OpenAI, Oracle deepen AI data center push with 4.5 gigawatt Stargate expansion
The commitment is part of their Stargate joint venture, which aims to establish the United States as a leader in artificial intelligence amid intensifying global competition.
Including a data center site in Abilene, Texas, the expansion will bring the total data center capacity under construction to more than 5 gigawatts and is expected to operate more than 2 million chips, the company said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
4 minutes ago
- CNA
Palantir raises annual revenue forecast again on surging AI demand
Palantir Technologies on Monday raised its forecast for annual revenue for the second time this year, expecting robust demand for its artificial intelligence-linked services from businesses and governments. The data analytics and defense software firm projected revenue in the range of $4.14 billion to $4.15 billion for 2025, up from its earlier forecast of between $3.89 billion and $3.90 billion. The raised forecast is also above analysts' average estimate of $3.90 billion, according to data compiled by LSEG. Palantir, which was initially backed by the CIA, has capitalized on its expertise in managing and analyzing data to help train and run new AI apps using its platforms. Shares of the Denver, Colorado-based company rose more than 2 per cent in extended trading. Its shares have more than doubled in value this year, far outpacing the 6 per cent gain for the benchmark S&P 500, as investors bet on its ability to benefit from the proliferation of AI technology and government spending on defense tech. Palantir, co-founded by tech billionaire Peter Thiel, said it now expects revenue derived from U.S. businesses to come in above $1.30 billion, up from its earlier guidance of more than $1.18 billion. They nearly doubled to $306 million in the June quarter. The business is closely watched as the company works to cut its reliance on government contracts. Sales to the U.S. government jumped 53 per cent to $426 million, representing more than 42 per cent of total second-quarter revenue of about $1 billion, which beat estimates. Last week, the U.S. Army said it might purchase services of up to $10 billion from Palantir over a decade. Palantir also forecast third-quarter sales above estimates.
CNA
an hour ago
- CNA
US dollar gains in consolidation move after Fed turmoil, Trump's shake-up
NEW YORK :The U.S. dollar slightly recovered on Monday, consolidating recent moves, after Friday's trio of market-moving events that showcased the fragility of the greenback: a dismal U.S. jobs report, the resignation of a Federal Reserve Governor, and President Donald Trump's firing of a top statistics official. Those developments battered the currency and prompted investors to ramp up bets of imminent Fed rate cuts. But the dollar's bounce on Monday could be short-lived, analysts said, and the broader downtrend could re-emerge given U.S. policymaking uncertainty and a U.S. economy that is finally showing cracks. Data on Friday showed U.S. employment growth undershot expectations in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labour market conditions. "The U.S. seems to be ... experiencing a slowdown across industries that are doubting the benefits to arrive from deterring overseas production and purchasing," said Juan Perez, director of trading at Monex USA in Washington. "The world is not necessarily experiencing much optimism even as economic indicators here help in suggesting that aid will come from the Fed via rate cuts," he added. In afternoon trading, the dollar rose against the euro, Swiss franc, and the commodity-linked currencies such as the Australian and New Zealand dollars. The euro dipped 0.1 per cent against the U.S. unit to $1.1576, while the dollar rose 0.5 per cent against the Swiss franc to $0.8078. The drop in the Swiss currency was not a surprise after Trump hit Switzerland with some of the highest tariffs as part of the White House's global trade reset. The Aussie and New Zealand dollars also declined on Monday versus the greenback, falling 0.2 per cent to US$0.6463 and down 0.3 per cent at US$0.5904. Against the Swiss franc, the dollar rose 0.5 per cent at 0.8081. Versus the yen, the U.S. currency gained 0.3 per cent to 146.945. "July's rebound in the dollar ran into a wall last week, but so far there's no sign of a big jump in any risk premium for holding U.S. assets," said Karl Schamotta, chief market strategist, at Corpay in Toronto. "Strong corporate earnings are - so far - managing to overshadow fears of an incipient slowdown in labor markets, the impact of higher tariffs, the threat to the independence of U.S. statistical agencies, and the growing likelihood that the next Fed chair tries to lead monetary policy in an inflation-boosting dovish direction," he said. BLS FIRING; KUGLER RESIGNATION In other developments, Trump fired BLS Commissioner Erika McEntarfer on Friday, accusing her of faking the jobs numbers. An unexpected resignation by Fed Governor Adriana Kugler also opened the door for Trump to make an imprint on the central bank much earlier than anticipated. Trump has been at loggerheads with the Fed for not lowering interest rates sooner. The developments sent the dollar down more than 2 per cent against the yen and roughly 1.5 per cent against the euro on Friday. The euro slipped 0.2 per cent on Monday to $1.1568, while sterling was little changed at $1.3275. Trump said on Sunday he will announce a candidate to fill the open position at the Fed and a new BLS head in the next few days. Against a basket of currencies, the dollar edged up 0.1 per cent to 98.77, after sliding more than 1.3 per cent on Friday. The dollar rose 3.4 per cent in July, its biggest monthly gain since a 5 per cent jump in April 2022 and first monthly rise of the year, as markets became more at ease with Trump's trade policy and economic data had remained resilient in the face of tariffs. In other markets, the policy-sensitive two-year Treasury yield fell to a three-month low of 3.659 per cent on Monday as traders heavily raided bets of a Fed cut in September, while the benchmark 10-year yield strayed not too far from a one-month low at 4.2257 per cent. Markets are now pricing an 84 per cent chance the Fed will ease rates by a quarter-point next month owing to the weaker than expected jobs data, according to CME's FedWatch, with just under 60 basis points worth of cuts expected by December, implying two 25 basis point cuts and a 40 per cent chance of a third. Currency bid prices at 4 August 07:01 p.m. GMT Descript RIC Last U.S. Pct YTD High Low ion Close Chang Pct Bid Bid Previous e Session Dollar 98.749 98.662 0.1 per cent -8.98 per cent 98.982 98. index 59 Euro/Dol 1.1568 1.1586 -0.15 11.74 per cent $1.159 $1. lar per cent 7 155 Dollar/Y 146.92 147.415 -0.34 -6.63 per cent 148.08 146 en per cent .89 Euro/Yen 169.99 170.76 -0.45 4.15 per cent 171.16 169 per cent .92 Dollar/S 0.808 0.8039 0.54 per cent -10.94 0.8096 0.8 wiss per cent 041 Sterling 1.3277 1.3278 0 per cent 6.16 per cent $1.333 $1. /Dollar 1 325 5 Dollar/C 1.3782 1.3787 -0.03 -4.16 per cent 1.3793 1.3 anadian per cent 759 Aussie/D 0.646 0.6475 -0.21 4.43 per cent $0.648 $0. ollar per cent 9 646 Euro/Swi 0.9346 0.9315 0.33 per cent -0.5 per cent 0.9359 0.9 ss 312 Euro/Ste 0.871 0.8724 -0.16 5.28 per cent 0.873 0.8 rling per cent 688 NZ 0.59 0.5919 -0.3 per cent 5.46 per cent $0.592 0.5 Dollar/D 9 901 ollar Dollar/N 10.268 10.1751 0.91 per cent -9.66 per cent 10.285 10. orway 3 230 8 Euro/Nor 11.8852 11.859 0.22 per cent 0.99 per cent 11.898 11. way 843 Dollar/S 9.6592 9.6365 0.24 per cent -12.33 9.6914 9.6 weden per cent 215 Euro/Swe 11.1796 11.1693 0.09 per cent -2.51 per cent 11.199 11. den 2 170 9
CNA
3 hours ago
- CNA
Firefly Aerospace lifts IPO price range, targets $6 billion valuation amid space investment boom
Northrop Grumman-backed Firefly Aerospace raised the proposed price range for its U.S. initial public offering on Monday and is now targeting a valuation of up to $6.04 billion in its U.S. listing, underscoring investor interest in space-related ventures. The Texas-based space startup aims to raise $696.6 million by selling 16.2 million shares priced between $41 and $43 each. This compares with its prior proposed range of $35 to $39 per share. Executives appear to be regaining their appetite for IPOs, buoyed by strong market debuts from tech-focused companies like design software firm Figma and stablecoin-issuer Circle. Despite concerns over a potential labor market slowdown, resilient consumer spending and lower-than-expected tariffs have pushed equity markets to record highs. At the top end of its revised range, Firefly's valuation would represent a significant jump from its Series D funding round in November, which valued it at more than $2 billion. U.S. President Donald Trump has renewed federal focus on space capabilities, which have largely been outsourced to private-sector firms. Major defense initiatives - including the $175 billion Golden Dome space-based defense program - have further spurred private investment into the sector. Additionally, the recent tensions between Trump and SpaceX CEO Elon Musk have prompted a significant shift in the administration's relationship with Musk's company, which is a leading launch provider for the U.S. military and NASA. Firefly is scheduled to price the deal on Wednesday and is expected to begin trading on the Nasdaq under the ticker symbol "FLY" the following day.
