FirstFT: AI is creating a ‘new computing era’

Good morning. The Nvidia, world’s most valuable semiconductor group, has unveiled a new supercomputer platform to stay at the forefront of the artificial intelligence revolution.

The platform, DGX GH200, will assist tech companies in building generative AI models akin to OpenAI’s ChatGPT. Meta, Microsoft and Google Cloud are among the first clients expected to access the supercomputer.

Speaking at the Computex conference in Taipei, Nvidia chief executive Jensen Huang said AI is creating a new era of computing in which “everyone is a programmer”, and warned that the traditional tech industry would not keep pace with AI’s advances. The technology had dramatically lowered the barrier to entry to computer coding, he added.

“We have reached the tipping point of a new computing era,” Huang said yesterday.

Huang’s speech comes days after Nvidia revealed forecasts of rapid sales growth, fuelling a share price surge that put it on course to become the world’s first trillion-dollar semiconductor stock. The chipmaker’s share price has risen 172 per cent since the start of the year.

Here’s what I’m keeping tabs on today:

• Japan employment data: April’s labour force survey is due to be published.

• New Development Bank: The Shanghai-based lender better known as the “Brics bank” will begin its annual meeting.

• Theranos founder: Elizabeth Holmes begins her prison sentence for one count of conspiracy and three counts of wire fraud.

Five more top stories

1. India’s top investigative agency has accused Rolls-Royce and BAE Systems of engaging in corruption over historic deals to supply fighter jets to the country. The Central Bureau of Investigation alleged that the companies engaged in a “criminal conspiracy” to “cheat the government of India”. Here’s what we know about the accusations.

2. PwC has suspended nine partners following a scandal over leaked emails in Australia. The accountancy firm has pledged to release an internal review this year after emails leaked in February showed how the firm used confidential information about changes to Australia’s tax law to win new business.

3. Japan’s defence ministry said it has put its ballistic missile defences on alert and was preparing “destructive measures” after North Korea made a rare notification through the International Maritime Organization of a satellite launch planned between May 31 and June 11.

4. Turkey’s lira weakened in the aftermath of Recep Tayyip Erdoğan’s re-election, as analysts warned that the next big test for the victorious president would be addressing the country’s shaky $900bn economy. The lira hovered around record lows yesterday after breaching TL20 to the US dollar late last week.

5. Democrats and Republicans are confident they can pass a deal to avert US default after securing the backing of crucial mainstream lawmakers on a proposed agreement that was reached over the weekend. The first critical test will be a vote in the House expected on Wednesday.

The Big Read

A growing number of western politicians are concerned this year’s UN climate summit in the UAE will be too beholden to the oil and gas industry. Experts say it is too early to write off COP28, but time is running out.

We’re also reading . . . 

• Japan’s complicated companies: Japan’s economy could be set to gain from investment abandoning China, but its web of company holdings is complicating matters, writes Leo Lewis.

• The right to disconnect: Employees could ignore emails and messages from their bosses at night and on the weekend under a new UK policy proposal. Managers told the FT what they really think about the legislation.

• Boosting Britain’s suburbs: In a break from the past, the UK’s newest generation of Hongkongers are eager to assimilate into British society.

Chart of the day

Five years ago, China’s economy was growing fast enough that graduates were able to snap up good jobs. Now, their prospects are less certain, as the country’s economic recovery is failing to pick up pace six months after authorities began to roll back President Xi Jinping’s tough zero-Covid regime.

Take a break from the news

. . . and listen to the most recent episode of the FT Weekend podcast. Bestselling author Curtis Sittenfeld joins host Lilah Raptopoulos to talk about the state of romantic comedies today: how they’ve changed, and where they could go next.

Additional contributions by David Hindley and Tee Zhuo