Caroline Hyde

But if you look at some of the details, it's very, very interesting.

So SMIC is still producing these chips at 7 nanometers, so well behind the 3 nanometer that we see from TSMC at this point.

Also, the yields, we've got some insights into the yields.

Only about 20% of the chips they're making right now are actually usable.

So that's only one out of five chips that they produce they're actually able to use.

You compare that with the TSMC, which is up at 80 or 90 percent yields.

Their economics are just totally different.

But it's a sign of how badly Beijing wants to be able to catch up in this market that they're just going to eat those costs.

They're going to eat four times the cost of what it would cost some other globally competitive manufacturers to make these chips because they feel like from a strategic standpoint, they need to make this progress.

Peter Ahlstrom, brilliant reporting.

Thank you very much indeed.

Shares of UiPath having their best day in two years after the automation software provider reported earnings that showed accelerating growth in the third quarter.

I'm pleased to say founder CEO Daniel Dines joins us for more.

You're like the OG.

You've been doing this for two decades, automating processes.

You're thinking about repetitive administration and the tasks you can take away from a human.

How are you building in AI agents into that?

Let's talk about that resonating, Daniel, because we're hearing more and more that really the barriers are at the moment adoption or a willingness to pay.

How are you seeing clients deal with that?

Yeah, stock reaction.