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Bitcoin Leaves Tech Giants in the Dust: Overtakes Google and Amazon as 5th Largest Asset
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China–U.S. Tech Tensions Escalate: Four Key Developments on May 21 The rivalry between China and the United States has entered a new phase, with four major updates emerging on May 21. These developments highlight the intensifying competition in technology and diplomacy: 1. U.S. Pushes for Global Ban on Chinese AI Chips The U.S. Department of Commerce announced new efforts to block Chinese advanced computing chips worldwide. This move is seen as economic coercion and a serious threat to the stability of the global semiconductor supply chain. 2. NVIDIA CEO Slams U.S. Export Controls Jensen Huang, CEO of NVIDIA, criticized the export restrictions on AI chips to China. He called the policy a "failure," noting that it has inflicted significant financial losses on his company. 3. China Voices Opposition Through Diplomatic Channels Chinese diplomat Wang Yi met with Kevin Rudd, President of the U.S.-Asia Society. During the meeting, Wang reiterated China's firm opposition to U.S. efforts to suppress its legitimate right to development. 4. China’s Ministry of Commerce Vows Countermeasures In response to the latest chip ban, China’s Ministry of Commerce declared that it will take firm steps to defend national interests. The ministry emphasized the need to safeguard China's technological progress and economic sovereignty. Broader Implications These moves reflect a growing U.S. strategy to curb the rise of Eastern tech powers. However, such tactics may backfire, stoking further resistance and innovation from China. Experts argue that zero-sum thinking is outdated. In today’s interconnected world, cooperation between major powers like China and the U.S. is essential for global progress. Prolonged confrontation risks damaging not just bilateral ties but the global economy and technological development at large. #BTC
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