Wednesday, April 24, 2024

Chinese AI Regaining Some Lost Glory: SenseTime's Stock Halted In Hong Kong After Jumping As Much As 36%

Ha! We just flashed-back on SenseTime in Monday's post on the British real-time facial recognition vans and apps: ICYMI: The Most Valuable AI Start-up In the World Does Facial Recognition.

From Bloomberg, April 23/24:

China’s SenseTime Surges 36% After Unveiling a New AI Model

  • US-blacklisted firm unveils fifth version of its AI platform
  • The company is one of many racing to develop generative AI

SenseTime Group Inc.’s stock soared its most in more than two years after releasing the latest version of its SenseNova generative AI model, highlighting the intense interest surrounding China’s efforts to develop artificial intelligence.

The shares gained as much as 36% after the company revealed SenseNova 5.0 during its Tech Day event in Shanghai. The ChatGPT-like platform has “significantly” improved in terms of linguistic and creative capabilities, Chairman Xu Li said in a statement. Trading in the stock was suspended after the abrupt surge but will resume Thursday.

SenseTime is among a growing number of Chinese corporations and startups exploring ways to develop an answer to OpenAI’s ChatGPT. In 2023, it joined Baidu Inc. and Alibaba Group Holding Ltd. in developing its own inhouse generative AI platform. The potentially transformative technology has since become a key area in which Beijing is encouraging local companies to compete with their US counterparts.

The company said in a filing it was unaware of any reasons for the dramatic share price surge apart from SenseNova 5.0, which comes with about 600 billion parameters. “It achieved significant improvements in knowledge, mathematics, reasoning and coding capabilities, and its performance is generally comparable to GPT-4 Turbo,” the company said in the filing.


The story at BiometricUpdate is headlined:

New LLM version boosts SenseTime stock to fraction of former price