats, panoramic audio, in-cabin extended reality, and gesture-based control. The company plans to launch a dedicated in-vehicle gaming platform and a hardware software development kit (SDK) to cultivate an ecosystem of original, automotive-specific games.
Localization remains central to Unity China’s growth strategy. The company has partnered with domestic system-on-chip (SoC) manufacturers such as MediaTek, Rockchip, Unisoc, and SemiDrive to optimize performance for local hardware environments. In the mapping sector, it collaborates with Amap, Tencent, Baidu, and NavInfo to advance real-time 3D map capabilities. Additionally, Unity China provides efficient front-end 3D human-machine interface solutions for leading companies developing autonomous driving technologies.
Looking ahead, Unity China intends to deepen collaborations with local technology suppliers to further enhance the localization and efficiency of its products, supporting the ongoing evolution of China's smart automotive ecosystem.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3266640500609668">article</a> was written by Han Yongchang for 36Kr.

Unity China steps up automotive push with digital twins, smart cockpits, and in-car gaming

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