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Nvidia boss plans Beijing trip ahead of new China AI chip launch

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This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here

Good morning and welcome back to FirstFT Asia. On today’s agenda:


Nvidia plans to launch a new artificial intelligence chip designed specifically for China as soon as September, with chief executive Jensen Huang planning a visit to reassert the company’s commitment to the country. Here’s what we know about chipmakers plans.

About the chip: The chip is a version of Nvidia’s existing Blackwell RTX Pro 6000 processor modified to meet US President Donald Trump’s tightened export control rules. It would be stripped of the most advanced technologies, such as high-bandwidth memory and NVLink, which improves interconnections for faster data transfers.

Nvidia’s clients in China have been testing samples of the chip and expressed interest in significant orders, according to the two people with knowledge of the company’s plans. However, Chinese clients have grown concerned about the risk of relying too much on Nvidia products amid US policy uncertainties.

Huang’s China trip: Nvidia’s chief plans to meet top Chinese leaders as he attends the International Supply Chain Expo in Beijing starting next Wednesday, according to people familiar with his schedule. He is expected to reaffirm Nvidia’s commitment to the Chinese market in the face of multiple rounds of export restrictions.

$4tn market value: The chips group yesterday became the first company to hit a $4tn market capitalisation. Nvidia stock has risen by more than 40 per cent since early May, when Trump first signalled a thaw in his trade war with China and Nvidia struck a series of multibillion-dollar chip deals in the Middle East.

Read the full story about Nvidia’s China plans.

Here’s what else we’re keeping tabs on today:

  • Economic data: Malaysia reports May labour force statistics.

  • South Korea: The Bank of Korea announces its interest rate decision.

  • Results: Japanese companies Seven & i Holdings and Fast Retailing report results. Taiwan Semiconductor Manufacturing Company reports June sales.

Five more top stories

1. Trump said Brazil would be subject to US tariffs of 50 per cent on its goods, accusing the country of treating former president Jair Bolsonaro unfairly. Bolsonaro is on trial over an alleged coup plot, which prosecutors say aimed to keep him in power after losing an election in 2022. Here are more details.

2. Singapore’s state investor Temasek has become more bearish on European companies, just a year after opening a Paris office and promising to commit $19bn to the region. Rising trade tensions have made Temasek fearful that the European companies it has previously targeted for investment will be among the worst affected.

  • Revolut: The UK-based fintech is in talks to raise new funding from investors at a $65bn valuation, in a transaction that would fuel global expansion for Europe’s most valuable start-up.

3. Linda Yaccarino is stepping down as chief executive of X after two years in the role. The former NBCUniversal executive was tasked with bringing back advertisers who had pulled their spending over Musk’s decision to relax moderation on the platform as well as his own provocative and sometimes conspiracy-laced posts. Here are more details.

4. Boston Consulting Group has been ordered to explain its activities in Gaza to a UK parliamentary committee as pressure intensifies on the US consultancy. The FT reported last week that BCG had modelled the costs of relocating Palestinians from Gaza and had also entered into a multimillion-dollar contract to help launch an aid scheme for the shattered enclave. Read the full story.

5. The number of US measles infections has surged to the highest level since 1992, causing 162 hospitalisations and three deaths this year, according to new data. Since the start of the year, there have been 1,288 confirmed cases nationally though July 8 — about one-third of the cases have been in one west Texas county.

News in-depth

© FT montage/Karen Dias

India has been a money machine for Jane Street, netting the trading giant more than $4bn in profits in just over two years. But it is now accused by the country’s stock market regulator of a “sinister scheme” to manipulate derivatives markets — a scandal that is imperilling the Wall Street firm’s golden run.

​​We’re also reading . . . 

Chart of the day 

Indonesia’s big bet on nickel is at risk of turning sour, as plunging prices and a supply crunch of ore force refiners to reduce output and lay off workers.

Take a break from the news

This Friday, join the FT’s books editors Frederick Studemann and Maria Crawford for a virtual Q&A to help you find the perfect summer books. Leave a comment below the story, telling Fred and Maria briefly about what you like to read, and they will mine nearly 30 categories of fiction and non-fiction to bring you a recommendation.

© FT montage/Dreamstime



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Mergers & Acquisitions

The evolution of stupid

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AI is the latest in a sequence of inventions that have made humanity dumber



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ITV and Disney strike deal to stream hit shows on each other’s platforms

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Disney and ITV have struck a deal to show their programmes on each other’s platforms for the first time in the latest sign of the fast-changing relationships between traditional European broadcasters and US streaming platforms.

Under the terms of the agreement announced on Thursday, ITV will begin showing some of Disney’s hit programmes, such as The Bear, while giving the US streamer some of its biggest shows, including Love Island, in a promotional grab for each other’s audiences. Viewers will be able to watch the shows on each service from July 16.

Last month the Financial Times revealed plans by Netflix to show all of the channels broadcast by TF1 on its platform, in effect removing the need for audiences to use the French broadcaster’s own streaming service. 

ITV, however, is relying on its streaming platform as a source of future growth. Traditional TV groups such as ITV are struggling with declining linear audiences and advertising revenues as more people watch TV online.

The British broadcaster has so far sought to try to rival groups such as Disney and Netflix directly, although lacks the resources to produce the big budget global content made by the US streamers.  

Karl Holmes, general manager for Disney+ in Emea, said in an interview that the partnership would boost subscriptions and engagement for both platforms, given only a small overlap in their audience.

ITV is set to provide Disney with selected seasons of the reality show ‘Love Island’ © ITV

He said that the Disney audience tended to skew younger — with a larger number of children and families, as well as viewers between 15 and 34 — while ITV’s service had more viewers in the 55+ demographic.

Disney will offer some of its more adult-orientated programmes such as Andor, The Bear and Only Murders in the Building to ITV’s audience to encourage them to sign up to its platform.

“It would not work if our demographics were the same,” said Holmes, adding that this sort of arrangement was more attractive to free-to-air broadcasters that wanted to maintain their own streaming business than a wholesale deal to show all content.

ITV will provide Disney with hit shows including the award-winning drama Mr Bates vs The Post Office, espionage thriller A Spy Among Friends and selected seasons of the reality hit Love Island.

Both companies will also be able to sell advertising on the programmes provided by their partner. ITVX is free to watch in the UK, supported by advertising, although a premium service is also available for viewers who want to watch ad-free. 

The promotional selection of hit shows and movies, billed as a “Taste of ITVX” and a “Taste of Disney+” respectively, will be regularly refreshed and presented on special “rails” on the platforms. 

Kevin Lygo, managing director of media and entertainment at ITV, said the tie-up “allows us to show our complementary audiences a specially selected collection of titles, regularly . . . that gives a flavour of the range in our respective offerings”. 



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Russian missiles and drones pound Ukraine’s capital ahead of Rome summit

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Russian drones and missiles pummelled Ukraine overnight into Thursday, intensifying a brutal campaign aimed at overwhelming the country’s stretched air defences and destroying critical infrastructure.

The attack lasted nearly 10 hours and involved about 400 attack drones and 18 missiles, according to Ukrainian President Volodymyr Zelenskyy. The main target of the attack was Kyiv and the surrounding region, he said. Elsewhere in the country the regions of Chernihiv, Sumy, Poltava, Kirovohrad and Kharkiv were also struck.

“This is an obvious escalation of terror by Russia: hundreds of ‘Shaheds’ every night, constant strikes, massive attacks against Ukrainian cities,” Zelenskyy said, referencing the Iranian-designed suicide drones that have become a key weapon in the Russian army’s arsenal.

The barrage came a day after Russia launched its heaviest bombardment of the war so far and hours before Kyiv’s allies are preparing to meet in Rome on Thursday for a summit focused on funding Ukraine’s reconstruction needs.

Minister of internal affairs Ihor Klymenko said at least two people were killed in Kyiv on Thursday: a 68-year-old civilian and a 22-year-old police officer. The death toll could climb, he warned. Residential, medical, educational, commercial, and transport infrastructure in eight districts of the capital suffered damage, he said.

Kyiv residents sleep on the platform of a metro station during Russia’s attack on the city © Evgeniy Maloletka/AP

Kyiv Mayor Vitali Klitschko reported 10 of 16 people injured in the attack had been hospitalised.

Ukrainian foreign minister Andriy Sybiha said the “massive” assault was more evidence that Russian President Vladimir Putin was set on continuing his full-scale war, now in its fourth year with no end in sight.

He said the Kremlin leader “rejects any peace efforts and diplomacy in favour of terror and war crimes”, imploring Kyiv’s western partners “to move quickly” on new sanctions “to defund Russia’s war machine”.

Zelenskyy said harsher sanctions and more “pressure on Russia” was needed for Russian leaders to “feel the consequences of their terror.”

“Our partners need to move faster in investing in weapons production and technological development” to help Kyiv build up its defences, he added.

In recent weeks, Zelenskyy has announced partnerships with US and European companies to jointly produce new arms, including interceptor drones to take down Russia’s attack drones. He said he intends to discuss additional funding for the production of Ukrainian air defence supplies with western partners at the summit in Italy on Thursday.

A drone explosion lights up the sky over Kyiv during Russia’s attack on Ukraine
A drone explosion lights up the sky over Kyiv during Russia’s attack on Ukraine © Gleb Garanich/Reuters

Explosions from the drones and missiles shook Kyiv residents from their beds and sent them rushing to the city’s numerous bomb shelters and underground metro stations. Flood lights mounted on the tops of skyscrapers illuminated the paths of Russia’s Iranian-designed drones for Ukrainian air defences units, which lit up the sky with anti-drone missiles and machine gun fire in their attempts to take down the enemy aircraft.

Russia launches the drones in swarms to try to overwhelm and confuse Ukraine’s air defences. The aircraft designs have been improved in recent months to fly higher and faster to better avoid air defences and to carry larger payloads for greater explosive impact. The characteristic whirr of their engines has become an ominous warning of the destruction to come. 

Weary residents of the capital emerged from bomb shelters at dawn into a familiar and harrowing scene: acrid black smoke curling through the sky and flames clawing at the sides of apartment buildings. A neighbourhood grocery store, a popular chain restaurant and a wine shop were in ruins. First responders worked quickly to extinguish the fires and picked through debris in search of anyone caught under the rubble.

Combined with cruise and ballistic missiles, Russia’s recent drone attacks have killed dozens of civilians and wreaked havoc on residential areas, critical infrastructure and military facilities. Wednesday’s attack involved 728 strike drones and various decoys, seven cruise missiles and six ballistic missiles.

The air campaign is unfolding alongside a grinding summer ground offensive on the battlefields of eastern Ukraine, where Russian troops are advancing at their fastest pace since November.

The US last week abruptly halted the delivery of several weapons that are crucial for Ukraine’s defence against the type of Russian aerial attacks that Kyiv and other cities suffered overnight on Thursday. 

That shipment included 30 Patriot interceptor missiles for the air-defence systems that help defend from Russia’s ballistic missiles, as well as 142 Hellfire missiles, 250 precision-guided GMLRS missiles, and 8,500 howitzer rounds.

The Pentagon said the pause was tied to a review of US military stockpiles launched over concerns that quantities of some weapons might be running low. On Wednesday, President Donald Trump said Washington had resumed some shipments of arms to Ukraine.



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