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Danish pension fund AkademikerPension has officially placed SpaceX on its investment blacklist, saying it won't participate in its Initial Public Offering, citing its “catastrophic governance” structure. SpaceX is expected to start the formal marketing of its offering next month. According to the CEO of the $25 billion pension fund, Andre Shelde, the IPO is “grossly overvalued”, and it has significant “governance concerns”.The fund AkademikerPension made headlines early this year by ditching US treasuries as Donald Trump was threatening to seize Greenland. It is now saying that SpaceX's $1.8 trillion target valuation is at least 80% overvalued, and SpaceX's valuation is “pure fantasy”. It forces investors to pay for a highly risky company while accepting minimal risk compensation. Schelde claims that SpaceX's fair value “could not exceed $1 trillion” and is "driven more by Musk's narrative than by economic reality."&nbsp;Also Read: <a href="https://www.wionews.com/photos/five-strangest-things-spacex-s1-filing-1779536291910">Unfirable Musk, Mars colony bonus and massive losses- Five strangest revelations in SpaceX’s blockbuster S-1 filing</a>It further added that even if they compromise with the overvaluation, the governance structure allows Musk 80 per cent of the voting rights while serving as the Chief Technology Officer as well as Chair of the board. It also said that its concern regarding SpaceX is shared by many other US pension funds. In a letter published on May 14, New York Comptroller Mark Levine, CEO of California Public Employees' Retirement System, Marcie Frost, and Thomas DiNapoli, the State of New York Comptroller, raised serious concerns about the “extreme governance structure” at SpaceX.. Despite the small size of AkademikerPension, it has drawn attention due to its decision. Last year, it dumped its stake in Tesla Inc., citing concerns that Musk was destroying the company's brand and value. In January, it offloaded US Treasuries, saying that the US government is “not a good credit.”Schelde said that AkademikerPension would “like to be able to invest in SpaceX and its technologies” if it were not for the perceived overvaluation and governance risks. It said that it might invest in the upcoming OpenAI IPO: “OpenAI will most likely enter our passive equity portfolio following an IPO, assuming it becomes part of the relevant market indices.” Though Schelde said that OpenAI has betrayed its public benefit mission by moving toward a for-profit structure.&nbsp;&nbsp;

AkademikerPension has blacklisted SpaceX ahead of its IPO, calling its $1.8 trillion valuation "pure fantasy" and raising concerns about Elon Musk's control and corporate governance.

Danish pension fund AkademikerPension has officially placed SpaceX on its investment blacklist, saying it won't participate in its Initial Public Offering, citing its “catastrophic governance” structure. SpaceX is expected to start the formal marketing of its offering next month. According to the CEO of the $25 billion pension fund, Andre Shelde, the IPO is “grossly overvalued”, and it has significant “governance concerns”. The fund AkademikerPension made headlines early this year by ditching US treasuries as Donald Trump was threatening to seize Greenland. It is now saying that SpaceX's $1.8 trillion target valuation is at least 80% overvalued, and SpaceX's valuation is “pure fantasy”. It forces investors to pay for a highly risky company while accepting minimal risk compensation. Schelde claims that SpaceX's fair value “could not exceed $1 trillion” and is "driven more by Musk's narrative than by economic reality." Also Read: Unfirable Musk, Mars colony bonus and massive losses- Five strangest revelations in SpaceX’s blockbuster S-1 filing It further added that even if they compromise with the overvaluation, the governance structure allows Musk 80 per cent of the voting rights while serving as the Chief Technology Officer as well as Chair of the board. It also said that its concern regarding SpaceX is shared by many other US pension funds. In a letter published on May 14, New York Comptroller Mark Levine, CEO of California Public Employees' Retirement System, Marcie Frost, and Thomas DiNapoli, the State of New York Comptroller, raised serious concerns about the “extreme governance structure” at SpaceX.. Despite the small size of AkademikerPension, it has drawn attention due to its decision. Last year, it dumped its stake in Tesla Inc., citing concerns that Musk was destroying the company's brand and value. In January, it offloaded US Treasuries, saying that the US government is “not a good credit.” Schelde said that AkademikerPension would “like to be able to invest in SpaceX and its technologies” if it were not for the perceived overvaluation and governance risks. It said that it might invest in the upcoming OpenAI IPO: “OpenAI will most likely enter our passive equity portfolio following an IPO, assuming it becomes part of the relevant market indices.” Though Schelde said that OpenAI has betrayed its public benefit mission by moving toward a for-profit structure.

AkademikerPension has blacklisted SpaceX ahead of its IPO, calling its $1.8 trillion valuation "pure fantasy" and raising concerns about Elon Musk's control and corporate governance.

Danish pension fund blacklists SpaceX IPO, calls $1.8 trillion valuation 'pure fantasy'

Bitcoin fell below $73,000 this week and touched its lowest level since April before recovering slightly. The decline followed stronger-than-expected US inflation data, which led investors to reassess expectations around interest rate cuts and triggered a broader shift in market sentiment.The world's largest cryptocurrency dropped to around $72,782 before moving back above the $73,000 mark. While Bitcoin remains one of the largest financial assets globally, analysts say a combination of higher bond yields, a stronger US dollar and growing enthusiasm for artificial intelligence stocks has created a challenging environment for risk assets.<figure class="image"><img src="https://resource.tradingkey.com/uploads/20260529/Crypto-marketcap-top10-49b20d0f11a84ff9852769da32fbf896.png" alt="Crypto-marketcap-top10-49b20d0f11a84ff9852769da32fbf896"></figure>

<h2>Why did Bitcoin fall?</h2>The latest market move came after fresh US inflation data showed that price pressures remain elevated. Investors closely watched the Personal Consumption Expenditures (PCE) index, one of the inflation measures monitored by the US Federal Reserve.The stronger inflation reading reduced expectations that the Federal Reserve could cut interest rates in the near future. As a result, US Treasury yields moved higher and the US dollar strengthened. Higher interest rates generally make lower-risk investments such as government bonds more attractive. This can reduce demand for assets like cryptocurrencies, which do not generate income or interest.Following the inflation data, the yield on the benchmark 10-year US Treasury bond climbed above 4.6 per cent, while the US Dollar Index strengthened, reflecting changing expectations around monetary policy.<h2>Bitcoin ETFs also saw outflows</h2>Another factor weighing on sentiment was investor activity in spot Bitcoin exchange-traded funds (ETFs). According to market data, several major Bitcoin ETFs recorded net outflows following the inflation report. Investors withdrew money from some of the largest funds, including products managed by BlackRock and Fidelity.While ETF outflows do not necessarily indicate a long-term change in investor confidence, they can increase short-term market pressure when large amounts of capital leave crypto-related investment products within a short period.<h2>AI stocks continue to dominate market attention</h2>At the same time, artificial intelligence-related companies continue to attract strong investor interest. Over the past year, major technology companies associated with AI development have delivered strong market performance. Firms such as NVIDIA, Microsoft, Apple, Alphabet and TSMC have benefited from growing demand for AI infrastructure, data centres and advanced semiconductor technology. According to market data from CompaniesMarketCap, several AI-focused technology companies have seen their market values rise significantly as investors continue to bet on long-term growth in artificial intelligence.Analysts note that while it is difficult to prove that money leaving Bitcoin is directly moving into AI stocks, both trends have occurred at the same time, highlighting where investor attention is currently focused.<h2>What are investors watching now?</h2>Market participants are closely monitoring three key factors.The first is US interest rate policy. Any indication that inflation is easing could revive expectations of future rate cuts, potentially improving sentiment towards cryptocurrencies and other risk assets.The second is continued performance in the AI sector. Technology companies remain some of the biggest beneficiaries of current investor enthusiasm, particularly firms involved in AI chips, cloud infrastructure and software.The third is Bitcoin ETF flows. Strong inflows into ETFs helped support Bitcoin earlier in the year, and investors will be watching closely to see whether recent outflows prove temporary or become a longer-term trend.<h2>Can AI stocks and Bitcoin rise together?</h2>Many analysts believe the relationship between AI stocks and cryptocurrencies is not necessarily a zero-sum game. During periods of strong liquidity and economic growth, both sectors have historically attracted investor interest simultaneously. However, in an environment where investors are becoming more selective and interest rates remain elevated, capital often flows towards areas showing stronger earnings growth and business fundamentals. For now, AI remains one of the dominant investment themes in global markets, while Bitcoin continues to navigate a more uncertain environment shaped by inflation, interest rates and investor sentiment.Bitcoin's latest decline highlights how closely cryptocurrency markets remain tied to broader economic conditions. While AI stocks continue to benefit from strong growth expectations, crypto investors are watching inflation data, central bank policy and ETF flows for signs of where markets may head next.

Bitcoin dropped below $73,000 after US inflation came in stronger than expected, reducing hopes of near-term rate cuts. Higher bond yields and a stronger dollar added pressure, while some investors pulled money from Bitcoin ETFs. AI stocks stayed strong.


Bitcoin fell below $73,000 this week and touched its lowest level since April before recovering slightly. The decline followed stronger-than-expected US inflation data, which led investors to reassess expectations around interest rate cuts and triggered a broader shift in market sentiment. The world's largest cryptocurrency dropped to around $72,782 before moving back above the $73,000 mark. While Bitcoin remains one of the largest financial assets globally, analysts say a combination of higher bond yields, a stronger US dollar and growing enthusiasm for artificial intelligence stocks has created a challenging environment for risk assets.

Bitcoin dropped below $73,000 after US inflation came in stronger than expected, reducing hopes of near-term rate cuts. Higher bond yields and a stronger dollar added pressure, while some investors pulled money from Bitcoin ETFs. AI stocks stayed strong.

‘Bitcoin drops out of top 10 global assets’: How market sentiment is shifting toward AI stocks

Anthropic announced on Thursday (May 28) that it has raised $65 billion in a fresh funding round, pushing the company’s valuation to an eye-popping $965 billion, surpassing rival OpenAI, the creator of ChatGPT. The latest investment round cements Anthropic’s position as one of the most influential companies in the rapidly expanding artificial intelligence industry. The startup, led by former OpenAI executive Dario Amodei, has earned recognition for its advanced coding capabilities and cutting-edge AI models.&nbsp;Anthropic’s rapid rise has largely been driven by its focus on enterprise AI solutions rather than consumer-facing products, a strategy that differs from the path initially taken by OpenAI. Founded by former OpenAI employees, including CEO Amodei, Anthropic has also built its reputation around AI safety while aggressively developing new technologies to remain competitive in the global AI race. “This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens,” said Krishna Rao, Anthropic’s chief financial officer.&nbsp;Also Read: <a href="https://www.wionews.com/trending/they-walk-among-us-white-house-s-aliens-gov-website-isn-t-about-ufos-it-s-about-migrants-1780011068741">'They walk among us': White House's 'aliens.gov' website isn't about UFOs — it's about migrants</a>&nbsp;Anthropic’s near-trillion-dollar valuation now places it ahead of OpenAI, which was valued at $852 billion in March. Industry observers believe both companies could pursue public listings as early as this year. Ahead of both firms, SpaceX, which absorbed xAI earlier this year, could begin trading publicly as soon as June 12, targeting a valuation of around $1.75 trillion in what could become the largest IPO in history.&nbsp;The funding round was led by prominent Silicon Valley investors, including Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Anthropic also secured $15 billion in previously committed investments from major cloud computing companies, including $5 billion from Amazon. Chipmakers Micron Technology, Samsung, and SK hynix joined the round as strategic infrastructure partners, reflecting the growing importance of semiconductor companies in powering AI development.&nbsp;<a href="https://www.wionews.com/videos/ukraine-heavily-dependent-on-us-patriot-systems-ukraine-sounds-alarms-as-attacks-intensify-1780021846414/embed">https://www.wionews.com/videos/ukraine-heavily-dependent-on-us-patriot-systems-ukraine-sounds-alarms-as-attacks-intensify-1780021846414/embed</a>&nbsp;The company said Claude has become the first frontier AI model available across the world’s three largest cloud platforms, Amazon Web Services, Google Cloud, and Microsoft Azure. The fundraising comes as Anthropic faces a major legal dispute with the Pentagon. The company has sued the US Defense Department after being labelled a supply chain risk, a designation Anthropic argues was unconstitutional retaliation for refusing to provide the military with unrestricted access to its AI systems. Anthropic’s next-generation AI model, Mythos, has reportedly demonstrated unprecedented cybersecurity capabilities. Due to those concerns, the company has restricted access to select security partners instead of making the model publicly available.

Anthropic raised $65 billion in a new funding round, valuing the Claude maker at $965 billion and surpassing OpenAI. The AI startup continues expanding enterprise AI and cloud partnerships while navigating a Pentagon legal dispute

Anthropic announced on Thursday (May 28) that it has raised $65 billion in a fresh funding round, pushing the company’s valuation to an eye-popping $965 billion, surpassing rival OpenAI, the creator of ChatGPT. The latest investment round cements Anthropic’s position as one of the most influential companies in the rapidly expanding artificial intelligence industry. The startup, led by former OpenAI executive Dario Amodei, has earned recognition for its advanced coding capabilities and cutting-edge AI models. Anthropic’s rapid rise has largely been driven by its focus on enterprise AI solutions rather than consumer-facing products, a strategy that differs from the path initially taken by OpenAI. Founded by former OpenAI employees, including CEO Amodei, Anthropic has also built its reputation around AI safety while aggressively developing new technologies to remain competitive in the global AI race. “This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens,” said Krishna Rao, Anthropic’s chief financial officer. Also Read: 'They walk among us': White House's 'aliens.gov' website isn't about UFOs — it's about migrants Anthropic’s near-trillion-dollar valuation now places it ahead of OpenAI, which was valued at $852 billion in March. Industry observers believe both companies could pursue public listings as early as this year. Ahead of both firms, SpaceX, which absorbed xAI earlier this year, could begin trading publicly as soon as June 12, targeting a valuation of around $1.75 trillion in what could become the largest IPO in history. The funding round was led by prominent Silicon Valley investors, including Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Anthropic also secured $15 billion in previously committed investments from major cloud computing companies, including $5 billion from Amazon. Chipmakers Micron Technology, Samsung, and SK hynix joined the round as strategic infrastructure partners, reflecting the growing importance of semiconductor companies in powering AI development. https://www.wionews.com/videos/ukraine-heavily-dependent-on-us-patriot-systems-ukraine-sounds-alarms-as-attacks-intensify-1780021846414/embed The company said Claude has become the first frontier AI model available across the world’s three largest cloud platforms, Amazon Web Services, Google Cloud, and Microsoft Azure. The fundraising comes as Anthropic faces a major legal dispute with the Pentagon. The company has sued the US Defense Department after being labelled a supply chain risk, a designation Anthropic argues was unconstitutional retaliation for refusing to provide the military with unrestricted access to its AI systems. Anthropic’s next-generation AI model, Mythos, has reportedly demonstrated unprecedented cybersecurity capabilities. Due to those concerns, the company has restricted access to select security partners instead of making the model publicly available.

Anthropic raised $65 billion, reaching a $965 billion valuation and overtaking OpenAI in the intensifying global artificial intelligence race

Anthropic surpasses Open AI with massive $965 billion valuation as AI race intensifies

Recent comments by some Big Tech top brass on Artificial Intelligence adoption are providing a reality check moment: Is AI adoption really helping companies cut costs, bring in efficient processes, and improve bottom lines? The ‘token burn rate’ of AI tools — particularly agentic AI models like Claude — is rising faster than the return on investment (ROI) for the firms using AI. In simplest terms, tokens are the total input-output measurement of computing required to answer your queries, prompts, or chats with an AI interface. OpenAI CEO Sam Altman has admitted that the “job apocalypse” that he and many other AI advocates predicted is not happening as fast as he thought. Why is AI still not able to bring the expected rewards for companies that adopted it? Why are firms like Starbucks re-hiring humans after having adopted or integrated AI into their workflows?<h2>AI adoption meets reality</h2>After a couple of years of hype, enterprise AI adoption is entering a more sceptical and realistic phase. Companies that adopted AI saw an explosion in token consumption, the main criterion used by AI tools for billing. But firms like Uber are now realising that this is not translating into productivity gains, shipped features, or workforce reductions. Some are now asking the question: Is AI spending economically justified as a cost-cutting and productivity-increasing measure? Some are realising that the “AI apocalypse” may arrive much before the long-predicted jobs apocalypse, because AI stocks could fall if adoption is not in tandem with the billions of dollars spent on computing power to answer user queries.<h2>Uber president’s warning: Astronomical token growth meets unclear business value</h2>Uber President and COO Andrew Macdonald recently said AI investments are becoming “harder to justify”, as companies cannot yet connect rising AI usage to concrete business outcomes. Speaking on the Rapid Response podcast, Macdonald talked of a widening gap between AI-assisted coding activity and actual delivered value. “You talk to your senior engineering leaders, and you’re saying, ‘Okay, how many projects that were on the cutting room floor got moved above the line because of the productivity gains, because 25 per cent of our code commits were via Claude Code last quarter?’ That link is not there yet,” he said. “If you’re not actually able to draw a direct line to how much useful features and functionality you’re shipping to your users, that trade becomes harder to justify.”Macdonald noted that token usage and AI-generated code commits are going up “in a really astronomical direction”. Yet Uber still struggles to tie those metrics to measurable gains in productivity, feature delivery, or user outcomes, he said.<h2>Firms are burning through their AI budgets but have little to show for productivity or cost gains</h2>Uber reportedly exhausted its entire 2026 AI coding tools budget within roughly four months because of extremely high employee adoption — around 95 per cent in some teams. This means that, when given a chance, employees would use AI for most of their tasks, driving up the costs. In Uber’s case, the AI budget costs were partially offset by reduced hiring of humans.Macdonald’s reality check came weeks after his own company’s CEO, Dara Khosrowshahi, talked of AI as a way to dramatically increase throughput. Uber was targeting between 20 and 100 per cent productivity gains per employee while slowing down hiring. But that doesn't seem to be happening.<h2>The basic problem with enterprise AI: Usage is easy to measure, but value gains are not</h2>Macdonald’s remarks are an example of growing doubts across several AI-user industries about whether spending on AI is generating returns on investment fast enough. AI coding tools are usage-based systems where costs rise as usage increases. Those using AI — such as developers — consume more tokens very quickly.AI token costing is different from traditional software licences. The costs can rise exponentially, particularly with agentic workflows and large-context usage. Companies can easily measure and track token counts, code generation volume, AI-assisted commits, or tool adoption rates. But in many cases, this is not going hand in hand with increases in shipped features, faster delivery cycles, better products, or higher revenue.<h2>Some firms are moving from ‘AI pilot project’ hype to more disciplined use of AI: Enter the token throttling era</h2>Several enterprises expected that AI would help cut down large engineering teams while producing equal or greater output, but they are unable to prove this in real life. The causes are many: AI integration challenges, organisational friction, and quality issues that require human testing, monitoring, and control.Reports indicate that some of these companies are now transitioning from the exuberant “pilot and hype” phase of AI adoption to a more financially disciplined era focused on accountability. Both AI providers and companies that adopt AI are increasingly relying on “token throttling”: &nbsp;methods by which caps are introduced on how many tokens users or teams can consume within specific time windows.AI providers such as Anthropic and OpenAI use throttling to manage GPU capacity and stabilise services in order to limit queues and “Too Many Requests” errors. They are trying to ensure fair access and control compute costs. Limits include tokens-per-minute caps, rolling usage windows, weekly caps, and peak-hour restrictions.On the other hand, companies using AI tools are also implementing their own throttling systems and governance policies to prevent uncontrolled spending from heavy users or autonomous coding agents. These controls reflect how quickly costs can spiral in AI workflows, particularly agentic coding systems that repeatedly process large codebases and contexts.<h2>How much are companies spending on AI tokens?</h2>It depends on usage intensity, which AI models are used, and how much automation is introduced using AI. Anthropic, the firm behind Claude, estimates that average Claude Code usage costs roughly $6 per active developer per day. It said that 90 per cent of users stay below $12 daily. This translates to approximately $100–$250 per developer per month for moderate-to-heavy usage. For context, Anthropic’s enterprise plans roughly cost $200 for coding workflows of power users, around $85 for typical users, and $25 for light users per month. But all this depends on a specific company’s usage patterns. One company with 100 engineers might spend only about $2,500 monthly overall, while extreme outliers can consume $500–$1,400 worth of tokens in a single day when running agentic workflows with massive contexts.Some startups have reportedly seen AI spending grow 15 times within months, jumping from roughly $200 per developer monthly to nearly $3,000 as adoption deepened and workflows became more AI-dependent.This is why human governance, throttling, and budget controls are becoming standard enterprise practices.<h2>Claude vs OpenAI: The pricing arms race</h2>Token costs are central to enterprise budgeting for AI adoption. In flagship models, Anthropic’s Claude Opus 4.7 charges approximately $5 per million input tokens and $25 per million output tokens. Note that one million input tokens are roughly equal to 750,000 words. Output tokens are charged at a higher rate than input tokens.OpenAI’s GPT-5.5 is priced at around $5 input and $30 output. Anthropic is therefore slightly cheaper for high-end, output-heavy workloads. Most coding and production use of AI is happening in the mid-tier market. Here, OpenAI is generally cheaper. Claude Sonnet 4.6 costs roughly $3 input and $15 output per million tokens, while OpenAI’s GPT-5.4 costs about $2.50 input and $15 output. OpenAI’s GPT-5.4 Mini is significantly cheaper at $0.75 input and $4.50 output. At the budget tier, OpenAI has a stronger cost advantage. GPT-5.4 Nano costs around $0.20 input and $1.25 output per million tokens, while Claude Haiku 4.5 costs roughly $1 input and $5 output.But remember, you get what you pay for.<a href="https://www.wionews.com/videos/us-iran-war-military-operations-used-anthropic-ai-despite-white-house-ban-1772367271311/embed">https://www.wionews.com/videos/us-iran-war-military-operations-used-anthropic-ai-despite-white-house-ban-1772367271311/embed</a><h2>Enterprises are rethinking AI deployment versus human engineers</h2>It is emerging that heavy AI coding usage could end up costing more than simply paying human engineers. Businesses are looking at cost-cutting methods while adopting AI. They often mix AI providers depending on the workload. Claude is popular for coding, reasoning, and long-context tasks despite higher costs, while OpenAI is frequently favoured for broader cost efficiency. Regardless of the AI provider, real-world developer costs commonly remain in the $100 to $400 monthly range for serious AI-assisted engineering work. The cost differential is leading some companies to mix and match AI and humans.&nbsp;Microsoft, which gave thousands of engineers access to Anthropic’s Claude Code in late 2025, saw AI usage costs rise so sharply that it started cancelling many direct Claude licences in divisions like Experiences &amp; Devices. The company is shifting employees towards its own cheaper tool, GitHub Copilot CLI, mainly to control token spending.Starbucks, which rolled out its AI inventory system called “Automated Counting” across North American stores to reduce manual work and improve efficiency, had to shut it down after nine months. The AI system frequently made mistakes, often miscounting or mislabelling items like milk and syrups, forcing employees to spend extra time double-checking inventory manually. In this case, instead of saving labour, the AI tool created additional work and operational problems. Starbucks has since shifted focus back towards consistency and human staffing, including hiring more baristas.Companies like Meta and Amazon encouraged heavy internal AI use, but are finding out now that newer agentic AI systems consume vastly more computing power than normal chatbot use. In some cases, agentic workflows can use up to 1,000 times more tokens than standard AI queries, leading to increase in AI bills faster than companies can measure real productivity gains.<h2>A reality check from OpenAI CEO: Sam Altman admits the jobs apocalypse hasn’t arrived</h2>It is in this context that we have to read Sam Altman’s recent comments acknowledging that AI has displaced far fewer jobs than he and other AI evangelists expected just one or two years ago. The OpenAI CEO said at the Commonwealth Bank of Australia conference that he was “delighted to be wrong” about the pace of white-collar job elimination. “I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than has actually happened.”He said OpenAI had been “roughly right” about technological progress, but “pretty wrong” about the social and economic implications. “I don’t think we’re going to have the kind of jobs apocalypse that some of the companies in our space advocate or talk about.”Also read: <a href="https://www.wionews.com/photos/anthropic-blocks-entire-company-out-of-claude-without-a-reasonable-explanation-1776854687090">Anthropic blocks entire company out of Claude without a reasonable explanation</a><h2>Why AI adoption isn’t translating into mass job cuts</h2>Altman thinks the slower-than-expected displacement is due to the enduring importance of human interaction, organisational inertia, and the complexities of AI integration into workflows. Acknowledging the persistent “human part” of work, he said, “We really do care about our interactions with people.” People still value trust, judgement, relationships, and authentic communication, he noted, while sharing how his own attempts to outsource his email and Slack communications to AI made him realise that meaningful interactions could not simply be automated away.<h2>Why enterprises will move only slowly on AI adoption</h2>Even when AI systems are technically far more capable, organisations face institutional friction, risk aversion, AI integration challenges, oversight requirements, and structural complexity that delay real transformation. This leads to a paradoxical situation: AI adoption and token usage are growing extremely quickly, but businesses are struggling to convert that activity into measurable reductions in headcount, faster shipping cycles, or clear bottom-line improvements.This is why some firms are moving from an “AI experimentation” phase to a “scrutiny and governance” phase, where spending controls, throttling, ROI measurement, and human oversight are becoming central priorities.Also read: <a href="https://www.wionews.com/technology/-10-000-bugs-in-a-month-how-anthropic-s-ai-is-changing-cybersecurity-1779526061436">‘10,000 bugs in a month’: How Anthropic’s AI is changing cybersecurity</a><h2>AI washing and re-hiring of humans: How organisational reality is outpacing AI hype</h2>From the point of view of these companies, the economic and organisational limits of AI adoption are arriving faster than mass labour displacement. There are two things happening. One is “AI washing”, where layoffs are blamed on AI, but the real causes are elsewhere. The second is re-hiring after premature job cuts. These two aspects are creating scepticism about exaggerated AI automation narratives.There is no doubt that AI is improving productivity in targeted workflows. But these gains often lead companies to pursue more ambitious goals rather than simply reduce staff. AI-led efficiency increases total consumption instead of lowering it, and it creates the need to increase AI budgets.A more sober consensus appears to be emerging in at least some companies that, while AI capability is advancing rapidly, organisational absorption is much slower.For now, the immediate crisis for many enterprises is not mass unemployment — it is runaway AI spending without clear accountability. Big Tech companies like Microsoft, Meta, Google-Alphabet, and Amazon are pumping massive capital expenditure into AI infrastructure, estimated to total up to $700 billion. But investors and executives are seeking clearer monetisation and productivity links.The AI apocalypse, financially speaking, may arrive before the jobs apocalypse if and when AI provider companies fail to scale adoption in tandem with the computing costs involved in answering queries.

Companies adopting AI are facing soaring token costs, unclear ROI, and slower-than-expected job cuts. Firms like Uber, Microsoft, and Starbucks are rethinking the balance between AI spending and human staffing. Is the AI vs human labour hype already over?

Recent comments by some Big Tech top brass on Artificial Intelligence adoption are providing a reality check moment: Is AI adoption really helping companies cut costs, bring in efficient processes, and improve bottom lines? The ‘token burn rate’ of AI tools — particularly agentic AI models like Claude — is rising faster than the return on investment (ROI) for the firms using AI. In simplest terms, tokens are the total input-output measurement of computing required to answer your queries, prompts, or chats with an AI interface. OpenAI CEO Sam Altman has admitted that the “job apocalypse” that he and many other AI advocates predicted is not happening as fast as he thought. Why is AI still not able to bring the expected rewards for companies that adopted it? Why are firms like Starbucks re-hiring humans after having adopted or integrated AI into their workflows? AI adoption meets reality After a couple of years of hype, enterprise AI adoption is entering a more sceptical and realistic phase. Companies that adopted AI saw an explosion in token consumption, the main criterion used by AI tools for billing. But firms like Uber are now realising that this is not translating into productivity gains, shipped features, or workforce reductions. Some are now asking the question: Is AI spending economically justified as a cost-cutting and productivity-increasing measure? Some are realising that the “AI apocalypse” may arrive much before the long-predicted jobs apocalypse, because AI stocks could fall if adoption is not in tandem with the billions of dollars spent on computing power to answer user queries. Uber president’s warning: Astronomical token growth meets unclear business value Uber President and COO Andrew Macdonald recently said AI investments are becoming “harder to justify”, as companies cannot yet connect rising AI usage to concrete business outcomes. Speaking on the Rapid Response podcast, Macdonald talked of a widening gap between AI-assisted coding activity and actual delivered value. “You talk to your senior engineering leaders, and you’re saying, ‘Okay, how many projects that were on the cutting room floor got moved above the line because of the productivity gains, because 25 per cent of our code commits were via Claude Code last quarter?’ That link is not there yet,” he said. “If you’re not actually able to draw a direct line to how much useful features and functionality you’re shipping to your users, that trade becomes harder to justify.” Macdonald noted that token usage and AI-generated code commits are going up “in a really astronomical direction”. Yet Uber still struggles to tie those metrics to measurable gains in productivity, feature delivery, or user outcomes, he said. Firms are burning through their AI budgets but have little to show for productivity or cost gains Uber reportedly exhausted its entire 2026 AI coding tools budget within roughly four months because of extremely high employee adoption — around 95 per cent in some teams. This means that, when given a chance, employees would use AI for most of their tasks, driving up the costs. In Uber’s case, the AI budget costs were partially offset by reduced hiring of humans. Macdonald’s reality check came weeks after his own company’s CEO, Dara Khosrowshahi, talked of AI as a way to dramatically increase throughput. Uber was targeting between 20 and 100 per cent productivity gains per employee while slowing down hiring. But that doesn't seem to be happening. The basic problem with enterprise AI: Usage is easy to measure, but value gains are not Macdonald’s remarks are an example of growing doubts across several AI-user industries about whether spending on AI is generating returns on investment fast enough. AI coding tools are usage-based systems where costs rise as usage increases. Those using AI — such as developers — consume more tokens very quickly. AI token costing is different from traditional software licences. The costs can rise exponentially, particularly with agentic workflows and large-context usage. Companies can easily measure and track token counts, code generation volume, AI-assisted commits, or tool adoption rates. But in many cases, this is not going hand in hand with increases in shipped features, faster delivery cycles, better products, or higher revenue. Some firms are moving from ‘AI pilot project’ hype to more disciplined use of AI: Enter the token throttling era Several enterprises expected that AI would help cut down large engineering teams while producing equal or greater output, but they are unable to prove this in real life. The causes are many: AI integration challenges, organisational friction, and quality issues that require human testing, monitoring, and control. Reports indicate that some of these companies are now transitioning from the exuberant “pilot and hype” phase of AI adoption to a more financially disciplined era focused on accountability. Both AI providers and companies that adopt AI are increasingly relying on “token throttling”: methods by which caps are introduced on how many tokens users or teams can consume within specific time windows. AI providers such as Anthropic and OpenAI use throttling to manage GPU capacity and stabilise services in order to limit queues and “Too Many Requests” errors. They are trying to ensure fair access and control compute costs. Limits include tokens-per-minute caps, rolling usage windows, weekly caps, and peak-hour restrictions. On the other hand, companies using AI tools are also implementing their own throttling systems and governance policies to prevent uncontrolled spending from heavy users or autonomous coding agents. These controls reflect how quickly costs can spiral in AI workflows, particularly agentic coding systems that repeatedly process large codebases and contexts. How much are companies spending on AI tokens? It depends on usage intensity, which AI models are used, and how much automation is introduced using AI. Anthropic, the firm behind Claude, estimates that average Claude Code usage costs roughly $6 per active developer per day. It said that 90 per cent of users stay below $12 daily. This translates to approximately $100–$250 per developer per month for moderate-to-heavy usage. For context, Anthropic’s enterprise plans roughly cost $200 for coding workflows of power users, around $85 for typical users, and $25 for light users per month. But all this depends on a specific company’s usage patterns. One company with 100 engineers might spend only about $2,500 monthly overall, while extreme outliers can consume $500–$1,400 worth of tokens in a single day when running agentic workflows with massive contexts. Some startups have reportedly seen AI spending grow 15 times within months, jumping from roughly $200 per developer monthly to nearly $3,000 as adoption deepened and workflows became more AI-dependent. This is why human governance, throttling, and budget controls are becoming standard enterprise practices. Claude vs OpenAI: The pricing arms race Token costs are central to enterprise budgeting for AI adoption. In flagship models, Anthropic’s Claude Opus 4.7 charges approximately $5 per million input tokens and $25 per million output tokens. Note that one million input tokens are roughly equal to 750,000 words. Output tokens are charged at a higher rate than input tokens. OpenAI’s GPT-5.5 is priced at around $5 input and $30 output. Anthropic is therefore slightly cheaper for high-end, output-heavy workloads. Most coding and production use of AI is happening in the mid-tier market. Here, OpenAI is generally cheaper. Claude Sonnet 4.6 costs roughly $3 input and $15 output per million tokens, while OpenAI’s GPT-5.4 costs about $2.50 input and $15 output. OpenAI’s GPT-5.4 Mini is significantly cheaper at $0.75 input and $4.50 output. At the budget tier, OpenAI has a stronger cost advantage. GPT-5.4 Nano costs around $0.20 input and $1.25 output per million tokens, while Claude Haiku 4.5 costs roughly $1 input and $5 output. But remember, you get what you pay for. https://www.wionews.com/videos/us-iran-war-military-operations-used-anthropic-ai-despite-white-house-ban-1772367271311/embed Enterprises are rethinking AI deployment versus human engineers It is emerging that heavy AI coding usage could end up costing more than simply paying human engineers. Businesses are looking at cost-cutting methods while adopting AI. They often mix AI providers depending on the workload. Claude is popular for coding, reasoning, and long-context tasks despite higher costs, while OpenAI is frequently favoured for broader cost efficiency. Regardless of the AI provider, real-world developer costs commonly remain in the $100 to $400 monthly range for serious AI-assisted engineering work. The cost differential is leading some companies to mix and match AI and humans. Microsoft, which gave thousands of engineers access to Anthropic’s Claude Code in late 2025, saw AI usage costs rise so sharply that it started cancelling many direct Claude licences in divisions like Experiences & Devices. The company is shifting employees towards its own cheaper tool, GitHub Copilot CLI, mainly to control token spending. Starbucks, which rolled out its AI inventory system called “Automated Counting” across North American stores to reduce manual work and improve efficiency, had to shut it down after nine months. The AI system frequently made mistakes, often miscounting or mislabelling items like milk and syrups, forcing employees to spend extra time double-checking inventory manually. In this case, instead of saving labour, the AI tool created additional work and operational problems. Starbucks has since shifted focus back towards consistency and human staffing, including hiring more baristas. Companies like Meta and Amazon encouraged heavy internal AI use, but are finding out now that newer agentic AI systems consume vastly more computing power than normal chatbot use. In some cases, agentic workflows can use up to 1,000 times more tokens than standard AI queries, leading to increase in AI bills faster than companies can measure real productivity gains. A reality check from OpenAI CEO: Sam Altman admits the jobs apocalypse hasn’t arrived It is in this context that we have to read Sam Altman’s recent comments acknowledging that AI has displaced far fewer jobs than he and other AI evangelists expected just one or two years ago. The OpenAI CEO said at the Commonwealth Bank of Australia conference that he was “delighted to be wrong” about the pace of white-collar job elimination. “I thought there would have been more impact on entry-level white-collar jobs being eliminated by now than has actually happened.” He said OpenAI had been “roughly right” about technological progress, but “pretty wrong” about the social and economic implications. “I don’t think we’re going to have the kind of jobs apocalypse that some of the companies in our space advocate or talk about.” Also read: Anthropic blocks entire company out of Claude without a reasonable explanation Why AI adoption isn’t translating into mass job cuts Altman thinks the slower-than-expected displacement is due to the enduring importance of human interaction, organisational inertia, and the complexities of AI integration into workflows. Acknowledging the persistent “human part” of work, he said, “We really do care about our interactions with people.” People still value trust, judgement, relationships, and authentic communication, he noted, while sharing how his own attempts to outsource his email and Slack communications to AI made him realise that meaningful interactions could not simply be automated away. Why enterprises will move only slowly on AI adoption Even when AI systems are technically far more capable, organisations face institutional friction, risk aversion, AI integration challenges, oversight requirements, and structural complexity that delay real transformation. This leads to a paradoxical situation: AI adoption and token usage are growing extremely quickly, but businesses are struggling to convert that activity into measurable reductions in headcount, faster shipping cycles, or clear bottom-line improvements. This is why some firms are moving from an “AI experimentation” phase to a “scrutiny and governance” phase, where spending controls, throttling, ROI measurement, and human oversight are becoming central priorities. Also read: ‘10,000 bugs in a month’: How Anthropic’s AI is changing cybersecurity AI washing and re-hiring of humans: How organisational reality is outpacing AI hype From the point of view of these companies, the economic and organisational limits of AI adoption are arriving faster than mass labour displacement. There are two things happening. One is “AI washing”, where layoffs are blamed on AI, but the real causes are elsewhere. The second is re-hiring after premature job cuts. These two aspects are creating scepticism about exaggerated AI automation narratives. There is no doubt that AI is improving productivity in targeted workflows. But these gains often lead companies to pursue more ambitious goals rather than simply reduce staff. AI-led efficiency increases total consumption instead of lowering it, and it creates the need to increase AI budgets. A more sober consensus appears to be emerging in at least some companies that, while AI capability is advancing rapidly, organisational absorption is much slower. For now, the immediate crisis for many enterprises is not mass unemployment — it is runaway AI spending without clear accountability. Big Tech companies like Microsoft, Meta, Google-Alphabet, and Amazon are pumping massive capital expenditure into AI infrastructure, estimated to total up to $700 billion. But investors and executives are seeking clearer monetisation and productivity links. The AI apocalypse, financially speaking, may arrive before the jobs apocalypse if and when AI provider companies fail to scale adoption in tandem with the computing costs involved in answering queries.

Companies adopting AI are facing soaring token costs, unclear ROI, and slower-than-expected job cuts. Firms like Uber, Microsoft, and Starbucks are rethinking the balance between AI spending and human staffing. Is the AI vs human labour hype already over?

AI adoption is not leading to a job apocalypse or saving many firms real money. Make haste slowly? A reality check

The government of Australia has filed a lawsuit against the US chemicals giant 3M for a record $1.4 billion for contamination of 28 defence bases with PFAS, or what are commonly known as "forever chemicals", containing the firefighting foam, according to a Reuters report. The government added that the record lawsuit shows the massive economic, environmental and cultural costs connected with the contamination. Meanwhile, the US company has denied the Australian government's accusations, stating that it would defend itself against the lawsuit. "3M has never manufactured PFAS in Australia and ceased sales of the products at issue in Australia around two decades ago," the news report quoted the statement.&nbsp;Also read:<a href="https://www.wionews.com/world/trump-accounts-app-child-savings-program-explained-1779951000174"> Trump-backed savings app for children launches soon: All you need to know</a><h3>How do PFAS affect the environment?</h3>PFAS, commonly referred to as “forever chemicals,” contain substances that degrade extremely slowly and can remain in the environment for years. They have been associated with serious health issues, including liver and kidney disorders, hormonal imbalance, and a higher risk of kidney and testicular cancers. Addressing the matter, Assistant Defence Minister Peter Khalil stated that the department has spent $923 million to tackle the effects of contamination, including $289 million in settlements paid to impacted communities. The department has also removed or treated over 200,000 metric tons of contaminated soil and processed more than 13 billion litres of polluted water. "To put it plainly, we are taking on 3M on behalf of the Australian people and the Australians that are affected," the minister said. Authorities further accused the company of concealing information about the environmental impact of the product and providing misleading assurances. This is not the first legal challenge faced by the American company. In 2023, it agreed to a $10 billion settlement in the United States over contamination of public water supplies.

Australia has sued US chemicals giant 3M for a record $1.4 billion over PFAS "forever chemical" contamination across 28 defence bases. While 3M denies the claims, Australia accuses it of hiding environmental risks, having already spent $923 million on treating toxic soil and water.

The government of Australia has filed a lawsuit against the US chemicals giant 3M for a record $1.4 billion for contamination of 28 defence bases with PFAS, or what are commonly known as "forever chemicals", containing the firefighting foam, according to a Reuters report. The government added that the record lawsuit shows the massive economic, environmental and cultural costs connected with the contamination. Meanwhile, the US company has denied the Australian government's accusations, stating that it would defend itself against the lawsuit. "3M has never manufactured PFAS in Australia and ceased sales of the products at issue in Australia around two decades ago," the news report quoted the statement. Also read: Trump-backed savings app for children launches soon: All you need to know How do PFAS affect the environment? PFAS, commonly referred to as “forever chemicals,” contain substances that degrade extremely slowly and can remain in the environment for years. They have been associated with serious health issues, including liver and kidney disorders, hormonal imbalance, and a higher risk of kidney and testicular cancers. Addressing the matter, Assistant Defence Minister Peter Khalil stated that the department has spent $923 million to tackle the effects of contamination, including $289 million in settlements paid to impacted communities. The department has also removed or treated over 200,000 metric tons of contaminated soil and processed more than 13 billion litres of polluted water. "To put it plainly, we are taking on 3M on behalf of the Australian people and the Australians that are affected," the minister said. Authorities further accused the company of concealing information about the environmental impact of the product and providing misleading assurances. This is not the first legal challenge faced by the American company. In 2023, it agreed to a $10 billion settlement in the United States over contamination of public water supplies.

Australia has sued US chemicals giant 3M for a record $1.4 billion over PFAS "forever chemical" contamination across 28 defence bases. While 3M denies the claims, Australia accuses it of hiding environmental risks, having already spent $923 million on treating toxic soil and water.

Australia sues US giant 3M for $1.4 billion over ‘forever chemicals’ contamination

Semiconductor and semiconductor equipment companies now account for nearly 18 per cent of the S&amp;P 500’s total market capitalisation, marking the highest weighting ever recorded for the industry group, according to recent market data and industry reports. The sharp rise reflects growing investor confidence in artificial intelligence infrastructure and the global demand for advanced chips. The sector’s influence has expanded rapidly since the 2022 market downturn. Reports indicate semiconductor stocks represented only around 5 per cent of the S&amp;P 500 a few years ago, meaning their share has more than tripled during the current AI-driven rally.<h2>AI demand is driving the semiconductor surge</h2> The rapid growth of artificial intelligence has become the biggest driver behind the semiconductor rally. Technology companies are investing heavily in AI infrastructure, including: Data centres AI servers High-performance computing chips Advanced memory systemsInvestment firms and analysts say demand for AI chips is now reshaping the entire technology sector. According to Reuters, semiconductor stocks contributed around 70 per cent of the S&amp;P 500’s market-cap gains in 2026, showing how strongly the broader market now depends on chipmakers.Nvidia, Micron and AI chipmakers lead the rallyMajor semiconductor firms have seen sharp increases in market value during the AI boom. Nvidia remains one of the biggest contributors to the rally, driven by strong demand for AI processors. Meanwhile, Micron recently crossed a $1 trillion market valuation after strong growth in AI memory-chip demand.Companies such as:AMD Qualcomm Intel Taiwan Semiconductor Manufacturing Company (TSMC) have also benefited from increased AI-related spending. Industry forecasts suggest the global semiconductor market could generate around $1.3 trillion in revenue in 2026, as per the Gartner estimates cited by Yahoo Finance.<h2>Why investors are watching the sector closely</h2>While the rally has boosted markets, analysts are also warning about growing concentration risk. Semiconductor stocks now carry more weight in the S&amp;P 500 than many traditional sectors combined. Market experts note that: The industry’s weighting is now higher than during the dot-com era A slowdown in chip demand could affect broader markets AI spending expectations are driving valuations higherSome analysts have compared the current momentum to earlier technology bubbles, though others argue that strong earnings growth continues to support valuations.<h2>AI infrastructure spending continues to grow</h2>Global technology companies are expected to spend hundreds of billions of dollars on AI infrastructure over the next few years.This includes investments in: Semiconductor manufacturing Cloud computing AI training systems Advanced networking equipment UBS recently raised its forecast for the S&amp;P 500, partly due to continued demand for AI-related semiconductor infrastructure.<h2>What this means for Wall Street</h2>The semiconductor sector’s rise shows how central AI has become to global markets. Instead of software companies alone driving technology growth, investors are now focusing heavily on the hardware powering artificial intelligence systems. The trend has also increased the importance of semiconductor companies in broader investment portfolios and stock indexes. Analysts expect semiconductor demand to remain strong as AI adoption expands across industries. However, market observers are also watching for signs of overheating or excessive concentration in the sector. For now, the AI infrastructure race continues to fuel one of the strongest semiconductor rallies Wall Street has seen in decades.

Semiconductor and semiconductor equipment companies now account for nearly 18 per cent of the S&P 500’s total market capitalisation, marking the highest weighting ever recorded for the industry group, according to recent market data and industry reports.


Semiconductor and semiconductor equipment companies now account for nearly 18 per cent of the S&P 500’s total market capitalisation, marking the highest weighting ever recorded for the industry group, according to recent market data and industry reports. The sharp rise reflects growing investor confidence in artificial intelligence infrastructure and the global demand for advanced chips. The sector’s influence has expanded rapidly since the 2022 market downturn. Reports indicate semiconductor stocks represented only around 5 per cent of the S&P 500 a few years ago, meaning their share has more than tripled during the current AI-driven rally. AI demand is driving the semiconductor surge The rapid growth of artificial intelligence has become the biggest driver behind the semiconductor rally. Technology companies are investing heavily in AI infrastructure, including: Data centres AI servers High-performance computing chips Advanced memory systems Investment firms and analysts say demand for AI chips is now reshaping the entire technology sector. According to Reuters, semiconductor stocks contributed around 70 per cent of the S&P 500’s market-cap gains in 2026, showing how strongly the broader market now depends on chipmakers. Nvidia, Micron and AI chipmakers lead the rally Major semiconductor firms have seen sharp increases in market value during the AI boom. Nvidia remains one of the biggest contributors to the rally, driven by strong demand for AI processors. Meanwhile, Micron recently crossed a $1 trillion market valuation after strong growth in AI memory-chip demand. Companies such as: AMD Qualcomm Intel Taiwan Semiconductor Manufacturing Company (TSMC) have also benefited from increased AI-related spending. Industry forecasts suggest the global semiconductor market could generate around $1.3 trillion in revenue in 2026, as per the Gartner estimates cited by Yahoo Finance. Why investors are watching the sector closely While the rally has boosted markets, analysts are also warning about growing concentration risk. Semiconductor stocks now carry more weight in the S&P 500 than many traditional sectors combined. Market experts note that: The industry’s weighting is now higher than during the dot-com era A slowdown in chip demand could affect broader markets AI spending expectations are driving valuations higher Some analysts have compared the current momentum to earlier technology bubbles, though others argue that strong earnings growth continues to support valuations. AI infrastructure spending continues to grow Global technology companies are expected to spend hundreds of billions of dollars on AI infrastructure over the next few years. This includes investments in: Semiconductor manufacturing Cloud computing AI training systems Advanced networking equipment UBS recently raised its forecast for the S&P 500, partly due to continued demand for AI-related semiconductor infrastructure. What this means for Wall Street The semiconductor sector’s rise shows how central AI has become to global markets. Instead of software companies alone driving technology growth, investors are now focusing heavily on the hardware powering artificial intelligence systems. The trend has also increased the importance of semiconductor companies in broader investment portfolios and stock indexes. Analysts expect semiconductor demand to remain strong as AI adoption expands across industries. However, market observers are also watching for signs of overheating or excessive concentration in the sector. For now, the AI infrastructure race continues to fuel one of the strongest semiconductor rallies Wall Street has seen in decades.

Semiconductor and semiconductor equipment companies now account for nearly 18 per cent of the S&amp;P 500’s total market capitalisation, marking the highest weighting ever recorded for the industry group, according to recent market data and industry reports.

Chip stocks now control nearly one-fifth of S&P 500 market value

Zoho founder Sridhar Vembu has questioned the hype around artificial intelligence and asked whether AI was truly delivering real productivity gains. He also claimed that companies may be using AI to cut labour cost and impress investors. Vembu had in fact been questioning the strong hype and narrative around AI even before top AI leaders started toning down their warnings abound massive job losses due to AI.&nbsp;&nbsp;For the last two years, the global tech leaders have kept asserting that AI would improve productivity massively, automate white-collar work and eventually replace millions of human jobs. Companies invested billions into AI infrastructure, investors poured money into startups, and business leaders repeatedly warned employees to prepare for disruption, with some even warning of an ‘apocalypse’.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-to-pull-back-forces-from-iran-s-vicinity-lift-naval-blockade-claims-iran-s-state-media-1779889541135">US to pull back forces from Iran’s vicinity, lift naval blockade, claims Iran’s state media</a><h2>‘Companies using AI as convenient explanation for layoffs’</h2>&nbsp;Over the past few weeks, Sridhar Vembu has repeatedly criticised the current AI hype on X, arguing that actual productivity gains remain limited and that companies are using AI as a convenient explanation for layoffs that are really tied to economic pressure and investor expectations.His comments are now drawing attention online because major tech leaders, including Sam Altman, Jeff Bezos and Jensen Huang, have started changing their stance about AI replacing jobs.&nbsp;Early in the month, Vembu questioned why most of the American public, including college students, have started developing negative feelings toward AI despite the technology being promoted as revolutionary.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/skill-chance-irrelevant-if-money-staked-sc-upholds-retrospective-28-gst-levy-on-online-gaming-companies-1779884645944">‘Skill, chance irrelevant if money staked’: SC upholds retrospective 28% GST levy on online gaming companies</a>&nbsp;Vembu said companies are wrongly linking layoffs with AI progress.“It does not help that companies are blaming job losses on AI, which is both convenient and, as an added bonus, makes a company look visionary,” he wrote on X.&nbsp;Vembu argued that layoffs are more closely connected to rising costs and economic pressure rather than AI suddenly becoming capable enough to replace workers at scale.&nbsp;“The layoffs are related to rising cost pressures,” he added.&nbsp;&nbsp;<h2>‘AI investment bubble has kept US economy afloat, but not for long’</h2>&nbsp;&nbsp;On Wednesday, Vembu warned that the economic picture globally is becoming weaker and that AI alone cannot solve all the problems.“The AI investment bubble has kept the US economy afloat, but that can only go on for so long,” Vembu said.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-s-push-for-muslim-nations-joining-abraham-accords-puts-pakistan-in-a-fix-1779729876943">Trump’s push for Muslim nations to join Abraham Accords puts Pakistan in a fix</a>&nbsp;He also argued that previous technological revolutions also failed to prevent economic crises, pointing to the global financial crisis of 2008 despite the smartphone boom created by the iPhone era.“AI will not magically cure global imbalances,” he wrote.&nbsp;Vembu also questioned one of the biggest assumptions that AI tools will dramatically increase software engineering productivity.&nbsp;<h2>‘Current AI boom may be biggest financial bubble yet’</h2>&nbsp;Discussing AI-generated coding tools based on large language models (LLMs), Vembu said that companies are investing hundreds of billions of dollars, believing productivity could rise 10 times or more, but things are looking very different in reality.&nbsp;Also Read: <a href="https://www.wionews.com/world/undeclared-chemical-weapons-from-former-president-assad-era-found-in-syria-1779829277892">Undeclared chemical weapons from former president Assad-era found in Syria</a>&nbsp;Many big companies across the world have been investing aggressively in AI infrastructure while also reducing their staff.Vembu called the current AI boom an “investment bubble”, adding that large technology revolutions often create financial bubbles, but this one may be the biggest yet.

Zoho founder Sridhar Vembu has repeatedly criticised the current AI hype and argued that its actual productivity gains remain limited and that companies are using AI as a convenient explanation for layoffs that are really tied to economic pressure and investor expectations.

Zoho founder Sridhar Vembu has questioned the hype around artificial intelligence and asked whether AI was truly delivering real productivity gains. He also claimed that companies may be using AI to cut labour cost and impress investors. Vembu had in fact been questioning the strong hype and narrative around AI even before top AI leaders started toning down their warnings abound massive job losses due to AI. For the last two years, the global tech leaders have kept asserting that AI would improve productivity massively, automate white-collar work and eventually replace millions of human jobs. Companies invested billions into AI infrastructure, investors poured money into startups, and business leaders repeatedly warned employees to prepare for disruption, with some even warning of an ‘apocalypse’. Also Read: US to pull back forces from Iran’s vicinity, lift naval blockade, claims Iran’s state media ‘Companies using AI as convenient explanation for layoffs’ Over the past few weeks, Sridhar Vembu has repeatedly criticised the current AI hype on X, arguing that actual productivity gains remain limited and that companies are using AI as a convenient explanation for layoffs that are really tied to economic pressure and investor expectations. His comments are now drawing attention online because major tech leaders, including Sam Altman, Jeff Bezos and Jensen Huang, have started changing their stance about AI replacing jobs. Early in the month, Vembu questioned why most of the American public, including college students, have started developing negative feelings toward AI despite the technology being promoted as revolutionary. Also Read: ‘Skill, chance irrelevant if money staked’: SC upholds retrospective 28% GST levy on online gaming companies Vembu said companies are wrongly linking layoffs with AI progress. “It does not help that companies are blaming job losses on AI, which is both convenient and, as an added bonus, makes a company look visionary,” he wrote on X. Vembu argued that layoffs are more closely connected to rising costs and economic pressure rather than AI suddenly becoming capable enough to replace workers at scale. “The layoffs are related to rising cost pressures,” he added. ‘AI investment bubble has kept US economy afloat, but not for long’ On Wednesday, Vembu warned that the economic picture globally is becoming weaker and that AI alone cannot solve all the problems. “The AI investment bubble has kept the US economy afloat, but that can only go on for so long,” Vembu said. Also Read: Trump’s push for Muslim nations to join Abraham Accords puts Pakistan in a fix He also argued that previous technological revolutions also failed to prevent economic crises, pointing to the global financial crisis of 2008 despite the smartphone boom created by the iPhone era. “AI will not magically cure global imbalances,” he wrote. Vembu also questioned one of the biggest assumptions that AI tools will dramatically increase software engineering productivity. ‘Current AI boom may be biggest financial bubble yet’ Discussing AI-generated coding tools based on large language models (LLMs), Vembu said that companies are investing hundreds of billions of dollars, believing productivity could rise 10 times or more, but things are looking very different in reality. Also Read: Undeclared chemical weapons from former president Assad-era found in Syria Many big companies across the world have been investing aggressively in AI infrastructure while also reducing their staff. Vembu called the current AI boom an “investment bubble”, adding that large technology revolutions often create financial bubbles, but this one may be the biggest yet.

Zoho founder Sridhar Vembu has repeatedly criticised the current AI hype and argued that its actual productivity gains remain limited and that companies are using AI as a convenient explanation for layoffs that are really tied to economic pressure and investor expectations.

Zoho founder Sridhar Vembu says AI giving no gains, tech firms firing workers for no real reason

British oil giant BP has removed its chairman, Albert Manifold, with immediate effect on Tuesday (May 26, 2026). The move came within less than a year after he took over the role, citing the decision following the company's finding "serious concerns" over governance, oversight and conduct, AFP reported. The company also announced that board member Ian Tyler has been appointed interim chairman with immediate effect. "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, BP's senior independent director, stated in a statement.<h3>Why has Albert Manifold been removed?</h3>Manifold's exit comes less than a year after taking over the role, with BP stating that the decision followed concerns regarding governance standards and oversight inside the company. His exit, nearly eight months after serving as chair, adds to a series of scandals and continuous leadership changes at BP. Less than three years earlier, former BP CEO Bernard Looney was ousted for misleading the board about personal relationships with ​colleagues. Looney’s successor, Murray Auchincloss, also stepped down abruptly in December, though BP neither publicly explained the reason for his exit nor announced a formal search for a replacement.&nbsp;Also read: <a href="https://www.wionews.com/world/utterly-baseless-qatar-rejects-claims-it-offered-iran-12-billion-for-us-peace-deal-1779798273021">‘Utterly baseless’: Qatar rejects claims it offered Iran $12 Billion for US peace deal</a><h3>BP spokesperson declined to provide additional details</h3>During his tenure, Manifold oversaw the appointment of former Woodside CEO Meg O’Neill as BP’s fifth chief executive since 2020, as the company accelerated its renewed focus on fossil fuels while scaling back its renewable energy ambitions — a strategic shift first outlined by Auchincloss earlier last year. In a statement issued on Tuesday, BP said its board had unanimously decided that Manifold, who reportedly had the support of activist hedge fund Elliott Management, which holds around a 5 per cent stake in the company, would step down immediately as chair and director. "This follows serious concerns raised to the board related to important governance ​standards, oversight and conduct," BP said. "Albert has helped bring a welcome focus and pace to BP's transformation. However, the board has been ​surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," said senior independent director Amanda ‌Blanc. Blanc ⁠oversaw Manifold's appointment in October. Elliott Management did not immediately comment on the development. Following the announcement, BP shares fell nearly 10 per cent and trading was briefly halted before losses narrowed somewhat. By comparison, the broader European energy index was down by less than 1 per cent.

BP removed Chairman Albert Manifold with immediate effect over serious governance and conduct issues. Ian Tyler takes over as interim chair. The shock exit, after just eight months in the role, follows repeated leadership scandals and caused BP shares to crash 10 per cent.

British oil giant BP has removed its chairman, Albert Manifold, with immediate effect on Tuesday (May 26, 2026). The move came within less than a year after he took over the role, citing the decision following the company's finding "serious concerns" over governance, oversight and conduct, AFP reported. The company also announced that board member Ian Tyler has been appointed interim chairman with immediate effect. "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, BP's senior independent director, stated in a statement. Why has Albert Manifold been removed? Manifold's exit comes less than a year after taking over the role, with BP stating that the decision followed concerns regarding governance standards and oversight inside the company. His exit, nearly eight months after serving as chair, adds to a series of scandals and continuous leadership changes at BP. Less than three years earlier, former BP CEO Bernard Looney was ousted for misleading the board about personal relationships with colleagues. Looney’s successor, Murray Auchincloss, also stepped down abruptly in December, though BP neither publicly explained the reason for his exit nor announced a formal search for a replacement. Also read: ‘Utterly baseless’: Qatar rejects claims it offered Iran $12 Billion for US peace deal BP spokesperson declined to provide additional details During his tenure, Manifold oversaw the appointment of former Woodside CEO Meg O’Neill as BP’s fifth chief executive since 2020, as the company accelerated its renewed focus on fossil fuels while scaling back its renewable energy ambitions — a strategic shift first outlined by Auchincloss earlier last year. In a statement issued on Tuesday, BP said its board had unanimously decided that Manifold, who reportedly had the support of activist hedge fund Elliott Management, which holds around a 5 per cent stake in the company, would step down immediately as chair and director. "This follows serious concerns raised to the board related to important governance standards, oversight and conduct," BP said. "Albert has helped bring a welcome focus and pace to BP's transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," said senior independent director Amanda ‌Blanc. Blanc ⁠oversaw Manifold's appointment in October. Elliott Management did not immediately comment on the development. Following the announcement, BP shares fell nearly 10 per cent and trading was briefly halted before losses narrowed somewhat. By comparison, the broader European energy index was down by less than 1 per cent.

BP removed Chairman Albert Manifold with immediate effect over serious governance and conduct issues. Ian Tyler takes over as interim chair. The shock exit, after just eight months in the role, follows repeated leadership scandals and caused BP shares to crash 10 per cent.

Why did British oil giant BP suddenly remove chairman Albert Manifold?

Taiwan has overtaken India to become the fifth-largest stock market in the world, driven by the significant surge in the revenue of the semiconductor giant Taiwan Semiconductor Manufacturing Company. According to Bloomberg, Taiwan's stock market capitalisation reached $4.95 trillion in market capitalisation, overtaking India at $4.92 trillion, behind only the US, China, Japan and Hong Kong.&nbsp;<h2>What is driving Taiwan's rise?</h2>Taiwan's meteoric rise is driven by the Taiwan Semiconductor Manufacturing Company (TSMC), which now accounts for 42 per cent of the benchmark index TAIEX or Taiwan Stock Exchange Capitalisation. The chipmaker's shares have rallied 46 per cent this year, driven by the massive demand in the AI ecosystem, which many analysts are terming as the “NVIDIA proxy effect”. NVIDIA does not manufacture its own hardware; it designs chips. It is reliant heavily on TSMC for its hardware manufacturing. Every time NVIDIA secures a multibillion-dollar contract, its revenue flows into TSMC, triggering immediate and massive rallies. While Foxconn assemble the complex physical AI servers and AI factories that house NVIDIA's components. Taiwan's financial regulator recently changed the regulation about domestic funds that invest in a single stock can hold up to 25 per cent of their net asset in any listed company, up from the previous 10 per cent. This will further attract investors to TSMC.Also Read: <a href="https://www.wionews.com/india-news/indigo-crew-fixes-passenger-broken-glasses-viral-video-1779791617316">IndiGo crew member fixes passenger’s broken glasses mid-flight, internet applauds</a><h2>Is India really falling behind?</h2>India is falling behind in total market capitalisation of its stock market, mostly driven by the record outflow in the Foreign Institutional Investors, driven by the rising crude oil prices and a depreciating Indian domestic rupee. It has lost $380 billion in market cap from its peak valuation of $5.3 trillion in January 2026. The Benchmark NIFTY 50 has fallen by 8.08 per cent, while the BSE Sensex has fallen by 10.8 per cent. However, Wall Street is divided on the valuation of Taiwan and AI buildout. Analysts view the Indian market valuation as more grounded in long-term national growth compared to Taiwan's highly concentrated, hyper-rewarding technology bets.&nbsp;

Taiwan has overtaken India to become the world’s fifth-largest stock market, driven by TSMC’s AI-fuelled rally and strong semiconductor demand linked to NVIDIA.

Taiwan has overtaken India to become the fifth-largest stock market in the world, driven by the significant surge in the revenue of the semiconductor giant Taiwan Semiconductor Manufacturing Company. According to Bloomberg, Taiwan's stock market capitalisation reached $4.95 trillion in market capitalisation, overtaking India at $4.92 trillion, behind only the US, China, Japan and Hong Kong. What is driving Taiwan's rise? Taiwan's meteoric rise is driven by the Taiwan Semiconductor Manufacturing Company (TSMC), which now accounts for 42 per cent of the benchmark index TAIEX or Taiwan Stock Exchange Capitalisation. The chipmaker's shares have rallied 46 per cent this year, driven by the massive demand in the AI ecosystem, which many analysts are terming as the “NVIDIA proxy effect”. NVIDIA does not manufacture its own hardware; it designs chips. It is reliant heavily on TSMC for its hardware manufacturing. Every time NVIDIA secures a multibillion-dollar contract, its revenue flows into TSMC, triggering immediate and massive rallies. While Foxconn assemble the complex physical AI servers and AI factories that house NVIDIA's components. Taiwan's financial regulator recently changed the regulation about domestic funds that invest in a single stock can hold up to 25 per cent of their net asset in any listed company, up from the previous 10 per cent. This will further attract investors to TSMC. Also Read: IndiGo crew member fixes passenger’s broken glasses mid-flight, internet applauds Is India really falling behind? India is falling behind in total market capitalisation of its stock market, mostly driven by the record outflow in the Foreign Institutional Investors, driven by the rising crude oil prices and a depreciating Indian domestic rupee. It has lost $380 billion in market cap from its peak valuation of $5.3 trillion in January 2026. The Benchmark NIFTY 50 has fallen by 8.08 per cent, while the BSE Sensex has fallen by 10.8 per cent. However, Wall Street is divided on the valuation of Taiwan and AI buildout. Analysts view the Indian market valuation as more grounded in long-term national growth compared to Taiwan's highly concentrated, hyper-rewarding technology bets.

Taiwan has overtaken India to become the world’s fifth-largest stock market, driven by TSMC’s AI-fuelled rally and strong semiconductor demand linked to NVIDIA.

Taiwan overtakes India to become world’s fifth-largest stock market

More than half of every rupee traded on India’s largest stock exchange is now moved by a machine. And in the futures and options segment, algorithmic systems accounted for 97 per cent of foreign investors’ profits in FY2024, according to a SEBI study on algorithmic trading published in September 2024, a figure that captures just how completely automated execution has taken over Indian financial markets.&nbsp;For the first time in data going back over a decade, algorithmic systems crossed 50 per cent of cash market turnover on the NSE in FY25, according to its own Market Pulse data. That gap, between the pace of AI adoption and the maturity of compliance infrastructure, is precisely what India’s market regulator is now moving to close.&nbsp;“The biggest shift is from whether an AI system is operating correctly to whether a firm can demonstrate explanations, accountability, good data governance and regulatory compliance for those systems,” said Adv. Varun Singh, Managing Partner at Foresight Law Offices, in an interaction with WION. “Firms in regulated markets risk reputational damage and investor lawsuits due to insufficient AI governance.”<h2>The compliance deficit</h2>&nbsp;The problem is not the technology itself. It is the absence of structured oversight around it.&nbsp;“Approximately 20 to 30 per cent of financial institutions in India utilise AI, and most are currently following an uncoordinated compliance process,” Varun Singh told WION. “Firms need to transition to an integrated model, design, adopt, and implement oversight, audit, and assessment procedures.”&nbsp;The Securities and Exchange Board of India's consultation paper, released on June 20, 2025 and titled “Guidelines for Responsible Usage of AI/ML in Indian Securities Markets”, sets that transition in motion. Built on six principles, ethics, accountability, transparency, auditability, data privacy, and fairness, the framework requires all regulated entities, from market infrastructure institutions to mutual funds, to put in place board-approved AI governance frameworks backed by independent audits and demonstrable model explainability.&nbsp;It also explicitly acknowledges the scale of the problem it is attempting to govern: automated systems already account for roughly 50 to 55 per cent of Indian cash market volumes, a figure that has only grown as algorithmic and AI-driven execution has moved from the preserve of institutional players to a tool increasingly available to retail investors.&nbsp;<h2>Where liability lives, and doesn’t</h2>&nbsp;The EU AI Act, which came into force in August 2024, addresses this directly. It assigns distinct, tiered obligations to AI system providers and to deploying entities, and requires documented human oversight throughout an AI system’s lifecycle. Singapore’s Monetary Authority, under its FEAT Principles, goes further, mandating internal accountability committees to monitor AI fairness, ethics, and transparency on a continuous basis. Both frameworks answer the question of who is responsible before something goes wrong.&nbsp;SEBI’s paper does not. It requires governance frameworks without specifying where liability falls when those frameworks fail. That silence is not a minor gap, it is the central unresolved question for every regulated entity now building AI infrastructure under the assumption that compliance will protect them.&nbsp;The consultation paper does not specify whether liability rests with the AI developer, the deploying institution, or the board. It is also silent on the precise form of human oversight required, whether that means a Human-In-The-Loop, Human-On-The-Loop, or Human-In-Command model.&nbsp;This silence sits in direct tension with Section 166(3) of the Companies Act, 2013, which already requires directors to act with due and reasonable care, skill, and diligence. As AI-driven decisions increasingly displace human ones at the point of execution, that fiduciary duty does not disappear.&nbsp;“Regulated entities and members of management will remain liable for market disruptions resulting from failures in governance, data sets, or human oversight,” Varun Singh said. “Institutions will be required to maintain proper audit trail documentation and adequate explainability protocols, and also document procedures for escalating potential regulatory violations.”&nbsp;<h2>A global wave</h2>&nbsp;India’s regulatory reckoning mirrors pressure building across financial systems worldwide. In November 2024, the Financial Stability Board identified four AI-related vulnerabilities with the potential to amplify systemic risk: concentration in third-party service providers, market correlations, cyber risks, and failures in model risk and data governance. The FSB explicitly called on national authorities to assess whether existing frameworks were adequate, before the risks crystallised.&nbsp;The concern is not theoretical. The 2010 US Flash Crash, in which cascading interactions among unmonitored high-frequency trading algorithms briefly wiped out an estimated one trillion dollars in market value, remains the defining cautionary benchmark. Closer to home, SEBI's own enforcement action in the OPG Securities colocation case exposed how opaque algorithmic access could exploit structural blind spots in Indian markets.&nbsp;<h2>What firms must do now</h2>&nbsp;Varun Singh's prescription is unambiguous, "Institutions that establish explainable AI protocols, data lineage tracking, and incident escalation mechanisms early will be better positioned to mitigate regulatory, operational, and litigation risks. The adoption of integrated frameworks will embed explainability, cybersecurity resilience, and vendor risk control early in their operations."&nbsp;Mandatory audits, model validation cycles, and stress-testing of autonomous trading systems are the floor, not the ceiling, of what regulators will expect. As compliance risk overtakes pure technology risk in the calculus of institutional liability, building governance infrastructure is no longer optional, it is fiduciary.&nbsp;For India's financial sector, the audit era has arrived. The only remaining question is how many firms will be ready for it.

Algorithmic systems now account for over half of India’s equity market trades, and 97% of foreign investors’ profits in futures and options. SEBI wants every broker, fund, and market institution to prove they can explain and audit every decision these machines make. Most are not ready.

More than half of every rupee traded on India’s largest stock exchange is now moved by a machine. And in the futures and options segment, algorithmic systems accounted for 97 per cent of foreign investors’ profits in FY2024, according to a SEBI study on algorithmic trading published in September 2024, a figure that captures just how completely automated execution has taken over Indian financial markets. For the first time in data going back over a decade, algorithmic systems crossed 50 per cent of cash market turnover on the NSE in FY25, according to its own Market Pulse data. That gap, between the pace of AI adoption and the maturity of compliance infrastructure, is precisely what India’s market regulator is now moving to close. “The biggest shift is from whether an AI system is operating correctly to whether a firm can demonstrate explanations, accountability, good data governance and regulatory compliance for those systems,” said Adv. Varun Singh, Managing Partner at Foresight Law Offices, in an interaction with WION. “Firms in regulated markets risk reputational damage and investor lawsuits due to insufficient AI governance.” The compliance deficit The problem is not the technology itself. It is the absence of structured oversight around it. “Approximately 20 to 30 per cent of financial institutions in India utilise AI, and most are currently following an uncoordinated compliance process,” Varun Singh told WION. “Firms need to transition to an integrated model, design, adopt, and implement oversight, audit, and assessment procedures.” The Securities and Exchange Board of India's consultation paper, released on June 20, 2025 and titled “Guidelines for Responsible Usage of AI/ML in Indian Securities Markets”, sets that transition in motion. Built on six principles, ethics, accountability, transparency, auditability, data privacy, and fairness, the framework requires all regulated entities, from market infrastructure institutions to mutual funds, to put in place board-approved AI governance frameworks backed by independent audits and demonstrable model explainability. It also explicitly acknowledges the scale of the problem it is attempting to govern: automated systems already account for roughly 50 to 55 per cent of Indian cash market volumes, a figure that has only grown as algorithmic and AI-driven execution has moved from the preserve of institutional players to a tool increasingly available to retail investors. Where liability lives, and doesn’t The EU AI Act, which came into force in August 2024, addresses this directly. It assigns distinct, tiered obligations to AI system providers and to deploying entities, and requires documented human oversight throughout an AI system’s lifecycle. Singapore’s Monetary Authority, under its FEAT Principles, goes further, mandating internal accountability committees to monitor AI fairness, ethics, and transparency on a continuous basis. Both frameworks answer the question of who is responsible before something goes wrong. SEBI’s paper does not. It requires governance frameworks without specifying where liability falls when those frameworks fail. That silence is not a minor gap, it is the central unresolved question for every regulated entity now building AI infrastructure under the assumption that compliance will protect them. The consultation paper does not specify whether liability rests with the AI developer, the deploying institution, or the board. It is also silent on the precise form of human oversight required, whether that means a Human-In-The-Loop, Human-On-The-Loop, or Human-In-Command model. This silence sits in direct tension with Section 166(3) of the Companies Act, 2013, which already requires directors to act with due and reasonable care, skill, and diligence. As AI-driven decisions increasingly displace human ones at the point of execution, that fiduciary duty does not disappear. “Regulated entities and members of management will remain liable for market disruptions resulting from failures in governance, data sets, or human oversight,” Varun Singh said. “Institutions will be required to maintain proper audit trail documentation and adequate explainability protocols, and also document procedures for escalating potential regulatory violations.” A global wave India’s regulatory reckoning mirrors pressure building across financial systems worldwide. In November 2024, the Financial Stability Board identified four AI-related vulnerabilities with the potential to amplify systemic risk: concentration in third-party service providers, market correlations, cyber risks, and failures in model risk and data governance. The FSB explicitly called on national authorities to assess whether existing frameworks were adequate, before the risks crystallised. The concern is not theoretical. The 2010 US Flash Crash, in which cascading interactions among unmonitored high-frequency trading algorithms briefly wiped out an estimated one trillion dollars in market value, remains the defining cautionary benchmark. Closer to home, SEBI's own enforcement action in the OPG Securities colocation case exposed how opaque algorithmic access could exploit structural blind spots in Indian markets. What firms must do now Varun Singh's prescription is unambiguous, "Institutions that establish explainable AI protocols, data lineage tracking, and incident escalation mechanisms early will be better positioned to mitigate regulatory, operational, and litigation risks. The adoption of integrated frameworks will embed explainability, cybersecurity resilience, and vendor risk control early in their operations." Mandatory audits, model validation cycles, and stress-testing of autonomous trading systems are the floor, not the ceiling, of what regulators will expect. As compliance risk overtakes pure technology risk in the calculus of institutional liability, building governance infrastructure is no longer optional, it is fiduciary. For India's financial sector, the audit era has arrived. The only remaining question is how many firms will be ready for it.

Algorithmic systems now account for over half of India’s equity market trades, and 97% of foreign investors’ profits in futures and options. SEBI wants every broker, fund, and market institution to prove they can explain and audit every decision these machines make. Most are not ready.

SEBI’s AI audit push forces India’s financial sector into uncharted compliance territory: Analysis

The Reserve Bank of India on Monday (May 25) formed an expert committee to inspect the opportunities and risks arising from quantum technology in the financial sector. RBI's move came in order to design a roadmap to make India's financial ecosystem secure against future quantum-related cyber threats. The committee has been made under the initiative "Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE)." RBI said, "Quantum Technology represents a paradigm shift compared with traditional systems as it leverages the principles of quantum mechanics, such as superposition and entanglement. This enables quantum systems to address complex financial problems such as portfolio optimisation, risk assessment, macroeconomic modelling, etc. However, quantum technologies can also introduce significant risks, particularly the potential to undermine certain existing cryptographic standards".&nbsp;Also read: <a href="https://www.wionews.com/trending/can-ai-replace-pilots-experimental-test-sparks-debate-over-future-of-pilots-1779694688081">Can AI replace pilots? Experimental test sparks debate over future of pilots</a><h3>Who will chair the committee?</h3>The Reserve Bank of India said the newly constituted panel will assess the potential benefits and risks linked to the adoption of quantum technologies in the banking and financial sectors. The committee will be chaired by Anil Prabhakar, a professor in the Department of Electrical Engineering at the Indian Institute of Technology Madras, who will act as the convener. The panel also includes representatives from the Department of Science and Technology, State Bank of India, National Payments Corporation of India, Ministry of Electronics and Information Technology, Data Security Council of India, along with specialists from the quantum technology industry. According to the RBI, the committee will review the existing cryptographic infrastructure used in the financial sector through a Cryptography Bill of Materials (CBOM) and identify systems that could face risks from future quantum computing threats. It will also study how prepared the financial industry is to transition toward quantum-safe cryptography, including the readiness and maturity of available vendor tools and cybersecurity solutions. The central bank noted that the panel may also invite domain experts, industry representatives and other stakeholders for consultations during its deliberations. The RBI stated that the committee is likely to submit its report within six months from the date of its first meeting.&nbsp;

Along with Anil Prabhakar, the panel will also include representatives from the Department of Science and Technology, State Bank of India, NPCI, Ministry of Electronics and Information Technology, Data Security Council of India, and a specialist from the quantum technology industry.

The Reserve Bank of India on Monday (May 25) formed an expert committee to inspect the opportunities and risks arising from quantum technology in the financial sector. RBI's move came in order to design a roadmap to make India's financial ecosystem secure against future quantum-related cyber threats. The committee has been made under the initiative "Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE)." RBI said, "Quantum Technology represents a paradigm shift compared with traditional systems as it leverages the principles of quantum mechanics, such as superposition and entanglement. This enables quantum systems to address complex financial problems such as portfolio optimisation, risk assessment, macroeconomic modelling, etc. However, quantum technologies can also introduce significant risks, particularly the potential to undermine certain existing cryptographic standards". Also read: Can AI replace pilots? Experimental test sparks debate over future of pilots Who will chair the committee? The Reserve Bank of India said the newly constituted panel will assess the potential benefits and risks linked to the adoption of quantum technologies in the banking and financial sectors. The committee will be chaired by Anil Prabhakar, a professor in the Department of Electrical Engineering at the Indian Institute of Technology Madras, who will act as the convener. The panel also includes representatives from the Department of Science and Technology, State Bank of India, National Payments Corporation of India, Ministry of Electronics and Information Technology, Data Security Council of India, along with specialists from the quantum technology industry. According to the RBI, the committee will review the existing cryptographic infrastructure used in the financial sector through a Cryptography Bill of Materials (CBOM) and identify systems that could face risks from future quantum computing threats. It will also study how prepared the financial industry is to transition toward quantum-safe cryptography, including the readiness and maturity of available vendor tools and cybersecurity solutions. The central bank noted that the panel may also invite domain experts, industry representatives and other stakeholders for consultations during its deliberations. The RBI stated that the committee is likely to submit its report within six months from the date of its first meeting.

Along with Anil Prabhakar, the panel will also include representatives from the Department of Science and Technology, State Bank of India, NPCI, Ministry of Electronics and Information Technology, Data Security Council of India, and a specialist from the quantum technology industry.

Quantum threat alert? RBI sets up expert panel to secure financial system, unveils Q-SAFE plan

Union Finance Minister Nirmala Sitharaman on Monday addressed several key domestic fiscal issues, explaining the reasons behind the recent petrol and diesel hikes while also commenting on gold optimisation, the RBI dividend, and India's economic outlook amid the West Asia crisis. Speaking to the media on the immediate note regarding the price hike of retail fuel on the sidelines of the TEXPROCIL Export Awards, Nirmala Sitharaman said the rise in fuel price was an operational matter driven by global procurement realities rather than sudden government policy changes. She added that the central government had earlier absorbed major financial shocks to protect consumers, resulting in a fiscal impact of nearly Rs 1 lakh crore due to cuts in central taxes over the past two-and-a-half months. "On one hand, for about 80 days, 75-76 days, we ensured that the burden on the people did not increase... even at that time, a 10-rupee increase would have happened that we absorbed, and that is almost a Rs 1 lakh crore hit on the functional budget. But the increases now are coming from the oil marketing companies because they are the ones who are procuring, setting," news agency ANI quoted Sitharaman as saying.&nbsp;Also read: <a href="https://www.wionews.com/india-news/nirmala-sitharaman-flags-3fs-as-key-challenge-after-pm-modi-s-austerity-appeal-amid-west-asia-crisis-1779708878146">Nirmala Sitharaman flags ‘3Fs’ as key challenge after PM Modi’s austerity appeal amid West Asia crisis</a><h3>Gold Monetisation Scheme</h3>When asked about broadening the Gold Monetisation Scheme to make unused household gold more productive and reduce dependence on imports, Nirmala Sitharaman said the government is actively examining various proposals. However, she maintained a measured stance on immediate policy shifts, "The very gold that is within our country--those exact representations have reached me. We don't know--I am not in a position at the moment to say anything more on that." Sitharaman also expressed complete confidence in the financial calculations and assessment methods adopted by the Reserve Bank of India following its recent record dividend announcement. Responding to concerns over the government’s fiscal position, she said, “I fully trust RBI in having made the calculation and given the dividend.” She further noted that the government depends on structured committee-based mechanisms to verify and support such major fiscal decisions. Addressing India’s wider economic outlook amid global challenges such as the West Asia conflict, the Russia-Ukraine War and fluctuating energy markets, Sitharaman maintained an optimistic stance, saying India’s domestic economic fundamentals remain comparatively resilient. &nbsp;

Finance Minister Nirmala Sitharaman stated the recent retail fuel price hike was an operational move by oil firms driven by global realities, noting the government previously absorbed a Rs 1 lakh crore fiscal hit. She also expressed full trust in the RBI's record dividend calculations.

Union Finance Minister Nirmala Sitharaman on Monday addressed several key domestic fiscal issues, explaining the reasons behind the recent petrol and diesel hikes while also commenting on gold optimisation, the RBI dividend, and India's economic outlook amid the West Asia crisis. Speaking to the media on the immediate note regarding the price hike of retail fuel on the sidelines of the TEXPROCIL Export Awards, Nirmala Sitharaman said the rise in fuel price was an operational matter driven by global procurement realities rather than sudden government policy changes. She added that the central government had earlier absorbed major financial shocks to protect consumers, resulting in a fiscal impact of nearly Rs 1 lakh crore due to cuts in central taxes over the past two-and-a-half months. "On one hand, for about 80 days, 75-76 days, we ensured that the burden on the people did not increase... even at that time, a 10-rupee increase would have happened that we absorbed, and that is almost a Rs 1 lakh crore hit on the functional budget. But the increases now are coming from the oil marketing companies because they are the ones who are procuring, setting," news agency ANI quoted Sitharaman as saying. Also read: Nirmala Sitharaman flags ‘3Fs’ as key challenge after PM Modi’s austerity appeal amid West Asia crisis Gold Monetisation Scheme When asked about broadening the Gold Monetisation Scheme to make unused household gold more productive and reduce dependence on imports, Nirmala Sitharaman said the government is actively examining various proposals. However, she maintained a measured stance on immediate policy shifts, "The very gold that is within our country--those exact representations have reached me. We don't know--I am not in a position at the moment to say anything more on that." Sitharaman also expressed complete confidence in the financial calculations and assessment methods adopted by the Reserve Bank of India following its recent record dividend announcement. Responding to concerns over the government’s fiscal position, she said, “I fully trust RBI in having made the calculation and given the dividend.” She further noted that the government depends on structured committee-based mechanisms to verify and support such major fiscal decisions. Addressing India’s wider economic outlook amid global challenges such as the West Asia conflict, the Russia-Ukraine War and fluctuating energy markets, Sitharaman maintained an optimistic stance, saying India’s domestic economic fundamentals remain comparatively resilient.

Finance Minister Nirmala Sitharaman stated the recent retail fuel price hike was an operational move by oil firms driven by global realities, noting the government previously absorbed a Rs 1 lakh crore fiscal hit. She also expressed full trust in the RBI's record dividend calculations.

Oil firms' fuel hikes, gold monetisation under review, says FM Sitharaman

Bharat Petroleum Corporation Limited (BPCL) director HR Raj Kumar Dubey warned that a further increase in petrol and diesel prices may become unavoidable if the ongoing energy disruptions continue globally. Highlighting the pressure on fuel retailers, Dubey indicated that policymakers currently have limited options to face the situation. “Now, there are two or three options open. One is the price hike, or the hike should be visible at the petrol pumps, either there, or the petroleum companies take up the losses and make up more and more losses. And the third is the government funds through deficit financing,” news agency ANI quoted Raj Kumar Dubey as saying. Atul Dubey said earlier expectations that crude oil price increases of 20 to 50 per cent would be short-lived are now changing, warning that the disruption may persist for a longer period. Referring to the ongoing conflict in West Asia, he said the situation appears likely to continue, citing damage to key energy infrastructure in the region. “So with this current scenario, if this scenario continues, then I think another price hike should be there,” he added. His statements came shortly after state-run oil companies raised petrol and diesel prices for the third time this month.&nbsp;Also read: <a href="https://www.wionews.com/india-news/india-advises-citizens-to-avoid-travel-to-ebola-hit-african-nations-after-who-emergency-declaration-1779607642877">India advises citizens to avoid travel to Ebola-hit African nations after WHO emergency declaration</a><h3>Petrol and diesel prices</h3>On Saturday, oil marketing companies increased petrol and diesel prices by nearly 90 paise per litre in an effort to reduce losses caused by crude oil prices staying above $100 per barrel. Following the latest hike, petrol in Delhi is priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. Despite the recent increases, oil companies are still facing under-recoveries of about Rs 13 per litre on petrol and Rs 38 per litre on diesel. Retail fuel prices have remained under pressure after global crude prices climbed more than 50 per cent since the start of the Iran conflict in February, affecting energy supplies through the Strait of Hormuz. Dubey further said that the crisis is likely to accelerate India’s transition towards cleaner energy sources. “With more than 200 GW of solar power installed, the momentum will increase now because the kind of foreign exchange problems this energy import bill brings, I think it will definitely accelerate towards the green energy options,” he said.

Following the latest hike, petrol in Delhi is priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. Despite the recent increases, oil companies are still facing under-recoveries of about Rs 13 per litre on petrol and Rs 38 per litre on diesel.

Bharat Petroleum Corporation Limited (BPCL) director HR Raj Kumar Dubey warned that a further increase in petrol and diesel prices may become unavoidable if the ongoing energy disruptions continue globally. Highlighting the pressure on fuel retailers, Dubey indicated that policymakers currently have limited options to face the situation. “Now, there are two or three options open. One is the price hike, or the hike should be visible at the petrol pumps, either there, or the petroleum companies take up the losses and make up more and more losses. And the third is the government funds through deficit financing,” news agency ANI quoted Raj Kumar Dubey as saying. Atul Dubey said earlier expectations that crude oil price increases of 20 to 50 per cent would be short-lived are now changing, warning that the disruption may persist for a longer period. Referring to the ongoing conflict in West Asia, he said the situation appears likely to continue, citing damage to key energy infrastructure in the region. “So with this current scenario, if this scenario continues, then I think another price hike should be there,” he added. His statements came shortly after state-run oil companies raised petrol and diesel prices for the third time this month. Also read: India advises citizens to avoid travel to Ebola-hit African nations after WHO emergency declaration Petrol and diesel prices On Saturday, oil marketing companies increased petrol and diesel prices by nearly 90 paise per litre in an effort to reduce losses caused by crude oil prices staying above $100 per barrel. Following the latest hike, petrol in Delhi is priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. Despite the recent increases, oil companies are still facing under-recoveries of about Rs 13 per litre on petrol and Rs 38 per litre on diesel. Retail fuel prices have remained under pressure after global crude prices climbed more than 50 per cent since the start of the Iran conflict in February, affecting energy supplies through the Strait of Hormuz. Dubey further said that the crisis is likely to accelerate India’s transition towards cleaner energy sources. “With more than 200 GW of solar power installed, the momentum will increase now because the kind of foreign exchange problems this energy import bill brings, I think it will definitely accelerate towards the green energy options,” he said.

Following the latest hike, petrol in Delhi is priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. Despite the recent increases, oil companies are still facing under-recoveries of about Rs 13 per litre on petrol and Rs 38 per litre on diesel.

Another fuel price hike likely? BPCL flags energy disruption amid Iran conflicts

Fuel prices across India were raised once again on Saturday (May 23), marking the third hike in just 10 days as global energy pressures continue to impact domestic retail rates. Citing sources, ANI reported that petrol prices were increased by 87 paise per litre while diesel saw a steeper hike of 91 paise per litre. With this, in Delhi, petrol prices climbed to Rs 99.51 per litre, inching dangerously close to the Rs 100 mark. Diesel prices in the national capital rose to Rs 92.49 per litre. CNG prices were also increased by one rupee per kilo, bringing the price to 81.09/kg.Also read | <a href="https://www.wionews.com/photos/how-does-india-s-petrol-diesel-price-hike-compare-to-global-rates-bjp-provides-context-pakistan-uae-nepal-us-strait-of-hormuz-iran-war-saudi-trump-1778826519390">How does India's petrol, diesel price hike compare to global rates? BJP provides 'context' | In Pics</a>The latest revision comes amid sustained volatility in global crude markets linked to the ongoing West Asia crisis and continued concerns around shipping disruptions near the Strait of Hormuz, one of the world’s most critical oil transit routes.<h2>City-wise revised fuel prices</h2><h3>Petrol prices</h3>Delhi: Rs 99.51/litre (up by Rs 0.87) Mumbai: Rs 108.49/litre (up by Rs 0.90) Kolkata: Rs 110.64/litre (up by Rs 0.94) Chennai: Rs 105.31/litre (up by Rs 0.82)Also read | <a href="https://www.wionews.com/india-news/why-did-india-hike-petrol-diesel-prices-after-4-years-of-near-stability-inside-the-sudden-rs-3-fuel-shock-wion-explains-1778817002605">Why did India hike petrol, diesel prices after 4 years of near-stability? Inside the sudden Rs 3 fuel shock | WION Explains</a><h3>Diesel prices</h3>Delhi: Rs 92.49/litre (up by Rs 0.91) Mumbai: Rs 95.02/litre (up by Rs 0.94) Kolkata: Rs 97.02/litre (up by Rs 0.95) Chennai: Rs 96.98/litre (up by Rs 0.87)<h2>Kolkata sees sharpest hike</h2>Kolkata witnessed one of the sharpest increases, with petrol rising by 94 paise to Rs 110.64 per litre and diesel climbing 95 paise to Rs 97.02 per litre. In Mumbai, petrol prices rose by 90 paise to Rs 108.49 per litre, while diesel rose by 94 paise to Rs 95.02 per litre. Chennai saw petrol prices increase by 82 paise to Rs 105.31 per litre and diesel by 87 paise to Rs 96.98 per litre, according to sources.<h2>Delhi Chakka Jam continues</h2>The latest revision comes on the third day of a massive "chakka jam" in Delhi-NCR. More than 68 transport unions launched the three-day transport strike from May 21 to May 23 in protest of rising fuel prices and stagnant fares. Nearly 4 lakh taxi owners are expected to support the strike, making this one of the largest coordinated transport shutdowns in recent years. The strike is being coordinated under the All India Motor Transport Congress and the United Front of All Transport Associations. &nbsp;

India fuel price hike: Fuel prices across India have been hiked for the third time in 10 days, with petrol up by 87 paise and diesel by 91 paise per litre. This comes as global crude volatility and Strait of Hormuz tensions continue to impact rates.

Fuel prices across India were raised once again on Saturday (May 23), marking the third hike in just 10 days as global energy pressures continue to impact domestic retail rates. Citing sources, ANI reported that petrol prices were increased by 87 paise per litre while diesel saw a steeper hike of 91 paise per litre. With this, in Delhi, petrol prices climbed to Rs 99.51 per litre, inching dangerously close to the Rs 100 mark. Diesel prices in the national capital rose to Rs 92.49 per litre. CNG prices were also increased by one rupee per kilo, bringing the price to 81.09/kg. Also read | How does India's petrol, diesel price hike compare to global rates? BJP provides 'context' | In Pics The latest revision comes amid sustained volatility in global crude markets linked to the ongoing West Asia crisis and continued concerns around shipping disruptions near the Strait of Hormuz, one of the world’s most critical oil transit routes. City-wise revised fuel prices Petrol prices Delhi: Rs 99.51/litre (up by Rs 0.87) Mumbai: Rs 108.49/litre (up by Rs 0.90) Kolkata: Rs 110.64/litre (up by Rs 0.94) Chennai: Rs 105.31/litre (up by Rs 0.82) Also read | Why did India hike petrol, diesel prices after 4 years of near-stability? Inside the sudden Rs 3 fuel shock | WION Explains Diesel prices Delhi: Rs 92.49/litre (up by Rs 0.91) Mumbai: Rs 95.02/litre (up by Rs 0.94) Kolkata: Rs 97.02/litre (up by Rs 0.95) Chennai: Rs 96.98/litre (up by Rs 0.87) Kolkata sees sharpest hike Kolkata witnessed one of the sharpest increases, with petrol rising by 94 paise to Rs 110.64 per litre and diesel climbing 95 paise to Rs 97.02 per litre. In Mumbai, petrol prices rose by 90 paise to Rs 108.49 per litre, while diesel rose by 94 paise to Rs 95.02 per litre. Chennai saw petrol prices increase by 82 paise to Rs 105.31 per litre and diesel by 87 paise to Rs 96.98 per litre, according to sources. Delhi Chakka Jam continues The latest revision comes on the third day of a massive "chakka jam" in Delhi-NCR. More than 68 transport unions launched the three-day transport strike from May 21 to May 23 in protest of rising fuel prices and stagnant fares. Nearly 4 lakh taxi owners are expected to support the strike, making this one of the largest coordinated transport shutdowns in recent years. The strike is being coordinated under the All India Motor Transport Congress and the United Front of All Transport Associations.

India fuel price hike: Fuel prices across India have been hiked for the third time in 10 days, with petrol up by 87 paise and diesel by 91 paise per litre. This comes as global crude volatility and Strait of Hormuz tensions continue to impact rates.

India fuel price hike: Petrol, diesel, CNG prices go up again; third price increase in 10 days. Here's how much you'll have to pay now

The US Energy Information Administration (EIA) has confirmed that electricity consumption by data centre servers is expected to rise sharply in the coming decades, along with the rise of electricity consumption, which is expected to account for 22 per cent to 33 per cent of commercial buildings by 2050. In the Annual Energy Outlook 2026 (AEO2026), the EIA said electricity consumed by data centre servers will continuously increase across the commercial building sector, with the strongest growth projected in standalone data centres as compared to other combined data centre rooms. It stated, "Data centre server electricity use grows to 22 per cent-33 per cent of commercial building electricity use by 2050 across our cases". The report estimated that electricity consumption by servers alone could rise to between 446 billion kilowatt-hours (BkWh) and 818 billion BkWh by 2050 under various scenarios. The upper-end projection assumes a more rapid increase in server power demand and installed server capacity under the High Electricity Demand scenario.&nbsp;Also read: <a href="https://www.wionews.com/india-news/-no-cosmetic-is-permitted-to-be-used-as-injection-under-law-india-drug-regulator-cdsco-issues-strict-warning-1779367630477">'No cosmetic permitted as injection under law': India drug regulator CDSCO issues strict warning</a><h3>Electricity demand from AI infrastructure</h3>According to the outlook, standalone data centres, classified under the “other buildings” segment, could consume 581 BkWh of electricity from servers alone by 2050 in the High Electricity Demand scenario. The report noted that servers accounted for nearly 7 per cent of total commercial-sector electricity consumption in 2025, but the rapid expansion of servers, especially those supporting AI infrastructure, is expected to sharply increase energy demand in the years ahead. The US Energy Information Administration said commercial-sector electricity intensity, measured in kilowatt-hours used per square foot, is projected to surpass the previous record of 14.9 kWh per square foot set in 2003. The new peak is expected to occur between 2031 and 2032. The report linked the rise in commercial energy intensity primarily to data centre servers and the supporting cooling and ventilation systems needed to keep them operational. According to the agency, data centres require highly energy-intensive cooling mechanisms to ensure chips and IT equipment function efficiently. It is estimated that cooling requirements in data centre spaces can be up to 2.9 times more energy-intensive than those in typical commercial buildings.

The report estimated that electricity consumption by servers alone could rise to between 446 billion kilowatt-hours (BkWh) and 818 billion BkWh by 2050 under various scenarios. The upper-end projection assumes a more rapid increase in server power demand and installed server capacity.

The US Energy Information Administration (EIA) has confirmed that electricity consumption by data centre servers is expected to rise sharply in the coming decades, along with the rise of electricity consumption, which is expected to account for 22 per cent to 33 per cent of commercial buildings by 2050. In the Annual Energy Outlook 2026 (AEO2026), the EIA said electricity consumed by data centre servers will continuously increase across the commercial building sector, with the strongest growth projected in standalone data centres as compared to other combined data centre rooms. It stated, "Data centre server electricity use grows to 22 per cent-33 per cent of commercial building electricity use by 2050 across our cases". The report estimated that electricity consumption by servers alone could rise to between 446 billion kilowatt-hours (BkWh) and 818 billion BkWh by 2050 under various scenarios. The upper-end projection assumes a more rapid increase in server power demand and installed server capacity under the High Electricity Demand scenario. Also read: 'No cosmetic permitted as injection under law': India drug regulator CDSCO issues strict warning Electricity demand from AI infrastructure According to the outlook, standalone data centres, classified under the “other buildings” segment, could consume 581 BkWh of electricity from servers alone by 2050 in the High Electricity Demand scenario. The report noted that servers accounted for nearly 7 per cent of total commercial-sector electricity consumption in 2025, but the rapid expansion of servers, especially those supporting AI infrastructure, is expected to sharply increase energy demand in the years ahead. The US Energy Information Administration said commercial-sector electricity intensity, measured in kilowatt-hours used per square foot, is projected to surpass the previous record of 14.9 kWh per square foot set in 2003. The new peak is expected to occur between 2031 and 2032. The report linked the rise in commercial energy intensity primarily to data centre servers and the supporting cooling and ventilation systems needed to keep them operational. According to the agency, data centres require highly energy-intensive cooling mechanisms to ensure chips and IT equipment function efficiently. It is estimated that cooling requirements in data centre spaces can be up to 2.9 times more energy-intensive than those in typical commercial buildings.

The report estimated that electricity consumption by servers alone could rise to between 446 billion kilowatt-hours (BkWh) and 818 billion BkWh by 2050 under various scenarios. The upper-end projection assumes a more rapid increase in server power demand and installed server capacity.

AI boom could make data centres consume one-third of commercial electricity by 2050: EIA

The United States government is set to invest $2 billion in quantum computing companies, including IBM, as part of a broader strategy to strengthen its position in advanced technologies.According to reports, the investment will be made through grants in exchange for equity stakes in selected companies. The move reflects a growing focus on building domestic capabilities in critical sectors such as quantum computing and semiconductor manufacturing.&nbsp;<h2>How the $2 billion investment is being distributed</h2>The funding will be allocated across nine companies working in quantum computing.Key allocations include:Around $1 billion to IBMAbout $375 million to GlobalFoundriesNearly $100 million each to companies such as D-Wave Quantum, Rigetti Computing and InfleqtionSmaller investments, including $38 million, to emerging startupsIn return, the US government will take equity stakes in some of these companies, marking a shift from traditional funding models.<h2>Why the US is investing in quantum computing</h2>Quantum computing is considered a key future technology. Unlike traditional computers, quantum systems use the principles of quantum mechanics to process information.This allows them to:Solve complex problems fasterHandle large datasetsSupport advanced research in areas such as medicine and materialsHowever, current systems still face challenges, including high error rates, which limit their performance.<h2>Part of a broader strategic push</h2>The investment is part of a wider effort by the US government to secure supply chains and maintain technological leadership.Officials have previously taken stakes in companies such as Intel and MP Materials, focusing on sectors critical to national security and industrial growth.The current move also aims to counter growing competition from countries like China in advanced technologies.<h2>New projects and industry developments</h2>As part of the initiative:IBM plans to launch a new quantum chip manufacturing facility in New YorkGlobalFoundries is expanding its work in quantum hardware through a dedicated business unitThese developments are expected to support the production and scaling of quantum computing systems.<h2>Market reaction and industry impact</h2>Following the announcement, shares of companies involved in the deal rose between 7 per cent and 21 per cent in premarket trading, indicating positive market sentiment.Experts say the investment could accelerate innovation in quantum computing and attract further private investment into the sector.<h2>What this means for the future</h2>The US government’s decision to invest directly in quantum companies highlights the importance of infrastructure and technology leadership in the coming years.As quantum computing continues to develop, such investments may play a key role in shaping global competition, research and industrial growth.For now, the focus remains on improving the technology and reducing existing limitations, while building a strong foundation for future applications.

The United States government is set to invest $2 billion in quantum computing companies, including IBM, as part of a broader strategy to strengthen its position in advanced technologies.

The United States government is set to invest $2 billion in quantum computing companies, including IBM, as part of a broader strategy to strengthen its position in advanced technologies. According to reports, the investment will be made through grants in exchange for equity stakes in selected companies. The move reflects a growing focus on building domestic capabilities in critical sectors such as quantum computing and semiconductor manufacturing. How the $2 billion investment is being distributed The funding will be allocated across nine companies working in quantum computing. Key allocations include: Around $1 billion to IBM About $375 million to GlobalFoundries Nearly $100 million each to companies such as D-Wave Quantum, Rigetti Computing and Infleqtion Smaller investments, including $38 million, to emerging startups In return, the US government will take equity stakes in some of these companies, marking a shift from traditional funding models. Why the US is investing in quantum computing Quantum computing is considered a key future technology. Unlike traditional computers, quantum systems use the principles of quantum mechanics to process information. This allows them to: Solve complex problems faster Handle large datasets Support advanced research in areas such as medicine and materials However, current systems still face challenges, including high error rates, which limit their performance. Part of a broader strategic push The investment is part of a wider effort by the US government to secure supply chains and maintain technological leadership. Officials have previously taken stakes in companies such as Intel and MP Materials, focusing on sectors critical to national security and industrial growth. The current move also aims to counter growing competition from countries like China in advanced technologies. New projects and industry developments As part of the initiative: IBM plans to launch a new quantum chip manufacturing facility in New York GlobalFoundries is expanding its work in quantum hardware through a dedicated business unit These developments are expected to support the production and scaling of quantum computing systems. Market reaction and industry impact Following the announcement, shares of companies involved in the deal rose between 7 per cent and 21 per cent in premarket trading, indicating positive market sentiment. Experts say the investment could accelerate innovation in quantum computing and attract further private investment into the sector. What this means for the future The US government’s decision to invest directly in quantum companies highlights the importance of infrastructure and technology leadership in the coming years. As quantum computing continues to develop, such investments may play a key role in shaping global competition, research and industrial growth. For now, the focus remains on improving the technology and reducing existing limitations, while building a strong foundation for future applications.

The United States government is set to invest $2 billion in quantum computing companies, including IBM, as part of a broader strategy to strengthen its position in advanced technologies.

'US to invest $2 billion in quantum firms': What it means for tech and global competition

There has been no decline in crude oil imports from Russia, and India is not facing a shortage of petrol, diesel or LPG, sources in the oil marketing company (OMC) &nbsp;told ANI on Thursday (May 21). This comes amid concerns over possible global supply disruptions triggered by escalating tensions in West Asia. The sources added that India continues to maintain a surplus of petroleum products, while some retail outlets are witnessing higher fuel sales due to seasonal demand and market-driven pricing changes. "There is no shortage of petrol/diesel/LPG as India is a net exporter and surplus in petroleum products," OMC sources said. On crude oil imports, the sources said supplies from Russia remain stable despite global geopolitical tensions. "There is no reduction in crude oil coming from Russia," the sources said. According to the sources, the spike in sales at certain fuel stations is being fuelled by several factors, including increased diesel consumption during the harvesting season. They also noted that more consumers are turning to state-run fuel retailers as some private oil marketing companies are charging higher prices for fuel. "There is also a shift from private OMCs who are retailing at a Rs 5 per litre higher price," the sources added. It noted that the migration of institutional and commercial buyers is another reason behind the increase in sales at public sector fuel stations, where fuel prices are higher due to alignment with international rates. "There is also a shift from institutional/commercial sales, which are priced around Rs 20 per litre higher than the actual international price," the sources also said.&nbsp;Also read: <a href="https://www.wionews.com/world/why-did-india-abstain-from-voting-on-the-un-climate-change-resolution-1779353129727">Why did India abstain from voting on the UN climate change resolution?</a><h3>Indian Oil Corporation Ltd (IOCL) on fuel availability</h3>Meanwhile, Indian Oil Corporation Ltd (IOCL) assured that its supply locations and field teams are consistently working to ensure the availability of adequate fuel across the country amid the rise in demand at retail outlets. "Our supply locations and ground teams are working tirelessly in close coordination to ensure sufficient product availability at our retail outlets in the country. We urge customers to refuel their vehicles as per normal requirement," IOCL said in a post on X. The company stated that it remains firm in maintaining continuous fuel supplies despite pressure on logistics due to a transformation in demand patterns. "We are committed to maintaining smooth supply chain logistics for Petrol &amp; Diesel. However, with the increase in demand due to the shift from Commercial Sales &amp; Private Petrol Pumps to Retail Outlets, pressure on the logistics has occurred, which our team is trying to address," the company said. IOCL also requested consumers not to panic while buying and asked them to fuel their vehicles based on their normal requirement.

Fuel station sales are surging due to higher diesel demand during the harvesting season. Additionally, more consumers are choosing state-run retailers over private oil marketing companies, which are currently charging higher prices for their fuel.

There has been no decline in crude oil imports from Russia, and India is not facing a shortage of petrol, diesel or LPG, sources in the oil marketing company (OMC) told ANI on Thursday (May 21). This comes amid concerns over possible global supply disruptions triggered by escalating tensions in West Asia. The sources added that India continues to maintain a surplus of petroleum products, while some retail outlets are witnessing higher fuel sales due to seasonal demand and market-driven pricing changes. "There is no shortage of petrol/diesel/LPG as India is a net exporter and surplus in petroleum products," OMC sources said. On crude oil imports, the sources said supplies from Russia remain stable despite global geopolitical tensions. "There is no reduction in crude oil coming from Russia," the sources said. According to the sources, the spike in sales at certain fuel stations is being fuelled by several factors, including increased diesel consumption during the harvesting season. They also noted that more consumers are turning to state-run fuel retailers as some private oil marketing companies are charging higher prices for fuel. "There is also a shift from private OMCs who are retailing at a Rs 5 per litre higher price," the sources added. It noted that the migration of institutional and commercial buyers is another reason behind the increase in sales at public sector fuel stations, where fuel prices are higher due to alignment with international rates. "There is also a shift from institutional/commercial sales, which are priced around Rs 20 per litre higher than the actual international price," the sources also said. Also read: Why did India abstain from voting on the UN climate change resolution? Indian Oil Corporation Ltd (IOCL) on fuel availability Meanwhile, Indian Oil Corporation Ltd (IOCL) assured that its supply locations and field teams are consistently working to ensure the availability of adequate fuel across the country amid the rise in demand at retail outlets. "Our supply locations and ground teams are working tirelessly in close coordination to ensure sufficient product availability at our retail outlets in the country. We urge customers to refuel their vehicles as per normal requirement," IOCL said in a post on X. The company stated that it remains firm in maintaining continuous fuel supplies despite pressure on logistics due to a transformation in demand patterns. "We are committed to maintaining smooth supply chain logistics for Petrol & Diesel. However, with the increase in demand due to the shift from Commercial Sales & Private Petrol Pumps to Retail Outlets, pressure on the logistics has occurred, which our team is trying to address," the company said. IOCL also requested consumers not to panic while buying and asked them to fuel their vehicles based on their normal requirement.

Fuel station sales are surging due to higher diesel demand during the harvesting season. Additionally, more consumers are choosing state-run retailers over private oil marketing companies, which are currently charging higher prices for their fuel.

Russia oil supplies stable, no shortage of Petrol, Diesel and LPG in India: OMC

100 Years of Essel Group: As the Essel Group celebrated its 'Centenary Of Trust' on Thursday (May 21), Dr Subhash Chandra, Chairman, Essel Group, shared his views on artificial intelligence and its use to further the welfare of humans. Describing the technology as a transformative tool, Dr Chandra noted that it can help improve efficiency across sectors. The former Rajya Sabha MP revealed that he uses AI to improve efficiency in his daily life, but asserted that the technology would never surpass human intelligence. &nbsp;Also read | <a href="https://www.wionews.com/india-news/essel-group-completes-100-years-marks-century-long-journey-from-grain-trading-business-to-global-conglomerate-1779335073369">Essel Group marks 100 years: The legacy continues</a><h2>AI vs You &amp; I</h2>While noting that AI is a "powerful tool", Dr Chandra said that it has the potential to make sectors like education more efficient, accessible and cost-effective. However, he cautioned that, "People should use AI as a slave rather than becoming its slave".The Essel Group Chairman shared his own experiences with the technology and said that he regularly uses AI to supplement his work, and said that, in his experience, it significantly improves productivity. "Sometimes I give a problem to AI before going to sleep and by early morning, I find possible solutions," he said. "AI is a tool which you should use, but it is not going to replace human beings. Human thinking will continue to be supreme."Also read | <a href="https://www.wionews.com/india-news/100-years-of-essel-group-dr-subhash-chandra-shares-origin-story-of-the-name-essel-1779347038565">100 Years of Essel Group: Dr Subhash Chandra shares origin story of the name 'Essel'</a><h2>AI and improving the quality of human life</h2>Dr Chandra further noted that OpenAI CEO Sam Altman believed that AI could eventually help solve major human challenges related to health, wealth and ageing. To this end, Dr Chandra said, massive investments are being made in the sector. However, he reiterated that Artificial Intelligence should be viewed and used only as a tool to help humanity achieve its goals. Acknowledging recent concerns of AI becoming sentient, Dr Chandra said AI must remain under human direction and control.Established in 1926, the Essel Group completed 100 years on May 21, 2026. The conglomerate pioneered India’s business landscape with a presence across packaging, amusement parks, home entertainment, news, content distribution, infrastructure, real estate, education, technology and lifestyle.

As the Essel Group marked 100 years on Thursday (May 21), chairman Subhash Chandra shared his thoughts on artificial intelligence, calling it a transformative tool that can improve efficiency across sectors, but insisting that human intelligence will always remain superior. Scroll down.

100 Years of Essel Group: As the Essel Group celebrated its 'Centenary Of Trust' on Thursday (May 21), Dr Subhash Chandra, Chairman, Essel Group, shared his views on artificial intelligence and its use to further the welfare of humans. Describing the technology as a transformative tool, Dr Chandra noted that it can help improve efficiency across sectors. The former Rajya Sabha MP revealed that he uses AI to improve efficiency in his daily life, but asserted that the technology would never surpass human intelligence. Also read | Essel Group marks 100 years: The legacy continues AI vs You & I While noting that AI is a "powerful tool", Dr Chandra said that it has the potential to make sectors like education more efficient, accessible and cost-effective. However, he cautioned that, "People should use AI as a slave rather than becoming its slave". The Essel Group Chairman shared his own experiences with the technology and said that he regularly uses AI to supplement his work, and said that, in his experience, it significantly improves productivity. "Sometimes I give a problem to AI before going to sleep and by early morning, I find possible solutions," he said. "AI is a tool which you should use, but it is not going to replace human beings. Human thinking will continue to be supreme." Also read | 100 Years of Essel Group: Dr Subhash Chandra shares origin story of the name 'Essel' AI and improving the quality of human life Dr Chandra further noted that OpenAI CEO Sam Altman believed that AI could eventually help solve major human challenges related to health, wealth and ageing. To this end, Dr Chandra said, massive investments are being made in the sector. However, he reiterated that Artificial Intelligence should be viewed and used only as a tool to help humanity achieve its goals. Acknowledging recent concerns of AI becoming sentient, Dr Chandra said AI must remain under human direction and control. Established in 1926, the Essel Group completed 100 years on May 21, 2026. The conglomerate pioneered India’s business landscape with a presence across packaging, amusement parks, home entertainment, news, content distribution, infrastructure, real estate, education, technology and lifestyle.

As the Essel Group marked 100 years on Thursday (May 21), chairman Subhash Chandra shared his thoughts on artificial intelligence, calling it a transformative tool that can improve efficiency across sectors, but insisting that human intelligence will always remain superior. Scroll down.

‘Use AI as a slave, don't become its slave’: Dr Subhash Chandra shares warning as Essel Group marks 100 years

SpaceX has filed for its long-anticipated initial public offering, revealing new details about its business model, ownership structure, and future ambitions as investors prepare for what could become the largest IPO in history. The company, founded and led by Elon Musk, is reportedly targeting a valuation that could raise $80 billion or more, surpassing the previous record held by Saudi Aramco, which raised $26 billion in its 2019 public listing.<h2>Massive market opportunity projection</h2>In its IPO filing, SpaceX estimates a total addressable market (TAM) of $28.5 trillion, describing it as the ‘largest actionable’ market opportunity ‘in human history’.The breakdown includes:<ul><li>$370 billion in space-enabled services</li><li>$1.6 trillion in connectivity, including Starlink broadband and mobile expansion</li><li>$26.5 trillion in artificial intelligence-related markets, spanning infrastructure, subscriptions, advertising, and enterprise applications</li><li>$22.7 trillion in enterprise applications</li></ul>Also Read: <a href="https://www.wionews.com/world/-there-won-t-be-escalation-says-trump-as-he-calls-indictment-against-raul-castro-very-big-moment-1779308113798">'There won't be escalation', says Trump as he calls indictment against Raul Castro 'very big moment'</a><h2>What is the stock symbol for SpaceX?&nbsp;</h2>The filing shows that SpaceX plans to trade under the ticker symbol ‘SPCX’ once it goes public next month. The stock will be dual-listed on the Nasdaq Stock Market and Nasdaq Texas, marking a competitive win for Nasdaq in attracting high-profile listings.<h2>Who are the board members of SpaceX?</h2>SpaceX disclosed its board structure, with Elon Musk serving as chairman. Other board members include long-time SpaceX president Gwynne Shotwell, Google executive Donald Harrison, and investors Antonio Gracias, Steve Jurvetson, and Luke Nosek. Randy Glein and Ira Ehrenpreis recently joined as directors.<h2>How much did SpaceX spend last year?</h2>The company reported $20.7 billion in capital expenditures last year, driven by investments in launch systems, satellites, AI infrastructure, and its expanding Starlink network. The Starlink division remains central to revenue growth, with more than 10 million subscribers as of March, doubling year over year. SpaceX reported total revenue of approximately $18.7 billion in 2025, with Starlink alone generating more than $11 billion. The company described Starlink as capable of delivering broadband connectivity anywhere on Earth. It also identified telecom giants such as AT&amp;T and Verizon as competitors in the global internet market.<h2>AI satellite project won’t be easy: SpaceX</h2>SpaceX also outlined plans for an orbital AI computing network, potentially beginning deployment as early as 2028. However, the company acknowledged major technical hurdles. “Orbital AI compute is an incredibly difficult technical challenge,” the company said in its prospectus. “We believe we are the only company with a commercially viable path to building orbital AI compute at scale.” The initiative depends heavily on the successful development of the Starship rocket, which is expected to play a key role in deploying large-scale satellite infrastructure.&nbsp;<a href="https://www.wionews.com/videos/cristiano-ronaldo-s-final-attempt-to-win-the-fifa-world-cup-1779298231843/embed">https://www.wionews.com/videos/cristiano-ronaldo-s-final-attempt-to-win-the-fifa-world-cup-1779298231843/embed</a>

SpaceX has filed for its IPO under ticker SPCX, revealing major financials, Starlink growth, and plans for AI satellite networks. The company targets a massive valuation, positioning itself for one of the largest public offerings in history under Elon Musk’s leadership

SpaceX has filed for its long-anticipated initial public offering, revealing new details about its business model, ownership structure, and future ambitions as investors prepare for what could become the largest IPO in history. The company, founded and led by Elon Musk, is reportedly targeting a valuation that could raise $80 billion or more, surpassing the previous record held by Saudi Aramco, which raised $26 billion in its 2019 public listing. Massive market opportunity projection In its IPO filing, SpaceX estimates a total addressable market (TAM) of $28.5 trillion, describing it as the ‘largest actionable’ market opportunity ‘in human history’. The breakdown includes: $370 billion in space-enabled services $1.6 trillion in connectivity, including Starlink broadband and mobile expansion $26.5 trillion in artificial intelligence-related markets, spanning infrastructure, subscriptions, advertising, and enterprise applications $22.7 trillion in enterprise applications Also Read: 'There won't be escalation', says Trump as he calls indictment against Raul Castro 'very big moment' What is the stock symbol for SpaceX? The filing shows that SpaceX plans to trade under the ticker symbol ‘SPCX’ once it goes public next month. The stock will be dual-listed on the Nasdaq Stock Market and Nasdaq Texas, marking a competitive win for Nasdaq in attracting high-profile listings. Who are the board members of SpaceX? SpaceX disclosed its board structure, with Elon Musk serving as chairman. Other board members include long-time SpaceX president Gwynne Shotwell, Google executive Donald Harrison, and investors Antonio Gracias, Steve Jurvetson, and Luke Nosek. Randy Glein and Ira Ehrenpreis recently joined as directors. How much did SpaceX spend last year? The company reported $20.7 billion in capital expenditures last year, driven by investments in launch systems, satellites, AI infrastructure, and its expanding Starlink network. The Starlink division remains central to revenue growth, with more than 10 million subscribers as of March, doubling year over year. SpaceX reported total revenue of approximately $18.7 billion in 2025, with Starlink alone generating more than $11 billion. The company described Starlink as capable of delivering broadband connectivity anywhere on Earth. It also identified telecom giants such as AT&T and Verizon as competitors in the global internet market. AI satellite project won’t be easy: SpaceX SpaceX also outlined plans for an orbital AI computing network, potentially beginning deployment as early as 2028. However, the company acknowledged major technical hurdles. “Orbital AI compute is an incredibly difficult technical challenge,” the company said in its prospectus. “We believe we are the only company with a commercially viable path to building orbital AI compute at scale.” The initiative depends heavily on the successful development of the Starship rocket, which is expected to play a key role in deploying large-scale satellite infrastructure. https://www.wionews.com/videos/cristiano-ronaldo-s-final-attempt-to-win-the-fifa-world-cup-1779298231843/embed

SpaceX files IPO, targets massive valuation, reveals SPCX listing, Starlink growth, and bold AI satellite plans for 2028

Elon Musk's SpaceX files for biggest-ever IPO in history under ticker SPCX. Here's all you need to know about it

Global oil prices fell more than 5% on Wednesday after President Trump told reporters the US is in “final stages of Iran.” Trump had said, “We’ll see what happens. We’ll either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen.”&nbsp;US crude oil prices fell below $100 per barrel. West Texas Intermediate futures fell more than 6% to $97.74 per barrel by 12:58 p.m. ET. International benchmark Brent futures also lost nearly 6% to $104.62 per barrel.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-talks-in-final-stages-says-trump-warns-of-nasty-action-as-tehran-threatens-wider-war-1779296152964">‘Iran talks in final stages,’ says Trump, warns of ‘nasty’ action as Tehran threatens wider war</a>&nbsp;<h2>Stocks surge, S&amp;P 500 breaks three-day losing streak</h2>&nbsp;Meanwhile, stocks surged and the S&amp;P 500 broke a three-day losing streak. With Nvidia’s sales estimated to have grown at the fastest clip in more than a year, the shares led a rally in chipmakers. The advance in Treasuries sent long-term yields down from the highest since 2007.&nbsp;The S&amp;P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%.&nbsp;The Dow Jones Industrial Average rose 0.9% while the Stoxx Europe 600 rose 1.5%. The Philadelphia Stock Exchange Semiconductor Index also rose 4.1%&nbsp;It all started when Trump, before boarding Air Force One to deliver a commencement address at the US Coast Guard Academy in Connecticut, said, “We’re in final stages of Iran.”&nbsp;Also Read: <a href="https://www.wionews.com/world/us-is-seeking-to-start-new-war-will-regret-it-says-iran-s-chief-negotiator-mohammad-ghalibaf-1779287982751">US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf</a><h2>Efforts to finalise US-Iran deal have entered decisive stage: Reports</h2>&nbsp;&nbsp;Arab media outlets claimed that efforts to finalise a US-Iran agreement have entered a decisive stage. They reported that diplomatic efforts between the US and Iran intensified on Wednesday, with reports suggesting a draft agreement between Washington and Tehran could be finalised within hours.Al Arabiya, citing sources, reported that negotiations over the wording of the agreement were nearing completion. The report added that Pakistan’s army chief is expected to visit Tehran on Thursday to help announce the framework of the deal, while another round of negotiations may be held in Islamabad after the Haj season.&nbsp;However, no official confirmation has been issued by Washington or Tehran.Some reports even suggested that the announcement could come within hours as negotiations reach a critical point, but the development remains unverified by official sources.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-drawing-up-plans-to-counter-high-intensity-us-strikes-if-war-resumes-1779215850724">Iran drawing up plans to counter high-intensity US strikes if war resumes</a>&nbsp;

<blockquote class="twitter-tweet">Earlier today in the Gulf of Oman, U.S. Marines from the 31st Marine Expeditionary Unit boarded M/T Celestial Sea, an Iranian-flagged commercial oil tanker suspected of attempting to violate the U.S. blockade by transiting toward an Iranian port. American forces released the… <a href="https://t.co/1AVT0MudKY">pic.twitter.com/1AVT0MudKY</a>&mdash; U.S. Central Command (@CENTCOM) <a href="https://twitter.com/CENTCOM/status/2057144264526598381?ref_src=twsrc%5Etfw">May 20, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;<h2>US Marines board, search Iranian-flagged tanker: CENTCOM</h2>&nbsp;US Marines on Wednesday boarded and searched an Iranian-flagged oil tanker that was suspected of trying to violate the US blockade of Iranian ports, US Central Command said on X.The tanker, M/T Celestial Sea, was heading toward an Iranian port.&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistani-officer-claims-to-have-successfully-hit-2-non-existent-airbases-in-india-with-fatah-1-missile-1779221782711">Pakistani officer claims to have hit 2 non-existent airbases in India with Fatah-1 missile</a>&nbsp;US forces later released the vessel and told the crew to alter their course, according to CENTCOM.“US forces continue to fully enforce the blockade and have now redirected 91 commercial ships to ensure compliance,” CENTCOM posted.

Global oil prices fell more than 5% on Wednesday while stocks surged, as the S&P 500 broke a three-day losing streak. The S&P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The advance in Treasuries sent long-term yields down from the highest since 2007.

Global oil prices fell more than 5% on Wednesday after President Trump told reporters the US is in “final stages of Iran.” Trump had said, “We’ll see what happens. We’ll either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen.” US crude oil prices fell below $100 per barrel. West Texas Intermediate futures fell more than 6% to $97.74 per barrel by 12:58 p.m. ET. International benchmark Brent futures also lost nearly 6% to $104.62 per barrel. Also Read: ‘Iran talks in final stages,’ says Trump, warns of ‘nasty’ action as Tehran threatens wider war Stocks surge, S&P 500 breaks three-day losing streak Meanwhile, stocks surged and the S&P 500 broke a three-day losing streak. With Nvidia’s sales estimated to have grown at the fastest clip in more than a year, the shares led a rally in chipmakers. The advance in Treasuries sent long-term yields down from the highest since 2007. The S&P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The Dow Jones Industrial Average rose 0.9% while the Stoxx Europe 600 rose 1.5%. The Philadelphia Stock Exchange Semiconductor Index also rose 4.1% It all started when Trump, before boarding Air Force One to deliver a commencement address at the US Coast Guard Academy in Connecticut, said, “We’re in final stages of Iran.” Also Read: US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf Efforts to finalise US-Iran deal have entered decisive stage: Reports Arab media outlets claimed that efforts to finalise a US-Iran agreement have entered a decisive stage. They reported that diplomatic efforts between the US and Iran intensified on Wednesday, with reports suggesting a draft agreement between Washington and Tehran could be finalised within hours. Al Arabiya, citing sources, reported that negotiations over the wording of the agreement were nearing completion. The report added that Pakistan’s army chief is expected to visit Tehran on Thursday to help announce the framework of the deal, while another round of negotiations may be held in Islamabad after the Haj season. However, no official confirmation has been issued by Washington or Tehran. Some reports even suggested that the announcement could come within hours as negotiations reach a critical point, but the development remains unverified by official sources. Also Read: Iran drawing up plans to counter high-intensity US strikes if war resumes

Global oil prices fell more than 5% on Wednesday while stocks surged, as the S&amp;P 500 broke a three-day losing streak. The S&amp;P 500 rose 0.9% as of 11.37 am. New York time, while the Nasdaq 100 rose 1.5%. The advance in Treasuries sent long-term yields down from the highest since 2007.

Oil prices plunge 5% on US-Iran peace deal likelihood, stock markets go green

In a curious move, China banned an Nvidia gaming chip while the company’s chief executive Jensen Huang was visiting the country as part of US President Donald Trump’s delegation last week, says a Financial Times report. The move, which is being viewed as an odd one due to its timing, highlights the battle among superpowers to dominate AI.&nbsp;The chip was added to a list of banned goods at China’s customs checkpoints last Friday, says Financial Times, citing two people privy to the development.&nbsp;The move showcases Beijing’s determination to keep out Nvidia’s chips, especially the degraded versions made to comply with US export controls.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/us-is-seeking-to-start-new-war-will-regret-it-says-iran-s-chief-negotiator-mohammad-ghalibaf-1779287982751">US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf</a>&nbsp;The Chinese government is supporting domestic chipmakers such as Huawei and Cambricon as they catch up with their US rivals. The Nvidia chip, known as the RTX 5090D V2, was introduced last August to comply with US export controls. It was aimed at Chinese gamers and 3D animators, but it has also been bought by AI developers, cut off from the most sophisticated Nvidia products.&nbsp;Nvidia’s Huang said on Monday that he believed China’s market would become accessible to US chip suppliers. “My sense is that over time, the market will open,” he told Bloomberg TV.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistani-officer-claims-to-have-successfully-hit-2-non-existent-airbases-in-india-with-fatah-1-missile-1779221782711">Pakistani officer claims to have hit 2 non-existent airbases in India with Fatah-1 missile</a>&nbsp;Sales of other Nvidia chips including the H200 and the H20, another China-specific product that Nvidia sold earlier in the market, have been blocked by Beijing even though the Trump administration has approved sales to Chinese tech groups such as Alibaba and Tencent. Huang joined Trump at the last minute to be part of a US delegation to Beijing, where he was seen eating local delicacies and touring the Chinese capital.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-drawing-up-plans-to-counter-high-intensity-us-strikes-if-war-resumes-1779215850724">Iran drawing up plans to counter high-intensity US strikes if war resumes</a>&nbsp;Huawei is set to capture the largest share of China’s AI chip market this year, with sales jumping by at least 60 per cent amid strong demand from Chinese companies seeking domestic alternatives to Nvidia.&nbsp;As per Morgan Stanley forecasts, China’s AI chip market will reach $67 billion in 2030, with 86 per cent expected to be supplied by Chinese groups. The US bank estimates the market to be worth about $21 billion this year from domestic suppliers. China’s AI chip sector was previously dominated by Nvidia, which sold products worth just over $17 billion—mostly H20 chips—in the Chinese market in the 2025 financial year.&nbsp;

China is supporting its domestic chipmakers such as Huawei and Cambricon as they catch up with their US rivals. The Nvidia chip, known as the RTX 5090D V2, was introduced last August to comply with US export controls. It was added to a list of banned goods at China’s customs checkpoints.

In a curious move, China banned an Nvidia gaming chip while the company’s chief executive Jensen Huang was visiting the country as part of US President Donald Trump’s delegation last week, says a Financial Times report. The move, which is being viewed as an odd one due to its timing, highlights the battle among superpowers to dominate AI. The chip was added to a list of banned goods at China’s customs checkpoints last Friday, says Financial Times, citing two people privy to the development. The move showcases Beijing’s determination to keep out Nvidia’s chips, especially the degraded versions made to comply with US export controls. Also Read: US is seeking to ‘start new war’, will regret it, says Iran’s chief negotiator Mohammad Ghalibaf The Chinese government is supporting domestic chipmakers such as Huawei and Cambricon as they catch up with their US rivals. The Nvidia chip, known as the RTX 5090D V2, was introduced last August to comply with US export controls. It was aimed at Chinese gamers and 3D animators, but it has also been bought by AI developers, cut off from the most sophisticated Nvidia products. Nvidia’s Huang said on Monday that he believed China’s market would become accessible to US chip suppliers. “My sense is that over time, the market will open,” he told Bloomberg TV. Also Read: Pakistani officer claims to have hit 2 non-existent airbases in India with Fatah-1 missile Sales of other Nvidia chips including the H200 and the H20, another China-specific product that Nvidia sold earlier in the market, have been blocked by Beijing even though the Trump administration has approved sales to Chinese tech groups such as Alibaba and Tencent. Huang joined Trump at the last minute to be part of a US delegation to Beijing, where he was seen eating local delicacies and touring the Chinese capital. Also Read: Iran drawing up plans to counter high-intensity US strikes if war resumes Huawei is set to capture the largest share of China’s AI chip market this year, with sales jumping by at least 60 per cent amid strong demand from Chinese companies seeking domestic alternatives to Nvidia. As per Morgan Stanley forecasts, China’s AI chip market will reach $67 billion in 2030, with 86 per cent expected to be supplied by Chinese groups. The US bank estimates the market to be worth about $21 billion this year from domestic suppliers. China’s AI chip sector was previously dominated by Nvidia, which sold products worth just over $17 billion—mostly H20 chips—in the Chinese market in the 2025 financial year.

China is supporting its domestic chipmakers such as Huawei and Cambricon as they catch up with their US rivals. The Nvidia chip, known as the RTX 5090D V2, was introduced last August to comply with US export controls. It was added to a list of banned goods at China’s customs checkpoints.

China banned Nvidia’s gaming chip while CEO Jensen Huang was visiting Beijing with Trump

The Reserve Bank of India on Wednesday (May 20) said lenders are prohibited from completely blocking or disabling mobile phones due to non-payment of loans taken to buy the device. Under its draft amendment guidelines, the regulator of the banking sector stated that banks are permitted to take certain steps to restrict certain functionalities of mobile phones if the loan dues are not paid. However, completely disabling or blocking the phone is prohibited. The regulator noted that the rules are applicable only to loans specifically used for mobile phone purchases and not to any other form of borrowing. A 2024 study by Home Credit Finance indicated that buying a phone on loan has become a trend, with more than 1.16 billion mobile connections in India, as per the telecom regulator. Currently, Phones have become essential tools for people in terms of communication, work, and education across the country.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/gold-loans-jump-over-50-yoy-emerge-as-india-s-fastest-growing-retail-credit-segment-crif-1779282417852">Gold loans jump over 50% YoY, emerge as India’s fastest-growing retail credit segment: CRIF</a><h3>RBI barred from accessing personal data</h3>Earlier in 2024, the Reserve Bank of India had directed lenders to stop locking the phones of borrowers who defaulted on repayments. The practice involved installing an application at the time of loan disbursal that could remotely lock the device in case of non-payment. According to sources, the updated guidelines will require lenders to secure prior consent from borrowers before enabling any phone-locking mechanism. They will also be barred from accessing personal data stored on the device. Data from CRIF High Mark showed that loans below Rs 1 lakh carry a higher risk of default. Non-banking lenders account for nearly 85 per cent of consumer durable financing in India, while personal loans now make up almost one-third of the banking system’s total non-food credit, with loans for electronic devices witnessing rapid growth.

Under its draft amendment guidelines, the regulator of the banking sector stated that banks are permitted to take certain steps to restrict certain functionalities of mobile phones if the loan dues are not paid. 

The Reserve Bank of India on Wednesday (May 20) said lenders are prohibited from completely blocking or disabling mobile phones due to non-payment of loans taken to buy the device. Under its draft amendment guidelines, the regulator of the banking sector stated that banks are permitted to take certain steps to restrict certain functionalities of mobile phones if the loan dues are not paid. However, completely disabling or blocking the phone is prohibited. The regulator noted that the rules are applicable only to loans specifically used for mobile phone purchases and not to any other form of borrowing. A 2024 study by Home Credit Finance indicated that buying a phone on loan has become a trend, with more than 1.16 billion mobile connections in India, as per the telecom regulator. Currently, Phones have become essential tools for people in terms of communication, work, and education across the country. Also read: Gold loans jump over 50% YoY, emerge as India’s fastest-growing retail credit segment: CRIF RBI barred from accessing personal data Earlier in 2024, the Reserve Bank of India had directed lenders to stop locking the phones of borrowers who defaulted on repayments. The practice involved installing an application at the time of loan disbursal that could remotely lock the device in case of non-payment. According to sources, the updated guidelines will require lenders to secure prior consent from borrowers before enabling any phone-locking mechanism. They will also be barred from accessing personal data stored on the device. Data from CRIF High Mark showed that loans below Rs 1 lakh carry a higher risk of default. Non-banking lenders account for nearly 85 per cent of consumer durable financing in India, while personal loans now make up almost one-third of the banking system’s total non-food credit, with loans for electronic devices witnessing rapid growth.

Under its draft amendment guidelines, the regulator of the banking sector stated that banks are permitted to take certain steps to restrict certain functionalities of mobile phones if the loan dues are not paid.&nbsp;

Banks cannot completely block, disable phones for unpaid loans, clarifies RBI

The retail lending market of India continued to grow in the fourth quarter of FY26, although the pace slowed sequentially to 4.6 per cent quarter-on-quarter, with gold loans emerging as the key growth driver as lenders increasingly focused on secured and collateral-backed credit, according to CRIF High Mark's latest "How India Lends - Credit Landscape in India" report. The report noted that total outstanding retail loans stood at Rs 170.2 lakh crore as of March 2026, marking a 16.6 per cent year-on-year growth and a 4.6 per cent quarter-on-quarter increase. Consumption loans expanded 15.3 per cent annually to Rs 118.6 lakh crore. It further highlighted that retail credit growth is steadily shifting toward secured lending, led by gold loans and supported by stable housing finance, with the move toward collateral-backed lending identified as a major trend shaping the sector.&nbsp;Also read: <a href="https://www.wionews.com/photos/russia-tests-two-seat-su-57d-stealth-fighter-for-drone-warfare-missions-1779273044922">Su-57 Felon goes dual-seat: Russia tests stealth jet designed for drone warfare</a><h3>Gold loans: The fastest-growing segment</h3>In addition, Gold loans became the fastest-growing segment, as portfolio outstanding rose 50.4 per cent annually to Rs 18.6 lakh crore and 15 per cent quarter-on-quarter. The report further attributed the growth to "elevated gold prices, larger ticket sizes and regulatory tailwinds". "Gold loans were the standout growth driver," the report noted, adding that the segment also showed improving delinquency trends and reinforcing its role as "the strongest engine of retail credit growth in FY26." Noting the perspective over the structural growth of the segment, Mohit Jain, Group Head at Axis Bank, stated that the gold loan segment has "now emerged as the second-largest product in retail lending after home loans, underscoring its growing relevance in customer credit portfolios." "We are also witnessing a shift toward higher ticket sizes, and more income-generating end uses, reflecting evolving borrower needs and increased comfort with loans against gold," he further said.

The retail credit growth is steadily shifting toward secured lending, led by gold loans and supported by stable housing finance, with the move toward collateral-backed lending identified as a major trend shaping the sector.

The retail lending market of India continued to grow in the fourth quarter of FY26, although the pace slowed sequentially to 4.6 per cent quarter-on-quarter, with gold loans emerging as the key growth driver as lenders increasingly focused on secured and collateral-backed credit, according to CRIF High Mark's latest "How India Lends - Credit Landscape in India" report. The report noted that total outstanding retail loans stood at Rs 170.2 lakh crore as of March 2026, marking a 16.6 per cent year-on-year growth and a 4.6 per cent quarter-on-quarter increase. Consumption loans expanded 15.3 per cent annually to Rs 118.6 lakh crore. It further highlighted that retail credit growth is steadily shifting toward secured lending, led by gold loans and supported by stable housing finance, with the move toward collateral-backed lending identified as a major trend shaping the sector. Also read: Su-57 Felon goes dual-seat: Russia tests stealth jet designed for drone warfare Gold loans: The fastest-growing segment In addition, Gold loans became the fastest-growing segment, as portfolio outstanding rose 50.4 per cent annually to Rs 18.6 lakh crore and 15 per cent quarter-on-quarter. The report further attributed the growth to "elevated gold prices, larger ticket sizes and regulatory tailwinds". "Gold loans were the standout growth driver," the report noted, adding that the segment also showed improving delinquency trends and reinforcing its role as "the strongest engine of retail credit growth in FY26." Noting the perspective over the structural growth of the segment, Mohit Jain, Group Head at Axis Bank, stated that the gold loan segment has "now emerged as the second-largest product in retail lending after home loans, underscoring its growing relevance in customer credit portfolios." "We are also witnessing a shift toward higher ticket sizes, and more income-generating end uses, reflecting evolving borrower needs and increased comfort with loans against gold," he further said.

The retail credit growth is steadily shifting toward secured lending, led by gold loans and supported by stable housing finance, with the move toward collateral-backed lending identified as a major trend shaping the sector.

Gold loans jump over 50% YoY, emerge as India’s fastest-growing retail credit segment: CRIF

Parle Industries shares increased sharply on Tuesday (May 19) after Prime Minister Narendra Modi gifted a packet of Melody toffees to Italian Prime Minister Giorgia Meloni during his visit to Italy. The shares climbed 5 per cent intraday to Rs 5.25, and the stock had also risen nearly 7 per cent over the past one week.<h3>What do we know about Parle Industries?</h3>There is, however, an important twist. The listed company, Parle Industries, is not the manufacturer of Melody toffees. It operates in infrastructure, real estate development, and paper waste recycling. Whereas, Melody is produced by Parle Products, the privately held FMCG giant known for brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins. Since Parle Products is not listed on the stock market, investors cannot directly trade its shares.&nbsp;Parle Industries is a completely separate BSE-listed firm with no direct connection to Melody candies. The spike in its stock appears to have been driven by retail investors and traders who seemingly associated the “Parle” name with the viral Melody buzz and rushed to buy shares of the listed company.&nbsp;Also read: <a href="https://www.wionews.com/world/pm-modi-surprises-italian-prime-minister-giorgia-meloni-with-special-gift-melody-chocolate-watch-1779258462967">'Melodi' moment in Italy! PM Modi surprises Meloni with special gift — WATCH</a> The rally followed a light-hearted viral video featuring Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni. In the clip, Modi was seen gifting a packet of Melody candies to Meloni, a playful nod many social media users linked to the popular “#Melodi” phrase used online for the two leaders.

<blockquote class="twitter-tweet" data-media-max-width="560">Thank you for the gift <a href="https://t.co/7ePxbJwPbA">pic.twitter.com/7ePxbJwPbA</a>&mdash; Giorgia Meloni (@GiorgiaMeloni) <a href="https://twitter.com/GiorgiaMeloni/status/2056983259633062130?ref_src=twsrc%5Etfw">May 20, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Later, Meloni shared the clip on her social media post X and wrote, “Thank you for the gift.” In the clip, she was also heard saying, “He gifted... a very, very good toffee." The posted video quickly went viral, drawing the attention of several netizens across social media platforms. Shortly after the clip went viral, shares of Parle Industries saw a surge in buying interest.

Parle Industries shares surged 5% after PM Modi gifted Melody toffees to Italian PM Meloni, sparking a viral "#Melodi" trend. However, in a major mix-up, traders bought the wrong stock: Check what the twist in the story is.

Parle Industries shares increased sharply on Tuesday (May 19) after Prime Minister Narendra Modi gifted a packet of Melody toffees to Italian Prime Minister Giorgia Meloni during his visit to Italy. The shares climbed 5 per cent intraday to Rs 5.25, and the stock had also risen nearly 7 per cent over the past one week. What do we know about Parle Industries? There is, however, an important twist. The listed company, Parle Industries, is not the manufacturer of Melody toffees. It operates in infrastructure, real estate development, and paper waste recycling. Whereas, Melody is produced by Parle Products, the privately held FMCG giant known for brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins. Since Parle Products is not listed on the stock market, investors cannot directly trade its shares. Parle Industries is a completely separate BSE-listed firm with no direct connection to Melody candies. The spike in its stock appears to have been driven by retail investors and traders who seemingly associated the “Parle” name with the viral Melody buzz and rushed to buy shares of the listed company. Also read: 'Melodi' moment in Italy! PM Modi surprises Meloni with special gift — WATCH The rally followed a light-hearted viral video featuring Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni. In the clip, Modi was seen gifting a packet of Melody candies to Meloni, a playful nod many social media users linked to the popular “#Melodi” phrase used online for the two leaders.

Parle Industries shares surged 5% after PM Modi gifted Melody toffees to Italian PM Meloni, sparking a viral "#Melodi" trend. However, in a major mix-up, traders bought the wrong stock: Check what the twist in the story is.

Parle industries stock jumps 5% after Modi gifts Melody toffees to Meloni — But investors got it wrong. Here’s the twist

Essel Group celebrates 100 years of resilience, innovation and leadership, evolving from a grain trading business into a global conglomerate while transforming industries, empowering communities and inspiring generations.

Essel Group celebrates 100 years of resilience, innovation and leadership, evolving from a grain trading business into a global conglomerate while transforming industries, empowering communities and inspiring generations.

100 Years of Essel Group: A century of vision, innovation and inspiring generations

US President Donald Trump and his family on Tuesday (May 19) received a hush-hush blanket escape from any tax audits or penalties for unpaid taxes. The Trump family received this tax break as part of the settlement after Trump withdrew his $10 billion lawsuit against the IRS. The one-page document bearing the signature of Acting Attorney General Todd Blanche was posted one day after the US Justice Department revealed the creation of a $1.776 billion "anti-weaponisation" fund, which critics warned could be used to pay out Trump allies using taxpayer dollars.<h2>Trump "FOREVER" exempt from IRS prosecution</h2>The vaguely worded document posted on the DOJ website states that the IRS is "FOREVER BARRED and PRECLUDED" from pursuing claims, examinations, or enforcement actions tied to Trump and related entities for tax filings submitted before the agreement’s effective date.Also read | <a href="https://www.wionews.com/world/one-day-after-reaffirming-unwavering-commitment-to-punishing-moscow-uk-quietly-eases-russian-oil-sanctions-as-fuel-prices-climb-india-import-1779245613212">UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow</a><h2>Controversy explodes</h2>The settlement itself stems from Trump’s earlier $10 billion lawsuit against the federal government after confidential tax documents were leaked by a contractor in 2019 and 2020.But what makes the situation politically explosive is that Trump, while serving as president, was effectively suing the very government his administration controls. That unusual dynamic has fuelled accusations of conflict of interest.Democrats call it ‘corruption in plain sight’Democratic lawmakers reacted furiously to the Trump tax break, with Senator Ron Wyden calling the agreement "another heinously corrupt act by the most corrupt administration in history," arguing that it was a violation of "law that prohibits interference by executive branch officials in IRS audits".Also read | <a href="https://www.wionews.com/world/putin-and-xi-meet-in-beijing-days-after-trump-s-china-visit-1779248512733">Putin and Xi meet in Beijing days after Trump's China visit</a>Congressman Richard Neal accused Trump of turning government into a "personal protection racket," claiming taxpayers were now funding legal settlements "while steering $1.8 billion in taxpayer dollars toward his friends, cronies, and Trump-affiliated companies," and calling the act "self-dealing at its most grotesque". &nbsp;

According to a one-page agreement signed by Acting Attorney General Todd Blanche, the IRS is allegedly “FOREVER BARRED and PRECLUDED” from pursuing claims, examinations or enforcement actions connected to Trump and family. All you need to know.

US President Donald Trump and his family on Tuesday (May 19) received a hush-hush blanket escape from any tax audits or penalties for unpaid taxes. The Trump family received this tax break as part of the settlement after Trump withdrew his $10 billion lawsuit against the IRS. The one-page document bearing the signature of Acting Attorney General Todd Blanche was posted one day after the US Justice Department revealed the creation of a $1.776 billion "anti-weaponisation" fund, which critics warned could be used to pay out Trump allies using taxpayer dollars. Trump "FOREVER" exempt from IRS prosecution The vaguely worded document posted on the DOJ website states that the IRS is "FOREVER BARRED and PRECLUDED" from pursuing claims, examinations, or enforcement actions tied to Trump and related entities for tax filings submitted before the agreement’s effective date. Also read | UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow Controversy explodes The settlement itself stems from Trump’s earlier $10 billion lawsuit against the federal government after confidential tax documents were leaked by a contractor in 2019 and 2020. But what makes the situation politically explosive is that Trump, while serving as president, was effectively suing the very government his administration controls. That unusual dynamic has fuelled accusations of conflict of interest. Democrats call it ‘corruption in plain sight’ Democratic lawmakers reacted furiously to the Trump tax break, with Senator Ron Wyden calling the agreement "another heinously corrupt act by the most corrupt administration in history," arguing that it was a violation of "law that prohibits interference by executive branch officials in IRS audits". Also read | Putin and Xi meet in Beijing days after Trump's China visit Congressman Richard Neal accused Trump of turning government into a "personal protection racket," claiming taxpayers were now funding legal settlements "while steering $1.8 billion in taxpayer dollars toward his friends, cronies, and Trump-affiliated companies," and calling the act "self-dealing at its most grotesque".

According to a one-page agreement signed by Acting Attorney General Todd Blanche, the IRS is allegedly “FOREVER BARRED and PRECLUDED” from pursuing claims, examinations or enforcement actions connected to Trump and family. All you need to know.

'Corruption in plain sight': Trump and family get ‘FOREVER’ shield from IRS audits after hush-hush settlement. All you need to know