Category Archives: business

OpenAI Now Worth $500 Billion

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OpenAI Could Now Be the World’s Most Valuable Startup, Surpassing SpaceX and ByteDance

OpenAI has potentially become the world’s most valuable startup, outpacing Elon Musk’s SpaceX and TikTok’s parent company ByteDance, following a secondary stock sale aimed at retaining employees at the ChatGPT maker.

Current and former OpenAI employees sold $6.6 billion in shares to a group of investors, pushing the privately held artificial intelligence company’s valuation to $500 billion, according to a source familiar with the deal who was not authorized to speak publicly.

### Investors and Valuation

The investors purchasing the shares included Thrive Capital, Dragoneer Investment Group, T. Rowe Price, Japanese tech giant SoftBank, and the United Arab Emirates’ MGX, the source revealed on Thursday. This valuation reflects high expectations for the future of AI technology and continues OpenAI’s remarkable trajectory from its beginnings as a nonprofit research lab in 2015.

### Profitability and Market Concerns

However, with the San Francisco-based company not yet turning a profit, concerns about an AI bubble may intensify. Skeptics worry that if the generative AI products from OpenAI and its competitors fail to meet investor expectations, the billions poured into research and development could be at risk.

OpenAI CEO Sam Altman has recently sought to ease such concerns. During a tour last week of a massive data center complex being built in Abilene, Texas, to run the company’s AI systems, Altman said:

> “Between the ten years we’ve already been operating and the many decades ahead of us, there will be booms and busts. People will overinvest and lose money, and underinvest and lose a lot of revenue.”

He added, “We’ll make some dumb capital allocations and see short-term ups and downs, but over the arc that we have to plan over, we are confident that this technology will drive a new wave of unprecedented economic growth, along with scientific breakthroughs, improvements to quality of life, and new ways to express creativity.”

### New Business Ventures

Just this week, OpenAI launched two new business ventures: a partnership with Etsy and Shopify to enable online shopping through ChatGPT and a social media app called Sora for generating and sharing AI videos.

### Competition and Compensation Challenges

The stock sale marks a first for OpenAI, which has struggled to offer investors and staff the same perks and compensation as other companies. In particular, Facebook parent Meta Platforms has been aggressively hiring top AI engineers and, in June, made a $14.3 billion investment in AI company Scale, which recruited its CEO Alexandr Wang.

### Corporate Structure and Regulatory Scrutiny

OpenAI’s for-profit subsidiary, currently valued at $500 billion, is technically controlled by the board of OpenAI’s nonprofit, with both entities still bound to pursue the nonprofit’s charitable purpose.

The company’s partnerships with major corporations and plans to alter its corporate structure have attracted scrutiny from regulators, including the attorneys general of California and Delaware, who oversee charities operating or incorporated in their states.

### Recent Partnerships and Strategic Moves

In recent weeks, OpenAI has made significant deals with Oracle and SoftBank for a data center venture called Stargate, as well as with chipmaker Nvidia, which supplies the specialized AI chips necessary for these data centers.

At the same time, OpenAI has reduced its reliance on longtime backer Microsoft. In September, the company announced it had reached a tentative agreement with Microsoft regarding the future stake of its nonprofit in its for-profit corporation, though few details were shared.

### Grants to Support AI Understanding and Economic Opportunity

OpenAI also opened applications for nonprofits to apply for $50 million in funding, an initiative launched following recommendations from an advisory board. The grants aim to support projects that increase public understanding of AI, promote the design of AI based on community needs, and boost economic opportunity.

The deadline to apply for these grants closes on October 8.

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OpenAI’s rapid growth and ambitious plans highlight the company’s potential to reshape the AI industry and broader economy, even as questions about profitability and market sustainability remain.
https://www.deccanchronicle.com/technology/openai-now-worth-500-billion-possibly-making-it-the-worlds-most-valuable-startup-1907655

Two Edelweiss Entities Settle Alternative Investment Fund Rules Violation Case With SEBI After Paying ₹61.4 Lakh Settlement Charge

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**Edelweiss Entities Settle Sebi Case Over Alleged AIF Rule Violations**

*New Delhi:* Two Edelweiss entities have reached a settlement with market regulator Sebi in a case involving alleged violations of alternative investment fund (AIF) rules. Collectively, they paid Rs 61.4 lakh towards settlement charges.

The entities involved – Edelweiss Stressed and Troubled Assets Revival Fund Trust and Edelweiss Alternative Asset Advisors Ltd – were also directed by Sebi that their officers-in-default will be barred from engaging with the company for 12 months.

“The instant adjudication proceedings initiated against the noticees, Edelweiss Stressed and Troubled Assets Revival Fund Trust and Edelweiss Alternative Asset Advisors Ltd, vide show cause notice dated July 12, 2024, are hereby disposed of,” said Sebi’s adjudicating officer Sudeep Mishra in the order dated Tuesday.

The order followed the filing of two settlement applications by the entities, proposing to settle proceedings initiated against them through the show-cause notice issued on July 12, 2024, without “admission or denial of the findings of fact and conclusions of law.”

### Background of the Case

The case originated from complaints lodged on SCORES, Sebi’s online grievance platform, alleging lapses in governance and conflict management against the Edelweiss-managed AIF.

According to the regulator, Edelweiss Stressed and Troubled Assets Revival Fund Trust failed to act in the interest of investors and did not exercise independent professional judgment, thereby violating Sebi’s norms.

Furthermore, Edelweiss Alternative Asset Advisors Ltd was found to have failed to carry out AIF activities in accordance with the Private Placement Memorandum (PPM) and submitted inaccurate information to the trustee in the compliance test report for the financial year 2016-17, constituting further violations of AIF regulations.

Following these findings, Sebi issued a show-cause notice to the entities on July 12, 2024.

### Settlement and Corrective Actions

After receiving the show-cause notice, the entities submitted revised settlement terms. These were approved by Sebi’s high-powered advisory committee, and the settlement amount was duly paid and confirmed by the regulator.

Edelweiss also informed Sebi of corrective measures undertaken, including:

– Formation of a fund board comprising independent members
– Establishment of a governance committee to monitor conflict situations
– Imposition of a one-year ban on officers-in-default from associating with the company

Sebi emphasized that the settlement is without prejudice to its right to reopen the matter should any disclosures be found false or incomplete.

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*Disclaimer: This story is from a syndicated feed. No changes have been made except to the headline.*
https://www.freepressjournal.in/business/two-edelweiss-entities-settle-alternative-investment-fund-rules-violation-case-with-sebi-after-paying-614-lakh-settlement-charge

Rupees negative drift demands central bank firepower

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By Nimesh Vora

**MUMBAI (Reuters)** – The Indian rupee is anticipated to face a difficult session on Friday, with most traders predicting that the central bank will likely intervene to prevent the currency from hitting a new all-time low.

The 1-month non-deliverable forward indicated the rupee will open flat to slightly weaker versus the U.S. dollar compared to Wednesday’s close of 88.69. India’s financial markets were closed on Thursday.

The rupee has been pressured in recent weeks by relentless dollar demand from importers, with sentiment remaining firmly skewed against the currency amid equity outflows and U.S.-India trade frictions. The Reserve Bank of India (RBI) has been stepping in to ensure the rupee’s decline remains orderly.

Central bank Governor Sanjay Malhotra reiterated earlier this week that the RBI is not defending any particular level of the currency and is instead focused on containing volatility and keeping moves measured.

The RBI support is “keeping things calm” for now, a currency trader at a bank said. However, overall sentiment remains weak, and the market wants to test the downside, he added.

Currency traders are closely watching the 88.80 level — the lifetime low for the rupee hit on Monday. With broad dollar demand keeping the pressure on, this level is seen as a key marker for potential intervention or a pause in the currency’s slide.

### Asian Cues

Asian cues did not lend any particular direction to the rupee on Friday, with peers mixed and the dollar index marginally higher.

A U.S. government shutdown has paused the release of key economic data, including Friday’s closely watched September jobs report, depriving markets of an important gauge for the Federal Reserve’s rate outlook.

With the official jobs report on hold, Wednesday’s private payrolls data drew heightened attention. The weak reading has increased expectations of a Federal Reserve rate cut this month.

“We could see a longer tail effect from the private jobs data, given the uncertainty around the payrolls release,” ING Bank said in a note.

### Key Indicators:

– One-month non-deliverable rupee forward at 88.86; onshore one-month forward premium at 14 paise
– Dollar index up at 97.86
– Brent crude futures up 0.3% at $64.3 per barrel
– Ten-year U.S. note yield at 4.1%
– As per NSDL data, foreign investors sold a net $453.4 million worth of Indian shares on September 30
– NSDL data shows foreign investors sold a net $12.1 million worth of Indian bonds on September 30
https://www.livemint.com/market/stock-market-news/rupees-negative-drift-demands-central-bank-firepower-11759460300977.html

Stablecoins to hit $1.9T as trust surpasses fees in exchanges

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A Citi (NASDAQ: C) report has predicted that the stablecoin market will achieve a $1.9 trillion valuation by the end of the decade in its base case scenario, while leaving room for an additional growth spurt. Citi analysts described stablecoins as the “ChatGPT moment” for the institutional adoption of blockchain technology.

Akin to the rise of artificial intelligence (AI) chatbots, the report anticipates stablecoins will experience significant growth in valuation over the coming years. While Citi forecasts a $1.9 trillion base case valuation for the asset class, the report also suggests stablecoins could climb to $4 trillion by the end of 2030 in its bull case scenario.

Currently, the global stablecoin market capitalization sits at $307 billion, up from $200 billion at the start of 2025. Citi bases its prediction on the 58% growth stablecoins achieved in 2025 alone, with analysts forecasting that this upward trend will continue through the decade.

### Growing Momentum in Stablecoin Projects

Aside from the strong performance in 2025, Citi analysts have highlighted an influx of stablecoin project announcements within the ecosystem. Early in the year, Trump-backed World Liberty Financial (WLF) entered the stablecoin race with the launch of USD1. Additionally, a number of U.S.-based financial institutions are planning their own stablecoin rollouts.

Citi attributes this surge in stablecoin initiatives to fresh regulatory support in the U.S., notably marked by the signing of the GENIUS Act by U.S. President Donald Trump.

### Use Cases and Industry Impact

While use cases for stablecoins have expanded to include domestic and cross-border payments, Citi notes that the stablecoin boom will not completely overhaul the existing financial system. Instead, analysts view this innovation as continued progress toward smarter, more efficient finance.

“We don’t believe crypto will burn down the existing system,” the Citi report reads. “Rather, it is helping us reimagine it.”

The report points out that domestic payments systems are already capable of processing payments in real-time and at low costs, providing stiff competition for stablecoins. However, cross-border payments remain the primary use case for stablecoins, with fintech firms and traditional financial institutions making significant progress to reduce settlement times and fees.

### Challenges Facing Stablecoins

Despite the positive outlook, Citi’s forecast also acknowledges several challenges within the stablecoin sector.

– **Regulatory Uncertainty:** Outside the U.S., regulatory frameworks remain unclear, hindering global adoption.
– **Reserve Transparency:** Questions about the reserves backing stablecoins continue to be a concern for issuers.
– **Market Manipulation Allegations:** Some stablecoins have faced accusations related to market manipulation.
– **High-Profile Collapses:** Failures such as TerraUSD (UST) have raised fears over collateral transparency, prompting tighter regulatory measures.

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### Digital Asset Exchange Users Prioritize Trust Over Low Fees: Kraken Survey

Mark Greenberg, global head of consumer at Kraken, revealed that U.S. digital asset users are not blindly chasing low fees but instead are weighing several factors when choosing an exchange.

The survey found:

– Only 16% of respondents cited fees as the primary consideration when selecting an exchange.
– 26% identified trustworthiness as the most important factor.
– 14% prioritized security features.

“As the market matures, investors value long-term confidence over short-term savings,” said Greenberg. “People want to know their assets are safe, that the platform is reliable, and that they can access the tools they need without unnecessary complexity.”

Interestingly, regulatory compliance was not a major concern for many users; only 6% said it influenced their exchange choice. Customer support was a significant factor for just 7% of respondents.

Given the variety of considerations, 44% of survey participants maintain accounts with at least two digital exchanges, while nearly 26% use over three platforms. This diversification allows users to manage platform risk and access a broader range of listings.

Kraken’s report also noted that trading volumes on decentralized exchanges have surged by 259% since 2024, driven by the increasing popularity of platforms like Hyperliquid and Astar.

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### Stiff Competition Among U.S. Exchanges

While Coinbase (NASDAQ: COIN) holds the largest market share among digital asset exchanges, several competitors are eager to expand their presence.

Kraken is considering going public, with plans to raise funds ahead of a tentative IPO in 2025, following the footsteps of Gemini and Coinbase.

However, amid this flurry of IPO activity, a race for regulatory compliance is intensifying among U.S.-based exchanges. This competitive atmosphere is compounded by recent security concerns, including customer data leaks at Coinbase and critical bugs at Kraken. These issues have led users to approach exchange selection with increased caution.

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### Watch | MiCA and the Future of Stablecoins: What Comes Next for Tether?

[Embedded YouTube video player]

—

The stablecoin market stands at a pivotal point, poised for significant growth amid supportive regulation, rising adoption, and evolving use cases. However, challenges related to regulatory clarity and security remain critical areas to watch as the industry matures.
https://bitcoinethereumnews.com/tech/stablecoins-to-hit-1-9t-as-trust-surpasses-fees-in-exchanges/?utm_source=rss&utm_medium=rss&utm_campaign=stablecoins-to-hit-1-9t-as-trust-surpasses-fees-in-exchanges

Travel experts predict holidays will soon become ‘cheaper and easier to book’

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On Monday, the artificial intelligence giant OpenAI introduced a feature that allows users to make purchases through ChatGPT, in partnership with Etsy and Shopify. This development is set to pave the way for a significant transformation in the travel industry, with experts predicting a “massively disruptive” tech update on how we book holidays.

OpenAI announced, “Users can now buy directly from US Etsy sellers right in chat, with over a million Shopify merchants, like Glossier, SKIMS, Spanx, and Vuori, coming soon. Today, Instant Checkout supports single-item purchases. Next, we’ll add multi-item carts and expand merchants and regions.”

This move is poised to disrupt the online commerce world, as ChatGPT’s 700 million weekly users will soon be able to shop directly through the AI interface without visiting other websites. This integration will give OpenAI considerable influence in e-commerce and generate significant revenue through fees from sellers.

Following the announcement, experts in the future of travel predicted a world where ChatGPT, or another similar large-language model, could achieve market dominance and evolve into a “super-app” — serving as a portal to every part of the internet.

Travel enthusiasts already use AI to plan holidays in great detail. However, the key difference in the future will be the ability to book an entire holiday with just a few clicks, without ever leaving the AI interface, experts say.

At the World Travel and Tourism Council (WTTC) summit in Rome on Tuesday, Bloomberg anchor Guy Johnson remarked, “That is a huge shift. That is a new model. That is massively disruptive.”

Gaurav Bhatnagar, co-founder of TBO.com, predicted that these changes would be positive from a customer perspective. “The quality of service will improve. You will need fewer people (as a travel company). From a customer’s perspective, it will be cheaper, easier to book, and the experience will be better,” he explained.

For travel companies, however, the impact will be even more profound. Bhatnagar suggested that when ChatGPT takes a customer to the booking stage, it might send the holiday plan to its clients and ask who wants to bid for the booking. “My guess is that ChatGPT wants to replace Amazon, Booking.com, to become the super app,” he added.

Paolo Benanti, president of the AI Commission for Information and a member of the UN Advisory Board on AI, shared a similarly optimistic view: “You would expect that an AI agent could arrange [travel] more accurately than a human can.”

The prospect of an AI revolution in travel has been developing for several years. At last year’s WTTC summit, similar predictions were made about how large language models could create personalized travel itineraries for holidaymakers.

Despite the potential, the travel and tourism industry faces challenges in adopting AI. These include a shortage of AI-skilled workers, limited AI infrastructure, and the absence of formal AI strategies in many business plans.

The WTTC has urged travel and tourism businesses to embrace AI as a strategic priority, urging heavy investment in talent to foster collaboration between humans and AI.

With these advancements, the way we plan and book holidays could soon be forever changed — making travel simpler, more efficient, and personalized through the power of artificial intelligence.
https://www.mirror.co.uk/travel/news/travel-experts-predict-holidays-soon-35990157

“Hutson is gonna cost 12M”: NHL fans react as Jackson LaCombe becomes Ducks’ highest-paid player ever following $72M contract extension

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Jackson LaCombe has made history with the Anaheim Ducks by becoming the highest-paid player in the franchise’s history.

The defenseman recently signed an impressive eight-year contract valued at $72 million.

Fans have reacted enthusiastically to the news, celebrating this significant milestone for both LaCombe and the Ducks organization.

This landmark deal reflects the team’s confidence in LaCombe’s talent and potential as a key player moving forward.
https://www.sportskeeda.com/us/nhl/news-hutson-gonna-cost-12m-nhl-fans-react-jackson-lacombe-becomes-ducks-highest-paid-player-ever-following-72m-contract-extension

Hamas close to deciding response to Trump’s Gaza deal, source tells ‘Post’

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**Hamas Close to Deciding Response to Trump’s Gaza Deal, Source Tells ‘Post’**

It remains unclear whether or not President Donald Trump will enforce the “three or four days” deadline he previously set for a response regarding his Gaza deal.

US President Donald Trump was seen in the Oval Office of the White House in Washington, DC, on September 30, 2025.
*(Photo Credit: REUTERS/KEN CEDENO)*

By AMICHAI STEIN, REUTERS
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https://www.jpost.com/international/article-869267

“Hutson is gonna cost 12M”: NHL fans react as Jackson LaCombe becomes Ducks’ highest-paid player ever following $72M contract extension

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Fans have been abuzz with excitement following a landmark moment in Anaheim Ducks history. Jackson LaCombe has officially become the highest-paid player in the franchise’s history.

The defenseman signed an impressive eight-year contract valued at $72 million. This deal not only reflects his exceptional talent but also the Ducks’ commitment to building a strong future around him.

Supporters took to social media to share their reactions, celebrating LaCombe’s achievement and what it means for the team moving forward. With this significant investment, the Anaheim Ducks are clearly placing their trust in LaCombe as a cornerstone of their lineup for years to come.
https://www.sportskeeda.com/us/nhl/news-hutson-gonna-cost-12m-nhl-fans-react-jackson-lacombe-becomes-ducks-highest-paid-player-ever-following-72m-contract-extension

Hamas close to deciding response to Trump’s Gaza deal, source tells ‘Post’

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Hamas Close to Deciding Response to Trump’s Gaza Deal, Source Tells ‘Post’

It remains unclear whether US President Donald Trump will enforce the “three or four days” deadline he had previously set regarding the Gaza deal.

US President Donald Trump was seen in the Oval Office of the White House in Washington, DC, on September 30, 2025. (Photo credit: REUTERS/KEN CEDENO)

By AMICHAI STEIN, REUTERS

https://www.jpost.com/international/article-869267

Christian Horner ‘approached Formula One team over sensational return to the sport following Red Bull sacking’… but venture broke down after one ‘exploratory talk’

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Christian Horner has reportedly approached a Formula One team about a potential return to the sport, but so far, with little success. The former Red Bull team principal, and husband of Spice Girl Geri Halliwell, was given a massive £80 million payoff after being abruptly sacked from his long-term role in July 2024.

Since his departure, Horner has been enjoying his time away from the F1 spotlight. He was seen at an Oasis gig at Wembley, where he was booed, and recently embarked on a road trip through the Scottish Highlands with his wife, Geri. Despite this, it has been revealed that Horner misses Formula One and would be permitted to return from 2026.

The 51-year-old has already begun considering his options. Notably, he chose to accept less than the £110 million that would have been available to him; however, taking the higher sum would have prevented him from returning to a job within the sport for several years, according to Daily Mail Sport’s Jonathan McEvoy.

Several teams—including Haas, Alpine, Ferrari, and Aston Martin—have been linked with Horner’s potential return. Aston Martin, in particular, recently recruited Horner’s former Red Bull ally, renowned designer Adrian Newey, after 19 years working together.

Haas team principal Ayao Komatsu revealed that Horner approached the American team about a role just months after leaving Red Bull. “Yeah, it is true that he approached us,” Komatsu said ahead of the Singapore Grand Prix. “One of our guys had an exploratory talk. And that’s it. Nothing has gone any further. It is finished.”

He added, “I’ve got nothing more to say. Like I said, you write whatever you want. I’m not fuelling that story.”

Horner has been strongly linked with a move to Aston Martin to reunite with Newey. However, “Drive to Survive” cult favourite and former Haas team principal Guenther Steiner believes that the acrimonious relationship between Horner and Newey in the past year makes such a move highly unlikely.

Newey, widely regarded as the greatest Formula 1 designer in history, reportedly asked to leave Red Bull after becoming unsettled by allegations against Horner. These allegations first emerged in February 2024, accusing Horner of acting coercively towards a female employee. Horner has denied any wrongdoing and was twice cleared by King’s Counsel in internal hearings.

Steiner, 60, told Lottoland:
“In the last year, the problem between Adrian and Christian was one of the reasons why Adrian left Red Bull.
So, bringing Christian back, I don’t think that would work at the moment. I don’t think Aston Martin need Christian right now.
I think there was a lot of unhappiness internally, and something had to change. The change was Christian leaving, and they are just trying to go back to their glory days now.
With Red Bull, we could see it during the last one-and-a-half years where every race weekend there was drama, and that has gone away.
I think Aston Martin with the people they have in place are very well set to show what they can do under the new regulations.”

Aston Martin F1 CEO Andy Cowell has, however, refused to rule out a reunion. He said:
“I think Christian has taken some time out at the moment. He’s probably enjoying time with friends and family. He loves the sport though. I wish him well with whatever he ends up doing in the future.
We have got a strong team. We’ve got a strong team with Adrian at the helm of the technical organisation. And we’re growing and building.
I think Christian’s record speaks for itself. He’s a great competitor. I guess it’s down to Christian to work out what he wants to do. I think we’ve got a strong set-up and we’re marching forward with that.”

For now, it remains uncertain whether Christian Horner will make his much-anticipated return to Formula One, but the motorsport world will be watching closely.
https://www.dailymail.co.uk/sport/formulaone/article-15156767/Christian-Horner-Formula-One-return-sport-Red-Bull-sacking.html?ns_mchannel=rss&ns_campaign=1490&ito=1490