Nvidia chip challenger FuriosaAI scores first major customer LG
FuriosaAI, a Seoul-based startup, will supply its AI chip RNGD to LG AI Research. This follows a rejection of an $800 million acquisition bid from Meta. LG will use the chip for its Exaone large-language models. FuriosaAI aims to challenge Nvidia and other AI chip companies.
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Economic Times
3 minutes ago
- Economic Times
GNG Electronics IPO opens with robust 44% GMP. Should you subscribe?
GNG Electronics launched its IPO aiming to raise Rs 460 crore through fresh issue and offer for sale, showing strong financials and investor interest with a 44% GMP. The company will use the proceeds to repay debt and for general corporate purposes. Brokerages recommend subscribing, citing GNG's scale, growth, and strategic positioning in the refurbished electronics market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads GNG Electronics kicked off its IPO today aiming to raise Rs 460 crore through a combination of fresh issue and offer for sale. Riding on strong financials and investor interest, the IPO is debuting with a notable grey market premium (GMP) of 44%, indicating a healthy issue comprises a fresh equity raise of Rs 400 crore and an offer for sale worth Rs 60.44 crore by existing shareholders. The IPO is priced in the range of Rs 225–237, translating to a P/E of 33.3x on FY25 of the issue, the company raised Rs 138 crore from anchor investors on July 22, allocating over 58 lakh Electronics is a prominent player in the refurbished ICT (Information and Communication Technology) device segment. The company operates under the brand 'Electronics Bazaar' and offers end-to-end lifecycle solutions — from sourcing to refurbishment, distribution, after-sale service, and buyback clients include major retail and OEM brands such as Vijay Sales, HP, and GNG has reported strong growth. Revenue rose 24% year-on-year to Rs 1,420 crore in FY25, while profit after tax jumped 32% to Rs 69 from the issue will be primarily used to repay outstanding borrowings of the company and its UAE-based subsidiary, Electronics Bazaar FZC, with Rs 320 crore allocated for this purpose. The balance will go toward general corporate purposes. Motilal Oswal is the sole book-running lead manager and Bigshare Services is the a sharp rise in digital adoption and demand for cost-effective computing devices, GNG Electronics is looking to scale up its operations and reinforce its leadership in the growing refurbished electronics market SBI Securities and Canara Bank Securities have both given it a "Subscribe" rating, citing scale, growth, and strategic positioning."GNG operates in a fragmented but fast-formalising market. With operations in 38 countries, refurbishing over 5.9 lakh devices in FY25, and a 46% revenue CAGR over FY23–FY25, the company is well-poised to benefit from affordability-driven demand and ESG tailwinds," the brokerages said.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
The Hindu
3 minutes ago
- The Hindu
Microsoft knew of SharePoint security flaw but failed to effectively patch it, timeline shows
A security patch released by Microsoft earlier this month failed to fully fix a critical flaw in the U.S. tech company's SharePoint server software that had been identified at a hacking competition in May, opening the door to a sweeping global cyber espionage operation, according to a timeline of events reviewed by Reuters. A Microsoft spokesperson confirmed on Tuesday that its initial solution did not work. The spokesperson added that Microsoft had released further patches that fixed the issue. It remains unclear who is behind the ongoing operation, which targeted around 100 organisations over the weekend and is expected to escalate as other hackers join the fray. Microsoft said in a blog post that two allegedly Chinese hacking groups, dubbed "Linen Typhoon" and "Violet Typhoon," were exploiting the vulnerabilities, along with another China-based hacking group. Microsoft and Alphabet's Google have said that China-linked hackers were likely behind the first wave of hacks. Chinese government-linked operatives are regularly implicated in cyberattacks, but Beijing routinely denies carrying out hacking operations. In an emailed statement, the Chinese embassy in Washington said China opposes all forms of cyberattacks, and "smearing others without solid evidence." The vulnerability that facilitated the attack was first identified in May at a hacking competition in Berlin organised by cybersecurity firm Trend Micro, which offered cash bounties for the discovery of computer bugs in popular software. It offered a $100,000 prize for "zero-day" exploits, which are called that because they leverage previously undisclosed digital weaknesses that could be used against SharePoint, Microsoft's flagship document management and collaboration platform. A researcher working for the cybersecurity arm of Viettel, a telecommunications firm operated by Vietnam's military, identified a SharePoint bug at the event, dubbed it "ToolShell" and demonstrated a method of exploiting it. The researcher was awarded $100,000 for the discovery, according to a post on X by Trend Micro's "Zero Day Initiative." In a statement, Trend Micro said it was the responsibility of vendors participating in its competition to patch and disclose security flaws in "an effective and timely manner." "Patches will occasionally fail. This has happened with SharePoint in the past," the statement said. Microsoft said in a July 8 security update that it had identified the bug, listed it as a critical vulnerability, and released patches to fix it. About 10 days later, however, cybersecurity firms started to notice an influx of malicious online activity targeting the same software the bug sought to exploit: SharePoint servers. "Threat actors subsequently developed exploits that appear to bypass these patches," British cybersecurity firm Sophos said in a blog post on Monday. The pool of potential ToolShell targets remains vast. According to data from Shodan, a search engine that helps identify internet-linked equipment, over 8,000 servers online could theoretically have already been compromised by hackers. Those servers include major industrial firms, banks, auditors, healthcare companies, and several U.S. state-level and international government entities. The Shadowserver Foundation, which scans the internet for potential digital vulnerabilities, put the number at a little more than 9,000, while cautioning that the figure was a minimum. It said most of those affected were in the United States and Germany, and the victims included government organisations. Germany's federal office for information security, BSI, said on Tuesday it had found SharePoint servers within government networks that were vulnerable to the ToolShell attack but none had been compromised.
Time of India
19 minutes ago
- Time of India
GNG Electronics IPO opens with robust 44% GMP. Should you subscribe?
GNG Electronics kicked off its IPO today aiming to raise Rs 460 crore through a combination of fresh issue and offer for sale. Riding on strong financials and investor interest, the IPO is debuting with a notable grey market premium (GMP) of 44%, indicating a healthy appetite. The issue comprises a fresh equity raise of Rs 400 crore and an offer for sale worth Rs 60.44 crore by existing shareholders. The IPO is priced in the range of Rs 225–237, translating to a P/E of 33.3x on FY25 earnings. Explore courses from Top Institutes in Please select course: Select a Course Category Management Product Management Artificial Intelligence MBA Cybersecurity healthcare Finance Data Science Project Management CXO Technology Degree Public Policy Digital Marketing MCA Data Science Healthcare Others others Leadership PGDM Data Analytics Operations Management Design Thinking Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Ahead of the issue, the company raised Rs 138 crore from anchor investors on July 22, allocating over 58 lakh shares. GNG Electronics is a prominent player in the refurbished ICT (Information and Communication Technology) device segment. The company operates under the brand 'Electronics Bazaar' and offers end-to-end lifecycle solutions — from sourcing to refurbishment, distribution, after-sale service, and buyback programs. Its clients include major retail and OEM brands such as Vijay Sales, HP, and Lenovo. Financially, GNG has reported strong growth. Revenue rose 24% year-on-year to Rs 1,420 crore in FY25, while profit after tax jumped 32% to Rs 69 crore. Proceeds from the issue will be primarily used to repay outstanding borrowings of the company and its UAE-based subsidiary, Electronics Bazaar FZC, with Rs 320 crore allocated for this purpose. The balance will go toward general corporate purposes. Motilal Oswal is the sole book-running lead manager and Bigshare Services is the registrar. With a sharp rise in digital adoption and demand for cost-effective computing devices, GNG Electronics is looking to scale up its operations and reinforce its leadership in the growing refurbished electronics market . Should you subscribe ? SBI Securities and Canara Bank Securities have both given it a "Subscribe" rating, citing scale, growth, and strategic positioning. "GNG operates in a fragmented but fast-formalising market. With operations in 38 countries, refurbishing over 5.9 lakh devices in FY25, and a 46% revenue CAGR over FY23–FY25, the company is well-poised to benefit from affordability-driven demand and ESG tailwinds," the brokerages said.
