Biden restricts Chinese tech imports and San Francisco green lights driverless cabs

Biden restricts US imports of Chinese tech

US President Joe Biden has signed an executive order that will restrict US investments in Chinese semiconductors, quantum and AI technologies from 2024.

The long-awaited order has been justified as a way of protecting US national security by preventing US capital and expertise from supporting the military modernisation of China, The New York Times first reported.

The measure will largely affect private equity and venture capital firms, as well as joint ventures with Chinese groups.

The order is focused on three main investment areas: semiconductors and microelectronics, quantum information technologies and certain AI systems. In addition to prohibiting specific investments, the policy will also require firms to notify the government regarding investments in high-tech sectors.

Waymo given thumbs up for driverless taxis in San Francisco

Google’s Waymo and GM’s Cruise have secured approval from California’s regulators to be able to charge fares for fully driverless rides any time of the day in San Francisco.

The California Public Utilities Commission (CPUC) has voted 3 to 1 in favor of allowing the companies to expand their driverless services after evaluating whether they had met the licensing requirements and hearing public testimonies arguing for and against the expansion.

Waymo said it’s going to “gradually welcom[e] more riders into the service” and “begin charging fares for rider-only trips in the city” in the coming weeks.”

Musk to add video calls to X (formerly Twitter)

X, formerly Twitter, is to get video calling as part of ongoing efforts to turn the platform into a so-called “everything app” offering a broad range of services.

X CEO Linda Yaccarino announced the news during an interview with CNBC on Thursday.

It is part of plans set out by Elon Musk, who owns the platform, to turn what was Twitter into an app like WeChat in China, that offers everyday functionality such as payments and calls, alongside traditional social media fare like content.

WeWork warns of bankruptcy threat

WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors.

The New York-based workspace-sharing company said Tuesday that its ability to stay in operation is contingent upon improving its liquidity and profitability over the next 12 months.

WeWork went public in October 2021 after a spectacular collapse during its first attempt to do so two years earlier — which led to the ousting of its CEO and founder, Adam Neumann. The company was valued at $47 billion at one point, before investors started to drop off due to Neumann’s erratic behavior and exorbitant spending.