Latest news with #RuthPorat
Yahoo
6 days ago
- Business
- Yahoo
Google announces $7 billion investment in Iowa, including new Cedar Rapids data center
Google will invest $7 billion to officially build a data center in Cedar Rapids and expand cloud and artificial intelligence infrastructure in its Council Bluffs complex, more than doubling its existing investment in Iowa. State and city leaders say the May 30 announcement positions Iowa and Cedar Rapids as leaders in delivering AI technology to the world, and said it signals the state's role in staying ahead of emerging technologies. "This additional investment isn't just a corporate decision," Gov. Kim Reynolds said. "It's a powerful endorsement of our state, of our communities and our potential. It's a catalyst for prosperity and Iowa's future, and we are so proud to stand alongside one of the most innovative companies in the world.' Google has invested $6.8 billion in Iowa since launching its multimillion-dollar data center in Council Bluffs in 2007. Company officials didn't share how the $7 billion would be split between Iowa facilities. Ruth Porat, president and chief investment officer of Alphabet and Google, said it is a privilege to live in a time where AI is emerging. "It's been called the golden era of American innovation, and I truly believe it is," Porat said. "And our deep, longstanding investments in American technical infrastructure and in research development will help the world continue to lead in AI with all the benefits that come. It's about the economic upside." The Iowa Economic Development Authority board in March 2024 signed off on the city of Cedar Rapids' use of $56 million in tax abatements for the $576 million project, which is among the city's largest on record. The Cedar Rapids City Council approved a development agreement for the project in February 2024 with a company that was not named at the time to build one or more data centers on the city's far south side near the Eastern Iowa Airport in the Big Cedar Industrial Center. As part of that agreement, the project will create at least 31 jobs paying at least $31.44 per hour. Cedar Rapids can leverage the state's High-Quality Jobs program — which provides tax credits and refunds to businesses that move to or expand in Iowa — to give Google a 20-year break on property taxes that would otherwise increase with the completed data center's assessed value. But the whole data center campus is expected to create hundreds more jobs as well as temporary construction jobs. Google has upped its investment in Iowa facilities, investing another $600 million in its already $5 billion, 1,000-acre Council Bluffs complex in 2022 and another $1 billion in 2024. Microsoft and Meta have joined it in Iowa, building data centers in locations including Altoona and West Des Moines. Apple opened a 400,000-square-foot data center in Waukee in 2024. This is a developing story and will be updated. Marissa Payne covers the Iowa Statehouse and politics for the Register. Reach her by email at mjpayne@ Follow her on X, formerly known as Twitter, at @marissajpayne. This article originally appeared on Des Moines Register: Google will invest $7B in Iowa, including new Cedar Rapids data center
Zawya
16-05-2025
- Business
- Zawya
Communications Ministry discusses Google's investment in Kuwait
KUWAIT -- Minister of State for Communications Affairs Omar Al-Omar met with Ruth Porat, Chief Investment Officer at Alphabet Inc. (Google), during her visit to Kuwait. The meeting aimed to strengthen their strategic partnership, focusing on technology and digital investment collaboration to enhance digital integration in government agencies. This initiative supports Kuwait's development vision, "New Kuwait 2035." Key attendees included Shaima Al-Terkait, Abdulrahman Al-Thehaiban, Salim Eid and Martin Roski. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Time of India
12-05-2025
- Business
- Time of India
UniCredit partners with Google Cloud to accelerate digitisation across 13 markets
Live Events European commercial bank UniCredit has signed a 10-year agreement with Google Cloud to use its infrastructure, AI, and data analytics solutions to accelerate digital transformation across 13 markets, the company stated on collaboration marks a major investment by UniCredit in its cloud infrastructure . The deal involves migrating large sections of the bank's application landscape, including legacy systems across the group, to Google the Memorandum of Understanding (MoU), UniCredit's 13 banks will progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. UniCredit said it is also depending on Google Cloud's technological flexibility to readily adapt and scale for future market expansions or will also use Google Cloud as its new platform for artificial intelligence (AI) workloads, utilising the latter's Vertex AI platform and Gemini models to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences. Potential applications for UniCredit's AI workloads will cover investment banking insights, enhanced customer interactions, operational process optimisation, financial crime prevention, and the development of new AI-powered financial deal with Google Cloud also lays the groundwork for collaboration with other Google divisions, UniCredit said."AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organisations that proactively embrace its potential. We are proud to partner with UniCredit as it looks to modernise operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions," said Ruth Porat, President and chief investment officer (CIO), Alphabet and March, UniCredit received approval from European Central Bank to buy 29.9% of Commerzbank, possibly leading to a takeover.
Yahoo
16-03-2025
- Business
- Yahoo
Insiders At Blackstone Sold US$14m In Stock, Alluding To Potential Weakness
Many Blackstone Inc. (NYSE:BX) insiders ditched their stock over the past year, which may be of interest to the company's shareholders. Knowing whether insiders are buying is usually more helpful when evaluating insider transactions, as insider selling can have various explanations. However, if numerous insiders are selling, shareholders should investigate more. Although we don't think shareholders should simply follow insider transactions, we would consider it foolish to ignore insider transactions altogether. See our latest analysis for Blackstone Over the last year, we can see that the biggest insider sale was by the Chief Legal Officer, John Finley, for US$7.4m worth of shares, at about US$176 per share. While insider selling is a negative, to us, it is more negative if the shares are sold at a lower price. It's of some comfort that this sale was conducted at a price well above the current share price, which is US$141. So it is hard to draw any strong conclusion from it. Over the last year we saw more insider selling of Blackstone shares, than buying. The sellers received a price of around US$154, on average. We don't gain confidence from insider selling near the recent share price. But we don't put too much weight on the insider selling, since sellers could have personal reasons. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! For those who like to find hidden gems this free list of small cap companies with recent insider purchasing, could be just the ticket. Over the last quarter, Blackstone insiders have spent a meaningful amount on shares. insider Ruth Porat spent US$62k on stock, and there wasn't any selling. This makes one think the business has some good points. For a common shareholder, it is worth checking how many shares are held by company insiders. We usually like to see fairly high levels of insider ownership. Blackstone insiders own about US$499m worth of shares (which is 0.3% of the company). I like to see this level of insider ownership, because it increases the chances that management are thinking about the best interests of shareholders. It's certainly positive to see the recent insider purchase. But we can't say the same for the transactions over the last 12 months. The high levels of insider ownership, and the recent buying by an insider suggests they are well aligned and optimistic. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. For instance, we've identified 2 warning signs for Blackstone (1 is a bit concerning) you should be aware of. If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
USA Today
06-03-2025
- Business
- USA Today
Google tests an AI-only version of its search engine
Google tests an AI-only version of its search engine Show Caption Hide Caption Google hopes users harness power of AI to protect against cybercriminals Google is reportedly testing a new AI feature to generate passwords for compromised accounts through artificial intelligence. Straight Arrow News Alphabet's GOOGL.O Google launched an experimental version of its search engine on Wednesday that completely eliminates its classic 10 blue links in favor of an AI-generated summary. The new feature, available to subscribers of Google One AI Premium, can be accessed via the results page for any search query by clicking on a tab labeled "AI Mode" to the side of existing options like Images and Maps. "We've heard from power users that they want AI responses for even more of their searches," Robby Stein, a vice president of product, said in a blog post. In case you missed it: Google officially changes the Gulf of Mexico to the Gulf of America on Maps Google One AI Premium is a $19.99 per month plan that provides extra cloud storage and special access to some AI features. Google currently displays AI Overviews, summaries that are increasingly appearing atop the traditional hyperlinks to relevant webpages, for users in more than 100 countries. It began adding advertisements to AI Overviews last May. With AI Mode, users see a more comprehensive AI summary with hyperlinks to cited webpages. The 10 blue links have been replaced by a search bar for asking follow-up questions. Google said AI Mode is being powered by a custom version of its Gemini 2.0 model with reasoning capabilities that make it better equipped to handle complex queries. Alphabet's $350 billion in 2024 revenue was primarily driven by search-related advertising. But it is facing the biggest challenge to its core business in years from AI challengers led by Microsoft-backed MSFT.O OpenAI, which added search functions to ChatGPT last October. Google has made integrating AI into search its biggest bet, investment chief Ruth Porat said at the Reuters NEXT conference in December. In February, edtech company Chegg CHGG.N sued Google, accusing the previews of eroding demand for original content and undermining publishers' ability to compete. Reporting by Kenrick Cai in San Francisco; Editing by Edwina Gibbs
