investments
Washington (AFP) - Micron is set to receive up to $6.1 billion in grants from the US government to help build its semiconductor plants in New York and Idaho, the White House said Thursday. The award, to be announced by President Joe Biden as he travels to Syracuse, New York, is the latest in a series of efforts by Washington to bring semiconductor production back to the country. The United States has been working to ensure its lead in the chip industry, especially with regards to the development of artificial intelligence -- both on national security grounds and in the face of competition with...
AFP
San Francisco (AFP) - Silicon Valley venture capital star Andreessen Horowitz said Tuesday it had raised $7.2 billion to invest in startups behind games, apps, artificial intelligence and more. More than half of the money spread across five funds is dedicated to a "growth" strategy for late-stage startups, possibly bringing new life to a moribund trend of young companies being bought or going public with offerings of stock. "This marks an important milestone for us," VC firm cofounder and general partner Ben Horowitz said in a blog post. Other "strategies" targeted for investment were apps, ga...
AFP
Washington (AFP) - The United States announced on Monday grants of up to $6.4 billion to South Korean semiconductor giant Samsung to produce cutting-edge chips in Texas. The award is the latest from the US government as it looks to cement its lead in the chip industry -- especially for chips needed for the development of AI -- both on national security grounds and also in the face of competition with China. President Joe Biden's administration has previously approved billions in grants to US titan Intel and Taiwan Semiconductor Manufacturing Company (TSMC) as it tries to avoid the prospect of ...
AFP
New York (AFP) - Bitcoin has captured the limelight in recent weeks as it surged to a new record high, yet another major cryptocurrency, Ether, has been enjoying its own meteoric rise. Launched in 2015, Ether, also known as Ethereum, is by far the second-largest digital currency in terms of total value, now estimated at over $460 billion. Along with other cryptocurrencies including Solana and Dogecoin, it benefited from the regulatory approval in the United States of a new bitcoin investment product, the exchange traded fund -- or ETF -- in mid-January, said James Butterfill of the investment...
AFP
San Francisco (AFP) - After the earthquake of ChatGPT's phenomenal success a year ago, Silicon Valley investors have gone into overdrive with artificial intelligence, looking for the newest blockbuster idea in an ocean of hype and overpromising. OpenAI sparked a generative AI craze with ChatGPT, which can pen stories, create pictures, write computer code and more from simple text prompts. Stung by the struggles of cryptocurrency and other faded Silicon Valley fads of recent years, venture capitalists have quickly doubled down on AI, a new promised land in the never-ending quest for big tech ri...
AFP
Chicago (AFP) - US Treasury Secretary Janet Yellen on Thursday lauded the economic gains made under President Joe Biden, as the Democrat leader's reelection campaign revs up -- and his team seeks to show he has done more for the country than Donald Trump. Yellen's comments come just days after Trump won the New Hampshire primary, making a 2024 rematch with Biden almost certain. As the campaign moves into a new phase, Biden's top economic officials have been emphasizing the benefits of his agenda, including investments from the Bipartisan Infrastructure Law and Inflation Reduction Act. "None of...
AFP
New York (AFP) - Charlie Munger, the longtime friend and business partner of famed US investor Warren Buffett, died on Tuesday at the age of 99, his employer has confirmed. Berkshire Hathaway, where Munger served for decades as vice chairman under Buffett, announced it was "advised by members of Charlie Munger's family that he peacefully died this morning at a California hospital." "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Warren Buffett said in a statement. Like Buffett, Munger was born and brought up in Omah...
AFP
Washington (AFP) - US President Joe Biden on Wednesday issued an executive order aimed at restricting certain American investments in sensitive high-tech areas in China -- a move Beijing blasted as being "anti-globalization". The long-anticipated rules, expected to be implemented next year, target sectors like semiconductors and artificial intelligence, as Washington seeks to limit access to key technologies. "The commitment of the United States to open investment is a cornerstone of our economic policy and provides the United States with substantial benefits," Biden said in a letter to Congre...
AFP
Washington (AFP) - The United States on Wednesday announced steps to restrict certain US investments in China, targeting high-tech sectors like semiconductors and artificial intelligence -- a move that could further strain bilateral ties. The long-anticipated measures come as US President Joe Biden issued an executive order to tighten outbound financial flows -- a key step as Washington seeks to safeguard national security. "The outbound investment program will fill a critical gap in the United States' national security toolkit," a senior government official said on condition of anonymity. "Wh...
AFP
Paris (AFP) - Even by the extreme standards of cryptocurrency trading, the past few weeks have been a wild ride for Binance, the world's biggest exchange for crypto assets. After the collapse of its rival FTX in a hail of allegations of fraud and criminality last month, trust in the entire sector has crumbled. Customers pulled more than $3 billion from Binance in a single day last week as part of a three-day frenzy that saw more than $6 billion withdrawn. On Friday, accountancy firm Mazars, engaged by Binance to provide a "proof of reserves" report, abruptly halted this type of work with cryp...
AFP
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