TECHNOLOGY
Musk to ban Apple devices if OpenAI is integrated into OS
“If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies,” Musk wrote on X, the social network that he owns. “That is an unacceptable security violation.”
WORLD
Dubai takes on Abu Dhabi in race for supremacy in family offices
“Every Tom, Dick and Harry around the world is trying to come here,” said Ryan Lemand, co-founder and chief executive officer of Abu Dhabi-based Neovision Wealth Management. “It’s like the gold rush.”
BUSINESS
Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires
Sanjay Advani has joined from UBS as a managing director and team head of Julius Baer’s global non-resident Indians business in the emirate, according to a statement. Nisar Sindhi, previously at JPMorgan, has been named managing director and senior adviser.
WORLD
EM traders flock to local debt as election shocks upend FX bets
Ashmore Plc and Ninety One are among those adding to positions in local debt, particularly in frontier markets.
BUSINESS
Cheaper Indian rupee boosting its lure as carry trade: Bank of America
The rupee has become one of the least volatile currencies in emerging markets, aided by a long interest-rate pause by the Reserve Bank of India and record foreign exchange reserves.
BUSINESS
Fed dot plot is set to offer glimpse of rate-cut resolve
Investors are anticipating insights into the Federal Reserve's monetary policy stance as US policymakers release their interest rate forecasts on Wednesday, the first update in three months. While Chair Jerome Powell is expected to maintain borrowing costs, uncertainty remains regarding officials' rate projections.
BUSINESS
Nvidia hitting $3 trillion propels Jensen Huang’s wealth above Michael Dell’s
Dell, 59, with a net worth of $105.9 billion, has been a computer hardware-industry outlier among the tech super-rich, who often owe their wealth to software companies
BUSINESS
Here’s what India’s top money managers are buying post elections
The asset manager remains bullish on domestic cyclicals, including automobiles, cement, and capital goods
SPORTS
T20 World Cup: India-Pakistan clash could fetch $4,800 a second as cricket makes US push
India vs Pakistan: The International Cricket Council is trying to draw wider global attention to the sport ahead of its inclusion in the 2028 Los Angeles Olympics.
MARKETS
Foreigners snap up Indian bonds, shrugging off PM Modi vote setback
Foreign purchases of the nation’s index-eligible sovereign securities have reached roughly 50 billion rupees ($599 million) so far this week, according to the local clearing agency’s latest figures.
BUSINESS
Paytm’s UPI market share continues to slide after RBI crackdown
Paytm accounted for 8.1% of total UPI transactions in May, down from 13% in January, according to data released by the National Payments Corporation of India.
LOK-SABHA-ELECTION
India to benefit from coalition checks on PM Modi, Eurasia says
“This is going to end up being good for the Indian people,” Bremmer told Bloomberg TV’s Menaka Doshi in a webinar. “Frankly, the lack of checks and balances in India would have been a concern.”
WORLD
Elon Musk’s xAI to develop new supercomputer in Memphis
Musk and his team at xAI have been working with officials in the Tennessee city since early March to plan the new factory, which would be the “largest multibillion-dollar investment in the city of Memphis’s history,” said Ted Townsend, president of the Greater Memphis Chamber, a local nonprofit funded by the city’s private business community.
BUSINESS
Byju’s creditors petition to put more units in US bankruptcy
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
BUSINESS
BlackRock stays bullish on Indian bonds after narrow PM Modi win
The coalition of parties led by Modi is unlikely to deviate from the path of fiscal consolidation, and cooling inflation will allow the Reserve Bank of India to embark on easing later this year, according to Neeraj Seth, chief investment officer and head of APAC fundamental fixed income at BlackRock.
WORLD
Nvidia tops $3 trillion in value, leapfrogging past Apple
The shares of the Santa Clara, California-based firm have rallied roughly 147% this year, adding about $1.8 trillion as the insatiable demand for its chips used to power artificial intelligence tasks skyrockets.
TECHNOLOGY
Alphabet taps Eli Lilly Executive as new CFO replacing Porat
Ashkenazi has served as CFO and executive vice president at the drug maker, where she worked for more than 23 years, Alphabet said
TECHNOLOGY
Apple Made Once-Unlikely Deal With Sam Altman to catch up in AI
Apple has been developing a host of AI features, including ones that run on its devices and others that require cloud computing. It’s also infusing its Siri digital assistant with AI.
BUSINESS
Narendra Modi’s election setback only a blip for some global stock funds
Modi’s Bharatiya Janata Party has vowed to retain power along with allies after it won 240 of the 543 seats in the lower house of parliament, versus 303 seats it secured in the 2019 election.
TECHNOLOGY
Snowden says attempts to regulate AI may stifle its potential
Governments around the world, including the US, are working on their regulatory approach to AI after popular services such as ChatGPT laid bare the technology’s potential.
BUSINESS
Ray Dalio touts US elections, China conflicts as global risks
WORLD
Elon Musk gives explanation for why he diverted chips from Tesla to X
In a series of posts Tuesday on X, Musk wrote that Tesla had no place to put Nvidia chips where they could be turned on. CNBC reported earlier that the billionaire redirected 12,000 of the chipmaker’s H100 graphics processing units originally slated for Tesla to X instead, citing an Nvidia memo from December.
LOK-SABHA-ELECTION
Bond vigilantes worry as weak PM Modi win fans fiscal populism fear
Fiscal discipline has been a hallmark of Modi’s decade-long administration, and many investors were expecting him to win a supermajority to reduce the budget deficit and further cut government borrowing in the next budget.
BUSINESS
Intel CEO takes aim at Nvidia in fight for AI chip dominance
Gelsinger took a direct shot at Nvidia CEO Jensen Huang’s claim that traditional processors like Intel’s are running out of steam in the age of artificial intelligence.
