FT News Briefing
Elon Musk gatecrashes OpenAI restructuring
Feb 12, 2025
Tech stocks in Hong Kong are soaring, showcasing a robust market revival. Meanwhile, Elon Musk's ambitious $100 billion bid for OpenAI raises eyebrows with its potential drawbacks and implications for the AI landscape. On the geopolitical front, the EU gears up to retaliate against U.S. tariffs on steel and aluminum. In Sudan, the army inches closer to a major victory in a devastating civil war, complicating the severe humanitarian crisis that continues to unfold.
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Quick takeaways
- Hong Kong's tech sector is surging with a 27% rise driven by investor enthusiasm and significant developments in AI startups like DeepSeek.
- Elon Musk's controversial $100 billion bid for OpenAI raises complex valuation questions amid ongoing restructuring challenges and leadership resistance to sale.
Deep dives
Surge in Hong Kong Tech Stocks
Hong Kong's technology sector is experiencing significant growth, with major Chinese stocks listed on the Hong Kong Stock Exchange entering a bull market. The index tracking the top 30 companies has surged by 27% in just a month, sparking investor enthusiasm. A key driver behind this optimism is the AI startup DeepSeek, which is gaining attention for its efficient computing model compared to its U.S. counterparts. Additionally, CATL, the world's largest electric vehicle battery manufacturer, is set to file for a secondary listing in Hong Kong, potentially leading to its largest stock offering in years.
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