Tag Archives: Business News

There is a growing interest in generative AI space, which has inadvertently resulted in increased demand for Graphical Processing Units (GPUs). OpenAI, the company widely known for its artificial intelligence (AI) chatbot ChatGPT, is reportedly interested in manufacturing custom AI chips. According to a Reuters report, which cited inside sources, OpenAI may already have its eyes set on an unnamed company it intends to partner with, even as its chip-making ambitions go into full throttle....

A filing with the SEC shows that Exxon Mobil’s third-quarter earnings received a major boost from the high crude oil prices Oil and gas giant Exxon Mobil Corp (NYSE: XOM) is said to be in advanced talks to acquire shale-focused company Pioneer Natural Resources Co. According to a Wall Street Journal report citing an anonymous source familiar with the matter, the deal is estimated to be valued at up to $60 billion and could be closed within the coming days. Earlier in April, WSJ had that...

Musk blamed the SEC and the Biden Administration for constant scrutiny into his Twitter acquisition while expressing his confusion and frustration in the matter. On Thursday, October 5, the US Securities and Exchange Commission (SEC) sued Elon Musk in order to force him to testify about the acquisition of Twitter last year. In a legal document filed in the Northern District of California, SEC lawyers have accused Elon Musk of non-compliance with a subpoena mandating his appearance for a...

Alstom highlighted reasons for the free cash flow reduction for H1 of the fiscal year, and predicted a reduced figure for the full year. Shares in French train manufacturer Alstom crashed by more than 35% following a reduction in the company’s forecast for free cash flow. As of this writing, Alstom shares are selling at €13.76, a 35.88% plunge from its previous close at €21.46. Alstom published a press release containing preliminary financial information for the first half of fiscal...

The company initially planned to test its internet satellites aboard ULA’s new Vulcan rocket earlier this year. However, the e-commerce giant faced an unforeseen setback when the rocket experienced an explosion. Amazon is set to take its internet satellite “Project Kuiper” on its first mission to space on Friday, October 6. In a recent announcement on Tuesday, the company said that Project Kuiper will be taking a “protoflight” mission into space with the launch of two test satellites,...

The recent halts in the trading of Metro Bank’s shares on the London Stock Exchange come on the heels of reports that the Bank was seeking to raise $727 million in debt and equity.  In a surprising turn of events, shares of Britain’s Metro Bank Holdings PLC (LON: MTRO) experienced a dramatic plunge, leading to not one but two suspensions on the London Stock Exchange (LSE) in the early hours of today’s trading. Metro Bank’s Volatile Slide According to recent reports, Metro Bank shares...

With the massive fundraise, Anthropic will focus on making significant developments on Claude Next and increase spending to boost its AI model. A week after raising $1.25 billion from tech giant Amazon, OpenAI rival firm Anthropic has tapped Google and others to raise an additional $2 billion in fresh funding. Google had already picked up a 10% stake in Anthropic last year in 2022. Sources familiar with the matter stated that Google is planning to raise its stake further. The two-year-old...

Bird’s second-quarter earnings in 2023 showed a 19% year-over-year reduction in average rides per vehicle daily. Shared micromobility company Bird is downsizing again. The details were contained in an email sent to the entire company by interim CEO Michael Washinushi. “Regrettably, today we need to reduce our headcount in order to achieve our broader goals and to ensure that the entire organization can sustain itself and continue its mission,” admitted he. Bird’s interim CEO noted that the...

Doosan Robotics had an impressive IPO with shares jumping more than 100%, making it South Korea’s biggest trading debut so far this year. Shares in South Korean collaborative robot (cobot) Doosan Robotics jumped significantly from their initial public offering (IPO) price upon their trading debut on Thursday. Doosan Robotics shares began trading at 59,100 won, an increase of more than 127% from the initial IPO price of 26,000 won. At its highest point, Doosan shares climbed to 67,000 won...

The launch of the VC fund in Hong Kong highlights the country’s rising role as a crypto haven. CMCC Global, a crypto-focused venture capital (VC) company, has successfully raised $100 million to offer equity investments to early-stage blockchain startups across Asia with a particular interest in Hong Kong, its home country. In an interview with the South China Morning Post, the company’s co-founder Martin Baumann said the inaugural funding round for the fund, called Titan Fund, concluded...