Author: precious

As the race to build leading artificial intelligence models has become an expensive contest, companies need vast amounts of computing power, specialised talent, and steady funding to train new systems and keep them available to millions of users. Moonshot AI is now turning to the public market for that capital. The Beijing-based company behind the Kimi chatbot has confidentially applied for an initial public offering (IPO) in Hong Kong, and is reportedly seeking to raise about $3 billion at a $50 billion valuation. The $50 billion valuation also places considerable weight on a company founded only in 2023. Moonshot was…

The race to build artificial intelligence is no longer centred only on who makes the fastest chip. Companies also need access to power, data centres, cooling systems, and cloud services that can turn those chips into usable computing capacity. Crusoe has become one of the biggest winners from that shift. The eight-year-old AI infrastructure company recently raised $3.9 billion in a Series F round that valued it at $30.9 billion after the investment. The round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures, and TPG also participating.…

Uber gave corporate technology leaders an expensive warning this year when it used up its full 2026 budget for Anthropic’s Claude Code within four months. While the amount was not disclosed, and the overspend applied to its Claude Code budget rather than every AI project at Uber, the speed of the burn still exposed a wider problem – Companies can adopt AI tools faster than they can measure whether those tools are producing useful results. In May, Uber President and Chief Operating Officer Andrew Macdonald said higher token use had not yet produced a clear, matching increase in useful consumer…

Oracle’s shift from traditional database software to AI infrastructure is now backed by the largest contracted revenue backlog in the company’s history. The company ended its first quarter of fiscal 2027 with $664 billion in remaining performance obligations, up $209 billion from a year earlier and $26 billion from the previous quarter According to Oracle’s official results, AI cloud demand drove this latest increase. Oracle said it signed more than $30 billion in additional AI cloud contracts during the three months ended August 31, while demand for AI training and inference services continued to grow faster than available capacity. And…

Oracle’s costly expansion into AI and cloud infrastructure is unfolding alongside another round of job cuts. The September action is the second major company-wide layoff wave reported in six months, following cuts that began in late March. This time, the way employees discovered they were affected has drawn almost as much attention as the layoffs themselves. Workers began losing access to Oracle’s internal systems before sunrise on September 14. Then, formal emails arrived later, telling affected employees that their roles had been removed and that the same day would be their last at the company. Reports place the number of…

The process banks use to receive and respond to government requests for customer information have become the centre of a serious data breach at Revolut. The British digital bank has confirmed that an unauthorised third-party used an email address from a legitimate government agency domain to send fraudulent information requests. Revolut treated the requests as genuine and disclosed sensitive customer records. About 680 customers were affected, according to people familiar with the investigation cited by the Financial Times, but Revolut has only described the number as “very limited.” The exposed files reportedly included passports, driving licences, identity verification selfies, home…

Schools across the United States have spent the past three years moving from replacing outright ChatGPT bans with guidelines for how AI in classroom use, with at least 37 states now providing schools with official AI guidance. New York City has gone a step farther by implementing yet another rule. Its one-year moratorium, announced in early September, removes student-facing generative AI for nearly 600,000 students from 2-K through eighth grade, suspends about 40 classroom tools, and bans companion chatbots in all grades. But high school students still retain limited supervised access, while teachers may use AI for planning but not…

U.S. vehicle safety rules were largely written for cars driven by people, so they still require equipment such as brake pedals and mirrors. However, Tesla launched Cybercab rides in Austin without these features and had not requested an exemption, prompting NHTSA to investigate how the vehicle was certified for public roads. The company began offering rides in limited parts of Austin, Texas, in early September. One day later, the National Highway Traffic Safety Administration (NHTSA) opened an Audit Query into whether Tesla properly certified the vehicle. NHTSA later ordered Tesla to answer detailed questions by September 30, as the regulatory…

The global AI race is becoming increasingly expensive as companies spend more on computing power, data centres, chips, and specialised talent. DeepSeek, which gained global attention for developing capable AI models at a lower reported cost than many U.S. rivals, is now taking early steps towards a Shanghai listing that could give it access to public capital. The Hangzhou-based company has appointed CITIC Securities to prepare for a possible initial public offering on Shanghai’s technology-focused STAR Market, according to Reuters. It also plans to name GL Ventures partner Yan Wentao as its first chief financial officer, another move that would…