China has been developing better microchips at home in hopes of becoming a leader in AI, but how will recent U.S. sanctions disrupt its plan? Find out in the final episode in our four-part series exploring China’s place in the global order. 🎧
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Luke Vargas: It's Friday, August 11th. I'm Luke Vargas for the Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. Maui officials say that 55 people have been confirmed dead in this week's devastating wildfire on the island. Authorities say as many as 1000 people could still be missing amid ongoing search and rescue efforts, while many more remain without power.
Rebecca Feng: So, Country Garden, the fact that it missed payment is deeply troubling, actually, for the sector, because so far it has been making timely payments. And the idea goes, if even Country Garden can go down, then the other ones are probably having a lot of troubles too. And today, there's another developer called Fantasia. It's much smaller, but it was actually one of the first developers to default.
Luke Vargas: However, Jinjoo says the pricing honeymoon may be a short one. Signet has reported a major rebound in dating after singles got vaccinated, which should lead to resurgence in diamond demand. Coming up, US chipmaker Nvidia is currently the world-leading chipmaker for artificial intelligence, but Xi Jinping wants that to be China's crown. We'll look at his push to make the country the global pacesetter in AI, as well as the chips that power it, after the break.
Karen Hao: There's a two-pronged approach that Xi has been taking. So most recently he started really stocking the government leadership with technocrats. So he doubled the number of technocrats in the Central Committee, which is the elite government body that decides major national policies. And then the second prong is, China has always done this, but it's really trying to engage in an aggressive industrial policy.
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