Latest news with #CreativeDestruction
Yahoo
03-03-2025
- Business
- Yahoo
Anthropic Nears Funding Deal Valuing Startup at $61.5 Billion
(Bloomberg) -- Artificial intelligence startup Anthropic is nearing a deal to raise $3.5 billion at a valuation of $61.5 billion, according to a person familiar with the matter — a larger funding round than the company initially planned to raise. The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases Anthropic, which develops large language models, is one of the leading AI companies in an era where investors are eager to write big checks for the sector. Since January, Elon Musk's xAI has discussed raising $10 billion from investors, and OpenAI has held talks to bring in as much as $40 billion. A representative for Anthropic declined to comment. The Wall Street Journal earlier reported new details of the latest round. In a typical startup funding round, a company will pitch itself to a variety of investors. In Anthropic's case, Lightspeed Venture Partners approached the company, setting plans in motion at the beginning of this year to raise $2 billion. In the weeks that followed, that funding target grew, Bloomberg previously reported. Recently, the fundraising total under discussion hit $3.5 billion in an oversubscribed round — meaning Anthropic has more interest from investors than it has space in the deal. Other investors who have been in talks to back the company include Menlo Ventures, Bessemer Venture Partners, General Catalyst and Abu Dhabi's MGX, people familiar with the matter told Bloomberg. --With assistance from Shirin Ghaffary. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
Italy Takes First Step Toward Return to Nuclear Generation
(Bloomberg) -- Italy's cabinet has approved a new legal framework aimed at reintroducing nuclear power generation, as Prime Minister Giorgia Meloni's government looks to overturn a decades-long ban. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month NYC Office Buildings See Resurgence as Investors Pile Into Bonds Following years of debate in the country and repeated votes on the issue, the proposed new legislation marks the first concrete steps by Meloni's right-wing administration toward lifting the prohibition on nuclear generation. The legislation was approved at cabinet meeting on Friday. The new framework sets out planning for fusion and power production from sustainable sources, according to a government document. It includes a call for the government to decide what technology can be used and where plants can be located. The measure allows the government to adopt a series of legislative decrees and set up a framework aimed at allowing the drafting of a national strategic plan for 2027. 'With new generation nuclear power, together with renewables we will be able to achieve our decarbonisation objectives, guaranteeing full energy security for the country,' Energy Minister Gilberto Pichetto Fratin said in a press conference in Rome following the approval. The Environment and Energy Ministry will have at its disposal €20 million per year from 2027 to 2029 to invest in the plan, according to the document. While Italy outlawed both production and use of nuclear energy in a 1987 referendum and a follow-up measure in 2011, Meloni's government has been lobbying for new nuclear-industry investments since it took office in 2022. Italy is also working on setting up a company to build small reactors, Bloomberg reported in September. The energy crunch after the Russian invasion of Ukraine and the subsequent spike in gas prices have given the nuclear issue new urgency. Italy has been working to diversify its sourcing, and Meloni has said that strategic autonomy in energy is a top priority. Rome recently unveiled a €1 billion ($1 billion) plan for a subsea electricity connection with Albania, while its 'Mattei' initiative to strengthen ties with Africa is partly linked to bolstering energy security. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P.
Yahoo
28-02-2025
- Business
- Yahoo
Snowflake Jumps on Strong Sales Outlook With AI Adoption Focus
(Bloomberg) -- Shares of Snowflake Inc. jumped after the company projected better-than-expected revenue growth for the fiscal year, sending an optimistic signal about the adoption of its recently launched products for artificial intelligence. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month NYC Office Buildings See Resurgence as Investors Pile Into Bonds Product revenue, which makes up the bulk of Snowflake's business, will increase about 24% to $4.28 billion in the year ending January 2026, the company said Wednesday in a statement. Analysts, on average, estimated $4.23 billion, according to data compiled by Bloomberg. Snowflake makes software to ingest and analyze data from a variety of sources. Over the last year, Chief Executive Officer Sridhar Ramaswamy has pushed the company to introduce additional AI products and make it easier to use large language models on data stored in Snowflake's platform. The company announced an agreement Wednesday to let customers access OpenAI's models directly through its system, similar to an arrangement with AI startup Anthropic unveiled in November. Snowflake shares rose as much as 13% after markets opened in New York on Thursday, their biggest intraday gain in three months. The stock, which declined 22% in 2024, had increased 7.6% this year through Wednesday's close as investors have grown more optimistic about customer adoption of new tools like Cortex, which allow users to implement generative AI. Fiscal fourth-quarter product revenue increased 28% to $943.3 million, compared with analysts' average estimate of $915.8 million. Snowflake now has 580 customers that spent more than $1 million over a trailing 12-month period, compared with 542 in the previous quarter. Remaining performance obligations — another key benchmark of growth — were $6.9 billion in the period ended Jan. 31, topping the average estimate of about $6.67 billion. (Updates with share move starting in the first paragraph.) Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
28-02-2025
- Business
- Yahoo
Lloyds Gets Big Capital Returns Prediction From Barclays Analyst
(Bloomberg) -- The fundamentals on offer at Lloyds Banking Group Plc are 'too good to ignore,' according to Barclays Plc analysts, who predict the UK bank could return almost half of its market value to shareholders by 2027. The Trump Administration Takes Aim at Transportation Research NYC's Congestion Pricing Pulls In $48.6 Million in First Month Shelters Await Billions in Federal Money for Homelessness Providers New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases Analysts led by Aman Rakkar on Wednesday lifted their price target on the British lender to a level above any other tracked by Bloomberg, propelling Lloyds shares to a seven-year high and making them the best performer in the FTSE 100 Index since the start of 2025. The new objective of 90 pence implies upside of more than 30% from Tuesday's close. According to Rakkar, a sharp step-up in Lloyds' capital generation should help drive higher shareholder returns. He forecasts the dividend will keep growing and sees buybacks building to £4 billion ($5.1 billion) by 2026. That could see the bank return near to half of its £43 billion market capitalization by 2027, the analyst wrote. Rakkar also increased earnings per share estimates to about 15% above the broader consensus in the wake of last week's results, and believes Lloyds can deliver 'sector-leading fundamentals,' including around 65% EPS growth by 2027 alone. Deutsche Bank AG's Robert Noble is another analyst predicting Lloyds shareholders will receive more cash. He forecasts the capital return per share in 2027 could be almost double what was seen in 2024. Noble raised his price target by 10% to 88p on Wednesday, the second-highest on the Street. 'Very few European banks offer the same enviable combination of strong revenue growth; tangible net asset value; dividend and buyback growth that Lloyds has to offer,' Noble wrote. 'If the business plan continues to deliver then there is further substantial upside for shareholders.' --With assistance from Neil Campling. Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P.
Yahoo
27-02-2025
- Business
- Yahoo
Microsoft Urges Trump Team to Relax Chip Export Curbs
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases Microsoft Corp. President Brad Smith is urging the Trump administration to rethink new regulations that would cap the export of artificial intelligence chips to 'strategically vital markets' including Israel, Saudi Arabia and the United Arab Emirates. Introduced by the Biden administration, the so-called AI diffusion rule puts several nations in the second tier of a three-tier category that curbs the export of chips used in data centers to train AI models. Smith said the policy could prompt those countries to turn to China for advanced chips. 'Left unchanged, the Biden rule will give China a strategic advantage in spreading over time its own AI technology, echoing its rapid ascent in 5G telecommunications a decade ago,' Smith wrote in a corporate blog post on Thursday. President Donald Trump and his team have been drawing up tougher versions of US semiconductor curbs and pressuring key allies to escalate their restrictions on China's chip industry — a sign that the White House is keen to expand on Biden-era efforts to limit Beijing's technological prowess. Trump also on Thursday announced an additional 10% tariff on Chinese imports. The AI diffusion rule, imposed during President Joe Biden's final week in office, divided the world into three tiers of countries and set maximum thresholds for the AI computing power that can be shipped to each. It also established mechanisms for companies to validate the security of their projects and access higher compute limits. The rule, which will have an impact on data center development everywhere from Southeast Asia to the Middle East, drew harsh rebuke from companies including Nvidia Corp., the world's leading maker of advanced AI chips. Nvidia Chief Executive Officer Jensen Huang expressed optimism that the Trump administration would opt for a lighter regulatory touch. Microsoft runs or is building data centers in several countries subject to caps on chips exports, including the UAE, where the US tech giant is developing AI data centers in partnership with G42. --With assistance from Mackenzie Hawkins. (Updates with more context, starting in the fourth paragraph.) Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P. Sign in to access your portfolio
