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The most precise figure yet attached to DeepSeek’s worth did not come from the lab, its bankers or its founder. It surfaced in a stock-exchange filing by Anhui Korrun, a Chinese luggage maker, which discloses a stake small enough to imply the Hangzhou AI startup is valued at around $52bn. The arithmetic is narrow but […]
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A luggage maker’s filing just pinned DeepSeek at $52bn Read More »
Goldman Sachs booked $3.4bn in investment banking fees in the second quarter, a record, up 55% on a year earlier. Its chief executive has a name for what is driving it. “We are in the middle of an AI CapEx super cycle where there are demands on financing into every single financing instrument, in every […]
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Ericsson booked SEK 52.7bn of revenue in the second quarter, down 6% from SEK 56.1bn a year earlier, as weaker patent licensing income and currency movements outweighed growth in a handful of regional markets. The Swedish equipment maker published the figures on Tuesday morning. Profit, however, went the other way. Adjusted operating profit came in at SEK […]
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Ericsson revenue falls 6% as component costs bite and licensing income dries up Read More »
An investment firm is offering a way to invest in the broad market without owning Elon Musk’s companies. New York-based Subversive ETFs has filed with the SEC for two “Ex-Elon” funds, Bloomberg reports. One fund tracks the Nasdaq-100 and the other the S&P 500. Both exclude any company “founded, controlled or led by” Musk. The products […]
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New ‘Ex-Elon’ ETFs let investors track the market while skipping Musk’s companies Read More »
Revolut has appointed Kuba Fast, the former chief executive of Chase UK, to run Revolut Bank UAB, the Lithuania-based entity that holds the fintech’s European banking licence. The move hands one of the industry’s most closely watched digital lenders a senior operator taken directly from JPMorgan Chase, as it presses on with a banking build-out […]
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Revolut hires ex-Chase UK boss Kuba Fast to lead its European bank Read More »
OpenAI is recruiting an investment-banking expert to help train its AI on the trade. The job listing seeks a “subject matter expert” with at least two years of investment experience for its Applied AI team in San Francisco. Base pay runs from $185,000 to $205,000, with equity on top, Business Insider reports. That equity sweetener carries new weight […]
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OpenAI is hiring an investment banker to teach its AI the job Read More »
Samsung Electronics guided to second-quarter operating profit of about 89.4 trillion won ($58.4bn) on Tuesday, roughly 19 times what it made in the same period a year earlier and, by most counts, the largest quarterly operating profit any technology company has ever reported. It is Samsung’s third consecutive record quarter, and it came in ahead of the roughly 84 […]
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Samsung’s Q2 profit jumps 19-fold to 89 trillion won on AI memory demand Read More »
Analysts expect around 86 trillion won in second-quarter operating profit, a third straight record, as DRAM and NAND prices climb. Samsung Electronics is on course for one of the strangest earnings comparisons in its history. Analysts expect the company to report second-quarter operating profit of around 86 trillion won, roughly $56bn, when it publishes preliminary […]
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Samsung heads for an 18-fold profit jump as AI memory demand runs hot Read More »
Citigroup chief executive Jane Fraser says the financial sector is running two AI races at once, she told the South China Morning Post. The first is applying AI to business models to drive revenue growth, shortening product development cycles and improving customer service. The second race is defensive. Fraser said Citi’s job is to keep the […]
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Citi boss Jane Fraser says 2 AI races will decide banking’s future Read More »
Starling Bank is cutting around 130 jobs, roughly 3% of its 4,000-strong workforce, as the London-based neobank restructures its banking and technology operations. Staff were told this week that the changes were intended to simplify how the company operates, reduce duplication, and accelerate product delivery. The cuts come as Starling pushes AI deeper into its […]
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Starling Bank cuts 130 jobs as it bets on AI and looks beyond the UK Read More »