Alibaba has initiated a HK$80 billion ($10.2 billion) share placement, the largest primary follow-on offering ever by a Hong Kong-listed company, to finance its artificial intelligence (AI) development. The company plans to invest all net proceeds into expanding its AI capabilities, including chips, infrastructure, and AI model development. The offering was oversubscribed, attracting strong demand from investors like sovereign wealth funds, and was priced at a 3.6% discount to the recent closing price. This move comes as Alibaba ramps up AI-related capital expenditures, aiming to shorten the payback period on these investments amid growing demand.
The Dutch Data Protection Authority has fined Uber €825 million for deactivating driver accounts using an automated system without adequate human oversight, marking the second largest penalty under the EU's GDPR. The regulator found Uber committed se...
Economist Peter Schiff cautions that artificial intelligence (AI) may pose a threat to Bitcoin by competing for investment, electricity, and data center infrastructure. He suggests that powerful AI might uncover vulnerabilities in Bitcoin's code or c...
Alibaba sharply reduced its share repurchases by about 80% in the June 2026 quarter, spending $162 million compared to $815 million a year earlier. The company redirected capital towards AI infrastructure and cloud computing, with capital expenditure...
Trade tensions between the US and Canada escalated sharply after President Trump imposed 50% tariffs on $28 billion worth of Canadian goods, targeting industries like dairy, alcohol, automotive, and a wide range of specific products including hockey ...
Greg Abel, Warren Buffett's successor at Berkshire Hathaway, reduced the company's investment in Bank of America by $1.7 billion. At the same time, he increased the stake in Delta Air Lines by $1.6 billion. This shift in portfolio allocation highligh...
