Xi seeks global cooperation on technology

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Countries should cooperate in developing the internet, big data and artificial intelligence, China President Xi Jinping said in a letter to the China International Big Data Industry Expo that started Sunday in the southwestern city of Guiyang, Xinhua reports. China attaches great importance to the development of the big data industry and is willing to explore a growth path with other nations for new technologies, Xi said in the letter, according to Xinhua.

The conference, which runs through Wednesday, counts China tech giants including Alibaba Group Holding, Tencent Holdings and Huawei Technologies Co. among its exhibitors. The U.S government has announced a ban on exports from Huawei and barred the Chinese company from buying components from American firms. Washington also threatened to ban five other Chinese video-surveillance businesses.

Shares of semiconductor and chip suppliers have plunged over the past month amid trade-war tensions. Raymond James analyst Chris Caso said in a note to clients this week that he expects “many, if not most,” chip companies may have to cut estimates.

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