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Jan 02, 2026
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Happy New Year! The company that operates President Trump’s social media platform will issue a new cryptocurrency. OpenAI, for a second time, asks a judge to dismiss a trade theft lawsuit from xAI. Chinese AI chip firm Biren Technology soars on its Hong Kong stock market debut.
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Trump Media and Technology Group, the company that operates President Donald Trump’s social media platform Truth Social, said it will issue a new cryptocurrency to shareholders, according to a statement on Wednesday. The planned crypto coin, which the company said will likely be issued in partnership with exchange Crypto.com, will be distributed on a one-to-one basis for each share that shareholders of Trump Media own, the company said. The crypto token may offer benefits to holders such as discounts tied to Trump Media products. The proposed crypto coin is the latest digital asset venture from the President’s family business, including meme coins $Trump and $Melania, the World Liberty Financial stablecoin project, and a Nasdaq-listed crypto deal to stockpile World Liberty’s token $WLFI. The ventures launched amid a more favorable regulatory environment for crypto businesses since Trump returned to the White House earlier this year.
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OpenAI for a second time asked a judge to dismiss a lawsuit from xAI accusing the ChatGPT maker of stealing trade secrets through employees it poached from the Elon Musk-led startup. In a lawsuit first filed in September in northern California Federal Court, xAI accused OpenAI of hiring eight xAI employees, including engineers and a senior finance executive, as part of a “deliberate scheme” to steal confidential information. OpenAI first filed to dismiss the lawsuit in October, before xAI filed an amended complaint weeks later. In the new motion to dismiss filed late Tuesday,
OpenAI described the amended version as “even more flawed” and said the company still has zero evidence OpenAI “actually acquired or disclosed xAI’s trade secrets.” A court hearing to consider the new motion to dismiss is scheduled for February. The trade secrets suit is part of several pieces of litigation Musk and his companies have filed against OpenAI. Musk is also continuing to fight OpenAI’s nonprofit restructuring in court and separately sued both OpenAI and Apple in August for allegedly colluding to boost OpenAI’s ChatGPT over xAI’s Grok in the Apple’s app store. In both motions to dismiss the trade secrets suit, OpenAI described the litigation as “yet another front in Elon Musk’s campaign to harass a competitor with unfounded legal claims, and to prevent OpenAI from achieving its mission to ensure that artificial general intelligence benefits all of humanity.”
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Shares of Chinese AI chip developer Shanghai Biren Technology surged on their debut on the Hong Kong Stock Exchange Friday after the firm’s successful initial public offering. The stock’s rise is the latest indication of investors’ strong interest in China’s domestic semiconductor sector. On Friday, Biren’s stock opened 82% higher than its IPO price of 19.90 Hong Kong dollars. Biren’s IPO raised 5.85 billion Hong Kong dollars ($717 million). The company’s strong trading debut comes at a time when the Chinese government is stepping up its effort to reduce the country’s dependence on Nvidia by promoting the use of homegrown AI chips developed by domestic companies. While tech giant Huawei Technologies is the largest domestic supplier of AI chips,
Biren is one of several upstart competitors in China that also develop such chips.
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Chinese search giant Baidu said it AI chip subsidiary has filed confidentially for a Hong Kong listing. Baidu’s move to spin off the chip business and list it separately comes amid a wave of successful initial public offerings by Chinese AI chip companies. Kunlunxin (Beijing) Technology, Baidu’s non-wholly owned chip subsidiary, will “leverage its standalone listing to enhance its market profile, broaden financial channels, and better align management accountability with performance,” Baidu said in a statement. Baidu’s stock is listed in New York and Hong Kong. Baidu and Kunlunxin are betting on public market investors’ strong interest in China’s domestic semiconductor developers. The Chinese government is promoting the use of homegrown AI chips, as the country steps up its effort to reduce its
dependence on U.S. chip giant Nvidia. On Friday, Biren Technology, Chinese AI chip firm Shanghai Biren Technology’s stock surged on its debut on the Hong Kong Stock Exchange. Biren’s stock opened 82% higher than its IPO price, after the firm raised 5.85 billion Hong Kong dollars ($717 million) in its IPO. Last month, Moore Threads, another Chinese AI chip developer, also made a strong trading debut on Shanghai’s STAR market.
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By Michael Roddan and Yueqi Yang
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