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Finance

Woori Bank shakes off first-half slump, posts record third-quarter net profit

Woori Bank rebounded from weak first-half results, posting a record quarterly net profit of 1.03 trillion won in the third quarter, up 22 percent from the previous quarter. Nine-month net profit rose 4.7 percent from a year earlier to 2.40 trillion won. Higher interest income from expanded corporate lending, stronger non-interest income and lower loan-loss provisions supported results. Its net interest margin fell and delinquency indicators worsened.

AI & Enterprise

DeepSeek raises $15 billion, aims for Shanghai IPO in early 2027

Chinese AI startup DeepSeek raised $15 billion in its second private funding round, the Wall Street Journal reported on Oct. 22, citing sources. Investor demand nearly doubled the fundraising from the initial target, the report said. DeepSeek is also moving up its timetable and is aiming for a Shanghai stock market listing in early next year. If the plan proceeds, it could list before OpenAI and China’s Moonshot AI, the report said.

AI & Enterprise

SpaceX to spend up to 53 trillion won on AI infrastructure, says payback under a year

SpaceX is expanding investment in artificial intelligence infrastructure, its third-quarter results show. The company spent $16.4 billion in AI-related capital expenditure and forecast total capital spending of $35 billion to $40 billion this quarter as new computing facilities come online. CFO Bret Johnsen said the new facilities could recoup investment in less than a year at current prices. Third-quarter AI revenue topped estimates and exceeded Starlink revenue for the first time on a quarterly basis.