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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 | 15 days 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 | 15 days 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 | 15 days 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 | 15 days 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 | 15 days ago        

Stellantis Lowers Annual Guidance Amid Intensified Competition from Chinese EV Makers

Stellantis NV has downgraded its yearly outlook, citing deteriorating global industry circumstances and heightened competition from Chinese electric v

Stellantis NV has downgraded its yearly outlook, citing deteriorating global industry circumstances and heightened competition from Chinese electric vehicle producers for the modification. The FrenchItalian automaker expects fewer sales in most regions during the years second half. After being initially predicted to be positive, its industrial free cash flow is now expected to be between 5 billion and 10 billion euros, a considerable decrease. In addition, Stellantis has lowered its profit margin estimate from double digits to a range between 5.5% and 7.0%. The organization intends to intensify its efforts to address performancerelated concerns in North America. This came after VW issued similar profit warnings, which increased scrutiny of the European auto industry. Read More..

B2B Tech News | 15 days ago        

TotalEnergies Expands U.S. Natural Gas Footprint with 45% Stake Acquisition in Eagle Ford Basin

An increasing alliance between nonbank lenders and traditional banks within the $2 trillion private credit industry is indicated by Citigroup and Apol

An increasing alliance between nonbank lenders and traditional banks within the $2 trillion private credit industry is indicated by Citigroup and Apollo Globals announcement of a $25 billion program for direct lending and private credit. Mubadala Investment Company of Abu Dhabi and Apollos Athene division will also be involved in the program. This initiative comes when funding sources for firms considering significant buyouts are finding private credit—which lends to riskier borrowers without subjecting them to the strict controls that banks do—to be more and more critical. Previously perceived as a rival to banks, private credit companies are now more likely to collaborate with them, taking advantage of their client networks while lowering risk. First, North America will be the primary focus, with the possibility of expanding globally. Read More..

B2B Tech News | 15 days ago        

UBS Explores Joint Venture with 360 One WAM to Tap into India’s Growing Wealth Management Market

In an effort to reach more highnetworth individuals HNWIs in India, UBS and Mumbaibased 360 One WAM are in talks to form a joint venture in the wealth

In an effort to reach more highnetworth individuals HNWIs in India, UBS and Mumbaibased 360 One WAM are in talks to form a joint venture in the wealth management industry. With a current concentration on ultrahighnetworth people, this partnership highlights the potential for expansion in Indias wealth management industry, which is estimated to reach $429.1 billion in 2023 and increase at a compound annual growth rate of 4.6% between 2025 and 2029. UBS wants to buy up to a 26% share in the new business. As of June, the company had $4 trillion in assets invested globally. Although initial discussions have occurred, UBS has not made a choice regarding its partner. After a prior agreement in Japan, this venture would be UBSs second equity partnership in the AsiaPacific area. Read More..

B2B Tech News | 15 days ago        



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Refresh Your Facts

1.  Global online sales are predicted to reach 22% of all retail sales in 2023.
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2.  Global tablet shipments are expected to hit 142 million by 2025, reports Statista.
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3.  Artificial Intelligence is expected to contribute $15.7 trillion to the economy by the year 2030.
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4.  Since the launch of the popular mobile game, Candy Crush, in 2012, players have spent a total of 73 billion hours (equivalent to 8.3 million years) playing this game.
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5.  Approximately 8 billion gadgets connect on the internet every day.
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