First Labour Budget in 15 years includes increased payouts from businesses and capital gains, as government looks to promote growth
TECHNOLOGY POWERING BUSINESS
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White House Finalises China Tech Investment Curbs
Administration publishes final restrictions on US investment into Chinese tech sectors including AI, chips, quantum computing
Latest Funding Round Values Start-Up Sierra AI At $4.5bn
Start-up Sierra AI, co-founded by former Salesforce co-chief Bret Taylor, sees valuation more than quadruple in new funding round
TSMC Arizona Chip Plant Yields 4 Percent Higher Than Taiwan
TSMC says production yields at delayed plant in Arizona are 4 percent higher than comparable factories in Taiwan, in boost for US efforts
Shein Profits Drop 70 Percent
Direct-from-China e-commerce firm sees profits plummet 70 percent in first half of 2024 amidst stiff competition from Temu, as it plans IPO
Intel To Invest More Than $28 Billion In Ohio Chip Factories – Report
Troubled chip giant Intel will invest more than $28 billion to construct two new chip factories in Ohio, to take fight to TSMC
CMA Begins Probe Into Alphabet Partnership With Anthropic
UK competition regulator begins phase one investigation into Alphabet's partnership with AI startup Anthropic
Former OpenAI Mira Murati Raising Capital For New AI Startup – Report
Cos the world needs another AI startup. Former CTO at OpenAI, Mira Murati, reportedly fund raising for her new AI startup
Microsoft Invests €4.3 Billion In Italy For AI, Cloud
Data centre and AI spending spree continues over at Microsoft, with Italy earmarked for €4.3 billion investment
ChatGPT Maker OpenAI Raises $6.6bn In Funding
OpenAI closes $6.6bn funding round from big name backers, but reportedly asks them not to finance rival AI startups
Musk Lashes Out At UK Government After Investment Summit Snub
Elon Musk criticises UK government after not being invited to next month's International Investment Summit over inflammatory posts
OpenAI To Remove Non-Profit Control – Report
Restructuring plan for OpenAI's core business will turn it into a 'for-profit benefit corporation', amid funding drive
OpenAI Backers ‘Betting It Will Be Worth Trillions’
Venture capital firms participating in $6bn-plus OpenAI funding round betting start-up will be worth trillions, report says
Jony Ive Confirms Working With OpenAI’s Altman On Device
Former Apple designer Sir Jony Ive confirms working with OpenAI chief Sam Altman on AI device 'less socially disruptive' than iPhone
OpenAI Valued At $150Bn In Funding Talks – Report
More cash required. Latest funding talks with investors reportedly values AI startup OpenAI at $150 billion
Nvidia Invests In Japan Start-Up Sakana AI
AI chip giant Nvidia invests in start-up Sakana AI in funding round that takes company to over $1bn valuation
TikTok Parent ByteDance Seeks $9.5bn In Loans
TikTok parent ByteDance seeks landmark $9.5bn in bank loans to refinance existing facility and fund operating expenses amidst expansion
China GPU Start-Up Dissolves, Lays Off Staff
Chinese start-up that aimed to develop high-performance GPU designs to compete with Nvidia lays off all staff, dissolves
Apple, Nvidia In Talks To Join OpenAI Funding Round – Report
Big names in AI funding. Apple, Nvidia reportedly in talks to join a funding round in ChatGPT maker OpenAI
Revolut Valued At $45 Billion, More Than Barclays, NatWest
Secondary share sale sees UK's Revolut now worth more than Barclays, NatWest and other large European banks
Government Shelves £1.3 Billion UK Tech, AI Plan
Labour government shelves £1.3bn of funding promised by the Conservatives for tech and artificial intelligence projects
UK Investigates Alphabet Partnership With AI Firm Anthropic
British competition regulator, the CMA, to investigate Google parent Alphabet’s partnership with AI startup Anthropic
Elon Musk To Discuss $5 Billion xAI Investment With Tesla Board
Conflict of interest? Elon Musk to talk with Tesla board about making $5 billion Tesla investment in his other venture, xAI
Alphabet To Invest $5 Billion In Waymo Self-Driving Unit
Senior management at Alphabet confirm substantial additional investment in the Waymo self-driving division
Troubled EV Maker Rivian Lays Out Path To Profitability
At first-ever investor day EV maker Rivian lays out profitability plans after $5bn deal with VW offers it financial lifeline
China-Linked Shein Faces Uphill Battle For IPO In US Or UK
China-founded fast-fashion company Shein faces political resistance in search for IPO venue, as major investors grow impatient
Saudi Fund Invests In China’s Biggest AI Start-Up
Saudi Arabian investment fund Prosperity7 reportedly contributes to funding round for China's Zhipu AI as US tries to keep allies away
EU Adopts Law To Spur Green Tech Manufacturing
EU formally adopts Net-Zero Industry Act that seeks to boost EU green-tech manufacturing against rivals from China and US
Elon Musk’s xAI In $6bn Funding Round Valuing It At $24bn
Elon Musk artificial intelligence start-up xAI concludes $6bn funding round valuing it at $24bn in coming weeks amidst heavy competition
Microsoft Invests 4 Billion Euros In France For AI, Cloud
Global spending spree from Microsoft continues, with huge investment for new data centre to drive AI and skills in France