Latest news with #JubyBabu
The Star
2 days ago
- Business
- The Star
CoreWeave in talks to buy Core Scientific, WSJ reports
A screen displays the company logo for CoreWeave, Inc., Nvidia-backed cloud services provider, during the company's IPO at the Nasdaq Market, in New York City, U.S., March 28, 2025. REUTERS/Brendan McDermid/File Photo (Reuters) -CoreWeave is in talks to buy Core Scientific, after the bitcoin miner rejected an earlier deal from the cloud provider last year, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Shares of Core Scientific rose about 8% after the report, giving the company a market value of nearly $4 billion. Crypto miners use vast amounts of electricity to run their operations and are being increasingly targeted by bigger peers and AI technology companies, as they try to consolidate power supply for their energy-hungry enterprises. A deal could be finalized in the coming weeks, if talks don't face setbacks, the report said, adding that exact terms being discussed could not be learned. Core Scientific did not immediately respond to a Reuters request for comment. CoreWeave declined to comment. Core Scientific received an unsolicited non-binding proposal from CoreWeave in June last year to acquire all of the company's outstanding shares on a fully diluted basis for $1.02 billion, or $5.75 per share in cash. At the time, Core Scientific had said that the deal significantly undervalued it and was not in the best interests of the company and its shareholders. The two companies signed a series of 12-year contracts then, including an agreement under which Core Scientific would provide CoreWeave with about 200 MW of infrastructure to power its high-performance computing services. (Reporting by Juby Babu in Mexico City; Editing by Mohammed Safi Shamsi and Alan Barona)
The Star
4 days ago
- Business
- The Star
BlackBerry raises annual revenue forecast on robust demand for cybersecurity services
FILE PHOTO: The Blackberry logo is shown on a office tower in Irvine, California, U.S., October 20, 2020. REUTERS/Mike Blake/File Photo (Reuters) -Canada's BlackBerry raised its annual revenue forecast on Tuesday, anticipating steady demand for its cybersecurity services amid growing online crimes, sending the company's U.S.-listed shares up 6% after the bell. A rise in cybercrimes and hacks has spurred companies to invest heavily in cybersecurity, benefiting firms such as BlackBerry that provide security services. Cybersecurity remains largely insulated from broader spending volatility and is likely to continue as a top investment priority for customers, analysts have said. BlackBerry now sees fiscal year 2026 revenue in the range of $508 million to $538 million, up from its earlier forecast of $504 million to $534 million. The company also raised annual revenue forecast for its secure communications segment, which provides intelligent security software to enterprises and governments. It expects revenue between $234 million and $244 million for the unit, from its prior forecast of $230 million to $240 million. The Waterloo-based company's revenue for the quarter ended May 31 stood at $121.7 million, below $123.4 million reported last year. Revenue in its QNX business rose 8.1% year-on-year to $57.5 million, while revenue from its secure communications unit fell 7.3% to $59.5 million in the first quarter. (Reporting by Juby Babu in Mexico City; Editing by Mohammed Safi Shamsi)
The Star
16-06-2025
- Business
- The Star
SoftBank seeks to raise $4.9 billion in T-Mobile share sale, Bloomberg News reports
FILE PHOTO: A T-Mobile logo is seen on the storefront door of a store in Manhattan, New York, U.S., April 30, 2018. REUTERS/Shannon Stapleton/File Photo (Reuters) -Japan's SoftBank Group Corp is looking to raise nearly $4.9 billion in an unregistered overnight block sale of T-Mobile shares, Bloomberg News reported on Monday. SoftBank is offering to sell 21.5 million shares for $224 to $228 each, Bloomberg said, citing the deal terms. Bank of America Corp is working on the deal. The sale represents a discount of more than 3% to T-Mobile's closing price of $230.99 on Monday, and the stake offered would represent about 1.9% of T-Mobile's outstanding shares, Reuters calculations showed. SoftBank and T-Mobile did not immediately respond to Reuters' requests for comment. In May, the Japanese technology investment group reported a 1.15 trillion yen ($7.94 billion) profit for the year ended March, compared with a loss of 227.6 billion yen a year earlier. SoftBank's approach of investing in high-growth technology companies is epitomized by the success of its investment in Chinese e-commerce leader Alibaba Group as well as the bankruptcy of U.S. office-space startup WeWork. ($1 = 144.7500 yen) (Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva)
The Star
09-06-2025
- Business
- The Star
OpenAI's annualized revenue hits $10 billion, up from $5.5 billion in December 2024
FILE PHOTO: OpenAI logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -OpenAI said on Monday that its annualized revenue run rate surged to $10 billion as of June, positioning the company to hit its full-year target amid booming AI adoption. Its projected annual revenue figure based on current revenue data, which was about $5.5 billion in December 2024, has demonstrated strong growth as the adoption and use of its popular ChatGPT artificial-intelligence models continue to rise. This means OpenAI is on track to achieve its revenue target of $12.7 billion in 2025, which it had shared with investors earlier. The $10 billion figure excludes licensing revenue from OpenAI-backer Microsoft and large one-time deals, an OpenAI spokesperson confirmed. The details were first reported by CNBC. Considering the startup lost about $5 billion last year, OpenAI's revenue milestone shows how far ahead the company is in revenue scale compared to its competitors, which are also benefiting from growing AI adoption. Anthropic recently crossed $3 billion in annualized revenue on booming demand from code-gen startups using its models. OpenAI said in March it would raise up to $40 billion in a new funding round led by SoftBank Group, at a $300 billion valuation. In more than two years since it rolled out its ChatGPT chatbot, the company has introduced a bevy of subscription offerings for consumers as well as businesses. OpenAI had 500 million weekly active users as of the end of this March. (Reporting by Juby Babu in Mexico City and Krystal Hu in New York; Editing by Pooja Desai)
CTV News
03-06-2025
- General
- CTV News
Reddit down for thousands of users globally
FILE - The Reddit app icon is seen on a smartphone on Feb. 28, 2023, in Marple Township, Pa. (AP Photo/Matt Slocum, File) Social media platform Reddit was down for over 29,000 users on Tuesday, according to outage tracking website The platform was down for 29,106 users as of 2.46 p.m. ET, according to Downdetector, which tracks outages by collating status reports from various sources. The actual number of affected users may vary. Reddit said that it was investigating issues with the elevated errors on its status page. (Reporting by Juby Babu in Mexico City)
