Asian tech stocks plunged Wednesday as the global AI selloff deepened. Japan’s Nikkei dropped 4.7% while South Korea’s Kospi fell over 6%, erasing much of its October gains. The downturn reflects growing skepticism about AI valuations.
Deutsche Bank is exploring ways to hedge its massive exposure to data centers after lending billions to the AI infrastructure sector. The bank is considering shorting AI stocks and buying default protection as concerns grow about a potential bubble.
Nscale won £500 million from Nvidia and was tasked with building the UK’s biggest supercomputer. But court documents reveal a company plagued by internal conflicts and questionable claims. Their “acquisition” of Kontena never actually happened either.
Kabilio just closed one of Spain’s largest pre-Seed rounds with €4 million from Visionaries Club and Picus Capital. The AI platform is already helping nearly 100 accounting firms automate tedious tasks and boost productivity dramatically. They’re part of a broader European movement toward AI-powered
Palantir just reported a $1.18 billion Q3 earnings beat while its CEO declared the company “completely anti-woke.” But shares still fell nearly 8% as analysts question whether the performance justifies the valuation.
AMD delivered better-than-expected Q3 results with revenue surging 36% to $7.4 billion. However, the stock dipped after hours as margin guidance merely met analyst expectations rather than exceeding them.
Thomson Reuters reported its legal unit grew organic revenue 9% to $700 million last quarter, with AI features driving double-digit growth. But shares still fell more than 6%, continuing a 30% decline since mid-July as investors worry about competition from ChatGPT and new legal AI startups.
Google is taking AI compute to the final frontier with Project Suncatcher. The company plans to launch prototype satellites with TPUs by early 2027, betting that space-based solar power and falling launch costs could make orbiting data centers economical by the mid-2030s.
China is providing massive electricity subsidies to data centers using domestic AI chips from Huawei and Cambricon. The chips are reportedly 30-50% less power efficient than NVIDIA’s alternatives. This move aims to keep Chinese companies loyal to local technology despite performance gaps.
A UK High Court judge has ruled in Stability AI’s favor in its copyright battle with Getty Images. The decision found that AI models like Stable Diffusion don’t constitute “infringing copies” under UK law. Both companies are celebrating aspects of the ruling while creators remain concerned about AI
