40Billion

The government of Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence, according to three people briefed on the plans - the latest sign of the gold rush toward a technology that has already begun reshaping how people live and work.In recent weeks, representatives of Saudi Arabia's Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley's top venture capital firms, and other financiers, said the people, who were not authorized…

Japan's Nippon Telegraph and Telephone said it will spend JPY 4.25 trillion (roughly Rs. 2,96,637 crores) to take its wireless carrier business private, in a deal that opens the path to lower prices as the government calls for cuts.NTT will launch Japan's largest-ever tender offer for the 34 percent of NTT Docomo stock that it does not own, the firm said in a statement. The telecoms firm will offer JPY 3,900 (roughly Rs. 2,700) per share, a premium of 40.5 percent to Monday's closing price.The buyout comes as new prime…

Nvidia on Wednesday said talks with regulators to clear its $40 billion (roughly Rs. 2,97,905 crores) proposed acquisition of British semiconductor technology firm Arm are taking longer than expected.The disclosure came as Nvidia, the world's biggest maker of graphics chips for gamers and artificial intelligence chips for data centres, forecast third-quarter revenue above Wall Street expectations on Wednesday as it benefits from a boom in demand.But investors have focused on whether Nvidia's move to acquire Arm will…

Nvidia is preparing to abandon its purchase of Arm from SoftBank Group after offering about $40 billion (roughly Rs. 2,99,130 crore) for the British company in 2020, Bloomberg News reported on Tuesday, citing people familiar with the matter.The US chipmaker has told partners that it does not expect the deal to close, while SoftBank is stepping up preparations for an initial public offering (IPO) of Arm, the report said.An Nvidia spokesperson said the company continues to believe the acquisition "provides an opportunity to…

US firm Nvidia is scrapping its $40 billion (roughly Rs. 2,98,600 crore) bid to buy UK mobile chip technology powerhouse Arm from SoftBank after persistent objections from regulators, the Financial Times reported Tuesday.Nvidia and SoftBank Group both declined to comment on the report, which cited three unnamed sources with direct knowledge of the deal.But the collapse would be no surprise, after recent speculation that the deal was on the verge of failure following pressure from US, UK, and EU regulators concerned it…