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India Commits $1.25 Billion to Artificial Intelligence Projects

India authorized a substantial investment in artificial intelligence projects on Thursday, worth 103 billion rupees $1.25 billion. The projects includ

India authorized a substantial investment in artificial intelligence projects on Thursday, worth 103 billion rupees $1.25 billion. The projects include building massive language models and improving computing infrastructure. The money will also help AI startups and make it easier to develop AI applications for the government. In a statement, the government said that this investment demonstrates Indias dedication to promoting innovation and development in the artificial intelligence space. Notably, forecasts from the IT industry association Nasscom indicate that the artificial intelligence market in India is expected to develop at an estimated annual pace of 25%35% between 2024 and 2027, with a projected value of $17 billion. This substantial investment reflects the countrys recognition of the transformative potential of artificial intelligence and its determination to capitalize on its benefits for economic development and technological advancement. Read More..

B2B Tech News | 1 months ago

Nvidia ETFs See Record Inflows as Investors Flock to AI Chipmaker

Amidst the AI fever, investors have been pouring money into Nvidiafocused ExchangeTraded Funds ETFs, with recordhigh inflows into a bullish fund track

Amidst the AI fever, investors have been pouring money into Nvidiafocused ExchangeTraded Funds ETFs, with recordhigh inflows into a bullish fund tracking the chip designers shares. The GraniteShares 2x Long NVDA Daily ETF saw a net daily inflow of $197 million, bringing its total managed assets to $1.41 billion from $213.75 million at the beginning of the year. These kinds of leveraged ExchangeTraded Funds ETFs, which promise to provide higher returns in shorter amounts of time, are becoming increasingly popular among investors drawn to volatile equities due to news and earnings. Buoyed by bullish expectations and increased enthusiasm surrounding AI, Nvidia, which commands a substantial chunk of the highend AI chip market, has seen its shares jump by about 82% since the beginning of the year. As Nvidia continues to dominate as a market leader, leveraged ETFs tracking its performance are experiencing substantial growth and outperforming other ETFs, indicating continued investor interest Read More..

B2B Tech News | 1 months ago

Broadcom Targets $10 Billion AI Chip Revenue Despite Stock Dip

Artificial intelligence AI chips are expected to bring in $10 billion for Broadcom this year. Still, the companys fullyear prediction disappointed inv

Artificial intelligence AI chips are expected to bring in $10 billion for Broadcom this year. Still, the companys fullyear prediction disappointed investors, which caused a decline in the companys stock price. Marvell Technology, a smaller rival, also predicted lower revenue than the market anticipated, which caused its shares to drop. Both businesses are essential suppliers of networking chips needed for artificial intelligence AI computing and helping customers create bespoke chips. Hock Tan, the CEO of Broadcom, emphasised the significant income contributions from helping important clients with specialised chip design—possibly including internet behemoths like Google and Meta Platforms. Investors were underwhelmed by Broadcoms $50 billion annual sales projection, which remained unchanged despite the companys strong growth expectations. However, the businesss fiscal firstquarter statistics showed promising success, especially in AI revenue, which increased fourfold from the previou Read More..

B2B Tech News | 1 months ago

Egypt Finalizes Agreement with IMF, Increases Bailout Loan to $8 Billion

Egypt said on Wednesday that it has reached a final deal to raise its bailout credit to $8 billion from the International Monetary Fund IMF. In televi

Egypt said on Wednesday that it has reached a final deal to raise its bailout credit to $8 billion from the International Monetary Fund IMF. In televised remarks, Prime Minister Moustafa Madbouly communicated this development, emphasising that the extended agreement will make getting more loans from organisations like the World Bank easier. This declaration came soon after the Egyptian Central Bank made two significant announcements it raised its primary interest rate and allowed its currency to float. The goal of these measures, which the IMF has long demanded, is to reduce inflationary pressures and increase the nations attractiveness to international investors. Egypts economy has been facing several difficulties, including the COVID19 epidemic, years of budgetary austerity, and geopolitical pressures like the situation in Ukraine and the IsraelHamas war. Read More..

B2B Tech News | 1 months ago

Gold Prices Hit New Records Amid Weak U.S. Economic Data

Due in part to bleak U.S. economic statistics and Federal Reserve Chair Jerome Powells hinted at rate reduction, gold prices broke fresh highs for the

Due in part to bleak U.S. economic statistics and Federal Reserve Chair Jerome Powells hinted at rate reduction, gold prices broke fresh highs for the seventh straight day. U.S. gold futures surged to $2,167.00 per ounce, while spot gold reached its top at $2,161.09 per ounce. Although U.S. statistics supported the gold advance, Marcus Garvey of Macquarie pointed out that substantial futures purchasing since Friday probably overstated the gain. Powells remarks increased the appeal of gold by pushing down U.S. Treasury rates and the dollar against the backdrop of deteriorating labour market conditions and decreasing inflation. In light of geopolitical unpredictability, Jigar Pandit of BNP Paribas Sharekhan believes that gold is a secure investment and expects central banks to keep purchasing it. Read More..

B2B Tech News | 1 months ago

FTX and BlockFi Reach Settlement Agreement in Bankruptcy Dispute

After going bankrupt in 2022, FTX and BlockFi resolved their differences, with FTX promising to pay BlockFi up to $874 million, subject to court clear

After going bankrupt in 2022, FTX and BlockFi resolved their differences, with FTX promising to pay BlockFi up to $874 million, subject to court clearance. The settlement comes after court cases involving money loans made before bankruptcy. Prioritising a $250 million payment to BlockFi, FTX will leave the remaining amount up to its capacity to pay back its bankruptcyprotected clients. Following the revelation of FTXs mishandling of client cash amid a market meltdown, their onceclose friendship crumbled. BlockFi requested FTXs assistance during market turbulence and extended loans to FTXs hedge fund, Alameda Research. In addition to $185.3 million for money in FTX accounts, FTX may pay BlockFi up to $689 million for Alameda loans. BlockFi withdrew its case about 56 million Robinhood shares promised to Alameda as loan collateral, which the US DOJ had confiscated during FTX founder Sam BankmanFrieds arrest. Read More..

B2B Tech News | 1 months ago

Tesla Shares Fall for Third Day as Morgan Stanley Cuts Price Target

Shares of Tesla TSLA.O fell for the third day in a row following a critical Morgan Stanley analysts reduction in the price objective for the stock. De

Shares of Tesla TSLA.O fell for the third day in a row following a critical Morgan Stanley analysts reduction in the price objective for the stock. Despite significant price reductions, there were worries about the declining demand for electric cars EVs in essential regions like China. In addition to highlighting the fierce pricing competition in the oversupplied Chinese EV market, Morgan Stanleys Adam Jonas also drew attention to Teslas ageing product selection compared to other major OEMs. His reduced target price for Teslas shares went from $345 to $320. After initially declining, Teslas stock somewhat rebounded and closed 1.3% down at $178.35. This week, the stock lost more than 11% of its market value, wiping out nearly $70 billion. In addition, the pricing war got more intense when Chinese EV producer BYD lowered its prices. Read More..

B2B Tech News | 1 months ago

Yen Hits OneMonth High Against Dollar on Speculation of BOJ Policy Shift

As anticipation of U.S. rate reduction weighed on the dollar, speculation that the Bank of Japan BOJ would soon eliminate negative interest rates sent

As anticipation of U.S. rate reduction weighed on the dollar, speculation that the Bank of Japan BOJ would soon eliminate negative interest rates sent the yen to a onemonth high versus the dollar. According to BOJ board member Junko Nakagawa, Japans economy is moving closer to sustainably meeting the central banks inflation objective. The increase in the yen is due to mounting expectations of a potential BOJ policy change. The dollar fell against other currencies as traders braced themselves for possible rate cuts in the United States, particularly after Federal Reserve Chair Jerome Powell made hints about them. The Canadian currency remained stable following the Bank of Canadas decision to retain its benchmark interest rate. At the same time, the euro and pound kept close to onemonth highs against the U.S. dollar. Read More..

B2B Tech News | 1 months ago

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1. Global online sales are predicted to reach 22% of all retail sales in 2023.
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