Leading lights of the tech industry met in Lisbon yesterday for the Web Summit, the sector’s first big event since the US election, with Donald Trump’s victory expected to be a key theme of their discussions.
The tech industry is holding its breath to see what Trump’s second term will bring when he takes over in January, especially as Space Exploration Technologies Corp (SpaceX) and Tesla Inc chief executive officer Elon Musk is expected to have a huge influence on the next US government.
During Trump’s last term from 2017 to 2021, big tech firms were often at odds with the president, particularly given his crackdown on immigration and ramping up the trade war with China.
Photo: Patricia De Melo Moreira
The Web Summit runs until tomorrow with some 3,000 start-ups pitching their products to 1,000 investors, and 70,000 visitors taking part in events and debates, according to the organizers.
Thousands poured through the doors on the first full day of the event, delegates from countries and local governments manning pavilions with splashy slogans and sleek logos, flanked by banks of stands devoted to start-ups.
Among yesterday’s high-profile speakers was Cristiano Amon, boss of chip giant Qualcomm Inc, who played down the impact of Trump’s election.
"We’ve done well globally regardless of the administration," he said in a press conference, adding that his firm also was managing to thrive in China despite the current trade war with the United States.
Ukraine, whose future depends on Western support to push back against the Russian invasion, brought 24 start-ups to the event.
"Times are very challenging," said Yana Hulak from the Ukrainian Startup Fund when asked about the ongoing war and the changes in leadership in Washington.
"The country’s priorities are in the military sector. We are trying to showcase civilian technology," she told AFP.
"We’ve got start-ups here covering sectors from education to insurance."
The event kicked off on Monday night with singer Pharrell Williams bringing star power to the proceedings.
Organizers were keen to move on from last year’s edition when a string of big firms pulled out after Web Summit chief executive Paddy Cosgrave wrote social media posts accusing Israel of war crimes in Gaza.
Cosgrave stepped down but has since returned to his post. He made no reference to the controversy in his opening speech on Monday, saying simply: "It’s good to be back."
Cosgrave stressed that the Web Summit is focused on the start-up ecosystem first and foremost. But big tech firms have returned to the gathering this year with Meta Platforms Inc, Google and others all represented.
Kuo Zhang (張闊), president of Alibaba.com (阿里巴巴國際站), took to the stage to outline the features of a new artificial intelligence-powered search engine called Accio, named after a spell in the Harry Potter series.
Microsoft Corp president Brad Smith was also on hand to extol the benefits of artificial intelligence (AI).
His firm has ploughed billions into the tech and he told the audience AI was "the next great general purpose technology."
On the other side of the debate, prominent AI critic Max Tegmark, president of the Future of Life Institute, told the event on Monday that humanity could be on the path to oblivion.
He was especially critical of the competition between nations to build ever more powerful AI.
"It’s not an arms race between the US and China, it’s a suicide race," he said.
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WEAKER ACTIVITY: The sharpest deterioration was seen in the electronics and optical components sector, with the production index falling 13.2 points to 44.5 Taiwan’s manufacturing sector last month contracted for a second consecutive month, with the purchasing managers’ index (PMI) slipping to 48, reflecting ongoing caution over trade uncertainties, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The decline reflects growing caution among companies amid uncertainty surrounding US tariffs, semiconductor duties and automotive import levies, and it is also likely linked to fading front-loading activity, CIER president Lien Hsien-ming (連賢明) said. “Some clients have started shifting orders to Southeast Asian countries where tariff regimes are already clear,” Lien told a news conference. Firms across the supply chain are also lowering stock levels to mitigate
NEGOTIATIONS: Semiconductors play an outsized role in Taiwan’s industrial and economic development and are a major driver of the Taiwan-US trade imbalance With US President Donald Trump threatening to impose tariffs on semiconductors, Taiwan is expected to face a significant challenge, as information and communications technology (ICT) products account for more than 70 percent of its exports to the US, Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) president Lien Hsien-ming (連賢明) said on Friday. Compared with other countries, semiconductors play a disproportionately large role in Taiwan’s industrial and economic development, Lien said. As the sixth-largest contributor to the US trade deficit, Taiwan recorded a US$73.9 billion trade surplus with the US last year — up from US$47.8 billion in 2023 — driven by strong
RESHAPING COMMERCE: Major industrialized economies accepted 15 percent duties on their products, while charges on items from Mexico, Canada and China are even bigger US President Donald Trump has unveiled a slew of new tariffs that boosted the average US rate on goods from across the world, forging ahead with his turbulent effort to reshape international commerce. The baseline rates for many trading partners remain unchanged at 10 percent from the duties Trump imposed in April, easing the worst fears of investors after the president had previously said they could double. Yet his move to raise tariffs on some Canadian goods to 35 percent threatens to inject fresh tensions into an already strained relationship, while nations such as Switzerland and New Zealand also saw increased
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