Galaxy Digital reported an $85 million Q2 net loss driven by lower digital-asset prices, even as Phase I capacity under its CoreWeave lease began contributing. The company expects $80 million in quarterly leasing revenue starting in Q3.
ByteDance is reorganizing its office tool Lark (Feishu) by integrating its product team into the Doubao AI chatbot unit and merging sales, marketing, customer services, development, and infrastructure teams into its Volcano Engine cloud and Flow AI application divisions, aiming to enhance AI product competitiveness and customer service capabilities.
President Trump's endorsement of Dell Technologies during a stock market bell-ringing event led to a nearly 9% intraday surge in Dell shares. While analysts attribute the rally primarily to the company's strong AI server business, ethics concerns were raised regarding potential conflicts of interest and insider knowledge.
Alibaba Group projects AI-driven annualised recurring revenue to hit $4.42 billion by year-end, with AI products expected to generate over 50% of cloud-computing revenue within a year, driven by triple-digit growth in AI-related products for the 11th consecutive quarter.
Alibaba projects AI revenue to reach 30 billion yuan ($4.42 billion) by year’s end, with AI products expected to generate over 50% of cloud-computing revenue within a year, driven by triple-digit growth in AI-related products for the 11th consecutive quarter.
TeraWulf’s HPC lease revenue jumped 117% quarter-on-quarter to $21 million, but a $427 million net loss highlights the costs of transitioning from Bitcoin mining to AI infrastructure.
Publicly traded Bitcoin miner and data center operator TeraWulf reported a hefty net loss in Q1 as its AI revenue took over from BTC.
Microsoft CFO Amy Hood announced the company expects headcount to decrease year over year as it evolves operations for increased pace and agility. The announcement follows thousands of job cuts and a voluntary buyout program impacting around 7% of US workforce. The company reported $83 billion quarterly revenue with $32 billion net income, while Azure is forecast to grow 39-40%. Microsoft's first-ever voluntary retirement program targets employees with age plus years of service totaling 70 or more, with about 8,750 workers eligible.
Microsoft CEO Satya Nadella defended the company's revised OpenAI partnership, telling analysts the deal is a 'win-win' for both parties. Microsoft retains royalty-free access to OpenAI's most advanced AI models through 2032 and has kept its IP rights. The company reported its AI business has reached a $37 billion annual revenue run rate, up 123% year-over-year. OpenAI remains a major customer of Microsoft and has committed to purchasing over $250 billion in cloud services, while Microsoft holds a 27% stake in OpenAI.
Asia-Pacific markets traded mixed Wednesday, with Hong Kong's Hang Seng rising 1.2% while South Korea's Kospi fell 0.39% and Australia's S&P/ASX 200 declined 0.28%. The UAE announced it will exit OPEC on May 1, a major blow to the oil cartel. Tech stocks were pressured after the Wall Street Journal reported OpenAI's revenue and user growth fell below internal targets, raising concerns about the company's ability to meet computing costs.
Seoul stocks opened lower Wednesday as concerns over OpenAI's revenue and user targets renewed AI sector worries, while rising oil prices added to market uncertainty. The KOSPI fell 5.93 points to 6,635.09. Brent crude rose 2.8% to over $111 per barrel amid stalled U.S.-Iran peace talks, with the UAE set to leave OPEC next month.
Seoul stocks opened lower Wednesday with the KOSPI down 22.02 points (0.33%) at 6,619.00, driven by concerns over OpenAI's financial performance and rising oil prices. A Wall Street Journal report cited insiders saying some OpenAI executives worry the company might not afford future computing contracts if revenue doesn't grow fast enough.
Asia-Pacific markets were set to open mixed Wednesday, with Japan closed for a holiday. The UAE will exit OPEC on May 1, a major blow to the oil cartel. Meanwhile, optimism around tech stocks was hit by a Wall Street Journal report that OpenAI's revenue and user growth fell below targets, with CFO Sarah Friar concerned about ability to pay computing contracts. US markets declined overnight as investors await earnings from Magnificent Seven stocks and Jerome Powell's potential final Fed meeting.
Markets are retreating from record highs as the AI trade experiences a significant cooldown, with semiconductors, data center infrastructure, and power equipment stocks all falling. A Wall Street Journal report claiming OpenAI missed revenue and user growth targets sparked the selloff, though CEO Sam Altman and CFO Sarah Friar pushed back on concerns about compute contract obligations. Major tech earnings from Amazon, Alphabet, Microsoft, and Meta Platforms are expected Wednesday, with Jerome Powell's final FOMC meeting as Fed Chair also on tap.
Quantum computing has long served as Bitcoin’s most cinematic threat. It has the right ingredients for a high-drama warning, strange machines, broken cryptography, and the possibility of a future rewrite of digital trust. Yet the greater danger facing Bitcoin today looks far more ordinary and far more commercial. It is artificial intelligence, and the pressure […] The post New research shows Bitcoin must retake $80k or risk BTC miner shut down in competition with $4B in AI revenue appeared first on CryptoSlate.
