Technology

Travel Startup Flyr Raises $295 Million in Equity and Debt
08 Aug

Travel Startup Flyr Raises $295 Million in Equity and Debt

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Flyr, a travel startup that provides software to companies including JetBlue Airways Corp., has raised $295 million in equity and debt in a new funding round. The deal, led by WestCap, values the startup at $900 million, according to a person familiar with the matter who asked not to be identified discussing private information. Other investors included BlackRock funds, Streamlined Ventures and a subsidiary of the Abu Dhabi Investment Authority. The financing represents $225 in equity and $70 million in debt, and brings the startup’s total investment haul to $500 million. Source link lol
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Veon Plans to Sell Up to 20% in IPO of Pakistan’s Top Mobile Operator
08 Aug

Veon Plans to Sell Up to 20% in IPO of Pakistan’s Top Mobile Operator

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Veon Ltd., a Dutch-domiciled telecommunications company, is preparing to sell as much as 20% in its Pakistani unit Jazz in an initial public offering, Chief Executive Officer Kaan Terzioglu said.“A 12-month horizon is when we will make really concrete decisions” about the IPO, Terzioglu said in an interview in Amsterdam. Pakistan’s pension funds, local and retail investors would be keen to have a stake in the country’s biggest mobile operator, he said. Veon earned $1.12 billion in revenue from Pakistan last year. Source link lol
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Nvidia Has Lost $900 Billion Even as AI Spending Plans Ramp Up
08 Aug

Nvidia Has Lost $900 Billion Even as AI Spending Plans Ramp Up

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On the surface, Nvidia Corp.’s $900 billion selloff since its June record would suggest the artificial intelligence spending boom that propelled it there is cooling. But the undercurrents tell a far less dire story.Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. — together accounting for more than 40% of Nvidia’s revenue — have all said they will keep investing billions into AI infrastructure. Meanwhile, Super Micro Computer Inc. — which makes data center servers used in AI — told investors it expects to generate up to $30 billion in sales over the next year, blowing away analyst expectations.…
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Move Over, LLMs. Small AI Models Are the Next Big Thing
08 Aug

Move Over, LLMs. Small AI Models Are the Next Big Thing

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For years, tech giants like Google and startups such as OpenAI have been racing to build ever bigger and costlier artificial intelligence models using a tremendous amount of online data. Deployed in chatbots like ChatGPT, this technology can handle a wide range of complex queries, from writing code and planning trips to drafting Shakespearean sonnets about ice cream.Mark McQuade is betting on a different strategy. Arcee.AI, the startup he co-founded last year, helps companies train and roll out an increasingly popular — and much tinier — approach to AI: small language models. Rather than try to do everything ChatGPT can,…
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Anglo Revamp, Unity Government Seen Igniting South Africa Stocks
08 Aug

Anglo Revamp, Unity Government Seen Igniting South Africa Stocks

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A business-friendly coalition government and plans by Anglo American Plc to spin off one large subsidiary and possibly list another may trigger a sustained rally in South African stocks, the head of the main local bourse said. Even with the turmoil currently running through global stock markets, these developments are poised to snap South African equities out of more than a decade of torpor caused by economic stagnation and collapsing power and logistics services, said Leila Fourie, the chief executive officer of JSE Ltd., which runs the exchange. Source link lol
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Siemens to Hit Low End of Forecasts on Slow Automation Sales
08 Aug

Siemens to Hit Low End of Forecasts on Slow Automation Sales

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Siemens AG sees group revenue growth and returns at its key industrial unit at the lower end of forecasts as factories run below capacity and customer stock levels are high, especially in China.The main digital industries division, which makes products to automate factories, struggled with weak markets in the fiscal third quarter. Automation sales and new orders dropped, masking a jump in software demand amid a number of large new licensing contracts, Siemens said Thursday. Source link lol
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Xiaomi-Backed AI Chipmaker Black Sesame Falls in Hong Kong Debut as AI Frenzy Wanes
08 Aug

Xiaomi-Backed AI Chipmaker Black Sesame Falls in Hong Kong Debut as AI Frenzy Wanes

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Shares of artificial intelligence chipmaker Black Sesame International Holding Ltd. tumbled as much as 35% on their debut, dealing a blow to Hong Kong’s efforts to lure more technology listings. The Xiaomi Corp.-backed company’s shares fell to as low as HK$18.28 Thursday in the Hong Kong Stock Exchange and closed the day 27% lower. They had been priced at HK$28, the bottom of the marketed range in an initial public offering that raised HK$1.04 billion ($133 million). Source link lol
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Deliveroo Customer Orders Rise as Demand Improves Across Markets
08 Aug

Deliveroo Customer Orders Rise as Demand Improves Across Markets

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Deliveroo Plc said the value of customer orders grew in the first half and that earnings for the year will be on the higher end of its forecast after demand rose at the UK food delivery platform.Gross transaction value rose 6% at constant currencies from a year earlier to £3.69 billion ($4.7 billion), the company said in a statement on Thursday. That was in line with the average estimate from analysts surveyed by Bloomberg. Source link lol
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