A trio linked with a US technology supplier have been charged over a ploy to smuggle American artificial intelligence (AI) chips to China, the Department of Justice said on Thursday. The individuals allegedly conspired to sell billions of dollars' worth of technology to buyers in China by faking documents and using dummy equipment to slip past audits, according to the DOJ. The goods in question included Nvidia-made semiconductors, highly coveted AI chips which are subject to export controls. In August 2025, two Chinese nationals were also arrested and charged with illegally shipping millions of dollars' worth of Nvidia chips to China. The DOJ said in a statement on Thursday that it had arrested US-citizen Yih-Shyan Wally Liaw and Taiwanese citizen Ting-Wei Willy Sun, while Ruei-Tsang Steven Chang, a Taiwanese citizen, remains a fugitive.

With the goal of making high-resolution forecasts of regional rainfall, precipitation nowcasting has become an important and fundamental technology underlying various public services ranging from rainstorm warnings to flight safety. Recently, the Convolutional LSTM (ConvLSTM) model has been shown to outperform traditional optical flow based methods for precipitation nowcasting, suggesting that deep learning models have a huge potential for solving the problem. However, the convolutional recurrence structure in ConvLSTM-based models is location-invariant while natural motion and transformation (e.g., rotation) are location-variant in general. Furthermore, since deep-learning-based precipitation nowcasting is a newly emerging area, clear evaluation protocols have not yet been established. To address these problems, we propose both a new model and a benchmark for precipitation nowcasting. Specifically, we go beyond ConvLSTM and propose the Trajectory GRU (TrajGRU) model that can actively learn the location-variant structure for recurrent connections. Besides, we provide a benchmark that includes a real-world large-scale dataset from the Hong Kong Observatory, a new training loss, and a comprehensive evaluation protocol to facilitate future research and gauge the state of the art.

Low-precision training is critical for optimizing the trade-off between model quality and training costs, necessitating the joint allocation of model size, dataset size, and numerical precision. While empirical scaling laws suggest that quantization impacts effective model and data capacities or acts as an additive error, the theoretical mechanisms governing these effects remain largely unexplored. In this work, we initiate a theoretical study of scaling laws for low-precision training within a high-dimensional sketched linear regression framework. By analyzing multiplicative (signal-dependent) and additive (signal-independent) quantization, we identify a critical dichotomy in their scaling behaviors. Our analysis reveals that while both schemes introduce an additive error and degrade the effective data size, they exhibit distinct effects on effective model size: multiplicative quantization maintains the full-precision model size, whereas additive quantization reduces the effective model size. Numerical experiments validate our theoretical findings. By rigorously characterizing the complex interplay among model scale, dataset size, and quantization error, our work provides a principled theoretical basis for optimizing training protocols under practical hardware constraints.

The central objective of empirical asset pricing is to identify firm-level signals that explain the cross-section of expected stock returns--whether through exposure to risk factors or persistent mispricing. The dominant paradigm, grounded in the assumption of self-predictability, asserts that a firm's own characteristics forecast its own returns (see, e.g., Cochrane (2011); Harvey et al. (2016)). Complementing this view is a growing literature on cross-predictability--the idea that the characteristics or returns of one asset can help forecast the returns of others (see, e.g., Lo and MacKinlay (1990); Hou (2007); Cohen and Frazzini (2008); Cohen and Lou (2012); Huang et al. (2021, 2022)). A key mechanism underpinning this phenomenon is the presence of lead-lag effects, whereby price movements or information from one firm precede and predict those of related firms. Such effects can stem from staggered information diffusion, peer influence within industries, supply chain linkages, or correlated trading by institutional investors that induces price pressure across related assets. Despite recent methodological advances in modeling cross-stock predictability, several foundational questions remain unresolved. Chief among them is how a mean-variance investor can analytically integrate multiple predictive signals when returns are interconnected across assets. Equally crucial is developing a framework that jointly captures both the relevance of individual signals and the structure of return spillovers--enhancing portfolio performance while preserving interpretability .

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Markov decision processes (MDPs) often suffer from the sensitivity issue under model ambiguity. In recent years, robust MDPs have emerged as an effective framework to overcome this challenge. Distributionally robust MDPs extend the robust MDP framework by incorporating distributional information of the uncertain model parameters to alleviate the conservative nature of robust MDPs.

Neural Information Processing Systems http://nips.cc/