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Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Ed Ludlow and Ian King report on the skepticism that has greeted startup Substrate’s announcement that it will produce new chipmaking equipment — and new chips — that can shake up the entire industry. Xi’s backdoor crack: Chinese President Xi Jinping cracked a rare joke and a laugh as he gifted his South Korean counterpart two Xiaomi phones built with Korean displays: “check if there’s a backdoor,” he quipped.
