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Siliconangle
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Silicon photonics startup nEye raises $58M to light up AI data centers
- Optical networking chip startup nEye Systems Inc. has raised $58 million in funding, led by CapitalG and with participation from Microsoft, Micron Ventures, Nvidia, and Socratic Partners.
- nEye is developing a networking chip that uses optical technology for faster chip-to-chip communications in AI data centers.
- Its wafer-scale optical circuit switch offers unlimited bandwidth and is about 100 times smaller, 1,000 times more energy efficient, 10,000 times faster, and 10 times less expensive than existing interconnects.
- nEye is also developing an intelligent optical circuit switch that optimizes chip-to-chip connections within data centers based on software requirements.
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Bloomberg Quint
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Gold Hits Record High — Check Prices In Mumbai, Bengaluru, Delhi, Chennai And More
- Gold prices in India surged to Rs 92,170 per 10 grams on April 11 as global spot gold reached a record $3,190 per ounce after a US tariff pause.
- The highest gold price of Rs 92,270 per 10 grams was reported in Chennai, with rates in Mumbai, Delhi, Bengaluru, and Kolkata also climbing to new highs.
- Global spot gold prices rose to a new record high of $3,190 per ounce, driven by a central bank buying spree and economic fragility worldwide.
- Silver prices also rose to Rs 92,030 after crossing Rs 1 lakh earlier this month, fueled by strong industrial demand for silver in renewable energy technologies and electronics.
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Bloomberg Quint
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Stocks To Watch Today: TCS, Tata Steel, NBCC, BHEL, TARC
- Tata Consultancy Services Ltd., Tata Steel Ltd., NBCC (India) Ltd., Bharat Heavy Electricals Ltd. and TARC Ltd. will be among the stocks to watch before going into trade on Friday.
- TCS: The IT company reported a consolidated net profit of Rs 12,224 crore for the March quarter. Tata Steel Nederland announced a major transformation program. NBCC successfully sold 1,185 residential units. BHEL entered into a memorandum of understanding with Nuovo Pignone International. TARC achieved its highest ever annual sales.
- Indian Bank cut its repo-based lending rate. JSW Energy completed its largest acquisition. Olectra Greentech received an order worth Rs 424 crore.
- Rites, Indian Bank, and JSW Energy are some other stocks to watch for today.
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Bloomberg Quint
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Oil Steadies After Plunge On Concerns Over Trade War Impact
- Oil prices stabilized after a sharp plunge on concerns over the impact of the ongoing trade war.
- West Texas Intermediate (WTI) remained around $60 a barrel after a 3.7% slide on Thursday.
- Brent crude ended the session near $63 after the drop.
- Oil prices have fallen more than 15% this month as fears of a global recession and reduced energy demand persist.
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Bloomberg Quint
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Gold Hits Record As Recession Anxiety Has Traders Seeking Havens
- Gold rose to a fresh record as concerns about the impact of tariffs on the global economy pushed investors to the safe haven.
- Bullion edged up in early Asian trading on Friday to above $3,190 an ounce, surpassing the previous record.
- Gold’s haven status has been underlined with fears of a worldwide recession engulfing Wall Street and skepticism towards trade talks.
- Gold's rally this year has also been boosted by hopes for more Federal Reserve monetary easing and central bank buying.
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Bloomberg Quint
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TRIL Targets Rs 3,500 Crore Revenue, Rs 8,000 Crore Order Book For FY26
- Transformers and Rectifiers India Ltd. (TRIL) aims to achieve Rs 3,500 crore revenue in FY26, with margins in the range of 15% to 16%.
- TRIL's CFO expects additional margin boost of 150 to 200 basis points starting from FY27.
- The company is targeting to close the current financial year with an order book of Rs 8,000 crore.
- TRIL is expanding its manufacturing footprint to meet the rising demand.
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Bloomberg Quint
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Stock Market Today: All You Need To Know Going Into Trade On April 11
- Stock markets globally were impacted by a steep escalation in the US-China trade war which led to a sharp decline in Asian and US markets.
- Indian equity indices closed in the red as investors reacted to the RBI rate cut and ongoing trade tensions.
- TCS reported Q4 FY25 results with revenue up, but net profit and margin slightly down.
- Stocks to watch include Tata Steel, Infosys, Sanofi India, NBCC, and BHEL, among others, with various developments and announcements.
- Companies like Welspun Corp, Biocon, GAIL, JSW Energy, and Sun Pharma made significant moves and announcements in various sectors.
- Currency market update saw the rupee weakening against the US dollar amid global risk aversion and domestic policy cues.
- Research reports previewing Q4 results for Zomato, Swiggy, Nykaa, cement, specialty chemicals, hotels, metals, and more were discussed.
- Various trading tweaks, block deals, and F&O cues, along with market updates and expert stock insights, were highlighted.
- Overall, the stock market showed volatility influenced by global trade tensions, company earnings, and market developments.
- Investors need to remain cautious and informed about market movements and company-specific events for strategic decision-making.
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Siliconangle
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Mira Murati’s Thinking Machines reportedly raising $2B in funding
- Thinking Machines Lab Inc. is raising a $2 billion seed round, led by ex-OpenAI CTO Mira Murati.
- The funding round could value Thinking Machines at more than $10 billion.
- The startup, founded in February, aims to build multimodal AI models with reasoning features.
- Thinking Machines plans to open-source some of its software, with a focus on AI safety.
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TechCrunch
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Mira Murati’s AI startup is reportedly aiming for a massive $2B seed round
- Thinking Machines Lab, an AI startup founded by ex-OpenAI CTO Mira Murati, is seeking a $2 billion seed round investment.
- The funding round, if successful, would value the company at 'at least' $10 billion.
- Although Thinking Machines Lab is a new startup with no product or revenue, it has attracted high-profile AI researchers to its team.
- The company aims to create AI systems that are more widely understood, customizable, and generally capable.
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Mettisglobal
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Pakistan targets investments with bankable projects across key sectors
- Pakistan is developing bankable projects across critical sectors, aiming to attract investment and climate financing.
- UN Development Programme (UNDP) in collaboration with the Ministry of Climate Change & Environmental Coordination (MoCC&EC) and the Public-Private Partnership Authority (P3A) has identified five preliminary bankable projects valued at over $1 billion.
- Preparations are underway for Pakistan's participation in the 4th International Conference on Financing for Development (FfD4) held in Spain, with discussion focused on finalizing a portfolio of bankable projects.
- The government of Pakistan is committed to driving sustainable economic growth and enhancing Pakistan's role in global climate and development financing forums.
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Siliconangle
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Insurance technology startup Ominimo raises €10M in funding
- Insurance technology startup Ominimo has raised €10 million in funding from Zurich Insurance Group Ltd.
- Zurich Insurance took a 5% stake in Ominimo, valuing the startup at €200 million.
- Ominimo uses AI to generate quotes and streamline the sign-up process for customers.
- The funding will be used to expand into new markets and offer property insurance plans.
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Bloomberg Quint
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US Suspends Tariffs on India for 90 Days, Provides Relief for Exporters
- The US has suspended additional tariffs on India for 90 days until July 9, providing relief to exporters and creating an opportunity for bilateral trade talks.
- The suspension aims to fast-track trade negotiations between India and the US and potentially lead to a bilateral agreement.
- President Trump's move to impose tariffs on multiple countries, including India, was aimed at reducing the trade deficit and boosting domestic manufacturing.
- The suspension does not apply to China, Hong Kong, and Macau, while the baseline tariff of 10% remains in place.
- Certain products like steel, aluminum, auto components, semiconductors, pharmaceuticals, and energy products are exempt from tariffs.
- Indian exporters welcomed the 90-day tariff deferral, emphasizing the importance of negotiating a trade agreement with the US.
- Commerce Minister Piyush Goyal assured exporters of working towards a favorable trade deal with the US while maintaining a balanced approach.
- India and US aim to conclude the first phase of their bilateral trade agreement by fall, with a goal to increase trade to $500 billion by 2023.
- In fiscal 2023-24, the US was India's largest trading partner, while China was the second-largest, highlighting the significance of US-India trade relations.
- Negotiations are ongoing to ensure a mutually beneficial trade agreement that addresses national and economic security concerns of both countries.
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Bloomberg Quint
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Trump China Tariffs Now At Least 145% As Trade War Ramps Up
- President Donald Trump’s tariffs on Chinese imports are now at least 145%, far above the level many economists said could decimate US-China trade.
- The staggering US tariffs on the world’s second largest economy have triggered a tit-for-tat trade war that has unnerved global financial markets.
- The president’s order published Thursday raised taxes even further on small packages from China, which could hit American shoppers purchasing goods from retailers like Temu and SheIn Group Ltd.
- The US will tax imports of items priced up to $800 at a rate of 120% of their value, up from a prior plan to levy a 90% ad valorem tax.
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TechCrunch
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Jobandtalent raises $103M on a down-round $1.5B valuation as it looks to AI to recruit temps
- Jobandtalent, an AI-based “workforce as a service” marketplace, has raised $103 million in a down round at a valuation of $1.5 billion.
- The funding round includes participation from Atomico, BlackRock, DN Capital, Hercules, Infravia, Kibo, and Kinnevik.
- The company's valuation received a haircut of almost $1 billion compared to its previous funding round in December 2021.
- Jobandtalent plans to use the funding to scale its business internationally and invest in AI-powered agents to support its recruitment platform.
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Bloomberg Quint
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Prada Buys Versace For $1.38 Billion To Form Italy's Largest Fashion Group
- Prada SpA has acquired Versace for $1.38 billion in cash, solidifying its position as Italy's largest fashion group.
- The purchase marks the return of Versace to Italian ownership and enhances its ability to compete with major luxury brands like LVMH and Kering SA.
- The deal is Prada's largest in its 112-year history and is expected to close in the latter half of the year.
- Prada's acquisition of Versace adds diversity to its offerings and reverses its trend of debt-laden acquisitions from the past.
- Versace's purchase by Prada signifies a deviation from the trend of Italian fashion houses being bought by foreign companies.
- Capri Holdings Ltd., the previous owner of Versace, failed to double its revenue target, leading to the decision to sell the brand to strengthen its balance sheet.
- Prada's M&A activity follows its successful 2024 performance, with its Miu Miu label contributing significantly to its revenue growth.
- The acquisition is seen as a strategic move to boost Prada's luxury identity, especially with the involvement of Lorenzo Bertelli in ownership and operational roles.
- Miuccia Prada, known for her unique style, will not be directly involved in the creative direction of Versace post-acquisition.
- Versace has appointed a new chief creative officer, Dario Vitale, in light of the recent acquisition by Prada.
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