TikTok Faces US Ban Unless Chinese Owners Sell Stakes; UK to Invest £900m in “BritGPT” 

In today's ExchangeWire news digest: the Biden administration threatens to ban TikTok unless its Chinese owners sell their stakes; the UK Treasury commits £900m to developing the country's AI strategy; and Stripe raises funding in excess of €6bn (~£13bn).

US demands Chinese owners sell TikTok stakes

The Biden administration has warned that it may ban TikTok in the US unless the platform’s Chinese owners sell their stakes. The video-sharing app has already been under fire in the US, Canada and Europe, with authorities blocking its use on government-owned devices.

UK government outlines investment for “BritGPT” 

The UK Treasury has pledged £900m towards developing an exascale supercomputer. Dubbed “BritGPT”, the computer’s development falls under a broader artificial intelligence strategy, which also aims to establish a new AI research body in the nation.

Stripe raises funds over €6bn (~£13bn)

Fintech firm Stripe has raised in excess of €6.15bn (~£13.6bn) in a funding round which valued the company at €47bn (~£41.3bn). Back in 2021, the Irish-founded company hit its peak valuation of €89bn (~£78.2bn), a figure which has been knocked by a tumultuous few months for the tech industry.

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Fact of the Day

USD$14.3bn (~£11.8bn) - the amount of revenue Stripe reportedly generated in 2022.

Source: The Irish Times