Xiao-I's VIE Wins Patent Infringement Case Against Apple
Xiao-I (AIXI) provided an additional material update on its variable interest entity's, or VIE's, ongoing patent infringement lawsuit against Apple Computer Trading Shanghai, Apple (AAPL), and Apple Computer Trading Shanghai. The lawsuit centers on allegations that Apple infringed on the VIE's intellectual property rights related to core artificial intelligence technology, with the legal proceedings having advanced through key appellate stages since the Company's last update. On March 27, the Supreme People's Court rendered its final second-instance judgments on Apple's appeal. In the ruling, the Supreme People's Court formally rejected Apple's application to have Xiao-I's VIE's relevant patents declared invalid and affirmed the legality and validity of such patents in full. This judgment constitutes a final and binding ruling under the laws of the People's Republic of China, with no further right of appeal available to either party in respect of the patent validity determination. There can be no assurance as to the ultimate outcome of the remaining proceedings against Apple, there is no guarantee that the company will be awarded any financial compensation.