Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Samsung and SK Hynix Shares Jump After Micron Earnings Boost AI Chip Optimism 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Alphabet Replaces Verizon in Dow Jones Industrial Average 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Republican Lawmaker Introduces AI Incident Reporting Bill to Strengthen U.S. AI Safety 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Baseten Secures $1.5 Billion Funding at $13 Billion Valuation Amid AI Infrastructure Boom 
SpaceX Stock Plunges 16% as KeyBanc Warns Valuation May Be Overstretched 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
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.
