Huawei Sets Blacklist Cost At £8bn As It Introduces Latest AI Tech Silicon UK Tech

Huawei said on Friday it expects to lose $10 billion (£8bn) in revenues this year to sanctions imposed by the US in May, lower than an earlier estimate of $30bn. The company made the remarks as it unveiled a new AI chip and computing framework as part of broader efforts to phase out its reliance on technology made in the US. Huawei deputy chairman Eric Xu said the company was doing "much better" than initially feared, but that a sales "reduction of more than $10bn could happen". The company's revenues gained a boost from domestic sales, which surged by nearly one-third year-on-year in the June quarter. In May the US placed Huawei on a national security "entity list" that prevents US firms from trading with it, and while it has thus far imposed a series of delays that have prevented the sanctions from taking place, the uncertainty has led to a steep drop in Huawei's global sales.