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A live-streamer at a 17LIVE event.

17LIVE

In a first for Singapore, shares of 17LIVE began trading Friday following the Asian livestreaming company’s merger with a special-purpose acquisition company.

Shares of 17LIVE fell 2.06% to 3.80 Singapore dollars ($2.84) after opening at SG$4.

This was Singapore’s first listing via a SPAC merger. SPACs, or blank-check firms, are shell companies that raise capital in an IPO and use the cash to merge with a private company in order to take it public.

“We may see more SPACs coming on board,” said Deloitte in a Nov. 16 report, referring to17LIVE’s merger with Vertex Technology Acquisition Corporation.

Singapore’s first SPAC, VTAC, was listed in January 2022. It is backed by Vertex Venture Holdings, the venture capital arm of Singapore’s sovereign wealth fund, Temasek Holdings.

Local SPACs have two years to acquire a company, with the option for a one-year extension, subject to certain conditions.

Ng Jing Shen, co-founder at 17LIVE, told CNBC on Friday that the company opted to list via a SPAC merger because the blank-check firm was headed by its longtime partner, Vertex. He added that a traditional IPO would have taken longer, while SPAC offered them capitalization early on.

“The more time we save, the more we can capitalize and capture the growth opportunities that we see right now in Southeast Asia.”

The number of digital natives in Southeast Asia is 'huge,' says livestreaming platform

“We see ourselves as a global livestreaming platform. Singapore is a global financial hub so we think it’s a great launchpad for us,” Ng told CNBC ahead of the listing.

The livestreaming platform allows users to interact in real-time with streamers and send them virtual gifts. About 16% of 17LIVE’s monthly active users spend money, with the average monthly revenue generated from each spending user at $302 a month, according to the firm.

“In our business model, we don’t make money from ads. Our business is not in views, it is in interactivity. So we make money off gifts that our users can buy from us,” said Ng.

“They buy these gifts and they give it to the streamers to support them in whatever goal or whatever competition that’s being run. And then we do a revenue share with the streamers,” said Ng, without revealing numbers.

The platform had about 87,000 contracted live streamers as of end June. These content creators are sourced from agencies or through talent scouting, with the contract duration ranging between one and seven years.

New IPOs fizzle out: What's behind the tumbles

“Once they sign with us, they actually go through a training program within our in-house talent management agency. So we teach them how to stream, how to use equipment, how to use the app. And then once they start, we have talent managers to watch their livestreams and guide them along the way,” said Ng.

Launched in 2015 in Taiwan, 17LIVE expanded into Japan in 2017 which now accounts for 70% of its revenue while the rest comes from Taiwan and Southeast Asia, according to the company.

The app also allows users to use their smartphones to upload an avatar and conduct virtual streaming.

The market size for virtual idol, or computer-generated characters designed to resemble real people, in Japan is expected to increase to $3.86 billion by 2027 from $630.7 million in 2022, according to the SPAC merger filing.

In 2022, 17Live generated operating revenue of $363.7 million and incurred a loss of $51 million, according to the filing.

Bid to boost listings market

In September 2021, the Singapore Exchange became Asia’s first major bourse to allow SPAC listings in a move aimed at attracting more firms to list in the city-state amid a stagnating IPO market.

Even before the pandemic, the exchange saw more delistings than listings. From 2009 to 2019, there were 302 delistings, while only 279 companies listed in Singapore, Tharman Shanmugaratnam, who was minister in charge of Singapore’s central bank and is now the country’s president, said in 2020.

“We hope we are showing that there’s an alternative for companies which are fast growing, instead of directly listing in Hong Kong or the U.S.,” Vertex Holdings CEO Chua Kee Lock told CNBC.

Hong Kong has been trying to stimulate its IPO market, with the Hong Kong Stock Exchange in September proposing measures to enhance its appeal for small- and medium-sized enterprises with high-growth potential.

In August, the Hong Kong government announced a task force to “enhance” stock market liquidity in order to bolster the development of its capital market.

17LIVE has listed amid macroeconomic uncertainties fueled by high inflation, interest rate hikes, and volatile markets. Unlike the stock frenzies of 2020 and 2021, several companies have delayed their listings since 2022, adopting a wait-and-watch approach.

SPAC IPOs fell 76% in the first half of 2023 compared with the same period a year earlier, according to a report by financial and risk advisory firm Kroll.

On why 17LIVE was listed amid an environment of economic uncertainty, Chua said: “I think the market will come back.”

“What is up can never go up forever, right? … What is down cannot be down forever, too.”

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How quantum could supercharge Google’s AI ambitions

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How quantum could supercharge Google’s AI ambitions

Inside a secretive set of buildings in Santa Barbara, California, scientists at Alphabet are working on one of the company’s most ambitious bets yet. They’re attempting to develop the world’s most advanced quantum computers.

“In the future, quantum and AI, they could really complement each other back and forth,” said Julian Kelly, director of hardware at Google Quantum AI.

Google has been viewed by many as late to the generative AI boom, because OpenAI broke into the mainstream first with ChatGPT in late 2022.

Late last year, Google made clear that it wouldn’t be caught on the backfoot again. The company unveiled a breakthrough quantum computing chip called Willow, which it says can solve a benchmark problem unimaginably faster than what’s possible with a classical computer, and demonstrated that adding more quantum bits to the chip reduced errors exponentially. 

“That’s a milestone for the field,” said John Preskill, director of the Caltech Institute for Quantum Information and Matter. “We’ve been wanting to see that for quite a while.”

Willow may now give Google a chance to take the lead in the next technological era. It also could be a way to turn research into a commercial opportunity, especially as AI hits a data wall. Leading AI models are running out of high-quality data to train on after already scraping much of the data on the internet.

“One of the potential applications that you can think of for a quantum computer is generating new and novel data,” said Kelly. 

He uses the example of AlphaFold, an AI model developed by Google DeepMind that helps scientists study protein structures. Its creators won the 2024 Nobel Prize in Chemistry. 

“[AlphaFold] trains on data that’s informed by quantum mechanics, but that’s actually not that common,” said Kelly. “So a thing that a quantum computer could do is generate data that AI could then be trained on in order to give it a little more information about how quantum mechanics works.” 

Kelly has said that he believes Google is only about five years away from a breakout, practical application that can only be solved on a quantum computer. But for Google to win the next big platform shift, it would have to turn a breakthrough into a business. 

Watch the video to learn more.

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Nintendo Switch 2 retail preorder to begin April 24 following tariff delays

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Nintendo Switch 2 retail preorder to begin April 24 following tariff delays

An attendee wearing a Super Mario costume uses a Nintendo Switch 2 game console while playing a video game during the Nintendo Switch 2 Experience at the ExCeL London international exhibition and convention centre in London, Britain, April 11, 2025. 

Isabel Infantes | Reuters

Nintendo on Friday announced that retail preorder for its Nintendo Switch 2 gaming system will begin on April 24 starting at $449.99.

Preorders for the hotly anticipated console were initially slated for April 9, but Nintendo delayed the date to assess the impact of the far-reaching, aggressive “reciprocal” tariffs that President Donald Trump announced earlier this month.

Most electronics companies, including Nintendo, manufacture their products in Asia. Nintendo’s Switch 1 consoles were made in China and Vietnam, Reuters reported in 2019. Trump has imposed a 145% tariff rate on China and a 10% rate on Vietnam. The latter is down from 46%, after he instituted a 90-day pause to allow for negotiations.

Nintendo said Friday that the Switch 2 will cost $449.99 in the U.S., which is the same price the company first announced on April 2.

“We apologize for the retail pre-order delay, and hope this reduces some of the uncertainty our consumers may be experiencing,” Nintendo said in a statement. “We thank our customers for their patience, and we share their excitement to experience Nintendo Switch 2 starting June 5, 2025.”

The Nintendo Switch 2 and “Mario Kart World bundle will cost $499.99, the digital version “Mario Kart World” will cost $79.99 and the digital version of “Donkey Kong Bananza” will cost $69.99, Nintendo said. All of those prices remain unchanged from the company’s initial announcement.

However, accessories for the Nintendo Switch 2 will “experience price adjustments,” the company said, and other future changes in costs are possible for “any Nintendo product.”

It will cost gamers $10 more to by the dock set, $1 more to buy the controller strap and $5 more to buy most other accessories, for instance.

WATCH: Nintendo has ‘a lot of work to do’ to convince casual users to upgrade to Switch 2: Kantan Games

Nintendo has 'a lot of work to do' to convince casual users to upgrade to Switch 2: Kantan Games

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Etsy touts ‘shopping domestically’ as Trump tariffs threaten price increases for imports

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Etsy touts 'shopping domestically' as Trump tariffs threaten price increases for imports

An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn.

Victor J. Blue/Bloomberg via Getty Images

Etsy is trying to make it easier for shoppers to purchase products from local merchants and avoid the extra cost of imports as President Donald Trump’s sweeping tariffs raise concerns about soaring prices.

In a post to Etsy’s website on Thursday, CEO Josh Silverman said the company is “surfacing new ways for buyers to discover businesses in their countries” via shopping pages and by featuring local sellers on its website and app.

“While we continue to nurture and enable cross-border trade on Etsy, we understand that people are increasingly interested in shopping domestically,” Silverman said.

Etsy operates an online marketplace that connects buyers and sellers with mostly artisanal and handcrafted goods. The site, which had 5.6 million active sellers as of the end of December, competes with e-commerce juggernaut Amazon, as well as newer entrants that have ties to China like Temu, Shein and TikTok Shop.

By highlighting local sellers, Etsy could relieve some shoppers from having to pay higher prices induced by President Trump’s widespread tariffs on trade partners. Trump has imposed tariffs on most foreign countries, with China facing a rate of 145%, and other nations facing 10% rates after he instituted a 90-day pause to allow for negotiations. Trump also signed an executive order that will end the de minimis provision, a loophole for low-value shipments often used by online businesses, on May 2.

Temu and Shein have already announced they plan to raise prices late next week in response to the tariffs. Sellers on Amazon’s third-party marketplace, many of whom source their products from China, have said they’re considering raising prices.

Silverman said Etsy has provided guidance for its sellers to help them “run their businesses with as little disruption as possible” in the wake of tariffs and changes to the de minimis exemption.

Before Trump’s “Liberation Day” tariffs took effect, Silverman said on the company’s fourth-quarter earnings call in late February that he expects Etsy to benefit from the tariffs and de minimis restrictions because it “has much less dependence on products coming in from China.”

“We’re doing whatever work we can do to anticipate and prepare for come what may,” Silverman said at the time. “In general, though, I think Etsy will be more resilient than many of our competitors in these situations.”

Still, American shoppers may face higher prices on Etsy as U.S. businesses that source their products or components from China pass some of those costs on to consumers.

Etsy shares are down 17% this year, slightly more than the Nasdaq.

WATCH: Amazon CEO Andy Jassy says sellers will pass cost of tariffs on to consumers

Amazon CEO Andy Jassy: Sellers will pass increased tariff costs on to consumers

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