Robyn Mak

Kunlunxin may bag a $50 bln valuation, up 17-fold in ​months as semiconductor shortages ​continue, accounting for most of its ⁠top owner’s worth. The ​implied 25 times sales is akin ​to listed rivals. But the speed and disconnect highlight how the market ​is running uncomfortably hot.

AI advances, policy ⁠support and Unitree's ​dancing humanoids have ​turbocharged an industry with 50 IPOs in ​waiting and ​an estimate for $15 bln of ‌sales ⁠by 2030. Tech constraints, however, limit real-world uses ​and ​financial ⁠returns. A mechanical, EV-like ​boom and ​bust ⁠awaits.

Samsung ‌and SK Hynix are turning to multi-year contracts to protect earnings in the cyclical chip ​market. It's prudent given their $2 ​trln spending plans and warnings of ⁠faltering AI demand. But such agreements ​are only truly effective if they cover ​longer periods and more sales.

The ‌iPhone maker’s pursuit of low-end chips from a blacklisted producer spotlights a global shortage. ​For years, the West prioritised investing ​in advanced silicon. Now Chinese giants ⁠like CXMT, which has doubled its ​IPO fundraising target to $8.6 bln, will seize ​market share.

Robot maker Unitree's $900 mln Shanghai ‌offering is 8,000 times oversubscribed by retail investors. Such exuberance for a firm valued at some 100 times ​earnings was once unthinkable in the ​tightly managed onshore market. Regulators are embracing animal ⁠spirits at a risky moment.

Startup Z.AI and e-commerce giant Alibaba boast ‌some of the world's most competitive open-weight models. Yet training the next frontier is expensive, capital markets whimsy, ​and retail sales stagnant. With its booming gaming ​and ad business, $513 bln Tencent could catch ⁠up.

Flush with record AI ‌profit, the memory chip giant will hand more money back to investors, including a $29 bln share repurchase. ​It's a good start to better balancing ​shareholder returns with future investment needs. And ⁠it'll put pressure on compatriot Samsung to ​follow suit.

The $286 bln Chinese firm's record ‌offering to fund new tech comes just days after reporting a 75% plunge in quarterly earnings. At least ​it reckons it can recoup AI ​hardware costs in three years. That kicks off ⁠an unusually specific deadline for boss Eddie ​Wu to deliver returns.

After a spectacular IPO debut, $36 bln Unitree's stock is down 30%. And ​this week's high-profile Robot Olympics ​showcasing the industry's progress revealed some ⁠basic shortcomings. As doubts about practical ​and commercial applications mount, Unitree's shares ​have further to fall.

Anthropic CEO Dario ‌Amodei wants guardrails to fend off threats to mankind. Such oversight would divert more investment — $1 trln this ​year — from developing to deploying AI ​models, propping up data-centre demand. Challengers to ⁠Nvidia, SK Hynix and others would ​benefit.