AI CRISIS
CoreWeave beats quarterly revenue estimates as AI demand defies growing doubts
CoreWeave reported revenue of $3.66 billion for the third quarter ended September, up from $1.37 billion a year earlier, compared with analysts' average estimate of $3.55 billion, according to data compiled by LSEG.
Huang in suspense, chips may crack
Huang is a hands-on boss at Nvidia. Although he owns a small amount of the company's stock, replacing him will be difficult. In the new political dispensation, Washington may be forced to take a harder look at its export control regime and make it more watertight. 'Jensanity' offers a good trigger.
Jensen Huang's wife Lori Huang runs $9.1 billion foundation holding 69 million Nvidia shares; donated $50 million to Oregon State
Lori Huang, wife of Nvidia CEO Jensen Huang, leads a foundation with $9.1 billion in net assets and 69 million Nvidia shares. The foundation has donated millions to charitable causes, including $50 million to Oregon State University. Here's a look at her philanthropy, the foundation's wealth and its major contributions.
AI a boon, but its misuse can cause serious distress: NCW chief
Vijaya Rahatkar, the Chairperson of the National Commission for Women, warns about the dangers of artificial intelligence, especially concerning the misuse of women's images and deepfakes. She advocates for increased understanding of AI to not only mitigate risks but also harness its potential. The NCW has launched the 'Yashoda AI' initiative to educate women in rural and semi-urban communities about AI and enhance their digital security skills.
China is the world's factory but still can't give jobs to youth: Sridhar Vembu says India has a problem that is about to get worse
China's position as the world's manufacturing powerhouse has not prevented a growing employment challenge among its educated youth. Despite its massive industrial base, advanced technology capabilities and a merchandise trade surplus of nearly $1.2 trillion, around 70% of unemployed people in the 20-24 age group reportedly hold university degrees. Zoho founder Sridhar Vembu has highlighted this contradiction, warning that India could face a similar problem.
Tech firms claw back some losses after midterms rout, eyes on Nvidia
Tech firms rose Monday to claw back some of last week's painful losses fuelled by AI regulation worries, though traders were keeping a wary eye on a probe into Nvidia boss Jensen Huang amid claims of an affair with a Chinese spy. The executive, Alice Huang -- also known as Huang Le, and no relation to 63-year-old Taiwanese-born Jensen -- developed a close relationship with the Nvidia boss, the Times said.
Manipur CM urges students to shun agitation, choose dialogue to resolve crises
Manipur Chief Minister Yumnam Khemchand Singh inaugurated an AI-Enabled Career Intelligence Hub for student career guidance. He urged students to avoid agitation and focus on dialogue to resolve conflicts peacefully. Singh highlighted the importance of honesty, sincerity, and hard work in shaping future careers and aspirations.
Mphasis posts 19.6% growth in Q2 profit at Rs 561.1 crore
The Bengaluru-headquartered company's revenue for the three months ended September 30 rose 17.4% from a year earlier and 4.5% sequentially to Rs 4,580.9 crore.
Are Amazon and Google polishing Anthropic IPO numbers? Michael Burry raises big question amid global AI crash
Anthropic’s reported revenue surged to nearly $17 billion in the third quarter as it prepares for a potential blockbuster IPO. However, Michael Burry has questioned the sharp decline in sales and marketing expenses, raising concerns about whether major partners such as Amazon, Alphabet and Microsoft are helping polish its financials ahead of the listing.
Infosys, Wipro, TCS and other IT stocks rise up to 3% as US AI rout deepens; is the bubble bursting?
In the wake of a worldwide AI stock decline, companies such as Infosys and TCS have seen their shares rise, demonstrating a contrasting trend. This downturn has sparked fears of impending regulations within the sector, prompting analysts to predict that Indian IT companies might leverage this moment to enhance their entrepreneurial AI ventures, all while experts caution against excessive financial commitments in the AI landscape.
Google sued over suicide-related AI chats on school computer
The parents of a 13-year-old girl have sued Google claiming she planned a potential suicide and funeral using its AI technology on a school-issued computer. Developers of fast-evolving AI technology are facing a litany of similar lawsuits in the US. OpenAI faces several wrongful death suits, including from the parents of 16-year-old Adam Raine, a teenager who committed suicide allegedly using methods advised by ChatGPT. Google and the startup Character.
Was Michael Burry right about the AI bubble? Wall Street loses $2 trillion as AI and chip stocks plunge: Why are Tesla, Palantir, AMD, Broadcom and SanDisk crashing?
Michael Burry's warning about an AI bubble is back in focus as Wall Street loses more than $2 trillion in market value. On Thursday, November 5, AMD shares plunged around 12%, SanDisk fell 14%, Micron dropped 10%, while Nvidia lost nearly 7%. Tesla and Palantir also fell 9% and 8%, respectively. The sell-off spread across chipmakers, memory companies and AI infrastructure stocks. The Dow fell 2.36%, the S&P 500 dropped 3.11%, and the Nasdaq sank 4.20%, as investors questioned whether massive AI investments can deliver enough returns.
Rupee finds its footing as oil worries cool, traders watch flow momentum
The Indian rupee climbed to its highest value in two weeks, following a notable fall in oil prices. This uplifting trend was mirrored by a stark rise in Indian stock markets and a reduction in bond yields. Recently, foreign investments poured into Indian equities, showcasing hefty net purchases. Analysts emphasize that ongoing investment inflows are crucial for bolstering the rupee further, as market sentiment improves amid reduced energy cost pressures.
Uday Kotak says $700 bn outstanding FII payments will boost market, sees AI worries driving flows to India
Veteran banker Uday Kotak expects India to benefit from a potential reversal in global investment flows as concerns over excessive AI spending weigh on US markets. He highlighted $700 billion in outstanding foreign portfolio investments, flagged the possibility of further RBI rate hikes and advised investors to focus on quality stocks and medium-term strategies.
AI turns cyber threat into boardroom crisis
In India, State Bank of India disclosed that 375,000 customer records had been leaked on the dark web, while vulnerabilities in eMudhra’s digital certificate keys exposed websites to potential attacks.
'Chernobyl-like' blackout soon: 'Godfather of AI' predicts crisis this year or next; Nobel laureate Geoffrey Hinton warns of risks to financial markets & power systems
AI could trigger a 'Chernobyl-like' crisis this year or next, Nobel laureate Geoffrey Hinton has warned, cautioning that the technology could temporarily disrupt financial or power systems. Speaking to The Guardian, the 'godfather of AI' also criticised tech leaders Elon Musk, Mark Zuckerberg and Sam Altman for allegedly putting profits ahead of safety, while saying a catastrophe could still be averted.
Is the AI boom losing steam? Global economy faces growing risks
Global financial markets face mounting pressure from geopolitical conflicts, rising government debt and trade tensions, raising concerns about the resilience of the global economy. While the AI investment boom has driven stock markets to record highs and supported growth expectations, rising borrowing costs, inflation, weakening currencies and the prolonged Iran war threaten to undermine investor confidence and expose deeper vulnerabilities.
Global markets were already fragile. Big AI bets could break them
Investors flocked to bonds. Yields, which move inversely to price, fell from multidecade highs, with the benchmark 10-year Treasury, which guides borrowing costs globally, falling almost 20 basis points on October 22, its biggest daily fall since early 2023.
Elon Musk vs Sam Altman: After OpenAI CEO questions people's RAM usage at home, Musk defends ordinary users with a meme
Elon Musk has taken a dig at OpenAI CEO Sam Altman after the latter questioned why people keep large amounts of RAM in their personal computers when the limited memory supply could be used more efficiently by AI data centres. Sharing a meme on X, Musk defended ordinary consumers. The exchange comes amid a global memory shortage that is driving up prices of PCs, smartphones and other electronic devices.
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