US$1 Billion Market Cap! Facial Recognition DeepGlint
DeepGlint , a Chinese Artificial intelligence (AI) startup that had aimed for a US$300 billion valuation, made its market debut in Shanghai on Thursday, but its share price swiftly fell amid the meltdown in tech equities this week. DeepGlint shares have dropped 12% in the previous two days after being put on the US government’s trade blacklist in July last year, raising investor fears about the potential of China’s AI business. It had a market capitalization of one billion dollars. According to Zhang Yi, CEO of Shenzhen-based iiMedia Research, the business, which specializes in face recognition technology, is still losing money. “Investors will remain cautious until the business delivers a solution that can cure the industry’s “chokepoint,” he added. While China is anticipated to beat the United States in AI and other 21st-century core technologies, gaining investor trust by producing handsome returns remains a struggle for startups like DeepGlint. De...