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China’s Xiaomi Q4 2023 Revenue Rises 11%, Beats Estimates 

A visitor looks at a Xiaomi Mix Fold 3 model smartphone at its store at a shopping mall in Beijing on March 19, 2024. (AFP)
A visitor looks at a Xiaomi Mix Fold 3 model smartphone at its store at a shopping mall in Beijing on March 19, 2024. (AFP)
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China’s Xiaomi Q4 2023 Revenue Rises 11%, Beats Estimates 

A visitor looks at a Xiaomi Mix Fold 3 model smartphone at its store at a shopping mall in Beijing on March 19, 2024. (AFP)
A visitor looks at a Xiaomi Mix Fold 3 model smartphone at its store at a shopping mall in Beijing on March 19, 2024. (AFP)

Chinese smartphone maker Xiaomi reported a 10.9% rise in fourth-quarter revenue on Tuesday, boosted by strong smartphone sales in an industry showing signs of recovery.

Revenue reached 73.24 billion yuan ($10.17 billion) in October-December, versus the 73.17 billion yuan average of 15 analyst estimates compiled by LSEG.

Adjusted net profit rose 236.1% from the same period a year earlier to 4.9 billion yuan. That compared with the 3.89 billion yuan average analyst estimate.

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Nvidia Says New Rule Will Weaken US Leadership in AI

The Nvidia logo is seen near computer motherboard in this illustration taken January 8, 2024. (Reuters)
The Nvidia logo is seen near computer motherboard in this illustration taken January 8, 2024. (Reuters)
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Nvidia Says New Rule Will Weaken US Leadership in AI

The Nvidia logo is seen near computer motherboard in this illustration taken January 8, 2024. (Reuters)
The Nvidia logo is seen near computer motherboard in this illustration taken January 8, 2024. (Reuters)

Nvidia on Monday criticized a new effort by the Biden administration to tighten Washington's grip on artificial intelligence chip flows around the world, saying the regulation would jeopardize current US leadership in AI.

The new rule, which is expected to be published as soon as Monday, "threatens to derail innovation and economic growth worldwide," and would "undermine America's leadership," Nvidia Vice President of Government Affairs Ned Finkle said in a statement.

Reuters reported last month on the US Commerce Department's plan for approving global AI chip exports while also preventing bad actors from accessing them. One aim of the restrictions is to keep AI from supercharging China's military capabilities.

Finkle argued America's leading role in AI would be hurt because the rule "would impose bureaucratic control over how America's leading semiconductors, computers, systems, and even software are designed and marketed globally."

The Santa Clara, California-based company also said the rule would not improve US national security and it would control technology that is already widely available in gaming and consumer hardware.

"Rather than mitigate any threat, the new Biden rules would only weaken America's global competitiveness, undermining the innovation that has kept the US ahead," Finkle said.