In this photo illustration, a WeRide logo of Chinese robotaxi firm is seen on a smartphone and a pc screen.
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Self-driving technology company WeRide delayed its plan for an initial public offering in the U.S., citing its need for more time to complete documents.
“Updating transaction documents is currently taking longer than expected, and WeRide is working to complete the documentation necessary to move forward with the transaction,” the company said in a statement Thursday.
WeRide was expected to offer 6.5 million ADS (American depositary shares) in the range of $15.50 to $18.50. It was looking to raise up to $440 million in a U.S. listing that had been set for this week.
The company, which develops self-driving technology for robotaxis, minibuses as well as freight sanitation vehicles, was last valued around $5.11 billion and has raised $1.39 billion, according to Pitchbook data.
Beijing approval for the deal will expire this week and it’s unclear if the company would need to reapply for approval if it misses the deadline.
The firm was founded in Silicon Valley in 2017 and incorporated in the Cayman Islands, before it launched a robotaxi service in Guangzhou, China, in 2019. It filed for an IPO on the Nasdaq in July.
It has been a dry market for Chinese IPOs in the U.S. in recent years, and many were watching WeRide’s potential listing for signs of pick up. If completed, the IPO would be one of the largest U.S. listings by a Chinese company since Didi’s IPO in 2021.
Facebook’s CEO Mark Zuckerberg (L) speaks with Microsoft’s CEO Satya Nadella after posing for a family picture with guests who attend the “Tech for Good” Summit at the Elysee Palace in Paris, on May 23, 2018.
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Microsoft CEO Satya Nadella on Tuesday said that as much as 30% of the company’s code is now written by artificial intelligence.
“I’d say maybe 20%, 30% of the code that is inside of our repos today and some of our projects are probably all written by software,” Nadella said during a conversation before a live audience with Meta CEO Mark Zuckerberg.
The pair of CEOs were speaking at Meta’s inaugural LlamaCon AI developer event in Menlo Park, California. Nadella added that the amount of code being written by AI at Microsoft is going up steadily.
Nadella asked Zuckerberg how much of Meta’s code was coming from AI. Zuckerberg said he didn’t know the exact figure off the top of his head, but he said Meta is building an AI model that can in turn build future versions of the company’s Llama family of AI models.
“Our bet is sort of that in the next year probably … maybe half the development is going to be done by AI, as opposed to people, and then that will just kind of increase from there,” Zuckerberg said.
Microsoft and Meta together employ tens of thousands of software developers, but they’re the latest companies to discuss how AI is replacing some of the work written by human software developers.
Since OpenAI’s launch of ChatGPT in late 2022, people have turned to AI for a number of tasks, including customer service work, generating sales pitches and software development itself.
Google CEO Sundar Pichai in October said that more than 25% of new code was written by AI. Earlier this month, Shopify CEO Tobi Lutke told employees that they will have to prove AI cannot do a job before asking for more headcount. Similarly, Duolingo CEO Luis von Ahn on Monday announced in a memo that the language-teaching company will gradually turn to AI in lieu of human contractors.
Earlier this month CNBC and other outlets reported that OpenAI was in talks to acquire Windsurf, a startup with “vibe coding” software that spits out whole programs with a few words of input. The dream is that with machines helping to write code, organizations will be able to produce more and better software.
Photo illustration showing the Samsung Group company logo displayed on a smartphone screen.
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Samsung Electronics‘ operating profit and revenue beatanalysts’ estimates Wednesday, as sales of its flagship Galaxy S25 smartphones as well as memory chips rose.
The South Korean company posted a record quarterly revenue, up 10% from a year earlier, while its first-quarter operating profit climbed 1.5%.
Here are Samsung’s first-quarter results compared with LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:
Revenue: 79.1 trillion Korean won ($55.4 billion) vs. 78.1 trillion Korean won
Operating profit: 6.7 trillion Korean won vs. 6.4 trillion Korean won
First-quarter revenue marginally topped Samsung’s forecast of 79 trillion Korean won, while operating profit also came in higher than the company’s expectations of 6.6 trillion Korean won.
Samsung is a leading manufacturer of memory chips, which are utilized in devices such as laptops and servers, and is also the world’s second-largest smartphone maker.
The company flagged macroeconomic uncertainties due to trade tensions and a slowdown in global growth. Samsung expects performance to improve in the second half of the year, “assuming that the uncertainties are diminished.”
South Korea-listed shares of Samsung Electronics were trading down about 0.4%.
Memory business
Samsung Electronics’ chip business posted an operating profit of 1.1 trillion Korean won in the first quarter, down from the previous quarter and the same period last year, though revenue rose year on year.
“For the Memory Business, revenue was driven by expanded server DRAM sales and the addressing of additional NAND demand amid a perceived bottoming out of the market price,” the company said.
DRAM and NAND are types of semiconductor memory found in PCs, workstations and servers. Demand for such memory chips has surged on the back of the artificial intelligence boom.
However, overall earnings were impacted by a decrease in average selling prices and sales impacted by U.S. export controls on AI chips, Samsung said.
Long a leader in memory chips, Samsung has recently been falling behind its local competitor, SK Hynix, which has been better positioned to benefit from AI development.
A report from Counterpoint Research earlier this month said that SK Hynix had overtaken Samsung in overall DRAM market revenue for the first time, with a 36% global market share as compared to Samsung’s 34%.
The report added that this had resulted, in part, from SK Hynix’s dominance in high bandwidth memory or HBM — a type of DRAM used in artificial intelligence servers in which chips are vertically stacked to save space and reduce power consumption.
In its first quarter earnings, Samsung said it experienced deferred HBM demand from customers anticipating the rollout of its latest HBM products.
For the current quarter, Samsung anticipates continued strong demand for AI servers and will seek to strengthen its position in high-value-added products, including HBM.
Smartphones
Samsung’s mobile experience and networks businesses, tasked with developing and selling smartphones, tablets, wearables and other devices, reported a increase in sales and profit from the prior year and quarter.
The company credited the growth to the launch of its latest Galaxy S25 smartphone series, which includes AI features.
In the current quarter, the company plans to sustain sales through the launch of a new Galaxy S25 Edge smartphone and said it will continue to expand the AI-powered features offered on its smartphone lineup.
Correction: This story has been revised to reflect that operating profit in the chip segment declined both on a quarter-on-quarter as well as year-on-year basis.
A Waymo self-driving car, seen with a driver, stops at a red light outside the U.S. Capitol in Washington, D.C., on Friday, March 31, 2025.
Bill Clark | CQ-Roll Call, Inc. | Getty Images
Alphabet-owned Waymo and Toyota on Tuesday announced a preliminary partnership to explore bringing robotaxi tech to personally-owned vehicles.
“The companies will explore how to leverage Waymo’s autonomous technology and Toyota’s vehicle expertise to enhance next-generation personally owned vehicles,” the two companies announced.
The companies said they aim to use the partnership to more quickly develop driver assistance and autonomous vehicle technologies for personal vehicles. Toyota is the world’s largest automaker by sales.
Waymo co-CEO Tekedra Mawakana said the strategic partnership could also result in the Google-owned company incorporating Toyota’s “vehicles into our ride-hailing fleet.”
The Toyota tie-up is the latest automotive partnership for Waymo.
The self-driving company has previously worked with automakers such as Jaguar Land Rover, Stellantis predecessor Fiat Chrysler, Daimler Trucks, Mercedes-Benz parent Daimler, Hyundai Motor and China’s Geely Zeekr. The partnerships, many of which touted long-term tie-ups, largely resulted in automakers producing modified vehicles for testing or for Waymo to use in its fleets.
The partnership with Toyota will not affect Waymo’s plans to deploy Hyundai and Zeekr vehicles through the Waymo One service in the future, a spokesman for the Alphabet-owned company told CNBC.
Waymo is now serving 250,000 paid rides per week, up from 200,000 in February, before Waymo opened in Austin and expanded in the San Francisco Bay Area in March. Waymo is already running its commercial, driverless ride-hailing services in the San Francisco, Los Angeles, Phoenix and Austin regions.
Alphabet CEO Sundar Pichai noted in first-quarter earnings last week that Waymo has not entirely defined its long-term business model, and there is “future optionality around personal ownership” of vehicles equipped with Waymo’s self-driving technology.
Waymo and Toyota are not the only companies turning their focus to personally-owned autonomous vehicles. When GM announced in December that it was abandoning its Cruise robotaxi business, the company said it would instead focus on the development of autonomous systems for use in personal vehicles.
Toyota previously invested in and partnered with Tesla, Elon Musk’s automaker which now aims to compete with Waymo on driverless tech. Toyota sold the its stake in the EV maker in June 2017.
Tesla, once seen as a pioneer in self-driving tech, does not yet produce cars that are safe to use without a human driver at the wheel, ready to steer or brake at any time.
Elon Musk, Tesla CEO, criticized Waymo on a recent earnings call claiming the robotaxis are too expensive for mass-production. Musk also promised Tesla will be “selling fully autonomous rides in June in Austin,” using Model Y vehicles with a new “unsupervised” version of the company’s “Full Self-Driving” or FSD systems installed.
— CNBC reporter Michael Wayland contributed to this report.