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SoftBanks Vision Fund to Invest $500 Million in OpenAIs $6.5 Billion Funding Round

According to a report by The Information, $500 million will be invested by SoftBanks Vision Fund in OpenAIs most recent investment round, which intend

According to a report by The Information, $500 million will be invested by SoftBanks Vision Fund in OpenAIs most recent investment round, which intends to raise $6.5 billion through convertible notes. With this investment, SoftBank entered the AI startup headed by Sam Altman for the first time. Currently, OpenAI is valued at $150 billion if it can reorganise its corporate structure and do away with an investor profit ceiling. Notably, it has been stated that Apple has decided not to participate in this big fundraising round. By reorganising, OpenAI hopes to increase investor returns and profitability by becoming a forprofit company that is not dependent on its nonprofit board. Read More..

B2B Tech News | 14 hours ago        

Cerebras Systems Reports 300% Revenue Surge in 2023 Amid AI Demand, Plans IPO

In its preparations for a U.S. initial public offering IPO, Cerebras Systems forecast an impressive tripling of its yearly income for 2023. The artifi

In its preparations for a U.S. initial public offering IPO, Cerebras Systems forecast an impressive tripling of its yearly income for 2023. The artificial intelligence chip startup credited its success to the growing demand from semiconductor manufacturers for AI applications like ChatGPT. Remarkably, Nvidia has more than quadrupled in value this year, momentarily overtaking Microsoft as the most valuable corporation in the world. Cerebrass IPO will gauge investor enthusiasm for AI investments, notwithstanding some investor scepticism about the AI stock bubble. For the year ending 31 December 2023, the Sunnyvale, Californiabased company brought in $78.74 million in sales, up from $24.62 million in 2022. At the same time, its net loss decreased to $127.16 million from $177.72 million. Read More..

B2B Tech News | 14 hours ago        

Suez Canal Revenues Plummet 60% Amid Houthi Attacks, Causing $6 Billion in Losses

In response to interruptions brought on by Houthi strikes in the Red Sea, Egyptian President Abdel Fattah elSissi declared a sharp 60% drop in Suez Ca

In response to interruptions brought on by Houthi strikes in the Red Sea, Egyptian President Abdel Fattah elSissi declared a sharp 60% drop in Suez Canal income, or over $6 billion in damages. At a Cairo Police Academy graduation ceremony, ElSissi emphasised the gravity of the situation and cautioned that continuing confrontations might further destabilise the area. Shipping firms have redirected their vessels to avoid the Red Sea through the Suez Canal, a vital source of foreign exchange for Egypt. Tensions have escalated as the Houthis have declared their intention to strike ships connected to Israel. ElSissi issued a dire warning with global implications if the existing status quo continues. Read More..

B2B Tech News | 14 hours ago        

Qatar Airways Set to Acquire 25% Stake in Virgin Australia, Boosting Competition with Qantas

To upend Qantas Airways QAN.AX in the Australian market, Qatar Airways plans to purchase a 25% share in Virgin Australia from American private equity

To upend Qantas Airways QAN.AX in the Australian market, Qatar Airways plans to purchase a 25% share in Virgin Australia from American private equity company Bain Capital. The Australian government, which has previously refused Qatar more flying rights to critical cities like Sydney and Melbourne, must approve the contract, the financial specifics of which are still unknown. Jayne Hrdlicka, CEO of Virgin Australia, underlined that by gaining access to Qatars size and experience, this alliance will strengthen the airlines competitive edge. Qantas shares dropped 4.3% after the announcement. With regulatory permission, Virgin Australia intends to launch flights to Doha by the middle of 2025 from vital Australian cities. In addition, Cathay Pacific and the parent business of British Airways are owned by Qatar Airways. Read More..

B2B Tech News | 14 hours ago        

Nio Partners with UK Startup Monolith to Revolutionize EV Battery Packs in Europe

To improve electric car battery packs throughout Europe, Nio and UKbased AI software firm Monolith have established a collaboration. With intentions t

To improve electric car battery packs throughout Europe, Nio and UKbased AI software firm Monolith have established a collaboration. With intentions to extend to China and enable interaction with other Chinese manufacturers, the partnership intends to start testing in five European markets. Monolith focuses on battery development and uses machine learning algorithms to close the gap between Western automakers and their Chinese rivals. Monolith works with leading manufacturers such as MercedesBenz, BMW, and Honda. With only a few minutes, consumers may evaluate the performance and endurance of batteries in realtime by using Nios unique batteryswapping service. With the help of investors like Pentech and Insight Partners, Monolith has raised about $22 million in capital. Read More..

B2B Tech News | 14 hours ago        

Crypto Drainer Malware Discovered in Fake WalletConnect App on Google Play, Steals $70,000 from Users

Hidden in the WalletConnect app on Google Play, security researchers at Check Point Research CPR found crypto drainer malware that targets only mobile

Hidden in the WalletConnect app on Google Play, security researchers at Check Point Research CPR found crypto drainer malware that targets only mobile users. Uploading in March 2024, the malicious program imitated the official WalletConnect protocol and remained hidden for five months, gaining over 10,000 downloads and stealing over $70,000 in cryptocurrencies before Google removed it. After deceiving victims into linking their cryptocurrency wallets, the spyware secretly sent them to a malicious website to approve transactions. It started by withdrawing money from pricey cryptocurrency tokens across blockchain networks. The creators filled the apps website with favourable evaluations to cover up the fraud, even though 20 victims had left negative reviews. Google Play has since removed the app. Read More..

B2B Tech News | 14 hours ago        

Microsoft Uncovers Storm0501’s MultiStaged Attack on Hybrid Cloud, Leading to Data Theft and Ransomware Deployment

Microsoft has discovered that the threat actor Storm0501 is initiating a multiphase assault on hybrid cloud systems, which might result in ransomware

Microsoft has discovered that the threat actor Storm0501 is initiating a multiphase assault on hybrid cloud systems, which might result in ransomware distribution, data theft, credential compromise, and ongoing backdoor access. This profitdriven organisation has targeted American industries, including government, industry, transportation, and law enforcement. Storm0501, which first surfaced in 2021, started as an affiliate of ransomwareasaservice, first using Sabbath ransomware to target US schools. The organisation has been moving from onpremises to cloud settings by taking advantage of overprivileged accounts and weak credentials. Microsoft will offer advice on fighting against these assaults, detailing Storm0501s strategies, tactics, and approaches for identifying and thwarting such threats. Microsoft is dedicated to assisting organisations in securing hybrid environments. Read More..

B2B Tech News | 14 hours ago        

Persistent Systems Acquires Arrka to Boost AI Governance and Data Privacy Solution

The Punebased business Arrka, which specialises in AI governance and data protection, has been acquired by Persistent Systems. This calculated action

The Punebased business Arrka, which specialises in AI governance and data protection, has been acquired by Persistent Systems. This calculated action enhances Persistents AIpowered offerings and digital governance competencies, including data security, privacy, and AI governance. As the use of AI grows, Arrkas proficiency in data protection and AI ethics will strengthen Persistents capacity to offer ethical and legal AI solutions. Persistents plan to expand its AI business and provide platformdriven digital governance solutions aligns with the purchase. With Arrkas integration, Persistent can provide cuttingedge services like AI system audits, consent and rights management, privacybydesign, and AI risk management. With this purchase, Persistent is better positioned to maintain ethical AI methods while growing its worldwide impact in digital governance. Read More..

B2B Tech News | 14 hours ago        

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