Phia, founded by Bill Gates' daughter Phoebe to develop an AI search engine accessed via an extension for Chrome and Safari, raised $30M at a $180M valuation (Christina Kyriasoglou/Bloomberg)

Chinese AI chipmaker Moore Threads Technology Co. successfully raised approximately $1.13 billion in its initial public offering (IPO), marking the second-largest onshore IPO in China this year, with a valuation of around $7.6 billion and an oversubscription rate of 2,750 times for the retail portion.

Hewlett Packard Enterprise (HPE) has issued a disappointing sales outlook, projecting revenue between $9 billion and $9.4 billion and profit of 57 to 61 cents per share for the period ending in January, falling short of analysts' expectations of $9.88 billion in sales and 53 cents in profit. This news was highlighted by Patrick Moorhead on Bloomberg The Close.

Meta is set to reduce its metaverse unit budget by 30%, a significant cut that reflects a strategic shift under CEO Mark Zuckerberg as the company reassesses its financial priorities. This decision comes amid ongoing scrutiny and challenges in demonstrating profitability in its ambitious metaverse project.

Minda Smiley, a senior analyst at EMARKETER, expressed that she is not surprised by Meta's decision to cut resources for its metaverse unit, highlighting the company's ongoing challenges in monetizing this venture. This discussion took place during an interview on Bloomberg Tech with Caroline Hyde and Ed Ludlow.

UiPath's CEO Daniel Dines reported accelerating growth during the company's third quarter earnings call, emphasizing that artificial intelligence (AI) serves as a complement to their existing automation solutions. This discussion took place on Bloomberg Tech with hosts Caroline Hyde and Ed Ludlow.

Cambricon, a Beijing-based AI chipmaker, plans to significantly increase its production capacity by tripling output to deliver half a million AI accelerators by 2026. This move is part of China's broader strategy to enhance its domestic AI chip manufacturing capabilities amidst growing global competition.

Meta is set to significantly reduce its investment in the metaverse, with CEO Mark Zuckerberg announcing a strategic shift that includes a 30% budget cut for the metaverse unit. This decision marks a departure from Zuckerberg's earlier vision of the metaverse as a central focus for the company's future growth.

Meta Platforms Inc. is set to cut its metaverse unit budget by up to 30%, a significant reduction that reflects a strategic shift under CEO Mark Zuckerberg. This decision marks a departure from Zuckerberg's earlier vision of the metaverse as a key future direction for the company, which was a major factor in its rebranding from Facebook Inc.