Coreweave signs new $4 billion deal with OpenAI, filing shows
(Reuters) -Nvidia-backed AI company Coreweave has signed an additional agreement with OpenAI under which the ChatGPT maker has committed to pay Coreweave up to $4 billion through April 2029, a regulatory filing showed on Thursday.
Coreweave said on a post-earnings call on Wednesday it had signed a $4 billion expansion with an AI enterprise, but did not name the company.
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Korean beauty startups bet booming US demand outlasts tariff pain
By Hyunsu Yim, Hyunjoo Jin SEOUL (Reuters) -Emboldened by roaring online success in the U.S., South Korea's cosmetic startups are expanding their bricks-and-mortar presence in the world's biggest consumer market, confident their mass appeal will offset the hit from tariffs. Brands like Tirtir, d'Alba, Torriden, and Beauty of Joseon are in talks with major retailers to stock their U.S. shelves, company executives have told Reuters. Korean beauty, or "K-beauty", products are able to compete globally on quality, price and snappy marketing and have benefited greatly from the success of the Asian export giant's other consumer hits, namely its music, film and television. "K-culture — things like PSY in the past, BTS, and then Korean dramas and films like 'Parasite' — those really paved the way," Tirtir CEO An Byung-Jun said. "In the U.S. market, there was already growing interest in South Korea. Then Korean cosmetics entered the scene. The quality was good, but the prices were lower than the existing luxury brands like L'Oreal or Estee Lauder." Tirtir's profile shot up last year following the viral online success of its cushion foundation shades designed for dark skin. The product will be sold at some U.S. stores of Ulta Beauty this summer, An told Reuters, adding it aims to double U.S. sales this year. Retailers in the U.S. from Sephora and Ulta Beauty to Costco and Target are in talks with Korean cosmetics brands to launch sales in their physical stores, according to Reuters' interviews with a dozen people including cosmetics company CEOs, executives and industry experts. They also expect Korean brands to weather tariffs better than rivals thanks to higher margin business models. Many of them outsource production to contract manufacturers like Cosmax and Kolmar, dubbed the Foxconns of fast beauty, to keep costs down. South Korea overtook Germany to become the world's third-largest beauty product exporter after France and the U.S. in 2024. Four fifths of its $13 billion cosmetics output are for exports, which have predominantly been driven by e-commerce sales. Yuliet Mendosa, a 25-year-old visiting Seoul from America, is a fan of K-pop boy band BTS, which led her to greater interest in K-beauty products. "They go straight to the point to fix what you need to fix and your skin," she said at an Olive Young store. CHANGING LANDSCAPE The U.S. push comes at a tricky time for the world's big exporters with President Donald Trump's sweeping tariffs unsettling global trade. But while the levies create uncertainty for Korea's beauty exporters, strong demand is expected to mitigate some of this, executives say. South Korea's dominant beauty retailer Olive Young plans to set up its first U.S. store in Los Angeles as early as this year, Jin Se-hoon, Executive Vice President of the company's global platform business, told Reuters. "The U.S., especially California, has by far the most customers for our global online shopping platform," Jin said. He said Washington's tariffs were a burden but not enough to hurt K-beauty's popularity and value-for-money proposition. Their U.S. expansion, despite tariffs, also seeks to sustain momentum after exports to China, the biggest overseas market for K-beauty, fell due to geopolitical tensions and competition. Skincare brand d'Alba, owned by d'Alba Global and known for its vegan mist serum and sunscreens, is in talks with Costco, Ulta Beauty and Target for retail distribution, the company said. LVMH's cosmetics chain Sephora plans to launch two new Korean brands Torriden and Beauty of Joseon this summer, according to a Sephora spokesperson. Costco, Target and Ulta did not respond to requests for comments. Tirtir's An said the baseline 10% tariff that the U.S. has already imposed is "endurable" although the planned 25% tariff on South Korean products due in July may force the company to raise prices "a little bit." Seoul, a major U.S. ally, is seeking tariff exemptions in trade talks with Washington. The Founders--the maker of Anua skincare products, which hit Ulta Beauty shelves this year--also have more room to absorb higher tariffs than rivals, its strategy team leader Jung Jun-ho said. The company posted an operating profit margin of over 30% last year. NICHE BRANDS South Korea replaced France as the biggest cosmetics exporter to the U.S. in 2024, according to official data, driven by online sales through Amazon. The top five Korean cosmetics brands in U.S. e-commerce--which include Beauty of Joseon, Medicube and Biodance--saw online sales grow 71% on average over the past two years, outperforming the overall U.S. market's 21% growth, according to Euromonitor data. The top five French brands--which include L'Oreal Paris, Dior and Lancome--posted 15% growth over that period. Social media has played a big part in Korea's success. "Nowadays a single viral TikTok video or influencer endorsement can turn a product into a global bestseller before it even launches outside Korea," said South Korea-based beauty marketer Odile Monod. But longer-term success will require increased physical store sales, said Jason Kim, CEO of cosmetics distributor Silicon2. There are already signs of growth plateauing for some companies, such as startup COSRX, now part of Korean cosmetics giant AmorePacific, as competition heats up and cheaper alternatives emerge, analysts said. For now, investors remain upbeat about Korean potential, with shares of d'Alba Global more than doubling since their debut last month. "The K-beauty trend is strong," Silicon2's Kim said. "But indie brands will face challenges too." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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21 minutes ago
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Anthropic's Claude Opus 4 AI, Backed By Google And Amazon, Codes Nonstop For 7 Hours, Redefining Developer Productivity
, the artificial intelligence startup supported by Google-parent Alphabet (NASDAQ:GOOG, GOOGL)) and Amazon (NASDAQ:AMZN), announced Thursday that it introduced Claude Opus 4, a new model capable of coding autonomously for hours at a time. Anthropic is calling the release a major step forward for developer-focused AI, highlighting Claude Opus 4's ability to reason and execute autonomously for several hours, an advancement it says dramatically expands what AI agents can now accomplish. Don't Miss:Invest where it hurts — and help millions heal:. According to the company, the model recently completed a near-seven-hour uninterrupted coding session with e-commerce giant Rakuten, showcasing levels of performance far beyond Anthropic's previous releases. While the prior generation, Claude 3.7 Sonnet, could code for roughly 45 minutes, Opus 4 sustained high-functioning output for over six hours, enabling it to assist in complex software builds and long-form projects in real time, Reuters reports. Anthropic chief product officer Mike Krieger described in an interview with Reuters that the launch as a turning point. He said that for AI to significantly boost economic productivity, it must be capable of sustained, autonomous execution, something Opus 4 is now delivering at scale. Trending: Maximize saving for your retirement and cut down on taxes: . The company also unveiled Claude Sonnet 4, a more compact and cost-effective sibling to Opus. Both models were designed to perform a wide range of tasks, including web search, step-by-step reasoning, and long-form dialogue generation. But it's Opus 4's durability and coherence during marathon coding sessions that have drawn the most attention. Anthropic told MIT Technology Review that it used Opus 4 to autonomously play a 24-hour Pokémon game, which is another demonstration of the model's ability to operate in extended timelines without breakdowns in logic or consistency. To make its capabilities more accessible, Anthropic also announced the general release of Claude Code, a development tool designed for engineers. First previewed in February, the tool allows users to generate, review, and troubleshoot code directly with Claude models, including Opus 4 and Sonnet 4. Developers can now integrate the models into real workflows, from full-stack application design to bug fixes and documentation, Reuters says. According to Anthropic, Claude Code is now generally available with full integration into developer environments like VS Code, JetBrains, and GitHub. By expanding access to its software development kit and releasing native extensions, the company is positioning the tool for wider use across developer teams and software advancements arrive amid a flurry of competitive activity. According to Reuters, Microsoft (NASDAQ:MSFT) announced during its Build 2025 conference recently that it is preparing to integrate Anthropic's coding agent into its GitHub Copilot ecosystem, giving developers a choice of language models. With heavyweight backers like Google and Amazon, Anthropic is emerging as a key player in the next generation of generative AI. Its focus on building models that operate coherently over time positions it well for both developer and enterprise markets. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Anthropic's Claude Opus 4 AI, Backed By Google And Amazon, Codes Nonstop For 7 Hours, Redefining Developer Productivity originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
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Payments firms account for bulk of fintech revenue
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Fewer than 100 of the approximately 37,000 fintech companies globally account for roughly 60% of industry revenue – and payments firms are the 'indisputable winner' of the realm to date, accounting for more than half of that success. Of the $378 billion in global fintech revenues in 2024, $126 billion came from payments fintechs, some of which have seen growth from digital wallets (like PayPal and ApplePay) or vertical software-as-a-service (like Stripe, Toast and Square), according to a report released Monday by QED Investors and Boston Consulting Group. 'Companies like Stripe and Adyen and Square really filled the gap when there was a shift to [e-commerce] and mobile commerce. They were able to just win that race and grab market share,' explained Laura Bock, QED partner and one of the authors of the report, 'Fintech's Next Chapter: Scaled Winners and Emerging Disruptors.' 'What we talk a lot about, and think a lot about, is how financial services lives downstream of the real economy,' she said. 'When there are shifts in how the real economy works, that's a huge opening for fintech to make waves.' While fintech accounted for just 3% of overall banking and insurance revenues in 2024 ($12.7 trillion, according to the report), fintech revenues surged 21%, compared to the 6% growth rate of incumbent banks. In recent years, embedded payments has revolutionized how consumers and merchants transact for certain things, Bock explained – for their fitness classes, as with MindBody, or their dinner, as with Toast. Artificial intelligence presents the possibility of another major shift, she noted, this time due to agentic payments. 'For example, I use ChatGPT for way too much,' Bock said. 'Yesterday, I was trying to figure out where to go on my honeymoon … so I was asking it 'what's the weather in Italy in September? Which part should I go to? What should I book?' You can have it generate an entire itinerary. Imagine that I could then just say, 'Hey, I like this plan, book it.'' 'I've connected [it] to my wallet or my card, I've given [it] the appropriate permissions. Maybe I say, 'don't spend $500 without asking me,' but I sign off on it, and it books my hotels, my activities, my flight. I don't think it's crazy that a bot [will be] your travel agent, and that it just uses your card or ChatGPT wallet to make payments,' Bock said. 'I think that will become more mainstream, maybe not like in a year or two, but at some point over the next five or so years.' Before AI agents are granted the ability to make payments, though, proper guardrails must be built to verify that the agent is acting on behalf of a person, and within the boundaries permitted by the person. Current regulatory frameworks are designed with human actors and institutions in mind, noted QED and BCG in their report; with AI agents, questions arise regarding authentication, fraud prevention, and liability. 'Say my bot goes rogue and books me in first class when I didn't want to pay for it. What happens now? Am I the one arguing with Delta?' Bock said to Banking Dive. 'Every time there's a change with how payments are made, a whole new set of infrastructure needs to jump up to support it.' Privacy and data security also pose challenges for agentic AI, according to the report, as data incidents can be devastating both financially and reputationally. 'This is where regulators will need to provide clarity and guidance,' the report said. 'Given these challenges, the use of agentic AI in financial services may lag other sectors of the economy. Nonetheless, we are already beginning to see its transformational potential in software development, particularly for earlier-stage, AI-native fintechs.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
