China is taking its AI ambitions worldwide with Xi's latest announcement- Moneycontrol.com

• AI is rapidly accelerating the discovery of software vulnerabilities, threatening to overwhelm existing cyber defenses. • While the cybersecurity industry is investing heavily in AI tools, attackers are leveraging the technology to find exploits faster than defenders can patch them.

• The Nasdaq and S&P 500 both dropped 1% on Friday as tech stocks fell following a new AI breakthrough from China. • Chinese startup Moonshot AI unveiled Kimi K3, an open-source model that reportedly closes the performance gap with leading US models like OpenAI’s ChatGPT and Anthropic’s Claude.

• Several high-profile companies secured significant funding this week, signaling that investment remains strong despite the summer season. • Enterprise AI startup Fireworks AI led the rounds, raising $1.505 billion in Series D funding to help businesses create specialized intelligence from their own data.

• President Xi Jinping attended the World AI Conference on Friday, where he advocated for a "people-centred" approach to the development of artificial intelligence. • Xi highlighted China's progress in creating low-cost AI and emphasized the need for equitable access to AI capacity building for developing nations.

• Chinese President Xi Jinping has launched the World AI Cooperation Organization (WAICO), a new alliance headquartered in Shanghai. • The organization consists of 29 founding member countries, featuring a strong presence from Global South nations such as Brazil, Indonesia, Russia, South Africa, Malaysia, Senegal, and Pakistan.

• Chinese President Xi Jinping attended the World Artificial Intelligence Conference (WAIC) in Shanghai for the first time in person to promote AI development cooperation. • The event featured high-level international attendees, including UN Secretary-General Antonio Guterres and Prime Ministers from Cambodia and Thailand.

• U.S. technology stocks, including Nvidia and other Big Tech firms, experienced a sharp decline on Friday following the unveiling of a new AI model from China. • The downturn was triggered by the release of Moonshot AI's Kimi K3, a low-cost artificial intelligence model designed to compete with leading global systems.

• Chinese President Xi Jinping has called for increased global cooperation in artificial intelligence, pledging to provide 5,000 AI training opportunities to developing countries over the next five years. • China aims to expand AI partnerships with major international blocs, including ASEAN, the African Union, the BRICS countries, and the Shanghai Cooperation Organization.

• Naturis Cosmetics, a contract development and manufacturing organization specializing in beauty and personal care, has successfully raised Rs 100 crore. • The funding was secured in a maiden round led by Sharrp Ventures to scale the company's manufacturing capabilities.

• National Development Minister Chee Hong Tat announced increased support for construction technology firms that innovate and apply robotics and automation solutions. • To facilitate adoption, developers and contractors will be provided with a list of certified technology partners for JTC projects.

• South Korean regulators have frozen the issuance of new single-stock leveraged tech ETFs following extreme volatility in the KOSPI index. • The crackdown includes tripling retail margin requirements to curb speculative AI-driven bets that have decoupled from the stable earnings of giants like Samsung and SK Hynix.