South Korea Stocks Tumble as AI-Fueled Rally Faces Profit-Taking Pressure 
Cerebras Revenue Forecast Tops Expectations, but Margin Concerns Weigh on Stock 
Trump’s Quantum Push Lifts IBM Stock as CEO Arvind Krishna Receives White House Praise 
Nissan Halts Electric Qashqai Development Amid EV Market Challenges 
Japan, U.S. Discuss Yen Weakness as Currency Intervention Concerns Grow 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Gold Prices Mixed as Stronger Dollar Offsets Safe-Haven Demand Amid U.S.-Iran Peace Talks 
Qualcomm Nears $4 Billion Acquisition of AI Chip Startup Modular 
SpaceX Stock Slides After IPO Rally as Valuation Concerns Grow 
Baseten Secures $1.5 Billion Funding at $13 Billion Valuation Amid AI Infrastructure Boom 
JPMorgan Sees Strong Strategic Value in Potential AbbVie Acquisition of Apogee Therapeutics 
NTSB Investigates Boston Logan Airport Near-Miss Between Delta and American Airlines Jets 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Hyundai Motor revealed it joined forces with a Canadian AI chip manufacturing startup, Tenstorrent. The South Korean automaker said it has invested in the Toronto-based artificial intelligence semiconductor company so it can install AI into future models of Hyundai Motor, Genesis, and Kia vehicles.
Hyundai Motor’s strategic investment in Tenstorrent also includes the use of AI chips for other future mobilities such as advanced air mobility (AAM) and robotics. According to The Korea Herald, the company put in $50 million in the chip startup.
The Korean firm said on Thursday, Aug. 3, that together with Tenstorrent, it will co-develop AI semiconductor products for robotics, self-driving cars, and AAM. It is also aiming to bring in key technologies for future mobility.
The automaker is planning to scale up its automotive chip technology for use in vehicles it will manufacture in the future. It is looking to make autonomous driving vehicles that will require AI chips to operate. Such chips run on neural processing units (NPU), which refers to a processor made especially for deep learning algorithms computing.
“Tenstorrent’s high growth potential and high-performance AI semiconductors will help the Group secure competitive technologies for future mobilities,” Hyundai Motor Group’s executive vice president and head of the global strategy office, Kim Heung Soo Kim, said in a press release. “With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development.”
Tenstorrent’s chief executive officer, Jim Keller, added, “The trust in Tenstorrent shown by Hyundai Motor Group leading our round is truly humbling. It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us.”
Photo by: Hyundai Motor Media Center
