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China's Xiaomi loses a top exec

Hugo Barra, a VP at the Chinese mobile device maker, announced on Sunday he'll be leaving the company next month and moving back to Silicon Valley after 3.5 years. Hiring him away from Google was considered a big get for Xioami at the time.

Why now? Barra says in a Facebook post that his lifestyle at Xiaomi has started to take a toll on him and his health. At the same time, he says Xiaomi has grown enough that it can continue to thrive without him. After some time off, he'll be "embarking on a new adventure back in Silicon Valley."

What about Xiaomi? Barra's departure undoubtedly raises questions about Xiaomi's health.

  • Earlier this month, the company declined for the first time to release sale numbers, with CEO Lei Jung admitting the company grew too fast.
  • Xiaomi's meteoric rise made it one of the most valuable private companies in the world, but whether it can continue to justify remains to be seen.
  • The company has yet to make a meaningful dent in the U.S. market.
Samsung's Note 7 investigation

Samsung officially concludes that the faulty and exploding batteries in its Note 7 smartphones were due to flaws in the design and manufacturing of the batteries

The details: Specifically, Samsung blames a design flaw in the batteries from one its manufacturers, which caused short circuits. Its other manufacturer—which supplied the replacement batteries—had a welding defect that could lead to fires.

Next steps: Nevertheless, Samsung takes full responsibility and has devised a new 8-point testing plan for all lithium ion batteries in its devices.

Go deeper

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Investors increase their exuberance

Illustration: Eniola Odetunde/Axios

U.S. stocks jumped across the board on Monday and the S&P 500 had its best day since June 5, as the bulls stepped in and bought the dips in stock prices following last week's minor selloff.

Why it matters: While some have worried rising U.S. interest rates would dampen investor exuberance over the expected pickup in economic growth thanks to increasing vaccine numbers and big fiscal spending hopes, Monday showed investors still like risk assets. A lot.

3 hours ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.

Ina Fried, author of Login
3 hours ago - Technology

China will dominate AI unless U.S. invests more, commission warns

Photo illustration: Axios Visuals. Photo: Krisztian Bocsi/Bloomberg via Getty Images

The U.S., which once had a dominant head start in artificial intelligence, now has just a few years' lead on China and risks being overtaken unless government steps in, according to a new report to Congress and the White House.

Why it matters: Former Google CEO Eric Schmidt, who chaired the committee that issued the report, tells Axios that the U.S. risks dire consequences if it fails to both invest in key technologies and fully integrate AI into the military.