- Lovable is reportedly in talks to raise $300 million, doubling its valuation from $6.6 billion to $13.2 billion.
- The funding round is expected to be led by Menlo Ventures, which recently launched a $3 billion fund.
- The startup has achieved a $500 million annualized revenue run rate and serves a variety of users, including large enterprises.
China’s AI sector faces valuation collapse amid export concerns
The Chinese tech stock market is experiencing a significant downturn as high valuations in the AI sector plummet. This decline is driven by growing fears over the demand for AI technologies and recent export restrictions impacting the industry. As a result, China’s AI bubble appears to have burst, contrasting with the precarious state of global tech stocks.