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Investors rush to fund solutions for India’s AI power crunch
Out of India, Into the world VCs believe India’s energy transition solutions will be globally relevant, making them lucrative long-term bets
For one small business, AI was key to a quick start and expansion
The rapid emergence and spread of AI has become a defining feature of the U.S. economy, of prime interest to Federal Reserve officials trying to understand its potential to reshape productivity, growth, inflation and labor demand. Among a broad review of the Fed launched by new Chairman Kevin Warsh, one panel will look solely at AI and its implications for productivity, a force that can allow the economy to grow faster with less inflation, but also means fewer workers are needed to create the same output.
AI investment in emerging markets must go beyond models to ecosystems: Report
Artificial intelligence is poised to revolutionize economies, but emerging markets must cultivate local ecosystems to truly benefit, a World Bank report reveals. Beyond importing models, success hinges on robust digital infrastructure, skilled talent, and adaptable AI building blocks. This shift promises short-term productivity gains and long-term economic transformation, provided challenges like market fragmentation and global player concentration are addressed through strategic investment and collaboration.
MoS Kirti Vardhan Singh to lead India delegation at first UN Global Dialogue on AI Governance
India’s Minister of State for External Affairs, Kirti Vardhan Singh, is leading a delegation to Geneva for the inaugural UN Global Dialogue on AI Governance. This crucial forum will review the first independent scientific assessment of AI’s capabilities, risks, and opportunities. Discussions will cover AI’s societal impact, bridging digital divides, safety, and human rights, aiming to foster international cooperation for AI’s responsible development, especially for developing nations
AI capex cycle likely to end with market pushback, not spending cuts: Jefferies
Global brokerage Jefferies suggests the AI investment boom might falter not due to tech giants cutting spending, but investor impatience for returns. A significant wealth transfer to North Asia, evident in surging Korean and Taiwanese market caps, highlights where AI capital is flowing. US hyperscalers’ recent underperformance and increased debt funding raise concerns about potential capital destruction if returns don’t materialize
Orbital plans space data centres to power AI, seeks FCC clearance for 100,000 satellites
A US startup, Orbital, is looking to set up space-based data centres to meet the surging demand for AI computing power. The company aims to launch its first data centre satellite next year, with plans for 100,000 satellites in low Earth orbit to deliver 10 gigawatts of compute. Orbital plans to scale up deployment towards the end of the decade when the SpaceX-owned Starship will come online and significantly reduce the launch cost, Poon said
Indian IT firms likely to report muted Q1 growth amid AI spending, macro uncertainty
India’s Information Technology (IT) companies are expected to report another quarter of subdued earnings growth despite seasonal strength, due to client-specific issues, weakness in select verticals and geopolitical uncertainty. Addressable tech spending in Indian IT companies is expected to remain softer year-on-year as enterprises redirect technology budgets towards artificial intelligence (AI) initiatives and Global Capability Centres (GCCs), according to a report by Systematix Research
AI is creating a ‘Darwinian moment’ for employees: Palo Alto CEO Nikesh Arora
Palo Alto Networks CEO Nikesh Arora declared a ‘Darwinian moment’ for businesses, stating 90% of employees lack AI proficiency. His remarks come at a time when companies across industries are slowing hiring and cutting jobs as AI takes over more tasks. Workers who can use AI effectively are increasingly seen as having a stronger advantage in the job market
Chinese chip firm Biren Tech seeks up to $838 million in Hong Kong placement, term sheet shows
Chinese chip maker Biren Tech is reportedly looking to raise a substantial amount, aiming for up to $838 million through a placement in Hong Kong. This urgent fundraising effort, as indicated by a term sheet, highlights the company’s significant capital needs in the competitive semiconductor industry
Anthropic in talks with Samsung to develop custom AI chip
AI giant Anthropic is reportedly exploring the creation of its own custom AI chips, holding talks with Samsung for a potential partnership. This move aims to reduce reliance on external suppliers and address ongoing chip shortages, following similar moves by rivals like OpenAI, Amazon, Microsoft, and Meta
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