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By Jennifer Conrad | 07.29.21 | Over the past few weeks, barely a day has gone by without a new headline about China's sweeping crackdown on its tech companies. Most dramatically, the government launched an investigation into ride-hail company Didi Chuxing just days after its American IPO, causing its share price to tank. This week, I set out to explore what's behind the rapid-fire actions, which have ensnared everything from food-delivery apps to education startups. I found that there's a growing sense among Chinese officials that tech companies have become too big and powerful—and a need to realign the tech sector with China's long-term goals, which include shaking dependence on the West and pioneering in fields such as artificial intelligence. It's a bad time to be an investor in Chinese tech stocks or a Chinese tech CEO, but will the government's gamble ultimately pay off? Read what's behind China's tech crackdown. | | WIRED reporters have covered the phenomenal growth behind Chinese tech giants, and the challenges they've faced along the way. | |
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