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Qcomm’s Diwali boost; Energy startups attract funds
Happy Wednesday! Quick commerce powered a strong festive season for D2C brands. This and more in today’s ETtech Morning Dispatch.
Who is Alice Huang, the Chinese businesswoman linked to Nvidia CEO Jensen Huang?
Alice Huang, a finance professional, has transitioned to the AI chip industry with Megaspeed International. The company is under investigation for its links to advanced Nvidia chip exports to China. Reports suggest Alice Huang may have acted as an intelligence asset, raising concerns about potential national security breaches. Nvidia's board has initiated an investigation into its CEO's involvement with her.
Who is Alice Huang, the Chinese businesswoman tied to Nvidia's CEO?
Known also as Huang Le, the Chinese businesswoman held senior roles at a Shanghai investment firm before becoming the controlling shareholder of Singapore-based cloud-computing company Megaspeed International, according to more than 30 publicly available financial records, corporate filings and company materials reviewed by Reuters.
Moonshot AI rents Nvidia’s top AI chips in China, documents show
Documents indicate that Moonshot AI possibly accessed advanced Nvidia chips despite US export restrictions and related investigations. The servers were reportedly rented from Super Micro Computer Inc. with significant financial backing from Lingmeixin Technology Co.
Ode to a compassionate algorithm: Philanthropists are backing AI for public good
From Flipkart’s Binny Bansal to Chrys Capital’s Ashish Dhawan and Karishma Sanghvi of Sun Pharma, a growing number of entrepreneurs are writing cheques for AI that can diagnose diseases, empower teachers, modernise courts and strengthen public services, betting that the technology can create social returns as significant as commercial ones.
Amagi, Shiprocket post profits; US polls’ impact on IT
Amagi’s Q2 profit surged nearly 30x while Shiprocket swung into the black for the first time. This and more in today’s ETtech Top 5.
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AI bubble is coming, and there is no way out! Aswath Damodaran explains what investors should do before the crash begins
Valuation expert Aswath Damodaran believes an AI bubble is inevitable and investors cannot avoid its impact entirely. In a recent podcast, he traced the AI frenzy to ChatGPT's 2022 launch, which brought artificial intelligence into public consciousness. He explained how advances in computing power and access to vast amounts of data have transformed AI and fuelled today's enthusiasm.
Apple's new CEO John Ternus to face first earnings test as memory costs surge
Ternus, who took the reins from Tim Cook in September, has overseen the introduction of Apple's first foldable phone, smart home hub and Apple's first touch-screen laptops. All of those products began shipping during the company's current fiscal first quarter, amid what Cook had called a "100-year flood" of rising memory costs.
Banks are safe; AI bubble is the risk for global markets: Julius Baer CEO Stefan Bollinger
Stefan Bollinger highlights the potential risk of an AI bubble affecting global markets significantly. He notes that India's equity valuation correction is healthy, maintaining the country's growth story. Investors are increasingly diversifying their portfolios with a focus on hedge funds and private equity. The Fed's decision on rates remains uncertain, though high inflation complicates matters. Rising yields in Japan are likely to attract domestic investors back to their markets.
US Market: Rising Treasury yields put US banks under pressure over bond losses
Rising US Treasury yields are deepening unrealised losses in American banks’ bond portfolios, forcing lenders to weigh immediate losses from selling securities against the capital and liquidity pressures of holding them.
The AI boom may transform the economy and still destroy capital, with stranded data centres and heavy investor losses
Investments in artificial intelligence by major companies have significantly increased in recent years. The overall investment in other sectors has shown minimal change during this period. AI's potential to enhance productivity suggests that current spending may benefit various industries like healthcare and education. Concerns exist regarding potential overinvestment and its subsequent impact on the economy.
Ather rides to profit; Pronto's US AI play
Ather Energy swung to profit in the July-September quarter. This and more in today’s ETtech Top 5.
Anthropic files for US IPO amid AI boom, rising costs and safety concerns
Anthropic has filed for a US IPO to support its ambitious AI development plans and secure funding. The company's recent financial details show significant revenue growth, but losses have widened sharply. Investors are currently valuing Anthropic at approximately $1.5 trillion, reflecting recent market fluctuations. Anthropic is in competition with OpenAI in the race to create advanced AI systems.
India’s business owners need to match the global ambitions of Korean and Chinese peers: Gautam Kumra, Chairman of McKinsey's offices in Asia
McKinsey Asia chairman Gautam Kumra discusses why owner-led businesses have outperformed professionally managed and state-owned peers, accounting for $7 trillion of the $14 trillion in market value created by Asia’s top 300 companies over 25 years. He explains the leadership traits that distinguish founders, succession challenges, AI adoption and why Indian businesses must look beyond domestic markets to build global franchises.
Meet Vasya Tremsin, whose startup raised $11.5 million to turn wildfire sensors into watchdogs for power grids, solar farms, here's what it does
It uses a device called TerraNode, which combines cameras and multiple sensors. The aim is to monitor outdoor locations. Interestingly, it uses AI to analyse information collected at a site. The device can operate without an external power supply, which makes it suitable for remote locations. The reason is that installing conventional monitoring equipment can be difficult or expensive.
HSBC deploys over half of $1 billion India startup fund: Top bank official
HSBC has deployed more than half of its $1 billion India startup financing commitment within a year and is open to raising the limit as demand grows. The bank is also seeing venture funding shift beyond consumer-led businesses towards areas such as space technology and biomedical innovation.
In 2010, Ashton Kutcher helped launch a $30 million investment fund; 6 years later, its portfolio had grown to $250 million through bets on Uber and Airbnb
Kutcher became a widely known actor through films and television shows. After getting famous, his interest in business also grew gradually. Once an endorsement deal made him realise the value of owning a stake in a business. He then went on exploring technology investments, and later built a lot of connections with people in the Silicon Valley.
US Fed’s Bowman sees no urgency for another rate hike
Michelle Bowman, the Vice Chair for Supervision of the US Federal Reserve, spoke during the IMF-World Bank meetings in Bangkok. She stated that the central bank does not feel urgency for further rate hikes at this time. Bowman's comments came after a recent rate increase that set the target range to 3.75%-4.00%. Additionally, she addressed the need for stronger oversight in light of recent bank failures.
Zetwerk IPO eyes big returns; Flipkart alumni seek Esop buyback
Zetwerk’s early investors are poised for big gains as the platform prepares to go public. This and more in today’s ETtech Top 5.
US Market: Four warning signs that bond selling could intensify
US Treasury yields have hit two-decade highs, driven by Middle East conflict risks and fiscal concerns. Key indicators including rising options hedging, record AI-sector corporate borrowing, mortgage convexity hedging, and a steepening yield curve suggest that the bond market selloff could intensify further before attracting fresh long-term buyers.
Govt fast-tracks safer AI blueprint, paper on regulation out in a month
Speaking at a World Bank group event, Vaishnaw said the paper will be released in one month, and will focus on AI safety, humanity, skilling, inclusivity, and mitigation of harms such as deepfakes from AI.
Tech companies tap debt, equity to fund AI and cloud expansion
Major tech giants like Alphabet and Amazon are gearing up for significant debt offerings aimed at bolstering their AI capabilities. Meanwhile, SpaceX seeks funding specifically for Nvidia chips to enhance its AI infrastructure. Other significant players including Salesforce and Oracle are following suit, utilizing debt markets for expansions and buybacks.
Fed plans bank-supervision overhaul to strengthen accountability, says Vice Chair Michelle Bowman
The Federal Reserve is set to realign its bank supervision system for increased accountability and efficient decision-making. Five new geographic supervisory regions will be established, each led by a regional leader. This new structure aims to address concerns raised in an independent review of Silicon Valley Bank’s collapse. The Fed will also reconsider asset thresholds for regulatory requirements to better align with inflation and economic growth.
Broadcom starts amassing $60 billion to fund chips for Anthropic: Report
Banks involved in the massive debt package are poised to send out syndication letters for a $42 billion Class A senior-secured tranche, the people said, asking not to be identified discussing the deal, which has yet to be announced.
AI startup Black Forest Labs urges optimism from Europe despite safety fears
Europe needs to view artificial intelligence with more optimism -- despite growing warnings about its dangers -- or risk falling further behind, the head of a leading European AI start-up warned. "I think the mindset in Europe needs to shift to one of optimism and to one of opportunity, and not to one of risk and fear," Robin Rombach, CEO of German AI image generation specialist Black Forest Labs, told AFP. Europe lags behind the United States and China when it comes to cutting-edge AI models.
IRDAI's commission reset impact; ETSA winner Progcap’s next bet
Happy Friday! IRDAI's overhaul plan could significantly impact the new-age insurance distribution industry. This and more in today’s ETtech Morning Dispatch.
California’s oldest family-owned winery files for bankruptcy after more than 160 years. Why exactly this winery went out of business?
Gundlach Bundschu Winery, a landmark in California's rich vinicultural history, has initiated Chapter 11 bankruptcy proceedings due to mounting debts. The winery's expansion prior to the pandemic backfired, leading to a financial crunch amidst a struggling wine market marked by decreasing demand and surplus inventory. Nevertheless, the family-led establishment plans to explore investment opportunities to ensure a resilient future while embarking on a restructuring process.
VCs hungry for kitchen startups; Vala Afshar’s blueprint for India’s AI future
Happy Thursday! Venture capital investors are betting on the premiumisation wave wafting into Indian kitchens. This and more in today’s ETtech Morning Dispatch.
ETSA 2026: Emergent shifting focus from AI software to business automation, says CEO Mukund Jha
The company is testing agents that can remain active in the background, monitor business metrics and help with tasks such as cash-flow analysis, scheduling and social media management. More than half of its team is working on its core agent technology, he said.
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