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Tag Archives: Business News

Adobe and Figma Set to Terminate $20B Acquisition Deal amid Regulatory Issues

Adobe’s $20 billion bid to buy its competitor Figma has been officially terminated. Last year, Adobe Inc (NASDAQ: ADBE) revealed its plans to pay $20 billion in cash and stock to acquire Figma, a popular cloud-based design platform. This would have not only increased Adobe’s market share but also its market power, which causes concerns among regulators.  Now, Adobe and Figma have announced that they will be scrapping the deal due to the regulators’ concerns and demands. Adobe Exiting the...

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Crypto Stocks Down during Pre-market Hours as BTC Price Drops to $41K

With the Bitcoin mining landscape gaining steam, the competition is heating up and the most positioned miners will be the biggest beneficiaries moving forward. Today the price of Bitcoin (BTC) is down. The major crypto asset is treading below $41,000 this morning. The main crypto stocks in the pre-market are also in the red zone. Coinbase Global Inc (NASDAQ: COIN) is down 3% and is trading at around $143. MicroStrategy Inc (NASDAQ: MSTR) stock is down over 3%, trading at $551. Marathon...

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Intel Unveils New AI Chips to Rival Nvidia’s Dominance in AI Industry, INTC Stock Up 1%

Dubbed Gaudi3, Intel intends to attract generative AI companies like OpenAI away from Nvidia and bolster its stock market performance. Intel Corp (NASDAQ: INTC) stock closed Thursday trading at $45.18, up 1.37 percent from the day’s opening price. Although Intel has been on a winning streak since the calendar flipped in January, the company is not satisfied with the performance as its rival Nvidia Corp (NASDAQ: NVDA) has more than tripled its valuation year-to-date. As a result, Intel has...

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Dow Jones Jumps 500 Points to All-Time High as Fed Keeps Rates Unchanged

With yesterday’s historic high, the Dow Jones extends its Q4 rally to more than 10%. On the other hand, the technology sector also makes a fresh all-time high. In a historic surge, the Dow Jones Industrial Average set a new record by closing above 37,000 points for the first time. The Federal Reserve’s indication of multiple rate cuts in the coming year was the major catalyst behind the move. The 30-stock Dow soared by 512.30 points, or 1.40%, finishing at 37,090.24, surpassing its...

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Nordic Fintech Pleo Welcomes New CFO, Increasing Hope for Potential IPO

Recent moves at Pleo, including the appointment of a new CFO, have sparked speculation about a potential IPO, driving expectations for a valuation surge beyond the current $4.7 billion mark as of August 2023.  European fintech company Pleo has welcomed a new chief financial officer to expand its executive team and bolster its business offerings, CNBC reported Wednesday.  According to the report, Pleo, known for offering simplified expense management and smart company cards to make payments...

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BlackRock Updates ETF Application Inviting Wall Street Banks to Participate

BlackRock’s recent app update indicates their engagement with the SEC led by Gary Gensler on Dec. 11, marking the third meeting in a series held over the past few weeks. BlackRock Inc (NYSE: BLK) has implemented structural modifications in its application to launch a spot Bitcoin ETF in the US. The updated filing allows Wall Street banks to generate new shares in the fund using fiat currencies, expanding beyond cryptocurrencies. To participate, banks must acquire authorized participant...

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Cathie Wood’s Ark Invest Offloads Massive GBTC and Coinbase Shares, Eyes AI Push

While Cathie Wood has been aggressively selling off her investments in crypto firms, she’s making fresh bets in the AI space acquiring shares of top tech companies like Microsoft and Meta. Cathie Wood’s Ark Invest has been doing massive capital rotation by offloading its crypto investments and eyeing a push into AI. Ark Invest executed its most substantial sale in over a year by divesting approximately $12.85 million in Grayscale Bitcoin Trust (GBTC) shares from its Next Generation...

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OpenAI’s Rival Mistral AI Valued at $2B after Latest Funding Round

Unlike its competitors, Mistral AI chose to make its model available as a free download instead of providing access through APIs. This approach empowers developers to run the model on their own devices and servers. French Artificial Intelligence (AI) startup Mistral AI has reached a valuation of $2 billion following the conclusion of a successful funding round which raised €385 million ($415 million) to further develop its innovative technology and open-source software. Significance of...

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Fed Decision and Inflation Report to Trigger Market Volatility

This week, the decision from the Fed regarding interest rates and inflation statements for November will be released. These are both expected to trigger market volatility. As the year wraps up, Bloomberg is predicting that several key events this week will lead to increased stock market volatility. The first of these is the decision by the Fed on interest rates. Ever since the record increases in interest rates back in March 2022, market watchers have been even more on edge regarding...

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British Payment Firm SumUp Secures $307M in Funding Round for Global Expansion

Currently valued at $8.6 billion after its £590 million ($624 million) investment round last year, SumUp stands strong in private markets with no immediate plans for an initial public offering. London-based financial services company SumUp has secured £285 million worth approximately $307 million in its latest funding round to expand its business offerings to other parts of the world outside the United Kingdom. The company has already established its presence in other financial markets...

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