Finance

Mirae Asset Securities denies Bloomberg report on SpaceX IPO subscription error

Mirae Asset Securities denied a Bloomberg report that there was a communication error during the SpaceX IPO subscription process. The company said it followed the lead underwriters’ procedures and carried out the process normally, and it will take legal action over reporting it says is not based on verified sources. Mirae Asset said it submitted $1.14 billion of investor demand through the system provided and received official confirmation. South Korea’s financial watchdog is inspecting the firm.

AI & Enterprise

BIS warns AI investment boom exceeds railway, internet bubbles and collapse could threaten global economy

The Bank for International Settlements warned in its annual report released on June 28 that the AI investment frenzy could lead to a prolonged “investment collapse” and threaten the global economy. The BIS, which advises central banks, said funding could shrink sharply if big tech companies pouring billions of dollars into AI fail to deliver results commensurate with their investment. The report said the AI boom exceeds past bubbles such as railway expansion and the internet.