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S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Trump Criticizes EU’s €120 Million Fine on Elon Musk’s X Platform 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
President Vladimir Putin has tasked Russia's government and Sberbank to bolster AI cooperation with China. This strategic move aims to counter the impact of Western sanctions that have hindered Moscow's access to critical technology, pushing for innovation alongside BRICS partners.
Putin Directs Russia's Largest Bank to Collaborate on AI with China
According to Reuters, Russian President Vladimir Putin has directed Sberbank, the country's largest bank, and the Russian government to work together with China to develop AI.
Wednesday marked the publication of Putin's orders on the Kremlin website, following his announcement three weeks ago that Russia would collaborate with BRICS and other nations to advance artificial intelligence.
Russia Looks to China Amid Sanctions Blocking Tech Access
Specifically, he urged Sberbank and the Russian government to "ensure further co-operation with the People's Republic of China in technological research and development in the field of artificial intelligence."
Due to Western sanctions, Russia is no longer able to import the microchips it needs to continue its war against Ukraine. As a result, Russia's artificial intelligence (AI) aspirations have been severely curbed.
Sberbank CEO Highlights Challenges in AI Hardware
The hardest hardware for Russia to replace, according to Sberbank CEO German Gref in 2023, were graphics processing units (GPUs), the microchips that support artificial intelligence development.
Russia is trying to undermine America's hegemony in a 21st-century technology that holds great promise by forming partnerships with non-Western nations.
New AI Alliance Network Announced by Putin
On December 11, Putin announced that a new artificial intelligence alliance network would be established, which would bring together experts from the BRICS countries as well as other states that are interested.
According to the UK-based Tortoise Media's Global AI Index, which rates 83 countries on AI implementation, innovation, and investment, Russia is presently ranked 31st. This places Moscow far behind not just China and the US but also neighboring BRICS nations India and Brazil.
