Monday, November 25
Yotta, backed by Niranjan Hiranandani, has placed India’s largest bet on AI with the arrival of over 4,000 H100 chips from Nvidia. Valued at $30,000-40,000 each, these powerful GPUs mark a significant step forward for the data center company. CEO Sunil Gupta plans to provide these cutting-edge chips to Indian businesses, startups, and researchers, enabling them to create their own AI solutions from local data centers.
Federal Reserve officials plan to reduce key interest rates three times in 2024 despite higher inflation. Forecasts suggest continued growth, inflation, and job market strength. Rate cuts could lower borrowing costs and support Biden's re-election prospects. Fed's cautious approach aims to balance economic growth and inflation concerns.
India overturned a laptop licensing regulation following behind-the-scenes pressure by US officials, who are nonetheless concerned about New Delhi's compliance with WTO requirements and any new restrictions it may issue, according to US trade officials and government emails obtained by Reuters.
Samsung expects significant revenue from advanced chip-packaging in 2022, targeting DRAM market leadership with new chip developments for AI demand. Co-CEO Kyung leads Samsung's strategic initiatives, backed by Nvidia's endorsement. Samsung set up advanced chip packaging as a business unit last year, and Kyung said he expects the results of Samsung's investment to come out in earnest from the second half of this year.
Stocks in news today: Key developments are expected to impact shares of L&T Finance, AB Sun Life, TCS, Tata Steel, and P&G India today.
India's G20 Sherpa Amitabh Kant emphasized the need for startups to prioritize governance over relentless growth to avoid misgovernance. He stressed the importance of a self-regulating ecosystem for startups to ensure consistency in growth. This advice follows recent instances of governance issues in major startups like Byju's, once valued at $22 billion. Kant's call for a governance framework underscores the significance of ethical practices in sustaining India's startup success story.
In the latest trading session on Monday, shares of various Adani group companies faced downward pressure following reports of the US Justice Department widening its probe into the conglomerate for potential bribery allegations. This development also led to a decline in the prices of dollar-denominated bonds of certain group entities. Adani Total Gas recorded a 4.4% drop, Adani Transmission closed 3.4% lower, and Ambuja Cement saw a 2.8% decrease.
The government is finalizing a new deep tech startup policy, revealed Rajesh Kumar Singh, DPIIT secretary. The focus is on supporting startups and encouraging government departments to collaborate with them for procurement. Govt may also look at creating a dedicated fund for deep tech startups. “… a fund of funds again since govt wants to do it in an arm’s length manner… which is why we created the concept of AIFs and fund of funds,” Singh said.
