Finance

Chinese AI startup Shengshu launches image-to-video tool, rivaling Sora

Published

6 months ago

November 13, 2024

Business Finance News

Pictured here is an AI-generated clip from Vidu’s website. The tool can create videos from text or image prompts.

Evelyn Cheng | CNBC

BEIJING — Beijing-based Shengshu Technology on Wednesday said that its artificial intelligence-powered text-to-video tool Vidu will now be able to generate videos by combining images.

Vidu already allows users worldwide to create 8-second clips based on written prompts. While OpenAI — the maker of ChatGPT — in February revealed that its AI model Sora could generate one-minute videos from text, it has yet to release that publicly.

Vidu’s new AI feature can combine three pictures — such as a shirt, person and moped — into a video of the person wearing the shirt and driving the moped through a scene, Shengshu said.

Other platforms claim they can turn text or images into videos using AI, but the quality of output varies. The breakthrough that Shengshu claims is the ability to take three unique images and integrate them with visual consistency into an AI-generated video.

“Very early on we pinpointed [visual consistency] as the problem, and wanted to solve it well,” Fan Bao, chief technology officer at Shengshu, said in Mandarin, translated by CNBC.

Vidu launched in April and its ability to turn two profile photos into lifelike videos of people hugging went viral on TikTok.

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The AI video generator is already making money from advertisers, animators and other businesses, Shengshu co-founder and CEO Jiayu Tang said in Mandarin, according to a CNBC translation. He said monthly usage rates per customer can range from 100,000 yuan to 1 million yuan ($13,871 to $138,711).

To address copyright issues, Tang said a company might sign a deal with an artist that allows the AI to mimic the artist’s style of painting for an advertisement. He said he hadn’t seen significant legal cases around consumers’ use of images.

Tang added that Vidu doesn’t allow the public to generate content using images of celebrities or “sensitive” individuals. He said the AI tool also bans nudes and violent images. As for personal photos, Tang said Vidu destroys the data in accordance with general data protection regulation — a global benchmark.

Shengshu was founded last year with backers including Baidu Ventures, Alibaba-affiliate Ant Group, Chinese startup Zhipu AI, Qiming Venture Partners and Beijing city, according to PitchBook.

Tang said Vidu’s AI runs off rented cloud servers in China and abroad.

Finance

BRK, SKX, TSN, NFLX and more

Published

4 hours ago

May 5, 2025

Business Finance News

Finance

Berkshire Hathaway shares dip nearly 3% after shocking Buffett exit and an earnings decline

Published

8 hours ago

May 5, 2025

Business Finance News

People watch as Berkshire Hathaway chairman Warren Buffett is seen on a screen speaking at the Berkshire Hathaway Inc annual shareholders’ meeting, in Omaha, Nebraska, U.S., May 3, 2025.

Brendan McDermid | Reuters

Berkshire Hathaway shares are hanging on solidly Monday as investors process Warren Buffett‘s surprise announcement to step down and envision a new path for the conglomerate after his legendary 60-year run.

Buffett, 94, picked the very last moment at Berkshire’s annual meeting in Omaha, Nebraska, to tell his loyal shareholders that it’s time for Greg Abel, vice chairman of non-insurance operations, to replace him as CEO. The board voted unanimously on Sunday to make Abel president and CEO on Jan. 1, 2026, and for Buffett to remain as chairman.

Class B shares fell 2.9% in premarket trading Monday after hitting an all-time high at $539.80 Friday. Class A shares dropped 2.8% after closing at a record high at $809,350 apiece. Berkshire issued Class B shares in 1996 at a price equal to one-thirtieth of a Class A share. In 2010, Berkshire Class B shares split 50-for-1.

“Shareholders should welcome this transparent transition, but also have confidence that Warren isn’t going anywhere,” said Macrae Sykes, portfolio manager at Gabelli Funds and a Berkshire shareholder. “Retaining the position of Chairman means he can continue to mentor Greg and the Berkshire leaders, while also providing additional intellectual capacity when the inevitable time for more major capital allocation occurs.”

It marks an end of an epic era for Berkshire, which was a failing New England textile mill six decades ago when Buffett used an investment partnership he ran to take control. Berkshire has grown into a one-of-a-kind juggernaut worth nearly $1.2 trillion with businesses encompassing insurance, railroad, retail, manufacturing and energy. Buffett is handing over his reins on a particularly high note as Berkshire shares just reached a new peak Friday.

Berkshire Hathaway Class B shares

“Buffett leaves a company that is less reliant on his investing capabilities, with an array of leading businesses with strong cash flows,” Brian Meredith, UBS’ Berkshire analyst, said in a note. “Operationally, we expect little change at BRK and the culture/strategy to remain unchanged under Abel.”

The stock could also be reacting to Berkshire’s first-quarter results that showed a 14% decline in operating earnings, driven by a 48.6% plunge in insurance-underwriting profit. Berkshire said the Southern California wildfires led to a $1.1 billion loss during the period.

Berkshire shares have significantly outperformed the S&P 500, rising nearly 19% this year. Investors seeking relatively safe places to hide find Berkshire appealing because of the defensive nature of its huge insurance empire and the conglomerate’s unmatched balance sheet.