BusinessAbu Dhabi’s MGX raises about $50 billion for AI investmentsMGX, an Abu Dhabi-based investment vehicle launched in 2024, has raised roughly $50 billion from regional sovereign wealth funds and international investors to back artificial intelligence ventures.1 min read
BusinessAI subscription economics: labs struggle to turn powerful models into profitA SemiAnalysis stress test shows major AI monthly subscriptions can cost far more in compute than the subscription revenue covers: a $200/month ChatGPT Pro user can consume roughly $14,000 of compute at API rates, while Anthropic’s $200 Claude Max can run near $8,000.3 min read
BusinessOracle cuts 21,000 jobs as AI optimisation reshapes its workforceOracle reduced its headcount by about 21,000 over the past year, falling from 162,000 to 141,000 employees by the end of May.2 min read
BusinessHaloBraid launches braiding-assistant robot, raises $7M seed roundHaloBraid, a robotics startup founded by Yinka Ogunbiyi, unveiled a hair-braiding device this week that assists professional stylists and is planned to ship later this year.3 min read
BusinessOpenAI scales ad business globally aiming for $100 billion in revenueOpenAI is rapidly expanding its advertising operations worldwide as it seeks to generate $100 billion in revenue by the end of the decade.3 min read
BusinessMicron to supply memory and storage to Anthropic and joined its latest funding roundMicron Technology has agreed to supply memory and storage devices to Anthropic and took part as a strategic investor in the AI developer’s most recent financing round as it prepares for an IPO.2 min read
BusinessAlphabet shares fall after key AI researchers depart and investors question AI returnsAlphabet's stock fell nearly 7% at the start of Monday trading amid investor concern over recent departures of prominent AI researchers and doubts about the returns on massive AI investments.2 min read
BusinessSpaceX announces bond sale as shares dip after IPO surgeSpaceX has announced its first issuance of unsecured bonds, aiming to raise roughly $20 billion to repay bridge financing tied to its recent IPO and for general corporate purposes.2 min read
BusinessSantander to Expand AI Access to All 185,000 Employees, Expects Over €200M Annual BenefitSantander plans to extend access to its AI tools from about 40,000 employees to its entire 185,000-strong workforce, expecting the technology to deliver more than €200 million in value this year.3 min read
BusinessSamsung Electronics rolls out ChatGPT Enterprise and Codex company-wide for DX division and KoreaSamsung Electronics is deploying OpenAI’s ChatGPT Enterprise and Codex to all employees in Korea and to its global Device eXperience (DX) division, in one of OpenAI’s largest enterprise rollouts.3 min read
BusinessGoogle escalates TPU sales to challenge Nvidia's AI-chip dominanceGoogle has moved from using its in-house Tensor Processing Units (TPUs) only for internal AI workloads to actively selling them to external customers, seeking to erode Nvidia's dominant position in the AI-chip market.3 min read
BusinessAllbirds renames itself Smartbird, pivots to AI compute under new CEO Nadia CarlstenAllbirds, the sustainable sneaker maker that went public at a $4 billion valuation in 2021, announced on Wednesday that it has renamed itself Smartbird and appointed former AWS executive Nadia Carlsten as CEO.2 min read
