We recently published a list of 10 AI News Taking Wall Street By Storm. In this article, we are going to take a look at where Elastic N.V. (NYSE:ESTC) stands against other AI news taking Wall Street by storm.

Even though there is a looming threat of future curbs, some Asian hedge funds are betting big on Chinese tech companies, according to Reuters. Companies such as Xiaomi and Baidu are increasingly favored due to their innovations in artificial intelligence. Global investors may have been holding back because of the US's ban on advanced chip exports. Yet, many others are optimistic about the opportunities in Chinese firms and the AI products that they are developing. Their valuations are lower than their US peers, and their large language models have been demonstrating rapid advancements.

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Even industry insiders and technology analysts have told CNBC that Chinese AI models are gaining popularity. Many are keeping pace with, and even surpassing in performance, than those in the US. As such, artificial intelligence has become the "latest battleground" for China and the US. The US has been tightening its restrictions on China's access to advanced chips used in AI because of national concerns. As a result, China has been focusing on carving its own path for boosting the appeal and performance of its AI models.

This includes relying on open-source technology and developing their own super-fast software and chips. Chinese companies are developing open-source, or open-weight, LLMs. Developers can download them and build on top of them for free without having to obtain stringent licensing requirements from the inventor.

"In the last year, we've seen the rise of open source Chinese contributions to AI with really strong performance, low cost to serve and high throughput".

In the latest innovations in artificial intelligence technology, China's leading search engine company Baidu has launched a text-to-image generation tool for its ad clients. The company also plans to release AI glasses early next year as well as inaugurate its robotaxi service outside mainland China. Timothy Wang, chief investment officer at Monolith, predicts China's homegrown AI-powered products and services are poised to grow in the coming year.

Hedge fund manager Sean Ho, CIO of Triata Capital which manages $770 million in assets, said about Chinese advancements in AI: