Opening Bell ð is Tech in Asiaâs free newsletter that brings you the biggest news and latest trends around Asiaâs publicly listed tech companies. [Read from your browser]( Opening Bell ð Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asiaâs publicly listed tech companies. If youâre not a subscriber, get access by [registering here](.
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--------------------------------------------------------------- Â Written by Samreen Ahmad
 Journalist
 Hello {NAME} In India, two phenomena are on the rise: temperatures and the stock market index. Temperatures in my city, Bengaluru, soared to an unprecedented 40 degrees Celsius. Meanwhile, the stock exchangeâs bull run persists. The Sensex, Indiaâs benchmark index, has crossed 75,000 points in a [historic feat](. These events harbor surprising elements. Bengaluru, renowned for its pleasant weather nationwide, finds itself in an unusual scenario. Similarly, while a bull run typically signifies increased VC investment, thereâs a deviation happening here. Despite a flourishing market and a robust pipeline of IPOs from companies such as Oyo, Swiggy, Ola, and MobiKwik, VC investments in India declined nearly 63% between 2022 and 2023, according to a Bain & Company [report](. In this weekâs Big Story, I delve into the reasons behind the disconnect between Indiaâs stock market and its VC ecosystem. Meanwhile, it rained in Bengaluru on May 2, offering respite from the heat. -- Samreen
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THE BIG STORY [Indiaâs companies thrive on public markets, but VCs are holding back](
Cautious VCs, vigilant LPs, and concerns of potential down rounds among startups have dampened investor sentiment in Indiaâs flourishing market. ---------------------------------------------------------------
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3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1ï¸â£Â Copyright chaos: Eight US newspapers, including the New York Daily News, Chicago Tribune, and The Denver Post, have [filed a lawsuit]( against OpenAI and Microsoft (MSFT, NYSE), claiming that the tech giants used copyrighted articles to train AI models without obtaining permission or offering compensation for the use of the content. As the use of AI becomes more prevalent, there could be a parallel surge in copyright infringement cases. Training AI models relies on large datasets from various sources such as websites, books, and articles. The implicated tech companies will need to negotiate licensing agreements to avoid future copyright violations. 2ï¸â£Â Retracting IPOs: Recent [reports]( have suggested that India-based FirstCry, an ecommerce firm specializing in babycare products, is considering withdrawing its IPO application due to inquiries from the Securities and Exchange Board of India regarding the company's key metrics. Such incidents could have some implications for Swiggy, MobiKwik, Ola, and Oyo, which are all gearing up to list on Indian bourses. With the market regulator [tightening]( its scrutiny of IPO-bound firms concerning their valuation methodologies, other hopefuls in the startup sphere may also find themselves needing to retract their listing plans, particularly those that have yet to achieve profitability. 3ï¸â£Â On the cloud: In the first quarter of 2024, ecommerce titan Amazon (AMZN, NDAQ) [tripled its quarterly profit]( year on year. The figure surpassed US$10 billion, with the growth largely driven by its cloud business. However, the company still noted that ecommerce âremains an essential component of the Amazon flywheel.â Nevertheless, this marks a crucial moment for Amazon and its AI initiatives as it targets a revenue of US$100 billion from its cloud computing division this year. This comes as the company intends to invest billions of dollars in data centers in Mexico, Saudi Arabia, and the US over the next few years.
 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [US$2.2 billion]( The amount Microsoft has pledged to invest in Malaysiaâs AI infrastructure. This comes amid CEO Satya Nadellaâs Southeast Asia tour, where he has made a similar commitment to Indonesia. - [89%]( The year-on-year improvement in [adjusted EBITDA]( for GoTo (GOTO, IDX) during the first quarter of 2024. CFO Jacky Lo said that the company is on track to âmaintain adjusted EBITDA profitability for the full year.â THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Muskâs Chinese dreams: Recently, Elon Musk landed unannounced in China. [Reportedly]( the Tesla (TSLA, NDAQ) CEO was in the country to potentially launch the electric vehicle firmâs full self-driving (FSD) software and to discuss permissions for data transfer overseas. He has been seeking Chinese data to improve Teslaâs self-driving tech globally. The launch of the FSD software could provide a significant boost to Tesla, which has been struggling with [sluggish EV sales](. The visit occurs amid escalating tensions between the US and China in the tech sector, notably with the US Senate [passing a bill]( mandating TikTokâs parent ByteDance to sell its US operations in a year or face a ban in the country. If the tension spills to the EV sector, Muskâs Chinese aspirations may remain unrealized indefinitely. ---------------------------------------------------------------
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EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asiaâs signature events [here](.
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[Saigon Summit 2024 : Charting Vietnamâs Tech Future on May 30](
From local heroes to global players, Saigon Summit unites the brightest minds in tech, from Vietnam and beyond, to ignite collaboration and innovation. Join executives from Monk's Hill Ventures, Social Bella, and Selex Motors as they share their insights on funding, regional expansion, and the future of mobility. Make Vietnamâs tech ecosystem a global force to be reckoned with - [get your ticket before the sale ends on May 8!](
[Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25](
We'll be joined by some amazing speakers, including Khailee Ng, managing partner of 500 Global, who will deliver a keynote speech on opportunities in Malaysiaâs tech ecosystem; Kah Meng Wong, co-founder of Funding Societies, who will share his insights on the Islamic fintech industry; and Dione Song, CEO of Love Bonito, who will talk about business expansion beyond Asia. Don't miss out - [purchase your tickets]( today!
[Product Development Conference (Jakarta, 25-26 June 2024)](
In this edition of Tech in Asiaâs flagship conference for product talent, get access to keynote presentations, interactive Q&As, and networking opportunities that help you to build, launch, and scale world-class products. Early-bird tickets are gone, but fear notâyou can now grab first-release tickets at 50% off! Better yet, bring 2 friends and secure an extra 20% off. [Secure your spot now.]( [Tech in Asiaâs Founders Meetup in Vietnam on May 30](
Learn from the minds behind *Tech in Asia* at Founders Meetup Vietnam, and engage in one-on-one conversations with our founder Willis Wee, editor-in-chief Terence Lee, and other key team members. Whether you're seeking advice on building a successful tech company, navigating the media landscape, or amplifying your startup's story, this is your chance to ask them anything. [Secure your spot at Founders Meetup today]( and enjoy a 10% discount with the code VNTIASPECIAL10 - limited redemptions available!
[Saigon Summit Exclusive : Investor Hour on May 30](
We know that fundraising is a daunting task. So let us take the stress and guesswork out of the process and turn it into a rewarding experience by opening doors to the right investors at Investor Hour. Itâs time to convince them that investing in your startup isnât a smart move - itâs the smartest one. [Sign up NOW to secure your slot!](
[Saigon Summit Exclusive : AWS GenAI Showcase on May 30](
The future of AI is generative â get a front-row seat to the latest advancements. This Saigon Summit exclusive features top startups unveiling cutting-edge genAI solutions that can revolutionize your business and give valuable insights for your own AI journey. Connect with leading founders, investors, and enterprise innovators, and learn from experts who have successfully implemented genAI solutions. Seats are limited, so [RSVP today!]( Thatâs it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](
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