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Intel venture arm’s China tech stakes raises alarm in Washington

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Intel venture arm’s China tech stakes raises alarm in Washington

Intel’s venture capital arm has emerged as one of the most active foreign investors in Chinese artificial intelligence and semiconductor start-ups, at a time the $147bn chipmaker receives billions of dollars from Washington to fund a technological arms race with Beijing.

Intel Capital owns stakes in 43 China-based technology start-ups, according to an FT analysis of its portfolio. Since the venture fund was launched in the early 1990s, it has invested in more than 120 Chinese groups, according to data provider Crunchbase.

The fund, which invests off the chipmaker’s balance sheet, has continued to back fledgling Chinese companies in the past year, even as many of its American peers exited the market under pressure from US authorities.

In February Intel Capital invested in a $20mn fundraising round by Shenzhen-based AI-Link, a 5G and cloud infrastructure platform, and last year led a $91mn round for Shanghai-headquartered North Ocean Photonics, a maker of micro-optics hardware.

Rising geopolitical tensions between Washington and Beijing have led to greater scrutiny of private investment flows between the two economic powers as they jostle for technological and military supremacy.

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In June, the Biden administration unveiled rules to curb US financing for Chinese technology that could have military purposes, such as AI, quantum computing and semiconductors. The regulations are expected to be finalised this year.

Intel Capital’s “investments were poster children that helped build consensus for the outbound restrictions”, according to one person familiar with the Biden administration’s thinking on the new rules.

Its current investments in China include around 16 AI start-ups and 15 in the semiconductor industry, as well as companies developing cloud services, electric vehicles, telecoms, virtual reality systems and batteries.

Intel Capital may be forced to divest from some companies once the US regulations take effect, though the US Treasury is examining whether to include some exemptions for some venture capital transactions.

However, the US group has slowed down its dealmaking in China over the past 18 months, according to data provider ITjuzi, completing just three deals since the start of 2023. Investment controls and a slowdown in the Chinese economy, as well as lasting repercussions from Beijing’s crackdown on tech companies, have hit start-up valuations and viability.

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A report by a US House China committee on the Chinese Communist party in February said that American venture capital firms had invested billions of dollars into companies that were fuelling China’s “military, surveillance state and Uyghur genocide”. This includes funnelling $1.9bn into AI companies and a further $1.2bn into semiconductors.

The report singled out five US venture firms — Sequoia, GGV, GSR Ventures, Qualcomm Ventures and Walden International — but did not mention Intel Capital, despite the fund becoming one of the largest US investors in China after the departure of some of its rivals.

Intel Capital is “way more active” than Qualcomm’s venture arm in China, said the head of a large US fund with a long history of doing business in China. “Intel is active in everything.”

John Moolenaar, Republican head of the House China committee, said the case highlighted the need for tighter regulation.

“The Chinese Communist party remembers the old communist slogan that ‘the capitalists will sell us the rope with which we will hang them’,” said Moolenaar. “We need strong outbound capital restrictions to prevent American firms from investing in companies closely tied to the CCP’s armed forces.”

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Intel Capital declined to comment.

Sequoia Capital and GGV Capital, two of the largest US venture investors in China, spun out their Chinese businesses last year amid the mounting political pressure. Qualcomm, Walden and GSR also continue to invest in Chinese start-ups.

In March Intel received about $20bn in grants and loans from the US to fund an expansion of its semiconductor factories, the largest award from the government’s 2022 Chips and Science Act designed to enhance the domestic chip industry. The package will support more than $100bn in US investments from Intel for advanced chipmaking facilities, including building mega-plants in Ohio and Arizona.

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Nasdaq-listed Intel has a large China business, where it employs around 12,000 people and accounted for 27 per cent of global revenue in 2023.

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Chinese multinational Lenovo is one of the three largest customers of its chips, alongside Dell and HP, generating 11 per cent of global revenue. Last month, Intel’s China arm acquired a 3 per cent stake in Shenzhen telecoms equipment maker Luxshare.

Intel Capital’s China business is run by Tianlin Wang, a life-long Intel employee and head of the unit since 2017. It has six other investment directors in the country. Globally, Intel Capital has invested more than $20bn since the early 1990s and is led by Anthony Lin in San Francisco.

Intel Capital has participated in Chinese start-up deals worth a total $1.4bn since 2015, according to data from PitchBook. That figure relates to the total value of the deals rather than Intel Capital’s individual contribution, which the firm does not make public.

As early as 2014, Intel Capital announced it had invested $670mn in more than 110 Chinese technology companies, and in 2015 alone it gave $67mn to eight Chinese tech companies. Since then, Intel Capital has not publicly revealed the scale of its investments in China.

A report in February 2023 by the US Center for Security and Emerging Technology, a DC think-tank, into the national security risks associated with US investment in Chinese AI companies, found that Intel Capital participated in 11 deals for such companies between 2015 and 2021. A person close to Intel said there were only four AI deals during this time.

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In some cases, the US fund obtained a board seat, such as at Horizon Robotics, a chipmaker, and Eeasy Tech, which designs AI chips for facial recognition and that was also backed by the Zhuhai provincial government.

“Intel Capital’s investments in Chinese AI firms have led to the formation of strategic collaborations that could benefit the Chinese companies in a way that complements Chinese government strategies,” that report said.

In one case, Intel Capital helped fund the creation of a Chinese company that was later sanctioned by the US. The fund was one of the earliest investors in AI voice recognition group iFlytek, acquiring a 3 per cent stake in 2002 before selling the shareholding two years later. The company was one of six Chinese companies banned by the US in 2019 for their roles in alleged human rights abuses in Xinjiang.

“The fear of missing out in the AI era has created a sense of urgency for Intel Capital,” said the head of a rival Chinese venture firm that has co-invested alongside them. “Intel is under such fierce competition in AI in the US, they can’t afford to be left behind, so they have to look around the world for where to deploy money into AI and China is one of the very few options.”

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Why men should really be reading more fiction

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Why men should really be reading more fiction

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A friend sent a meme to a group chat last week that, like many internet memes before it, managed to implant itself deep into my brain and capture an idea in a way that more sophisticated, expansive prose does not always manage. Somewhat ironically, the meme was about the ills of the internet. 

“People in 1999 using the internet as an escape from reality,” the text read, over an often-used image from a TV series of a face looking out of a car window. Below it was another face looking out of a different car window overlaid with the text: “People in 2026 using reality as an escape from the internet.” 

Oof. So simple, yet so spot on. With AI-generated slop — sorry, content — now having overtaken human-generated words and images online, with social media use appearing to have peaked and with “dumb phones” being touted as this year’s status symbol, it does feel as if the tide is beginning to turn towards the general de-enshittification of life. 

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And what could be a better way to resist the ever-swelling stream of mediocrity and nonsense on the internet, and to stick it to the avaricious behemoths of the “attention economy”, than to pick up a work of fiction (ideally not purchased on one of these behemoths’ platforms), with no goal other than sheer pleasure and the enrichment of our lives? But while the tide might have started to turn, we don’t seem to have quite got there yet on the reading front, if we are on our way there at all.

Two-fifths of Britons said last year that they had not read a single book in the previous 12 months, according to YouGov. And, as has been noted many times before on both sides of the Atlantic, it is men who are reading the least — just 53 per cent had read any book over the previous year, compared with 66 per cent of women — both in overall numbers and specifically when it comes to fiction.

Yet pointing this out, and lamenting the “disappearance of literary men”, has become somewhat contentious. A much-discussed Vox article last year asked: “Are men’s reading habits truly a national crisis?” suggesting that they were not and pointing out that women only read an average of seven minutes more fiction per day than men (while failing to note that this itself represents almost 60 per cent more reading time).

Meanwhile an UnHerd op-ed last year argued that “the literary man is not dead”, positing that there exists a subculture of male literature enthusiasts keeping the archetype alive and claiming that “podcasts are the new salons”. 

That’s all well and good, but the truth is that there is a gender gap between men and women when it comes to reading and engaging specifically with fiction, and it’s growing.

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According to a 2022 survey by the US National Endowment for the Arts, 27.7 per cent of men had read a short story or novel over the previous year, down from 35.1 per cent a decade earlier. Women’s fiction-reading habits declined too, but more slowly and from a higher base: 54.6 per cent to 46.9 per cent, meaning that while women out-read men by 55 per cent in 2012 when it came to fiction, they did so by almost 70 per cent in 2022.

The divide is already apparent in young adulthood, and it has widened too: data from 2025 showed girls in England took an A-Level in English literature at an almost four-times-higher rate than boys, with that gap having grown from a rate of about three times higher just eight years earlier.

So the next question is: should we care and, if so, why? Those who argue that yes, we should, tend to give a few reasons. They point out that reading fiction fosters critical thinking, empathy and improves “emotional vocabulary”. They argue that novels often contain heroic figures and strong, virtuous representations of masculinity that can inspire and motivate modern men. They cite Andrew Tate, the titan of male toxicity, who once said that “reading books is for losers who are afraid to learn from life”, and that “books are a total waste of time”, as an example of whose advice not to follow. 

I agree with all of this — wholeheartedly, I might add. But I’m not sure how many of us, women or men, are picking up books in order to become more virtuous people. Perhaps the more compelling, or at least motivating, reason for reading fiction is simply that it offers a form of pleasure and attention that the modern world is steadily eroding. In a hyper-capitalist culture optimised for skimming and distraction, the ability to sit still with a novel is both subversive and truly gratifying. The real question, then, is why so many men are not picking one up.

jemima.kelly@ft.com

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Slow-moving prisoner releases in Venezuela enter 3rd day after government announces goodwill effort

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Slow-moving prisoner releases in Venezuela enter 3rd day after government announces goodwill effort

SAN FRANCISCO DE YARE, Venezuela — As Diógenes Angulo was freed Saturday from a Venezuelan prison after a year and five months, he, his mother and his aunt trembled and struggled for words. Nearby, at least a dozen other families hoped for similar reunions.

Angulo’s release came on the third day that families had gathered outside prisons in the capital, Caracas, and other communities hoping to see loved ones walk out after Venezuela ’s government pledged to free what it described as a significant number of prisoners. Members of Venezuela’s political opposition, activists, journalists and soldiers were among the detainees that families hoped would be released.

Angulo was detained two days before the 2024 presidential election after he posted a video of an opposition demonstration in Barinas, the home state of the late President Hugo Chávez. He was 17 at the time.

“Thank God, I’m going to enjoy my family again,” he told The Associated Press, adding that others still detained “are well” and have high hopes of being released soon. His faith, he said, gave him the strength to keep going during his detention.

Minutes after he was freed, the now 19-year-old learned that former President Nicolás Maduro had been captured by U.S. forces Jan. 3 in a nighttime raid in Caracas.

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The government has not identified or offered a count of the prisoners being considered for release, leaving rights groups scouring for hints of information and families to watch the hours tick by with no word.

President Donald Trump has hailed the release and said it came at Washington’s request.

On Thursday, Venezuela ’s government pledged to free what it said would be a significant number of prisoners. But as of Saturday, fewer than 20 people had been released, according to Foro Penal, an advocacy group for prisoners based in Caracas. Eight hundred and nine remained imprisoned, the group said.

A relative of activist Rocío San Miguel, one of the first to be released and who relocated to Spain, said in a statement that her release “is not full freedom, but rather a precautionary measure substituting deprivation of liberty.”

Among the prominent members of the country’s political opposition who were detained after the 2024 presidential elections and remain in prison are former lawmaker Freddy Superlano, former governor Juan Pablo Guanipa, and Perkins Rocha, lawyer for opposition leader María Corina Machado. The son-in-law of opposition presidential candidate Edmundo González also remains imprisoned.

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One week after the U.S. military intervention in Caracas, Venezuelans aligned with the government marched in several cities across the country demanding the return of Maduro and his wife Cilia Flores. The pair were captured and transferred to the United States, where they face charges including conspiracy to commit narco-terrorism.

Hundreds demonstrated in cities including Caracas, Trujillo, Nueva Esparta and Miranda, many waving Venezuelan flags. In Caracas, crowds chanted: “Maduro, keep on going, the people are rising.”

Acting president Delcy Rodríguez, speaking at a public social-sector event in Caracas, again condemned the U.S. military action on Saturday.

“There is a government, that of President Nicolás Maduro, and I have the responsibility to take charge while his kidnapping lasts … . We will not stop condemning the criminal aggression,” she said, referring to Maduro’s ousting.

On Saturday, Trump said on social media: “I love the Venezuelan people and I am already making Venezuela prosperous and safe again.”

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After the shocking military action that overthrew Maduro, Trump stated that the United States would govern the South American country and requested access to oil resources, which he promised to use “to benefit the people” of both countries.

Venezuela and the United States announced Friday that they are evaluating the restoration of diplomatic relations, broken since 2019, and the reopening of their respective diplomatic missions. A mission from Trump’s administration arrived in the South American country on Friday, the State Department said.

Venezuelan Foreign Minister Yván Gil responded to Pope Leo XIV, who on Friday called for maintaining peace and “respecting the will of the Venezuelan people.”

“With respect for the Holy Father and his spiritual authority, Venezuela reaffirms that it is a country that builds, works, and defends its sovereignty with peace and dignity,” Gil said on his Telegram account, inviting the pontiff “to get to know this reality more closely.”

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Video: Raising a Baby in Altadena’s Ashes

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Video: Raising a Baby in Altadena’s Ashes

“So, my daughter, Robin, was born Jan. 5, 2025.” “Hi, baby. That’s you.” “When I first saw her, I was like, ‘Oh my God, she’s here.’” “She was crying and immediately when she was up on my face, she stopped crying.” “I got the room with the view.” “But it wasn’t until way later, I saw a fire near the Pasadena Mountains.” “We’re watching the news on the TV, hoping that it’s just not going to reach our house.” “The Eaton fire has scorched over 13,000 acres.” “Sixteen people confirmed dead.” “More than 1,000 structures have been destroyed.” “And then that’s when we got the call. Liz’s mom crying, saying the house is on fire.” “Oh, please. No, Dios mio. Go back. Don’t go that way. It’s closed. Go, turn. Turn back.” “Our house is burning, Veli.” “Oh my God.” “It was just surreal. Like, I couldn’t believe it.” “There’s nothing left.” “Not only our house is gone, the neighbors’ houses are gone, her grandma’s house is gone. All you could see was ash.” “My family has lived in Altadena for about 40 years. It was so quiet. There’s no freeways. My grandmother was across the street from us. All our family would have Christmas there, Thanksgivings. She had her nopales in the back. She would always just go out and cut them down and make salads out of them. My grandmother is definitely the matriarch of our family. My parents, our house was across the street. And then me and Javi got married right after high school.” “My husband’s getting me a cookie.” “Me and Javi had talked a lot about having kids in the future. Finally, after 15 years of being married, we were in a good place. It was so exciting to find out that we were pregnant. We remodeled our whole house. We were really preparing. My grandmother and my mom, they were like, crying, and they were like, so excited.” “Liz!” “I had this vision for her, of how she would grow up, the experiences maybe she would have experiencing my grandmother’s house as it was. We wanted her to have her childhood here. But all of our preparation went out the window in the matter of a few hours.” “And we’re like, ‘What do we do?’ And then we get a phone call. And it was Liz’s uncle. He was like, ‘Hey, come to my house. We have a room ready for you.’” “In my more immediate family, nine people lost their homes, so it was about 13 people in the house at any given point for the first three months of the fire. It was a really hard time. We had to figure out insurance claim forms, finding a new place to live, the cost of rebuilding — will we be able to afford it? Oh my gosh, we must have looked at 10 rentals. The experience of motherhood that I was hoping to have was completely different. Survival mode is not how I wanted to start. “Hi, Robin.” “Robin — she was really stressed out. “She’s over it.” “Our stress was radiating towards Robin. I feel like she could feel that.” “There was just no place to lay her safely, where she could be free and not stepped over by a dog or something. So she was having issues gaining strength. So she did have to go to physical therapy for a few months to be able to lift her head.” “One more, one more — you can do it.” “All the stress and the pain, it was just too much.” “Then Liz got really sick.” “I didn’t stop throwing up for five hours. Javi immediately took me to the E.R. They did a bunch of tests and figured out it was vertigo, likely stress-induced. It felt like, OK, something has to slow down. I can’t just handle all of it myself all the time. My mom is so amazing and my grandmother, they really took care of us in a really wonderful way. So — yeah.” “We’ve been able to get back on our feet. “Good high-five.” “I think it has changed how I parent. I’m trying to shed what I thought it would be like, and be open to what’s new. Robin is doing much better. She’s like standing now and trying to talk. She says like five words already. Even if it’s not exactly home for Robin, I wanted to have those smells around. You walk in and it smells like home. For us, it’s definitely tamales. My grandmother’s house is not being rebuilt. I can tell she’s so sad. “Let me just grab a piece of this.” “So right now, where Javi’s standing is the front. One bedroom there, here in the middle, and Robin’s bedroom in the corner. My grandma will live with us versus across the street, which is silver linings. Yeah, and we did make space for a garden for her.” “What are you seeing? What do you think? What do you think, Robin?” “The roots of Altadena — even though they’re charred — they’re going to be stronger than before.” “How strong you can be when something like this happens, I think is something that’s really important for her to take on. And that I hope Altadena also takes on.”

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