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Anthropic wants to create new billionaires through its IPO, but American voters are growing tired of Big Tech's wealth explosion
Anthropic is preparing for a significant IPO amid growing public resistance to AI-related infrastructure projects. Investors are discussing a valuation between $1 trillion and $1.5 trillion for the Nasdaq listing. Communities express concerns over environmental impacts and rising electricity costs linked to data centres. Public sentiment is shifting against technology companies, raising questions about economic benefits versus local costs.
Microsoft employees raise concerns over AI strategy amid 60,000-person buyout offer
The letter, cited in a report byThe New York Times, accuses Microsoft of pursuing AI with a “speed-at-all-costs” approach and urges the company to stop linking employees' use of AI tools to performance rewards or reprimands.
Donald Trump was reportedly briefed a year ago that a suspected Chinese spy was close to Nvidia's CEO, but why was Jensen Huang never told?
According to media reports, US intelligence believes Alice Huang was recruited by China's Ministry of State Security (MSS). Alice had developed a close professional relationship with Jensen through her work in the AI and data centre industry. Their alleged relationship attracted intelligence attention because Nvidia's technology is central to the US-China competition over artificial intelligence.
From TV journalist to private banker to AI chip executive: The unusual career of Alice Huang, the alleged spy linked to Nvidia CEO Jensen Huang
Alice Huang, also known as Huang Le, is a Chinese citizen whose reported career spans TV journalism, banking, investment management and AI infrastructure. She became the subject of US intelligence scrutiny because of her reported connections with Huang and her position in the AI computing industry. US intelligence officials reportedly suspected that she was gathering information about Nvidia and its advanced AI chips.
AI investment cycle may have peaked, Jefferies warns; raises India allocation to 14%
According to a recent Jefferies report, global investment in artificial intelligence appears to be facing a mid-cycle correction. Although US tech giants have ramped up their capital spending, there are growing concerns regarding both financing and profitability. This situation may adversely impact US economic growth. Investors are advised to explore opportunities outside the AI realm, especially in healthcare and biotechnology sectors.
Daksham Growth Ventures raises Rs 125 cr in first close of maiden consumer fund
Daksham Growth Ventures has completed the first close of its consumer-focused fund, raising approximately Rs 125 crore. The fund is registered as a Category II Alternative Investment Fund and targets a total corpus of Rs 150 crore. It aims to invest between Rs 5-20 crore in early-growth businesses including direct-to-consumer and B2B2C companies. The fund will support companies with governance, brand positioning, and distribution expansion.
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China blocks SoftBank's $5.4 billion acquisition of ABB Robotics
China has blocked SoftBank’s $5.4 billion acquisition of ABB’s robotics business, disrupting the Japanese group’s AI-powered robotics expansion. The intervention highlights Beijing’s growing scrutiny of cross-border deals involving strategically important technologies.
China, Hong Kong stocks fall as US tech rout sparks AI bubble fears
Chinese and Hong Kong stocks took a hit as American tech shares slumped overnight, fueling worries about the durability of the artificial intelligence surge. This uncertainty cast a shadow over investor confidence across Asia. Nevertheless, the Chinese mainland market saw some recovery driven by bargain hunters supported by government measures, though analysts caution that tech stocks in China are still at risk from global market changes.
Why did US stocks crash? Trump blames Democrats as AI regulation fears rattle markets
Donald Trump blamed the Democrats' midterm election gains for Wall Street's sharp selloff, as concerns over potential curbs on AI investments rattled technology stocks. Uncertainty surrounding data centre expansion and regulatory scrutiny added to investor anxiety.
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.
ING puts $500 million of data center loans up for sale
This includes a $25 million loan tied to a large New Mexico data center that forms part of the Stargate artificial intelligence infrastructure venture backed by OpenAI, SoftBank Group and Oracle, the report said.
Anthropic may need to cut IPO ambitions as investors balk: report
Anthropic may have to accept a lower valuation than the $1.5 trillion it had been targeting for its stock market debut, after a sharp tech sell-off spooked key investors, the Wall Street Journal reported Thursday. The listing comes amid growing nervousness among investors about the huge sums being poured into AI. Three major investors who plan to take part in the offering told the Journal the valuation would likely need to be lowered, with one saying it could end up closer to $1 trillion.
Hong Kong stocks jump 3%, China shares edge higher as tech stocks rally
Hong Kong stocks rallied sharply, led by technology and gold shares, as investors welcomed the US midterm election outcome. Alibaba and Tencent drove gains, while mainland Chinese equities advanced modestly. Energy stocks tumbled as crude oil prices plunged on hopes of easing geopolitical tensions.
US stock futures rise after midterms: Why are Dow Jones futures up nearly 800 points despite a Democratic sweep? S&P 500, Nasdaq gain as AMD and Nvidia stocks climb
Why are US stock futures rising after Democrats win the Senate and House? Dow leads Wall Street rally as AMD, Nvidia and semiconductor stocks gain. Earlier, at 06:02 ET, Dow futures were up 801 points, or 1.6%. S&P 500 futures were up 80 points, or 1.1%, and Nasdaq 100 futures were up 286 points, or 1.0%.
Meta raises $15 billion through bond sale to fund AI infrastructure expansion
Meta Platforms is raising $15 billion through a five-part bond offering to fund its expanding artificial intelligence infrastructure investments. The fundraising highlights the growing reliance of major technology companies on debt and equity markets to finance the global AI race.
'India is bigger than US for ChatGPT': OpenAI's Sam Altman says Americans are negative about AI, Indians unusually positive
OpenAI CEO Sam Altman has revealed that India has more ChatGPT users than the US, making it the company's biggest market by users. Speaking to Raj Shamani, he praised India's growing AI adoption and said Americans were unusually negative about AI compared with the rest of the world.
IndiaAI Mission's three indigenous AI models target offline mobile access, secure use in critical sectors
Three indigenous artificial intelligence (AI) models launched under the Centre's IndiaAI Mission are being developed for applications ranging from offline access on mobile phones to secure use in critical sectors such as defence, cybersecurity and banking.
US midterm elections: Early Democratic wins rattle Wall Street
Early Democratic victories in key US Senate races have raised expectations of a potential shift in control of Congress, although the final outcome remains uncertain. The emerging results triggered a sharp reaction across financial markets, with US stock futures falling, Treasury yields declining and the dollar weakening as investors assessed the implications of a possible Democratic sweep.
Google's use of press by AI chatbot may infringe copyright rules, EU court adviser says
A recent advisory from a leading legal authority in Europe highlights that press publications can sometimes violate copyright laws. The Advocate General emphasized that while copyright covers unique expressions, using such material for the development of large language models may fall under the text and data mining exception. This advisory is part of a legal challenge brought by Like Company against Google.
India will become the world’s largest economy by end of the century, predicts top economist Jeffrey D Sachs
Renowned economist Jeffrey D Sachs said India could become the world’s largest economy by the end of the century, with a population twice that of China. Speaking at the World Symposium on "Ancient Wisdom for Modern Challenges" in Varanasi, he said the world was moving towards a multipolar order where no single country or region would dominate.
China to expand global access to yuan assets, promote Hong Kong as offshore hub
China plans to expand global access to yuan-denominated assets and strengthen Hong Kong's role as an offshore yuan hub. Meanwhile, regulators flagged risks from surging AI investments, warning of rising leverage, higher borrowing costs and financial instability.
SaaS firm Capillary’s AI platform drives new customer wins, revenue grows 51%
Capillary’s aiRA (AI-powered Research Assistant) is an AI agent for enterprise brands that helps connect customer data across platforms and identifies opportunities to acquire, convert, retain and reactivate customers. It also executes campaigns through existing marketing tools, with human approval. It works with data from platforms such as Salesforce, Snowflake, Databricks, Google Ads and Meta, according to the investor presentation.
AI on the clock as fintechs demand payoff for spends
September-quarter earnings calls of Paytm, Pine Labs, Groww, PB Fintech, Kissht and Mobikwik reveal a shift across payments, stockbroking, lending and insurance. AI is moving beyond chatbots and experiments into decisions affecting the cost of acquiring, serving and retaining customers.
Friedrich Merz says Germany must preserve 'digital sovereignty' in AI era
German chancellor Friedrich Merz appointed a minister for digitalisation and modernisation when he took office last year and his government has vowed to intensify efforts to make up the technological lag with European economies that have moved faster, including the Netherlands and Denmark.
Japan bond yields edge higher ahead of key JGB auctions; 10-year yield holds at 2.77%
Japanese government bond yields were mixed on Monday, with the 10-year benchmark holding steady at 2.77%, while the 20-year and 30-year yields rose. Investors assessed global interest rate trends ahead of a series of government debt auctions, including a 10-year bond sale on Thursday, followed by 30-year and five-year auctions later this month.
Nasdaq Outlook: Is the worst over for AI-fuelled tech stocks?
Wall Street’s AI-led rally faced a sharp setback as the Nasdaq recorded its biggest single-day fall since June. Heavy losses in technology stocks reflected growing investor concerns over hyperscaler spending and the returns on artificial intelligence investments.
South Korean shares rebound as strong exports spur dip-buying
South Korean shares rose after early losses due to strong export data that improved investor sentiment. Exports from South Korea nearly doubled in October, marking their highest increase in over 50 years. Analysts indicated that this performance might lead to upward revisions in corporate earnings forecasts. However, factory activity in South Korea expanded at its slowest pace in eight months.
AI agent Instinct back on WhatsApp after technical issues: Here’s what we know
Instinct, a leading AI firm, faced a brief disruption in its WhatsApp services due to a technical glitch linked to its configuration. This led to confusion among users and sparked rumors regarding Meta's restrictions. Following the resolution of the billing issue, founder Noah Shinn reassured everyone that the services were once again operational. To mitigate future disruptions, Instinct is implementing proactive measures to enhance service reliability.
Japan's Nikkei slips as Kioxia tumbles 13%; Tokyo Electron, Panasonic limit losses
Japan’s Nikkei slipped as Kioxia plunged 13.29% following a disappointing earnings outlook, while banking stocks also weakened. Gains in Tokyo Electron and Panasonic, supported by upbeat profit forecasts and AI-related demand, limited losses. Broader investor sentiment remained cautious following Wall Street’s technology selloff and concerns over AI investment sustainability.
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