ByteDance is reportedly in the process of developing an AI model which could rival Anthropic’s Mythos system as part of a bid to establish itself as a leader in China’s AI ecosystem.

Financial Times (FT) reported the TikTok owner is in the early stages of training a model with as many as 10 trillion parameters.

This would put ByteDance’s offering ahead of Anthropic’s cutting-edge Mythos and make it three-times larger than Moonshot Kimi K3, the biggest model to come out of China so far.

While Anthropic does not reveal the size of its models, FT reported the most advanced Mythos 5 system has 8 trillion parameters and its Fable 5 about 5 trillion.

ByteDance’s model is apparently being pre-trained, a stage in development which typically takes three-to-six-months. It would then be fine-tuned and released, provided there are no issues.

Chinese companies are showing their hand with regards to AI model development, with Moonshot and Alibaba highlighting releases in recent weeks.

FT added ByteDance invested more aggressively in AI than other Chinese companies, building data centres and attracting talent in the sector.

Founder Zhang Yiming reportedly told staff he wants the team to target “world-leading model capabilities” during an internal meeting last month.

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The European Commission (EC) and the European Space Agency (ESA) named Spain-based Hispasat as the lead contractor for its IRIS2 European satellite network, handing it a budget of more than €1.6 billion.

Owned by Spanish defence company Indra Group, Hispasat has been charged with providing antenna infrastructure, control systems and ground network connectivity for IRIS2.

It will also lead the development of the system’s very low Earth orbit layer, operating at altitudes below 750km. This layer is designed to provide direct connectivity services to mobile devices and for IoT, providing access for European startups and SMEs.

The agreement further guarantees Hispasat access to non-geostationary orbits in regions of high strategic interest, complementing its range of capabilities and geographic coverage.

To that end, Hispasat has committed an investment of up to €600 million in exchange for obtaining “exploitation rights” in regions of high strategic interest and commercial value for the business it already operates through its geostationary fleet.

The award comes following talks between the EC, ESA and SpaceRISE, a satellite consortium formed between Eutelsat, SES and Hispasat.

Luis Mayo, CEO of Hispasat, noted the agreement helps it strengthen its position among the leaders of the European space industry and in its main business areas.

The IRIS2 programme will deploy a network of 330 new LEO satellites and 12 medium earth orbit (MEO) birds, with initial services due to begin in 2030. In total, €15.6 billion will be invested in the project, with €11.6 billion coming from public funds and €4 billion from the SpaceRISE consortium.

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China’s cyberspace agency launched an investigation into products sold in the country by Palo Alto Networks, as the government turns up the heat on US suppliers.

In a short statement, the Cyberspace Administration of China (CAC) explained it had launched a cybersecurity review into the company, as part of its bid to ensure safe and stable operation of critical information infrastructure, prevent risks and vulnerabilities, and safeguard national security.

It did not disclose potential penalties for violations or which products it is looking into.

Palo Alto states on its website it has offices in Shanghai, Beijing, Guangzhou, Shenzhen and Macau. It sells network, cloud and other cybersecurity products in the country, but does not break out individual sales figures for the market.

China’s review comes the same week its commerce ministry barred domestic companies from doing business with seven US entities, while beefing up export controls on the US drone market.

Reuters reported Beijing has said the moves are in response to recent US restrictions impacting the Chinese technology sector, including controls put on the nation’s telecoms operators.

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Deutsche Telekom CEO Tim Hoettges declared all areas of the business delivered impressive growth in the first half of 2026, highlighting continued momentum in the US and demand for its MagentaTV service in Germany fuelled by the football World Cup.

An earnings statement for Q2 2026 showed group revenue rose 4.4% year-on-year to €29.9 billion, while net profit was up 11.1% to €2.8 billion. The top line growth was driven by a 5.2% increase in the US to €19.6 billion and a 3.5% uplift in Germany to €6.5 billion. T-Mobile US earnings were reported on 23 July.

The rest of Europe rose 1.5% to €3.2 billion, while Systems Solutions was a sour point with revenue declining 13.4% to €998 million.

In Germany, the second quarter “was dominated by the FIFA World Cup”, with the company broadcasting all of the matches on MagentaTV. It said a million new customers signed up to the TV offering, with a large majority opting for its flex rate plans.

The company also pointed to an increase of 161,000 customers for its fibre offering and 218,000 new contract subscribers in mobile.

In Europe, it added 189,000 mobile contract customers, 56,000 broadband net additions and 16,000 across various TV offerings.

The decline in Systems Solutions was put down to low orders, however it still anticipates an overall rise over the full year.

For the full year, the company increased its guidance for free cash flow after leases from €19.8 billion to around €20 billion.

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Global revenue from private mobile networks is estimated to grow from $2.3 billion in 2025 to $22 billion in 2030, according to an STL Partners forecast, with the manufacturing industry vertical leading the way in terms of spending.

In a new report, the research company stated the five-year uplift represents a compound annual growth rate (CAGR) of 58%, as the number of private network sites increase from 4,000 by the end of 2025 to more than 40,000 by 2030.

Manufacturing is “by far the largest vertical” and will continue to be so, growing at 59% CAGR on the back of AI-driven automation and Industry 4.0 use cases. Logistics, meanwhile is emerging as a fast grower at a CAGR of 86%, driven by labour shortages and a push into automation.

It also cited growth in utilities and construction, which will move ahead of transport by the end of the decade.

Rosalind Craven, principal analyst at STL, said private networks remain a fast-growing market, but cautioned growth alone will not make success straightforward for vendors and telcos operating in it.

“Enterprises are not buying networks for their own sake; they are solving specific business problems and chasing measurable outcome,” she said. “Private networks can support many of those goals, but success hinges on communicating that value clearly and winning budget priority against competing investments.”

STL said it gathered data from across 15 vertical industry verticals, seven use case groups and nine value chain components across 33 countries for its report.

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Samsung Electronics took the wraps off AI memory technology it stated can deliver eight-times the performance of its previous generation, as the vendor presented its vision on how to address growing demands for compatible infrastructure.

Unveiled at the Future of Memory and Storage 2026 event in Santa Clara, California, the company showcased the first concept models of zHBM and zNAND-O, which it stated represent the next-generation of 3D memory architectures.

It stated zHBM is designed for advanced AI computing, presenting a new architecture which vertically stacks high bandwidth memory directly above AI accelerators, “moving beyond conventional designs in which HBM is positioned alongside the processor”.

Samsung explained a next-generation interface system incorporating zHBM is expected to deliver an eightfold performance uplift over HBM5.

With next-generation wafer bonding technology, it can deliver more than 10-times the memory density of HBM5 while enhancing energy efficiency threefold and reducing thermal resistance by more than half.

It also apparently supports customer-specific designs, enabling customised IP to be integrated into “the interlayer between the memory and AI accelerator to expand memory capacity and enhance accelerator performance”.

The vendor positioned zNAND-O as a high-performance set-up combining high efficiency and low latency which is optimised for edge AI environments and capable of handling related real-time, data-intensive applications.

Finally, it showed off what it stated is the industry’s first V10 BV-NAND architecture featuring new wafer bonding with more than 400 layers capable of increasing storage density by 60% compared with previous generations.

$1 trillion market
Samsung is battling with the likes of SK Hynix and Micron to secure a leading position in the memory market and lucrative data centre contracts from major AI players.

In Q2, Samsung registered another all-time high in overall earnings, driven by memory sales.

Counterpoint Research estimates global semiconductor memory revenue will hit $1 trillion this year compared with $240 billion in 2025, due to demand from AI data centres and constraints on supply.

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French state investment bank Bpifrance sold a 2.5% stake in Orange for approximately €1.1 billion, but maintained its position as the operator’s largest shareholder.

In a statement, the investment bank disclosed it successfully placed 66.5 million shares at a price of €16.57 each, a move made in conjunction with the state.

Following the transaction, it separately holds approximately 7.1% of share capital and 5.9% voting rights.

Acting jointly as the group’s shareholder with the French state, the duo hold a stake of approximately 20.4% and 27% of voting rights. Board representation remains unchanged.

Reuters first reported the French stake was planning to sell a small stake in Orange yesterday (30 July).

“Bpifrance reiterates its support and confidence in the Orange management team and in the strategy pursued within the framework of its Trust the Future plan,” the investment bank added.

Orange CEO Christel Heydemann laid out the five-year strategy in February, focusing priorities on customer growth, AI investment and monetising infrastructure assets.

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Anthropic disclosed it is investigating three instances of its Claude AI models conducting hacks into companies during a testing process, a week after OpenAI revealed a similar incident.

The company explained its Claude models “reached the internet” from within or while interacting with a third-party evaluation environment and then gained access to the real systems of three different organisations.

Anthropic blamed a “misunderstanding” between it and a partner, which resulted in the model being able to access the internet during a cybersecurity testing process.

This then led the model’s search to real systems on the open internet, treating them as part of the exercise.

“Operating under the false belief that all accessible entities were intended to be in-scope for the exercise, Claude compromised the impacted organisations’ infrastructure using basic techniques, such as exploiting weak passwords and unauthenticated endpoints,” Anthropic stated.

Anthropic added it did not find or “exploit any complex weaknesses”.

It did not reveal which companies had been attacked.

Review
The company stated the OpenAI incident, in which two models attacked Hugging Face, prompted it to conduct a large-scale retrospective review of its own cybersecurity evaluations.

In particular, it looked for evidence Claude, like the OpenAI models, was able to access “the internet from the testing environments that should have been sealed off”.

It found the breaches after reviewing 141,006 evaluation runs where Claude could have obtained internet access.

The incidents occurred on Claude models Opus 4.7, Mythos 5 and an internal research test model.

“Ultimately, many factors contributed to these incidents, but consistent with a blameless post mortem culture, we’re approaching the fixes as if the responsibility were ours alone,” the company added.

Nvidia this week led the way in the formation of an AI safety coalition in response to the OpenAI incident.

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The European Union (EU) outlined plans to provide €10 billion in funding to build seven AI gigafactories in addition to unlocking €20 billion in private investment for the project.

In its latest push to accelerate Europe’s technological sovereignty and close the gap to the US and China, the EU stated the initiative would expand AI compute capacity and give start-ups, SMEs, industry and others access to infrastructure for training, inference and tuning of advanced frontier AI models.

It explained the gigafactories would be used to combine advanced AI processors, software and cloud technology stacks, high-speed connectivity and energy-efficient data centres.

They will add to Europe’s network of 19 AI gigafactories with the aim of ensuring the continent can develop advanced AI on its own infrastructure in line with EU rules, following standards on data protection, security and ethics.

The first step is a call for tenders, with the EU inviting consortiums or special purpose vehicles bringing companies, public entities, investors and other partners to apply.

It explained the facilities can be established in a single member state, either on one site or across several locations.

They may also include cross-border developments in several member states through distributed AI computing facilities.

Applications will undergo a competitive valuation to select successful projects. The application process closes on 12 November, with successful bidders to be announced in 2027.

Facilities will need to become operational within 18-months of contracts being signed.

Henna Virkkunen, EVP for Tech Sovereignty, Security and Democracy at the European Commission, said “access to the raw scale of computing power within AI gigafactories is a strategic necessity for Europe as AI development accelerates”.

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Singtel confirmed it was in discussions over selling a stake in Australian subsidiary Optus following media speculation infrastructure investor Morrison is eyeing a holding in the business.

In a brief announcement, Singtel stated it is in talks with interested parties, but added there is no certainty any transaction would occur.

It pointed to a previous statement indicating a willingness to collaborate with “an Australian minority partner” while reinforcing its commitment to Optus following a series of high-profile network outages which damaged the unit’s reputation.

Singtel’s latest statement appears to be a response to an Australian Financial Review report claiming New Zealand-based investor Morrison had entered a seven-week exclusivity period to acquire a 30% stake in Optus.

The outlet reported Morrison is looking for additional investors to take part in the project, pitching a potential deal as a way to “bring Optus home”.

This week, Morrison struck a deal with Orange to set up a data centre joint venture in France at a cost of around €3 billion.

ACMA probe
Separately, the Australian Communications and Media Authority (ACMA) commenced court proceedings over an Optus network outage in September 2025 which affected users’ ability to contact emergency services.

ACMA alleges Optus breached two separate legal obligations on 1,005 occasions, failing to: give end users who made emergency calls access to emergency services; and ensure those emergency calls were carried to the relevant termination point.

If found guilty, Optus could be in line to pay a maximum penalty of AUD250,000 ($174,413) per contravention.

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US chip company Marvell Technology committed to invest $250 million in India over the next three years, expanding its facility in Bangalore to drive next-generation technology development.

Marvell stated the pledge coincides with its 20th anniversary in the country, during which it focused on advancing the semiconductor ecosystem and engineering talent.

It established operations in Bangalore in 2006, a site which has since become the company’s second-largest R&D organisation worldwide.

Through the $250 million outlay, Marvell stated it plans to double headcount, scaling up its site in Bangalore and expanding its presence in Hyderabad. It expects the expansion to strengthen its global innovation network, supporting the design and development of advanced semiconductors for AI, cloud and data infrastructure applications.

Navin Bishnoi, VP and India country manager, said the nation plays a critical role in helping Marvell advance infrastructure technologies which power leading global hyperscale companies and cloud providers.

“As we celebrate 20 years in India, we remain committed to expanding R&D investments, strengthening the country’s semiconductor ecosystem and developing the next-generation of technology talent.”

India has made a big push around boosting its semiconductor sector in recent years.

Earlier this month, the government committed to invest around $20 billion to boost chip and smartphone production as part of a long-term goal to become 100% self-reliant.

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Verizon CEO Dan Schulman revealed in the company’s Q2 earnings call it had struck a deal worth more than $1 billion with Google for data centre connectivity, while teasing other agreements will be announced before the end of the year.

Schulman said it will provide dark fibre connectivity for Google’s data centres, before adding it expects to announce other deals which together will be worth “multiple billions of dollars in revenue over the next several years”.

Details about the Google partnership were not disclosed in its second quarter earnings statement.

Over the period, Schulman stated its results provide “clear, compelling evidence” a recent shake-up to its consumer plans “is driving a structural inflection point across our entire business”.

“We are accelerating across our key metrics, achieving a step-change in churn reduction while lowering our customer acquisition and retention costs,” he said, while adding its core connectivity business is gaining momentum and the emergence of AI infrastructure revenue was helping reshape its growth trajectory.

Simplified service plans and a new loyalty rewards programme helped the company draw 184,000 postpaid phone net additions during the quarter, representing the highest gains in the segment in the past five years. Mobile and broadband net additions tallied up to 550,000, up 230,000 year-on-year.

Total revenue was broadly flat at $34.4 billion. Mobility and broadband service revenue hit $23.4 billion, a 2.8% increase, but this was offset by a nearly 20% decline in equipment revenue due to lower upgrade volumes.

Net income dropped 22.9% to $3.9 billion, primarily driven by a $1.8 billion hit in pre-tax special items including a $746 million loss related to its international wireline and managed network services business.

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Indian IT company HCLTech teamed with AI start-up Sarvam to build a data centre in the eastern state of Odisha, tapping increasing demand for the technology and cloud computing.

The project is expected to cost around INR142.6 billion ($1.5 billion), with financial assistance from the government of Odisha, HCLTech stated.

It pitched the data centre as central to boosting sovereign AI and the local developer ecosystem, employing the full-stack of its capabilities with the technology along with Sarvam’s foundation models to tailor services for private and public sector enterprises.

The company stated the data centre would also help to deliver multi-lingual AI-based services in line with calls from Indian Prime Minister Narendra Modi for the technology to benefit all citizens.

HCLTech is building its relationship with Sarvam AI after acquiring a 10.5% stake in the business for $150 million.

This month, it struck a $1.1 billion deal with an unnamed European company.

HCLTech CEO and MD C Vijayakumar said the data centre in Odisha is an important milestone in its full stack AI play, explaining the state offers “a progressive policy environment backed by excellent infrastructure”.

In November 2025, rival Tata Consultancy Services also announced plans to develop AI data centres in partnership with private equity company TPG and investing around $2 billion.

HCLTech separately outlined a plan to open a technology centre in the city of Bhubaneswar, also in Odisha.

It intends for the site to be operational by 2028, housing around 5,000 employees.

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T-Mobile US CEO Srini Gopalan (pictured) insisted its second quarter earnings are proof its strategy is working, highlighting the success of customer-focussed initiatives which are leading to a surge in adoption of its premium packages.

Gopalan stated the company’s strategy is simple: “give customers the best network, the best value and the best experience, all in one place.”

“That’s how we eliminate trade-offs for our customers, and that’s what sets us apart, and our results represent another proof point that our strategy is working,” he added.

Since taking on the role in November 2025, Gopalan has changed the reporting structure in results announcements to no longer reveal changes in wireless customer additions.

However, it recorded net account additions of 277,000 in Q2, a 13% decrease year-on-year but up quarterly by 60,000.

Speaking to Reuters, COO Jon Freier stated a push towards more lucrative subscriber plans, which include customer loyalty incentives, unlimited data and device upgrades, is beginning to pay-off.

“We are seeing new customers really kind of adopt our most premium plans at a rate of about 60% of total sales,” he said.

Total sales for the quarter increased 8% to $22.8 billion, with total service revenue up the same amount to just shy of $19 billion. Net income was broadly flat at $3.2 billion, due to the impact of related costs on its UScellular merger.  

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GSMA Intelligence estimated the cost of replacing equipment made by so-called high risk vendors (HRV) from telecoms networks in Europe will cost between €30 billion to €40 billion, based on data from operators representing almost half of the market.

In the study, independently commissioned and sponsored by seven operator groups, GSMA Intelligence put the cost of replacing mobile networks at €16 billion to €22 billion, equating to around €30 to €42 per mobile connection. This is driven by high exposure to HRV equipment and the cost of replacing equipment such as base stations.

Fixed network costs will hit up to €5 billion, representing the costs of fibre terminals, gateways and fixed wireless equipment. Transport networks, which includes optical switches, multiplexers and amplifiers will cost between €9 billion and €12 billion.

The figures cover only direct equipment replacement and exclude write-offs of existing assets, disruption cost, capacity constraints and broader impacts on future investment plans.

Higher prices
GSMA Intelligence further warned excluding HRV’s could reduce competitive pressure, leading to a 24% price increase in mobile network equipment, 19% in fixed network equipment and 10% in transport network equipment.

Higher prices would therefore raise operator investment costs by €8.5 billion between 2027 and 2030, with current budgets for mobile networks set at nearly €42 billion.

The European Commission outlined a proposal making it mandatory to “de-risk” European mobile telecoms networks from high-risk third party suppliers in January, as part of revisions to its Cybersecurity Act.

Over a five year period, it estimated phasing out equipment could lead to annual costs of €3.4 billion to €4.3 billion for operators, while investment in “trusted suppliers” could grow up to €2 billion per year.

Operators Deutsche Telekom, Fastweb, MEO, Orange, Telefonica, United Group and Vodafone Group took part in the GSMA Intelligence study, which was based on limited datasets provided by third parties.

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AMD outlined plans to invest up to $5 billion in Anthropic as part of a wider deal for the AI company to add 2 gigawatts of computing capacity to its platform, with deployment set to begin in the first half of 2027.

The duo stated it had struck the strategic partnership to address the extraordinary pace of AI adoption, which is driving rapid growth in demand for training and inference capacity,

Anthropic said it was scaling up its compute infrastructure to serve strong and growing demand for Claude and acquiring AMD’s latest AI server chips “represents a major expansion of AMD’s position at the centre of the global AI infrastructure buildout”.

Deployment of the first gigawatt of AMD’s Helios platform will begin in the first half of 2027. No timescale was given to complete deployment.

In addition, the pair stated they are launching a multiyear engineering collaboration to accelerate AMD software deployment with Claude and the company will adopt the model across its engineering and product development teams.

Details on the $5 billion commitment from AMD into Anthropic were sparse, but it will be dependent on meeting certain milestones. Anthropic has also secured billions in investment from Google and Amazon.

Lisa Su, CEO and chair at AMD, said the deal will help it establish “Helios as a major platform for the next generation of AI infrastructure”.

Chief compute officer and co-founder of Anthropic Tom Brown added access to compute is “central to keeping Claude at the frontier and meeting demand from our customers”.

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China President Xi Jinping (pictured) set out his vision for the country to assume a leadership role in AI, calling for increased international cooperation and promotion of open-source technology while taking aim at the US over attempts to govern the sector.

Xi made the comments in a speech at the World AI Conference in Shanghai, where it was announced China, Brazil, Russia and Indonesia are among 30 countries to have joined the World Artificial Intelligence Cooperation Organisation.

Chinese state media describe the new group as an intergovernmental organisation headquartered in Shanghai to promote global AI governance.

Of the new group, Xi said AI should not be a “solo performance by one country, but rather a symphony of global cooperation”.

He said the initiative is a response to the call of the Global South to unite the international community in promoting development and governance of AI, “and it will become a major milestone in the history of artificial intelligence development”.

To further support this, Xi said China will provide 5,000 training opportunities in AI-related fields for developing countries, in addition to establishing AI application cooperation centres.  

In his speech, Xi noted that as AI continues to develop at “staggering speed”, there was a greater need for positive direction.

“We must more precisely grasp the scale of oversight and governance, and more promptly refine measures to forestall loss of control.”

Overstretch
While not naming the US directly, Xi said countries should oppose “overstretching the national security concept in the field of AI, or placing one country’s security over that of others”.

The US has notably placed several restrictions on China, impacting companies in the country from accessing high-end technology.

XI continued to state he was committed to promoting cooperation, bridging the digital divide, promoting sustainable development and avoiding “creating new historical injustices in the field of artificial intelligence”.

Finally, he called on the countries to “seize this rare historical opportunity, encourage open source and open collaboration”, in turn upgrading traditional industries and ensure AI can “empower all sectors”.

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The European Commission (EC) ordered Google to ensure rival AI platforms can compete better with the company’s own services on Android and laid out data sharing requirements for its search engine.

The EC stated the measures fall under its Digital Markets Act and are the result of a six-month probe against the company to ensure compliance with the legislation.

In the field of AI, the EC noted competing AI assistants currently have only restricted access to key functions on the current Android OS. This means systems including OpenAI’s ChatGPT and Anthropic’s Claude “are not competing on an equal footing” with Google’s own services such as Gemini which have full access.

As a result, third party AI assistants are 60% less attractive to EU users who have an Android device, the EC stated.

The EC stated the measure means users would be able to activate their preferred AI assistant through voice commands.

Third-party users would also be able to employ AI assistants to perform actions in apps on their behalf.

The EC also included safeguards to ensure privacy, device integrity and security.

In total, it will open 11 features on Android to rival AI companies.

Google is also required to share data it collects from its search services with rivals including OpenAI, allowing “for the development and optimisation of third-party search engines”.

The EC stated the move would create a more level playing field with Google Search, although it will be allowed to assess whether rivals pose cybersecurity and data protection risks before opening data to them. The EC stated the measure provides “a fair formula to calculate the price of the shared data”.

Google is required to begin implementing the search measures by January 2027 and the changes to Android from July 2027.

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TSMC raised its investment budget in the US by a further $100 billion, driven by strong demand for AI technology through to 2030.

In an announcement tied to its quarterly results, the Taiwanese chipmaker revealed it would spend the sum in the US state of Arizona, adding to an investment of $165 billion which it has already committed.

TSMC has pledged to build eight manufacturing sites in Arizona, and with the additional investment, could now set up another four focused on manufacturing advanced 2nm chips, in addition to facilities for advanced packaging.

CEO CC Wei stated its raised outlook was based on demand mainly from cloud service providers, which provide a “strong signal and positive outlook”.

“Thus, our conviction in the multi-year AI mega-trend remains very high.”

He added the investment “will help further foster the development of the US semiconductor ecosystem, strengthen the supply chain and support an increasing number of high-tech, high-paying jobs” in the country.

In Q2 2026 the company reported a year-on-year revenue increase of 36% to TWD1.3 trillion ($40.4 billion), with net income increasing 77% to TWD706.6 billion.

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India committed to spend an additional INR1.9 trillion ($19.7 billion) on boosting chip and smartphone production in the country, accelerating an initiative first laid out five years ago.

Prime Minister Narendra Modi’s government has allocated around INR1.3 trillion to provide state aid for semiconductors and a INR625 billion outlay on smartphones.

The latest investment builds on the Semicon 1.0 initiative outlined in 2021 to invest around INR1 trillion on starting and establishing the country’s semiconductor sector.

In a statement, Ashwini Vaishnaw, minister for Electronics and Information Technology, explained under the refreshed Semicon 2.0, the nation would focus on ensuring chips are being designed in India that can meet all its needs, and by the end of the programme, “we will be 100% self-reliant”.

He added every major industry leader wants to establish a presence in the country “given the growing interest in India’s semiconductor programme”, pointing to partnerships already established with the US, Japan, the European Union (EU), Netherlands, Singapore and Germany.

The minister added the investment and incentives will be aimed at projects around chip design, fabrication of machinery, R&D and talent creation.

Under the Mobile Phone Manufacturing Scheme, Vaishnaw said it would create around 60,000 direct jobs, while it will look to incentivise domestic companies with Chinese suppliers currently dominating the market.

India’s semiconductor advancement adds to similar moves in the US, which has a funding programme in place worth $52 billion. The EU recently unveiled a revamp to its own Chips Act.

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