Search results for Macquarie Group
AI & Enterprise
China AI firms\' open-weights strategy questioned as revenue trails OpenAI, Anthropic by 90 percent
Seven major Chinese AI developers’ annual recurring revenue is about one-tenth that of OpenAI and Anthropic, the South China Morning Post reported, citing Rhodium Group estimates. OpenAI and Anthropic together exceed $100 billion. ByteDance and Alibaba lead among the Chinese firms, while some, including Moonshot AI and DeepSeek, pursue fundraising at high valuations. Analysts also warn heavy computing investment could prolong losses, and open-weights strategies may hinder monetisation.
AI & Enterprise
AI revenue rises but profits still distant; China\'s Z.ai and MiniMax seen in loss until 2030
China\'s AI companies Z.ai and MiniMax could remain loss-making until 2030 despite rapid revenue growth, with heavy spending on computing resources seen weighing on profitability. Macquarie\'s Ellie Jiang cited a severe shortage of computing resources in China, worsened by U.S. restrictions on exports of Nvidia advanced processors. The firms\' annual recurring revenue is rising, but investors are increasingly focused on costs, margins and other valuation metrics beyond ARR.
Crypto
Nomura temporarily cuts crypto exposure after Q3 profit fall
Nomura is temporarily reducing its exposure to digital assets after third-quarter profit fell and global cryptocurrency markets deteriorated, Cointelegraph reported, citing Bloomberg Japan. Nomura’s net profit fell 9.7 percent from a year earlier to 91.6 billion yen. CFO Hiroyuki Moriuchi said the firm will strengthen short-term risk management, citing losses at its European digital-asset unit and crypto market volatility. Bitcoin fell sharply during the quarter.