China Rejects US AI Chips as Target CEO Change Sinks Shares

In the latest tech news, Chinese regulators have taken a strong stance against US-made AI chips, particularly those from Nvidia. This comes after what are described as "insulting" remarks made by Nvidia's CEO. The move is seen as part of China's ongoing efforts to reduce its reliance on foreign technology.

Elsewhere, retail giant Target has seen its shares drop by more than 6% after the company announced that it has chosen an insider to lead its turnaround efforts. The new CEO, who has been with Target for over a decade, will be tasked with steering the company through challenging economic conditions.

Turning to the economy, the UK has reported that inflation accelerated more than expected in July, reaching 3.8%. This sharp rise in prices is adding to the financial pressures faced by households across the country.

On a more positive note, China is making a major push to promote vehicle battery swapping as an alternative to traditional charging. The government believes that a 3-minute battery swap could be more convenient for EV drivers than a 5-minute charge, potentially boosting the adoption of electric vehicles.