Bloomberg Global smartphone shipments suffered their worst quarterly drop on record in a clear sign of cooling consumer demand that signals more pain for manufacturing hubs like South Korea and Vietnam. Shipments declined 18.3% in the December 2022 quarter compared to a year earlier, to a little over 300 million units, Needham, Massachusetts-based IDC said. For the year, shipments …

  Bloomberg Hyundai Motor Co. will invest 10.5 trillion won ($8.5 billion) over the course of 2023, according to an exchange filing, as it moves to electrify more of its fleet to sate rising consumer demand for cleaner cars. The money will be spent primarily on research and development and on building a new plant in Georgia, the Seoul-based automaker …

  Bloomberg Microsoft Corp is investing heavily in artificial intelligence (AI), but don’t expect the magic of OpenAI’s ChatGPT to show up in its signature Word program quite yet. The software giant announced a $10 billion investment in OpenAI, whose AI tool ChatGPT is trained on troves of data to generate human-like responses to prompts in seconds. Microsoft plans to …