Chinese tech giant Huawei has announced a series of new innovations at its annual developer conference in the city of Dongguan, south China's Guangdong Province. Artificial intelligence (AI) remains a priority, with Huawei introducing Pangu Large Model 5.0, designed for the practical needs of specific industries. The company says it's more compatible with different business scenarios and more accurate in solving complex thinking tasks. 

Huawei's net profits more than doubled in 2023, which the company attributes to "better product offerings." The Shenzhen-based firm remains in the crosshairs of the China-U.S. tech rivalry. Last month, Washington revoked more export licenses for chips to Huawei. Now, U.S. officials are considering new restrictions on China's chip sector, particularly targeting high-bandwidth AI memory chips. Some analysts argue that a "global blockade" of Chinese tech will eventually erode the benefits of technological advancements born out of globalization and fair competition.