Seeking Alpha’s roundup of statements, announcements, and remarks that could impact the technology sector.
- Meta Platforms (META) has agreed to buy startup Manus AI, which has developed an AI agent for such tasks as the creation of research reports and customized websites, for more than $2 billion.
Based in Singapore, Manus was in the midst of planning a new fundraising round with a $2 billion valuation when it was approached by Meta, according to The Wall Street Journal.
- Bloomberg noted that Manus, whose parent company was founded in China, was backed by some of China’s leading tech companies, including Tencent (TCEHY). The Chinese backers will be bought out under Meta’s takeover agreement with Manus.
“There will be no continuing Chinese ownership interests in Manus AI following the transaction, and Manus AI will discontinue its services and operations in China,” a Meta spokesperson told Bloomberg.
- SoftBank (SFTBY) has completed its planned $40 billion investment in ChatGPT developer OpenAI (OPENAI).
The investment raises SoftBank’s stake in the AI developer to over 10%. The deal valued OpenAI at a pre-money valuation of $260 billion, according to CNBC.
- Chinese authorities have informed local chipmakers that at least 50% of equipment used to increase manufacturing capacity must be made in China, according to Reuters.
The move is part of China’s push to create a more self-sufficient chip supply chain. The new requirements can be waived when Chinese equipment is not yet available, such as for the production of advanced chips, Reuters added.