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World News

Five largest IPOs revisited as SpaceX plans listing

As Elon Musk\'s SpaceX pursues an initial public offering of about $75 billion, attention has returned to the world’s biggest IPOs to date. South China Morning Post reported that energy, e-commerce, telecoms, autos and finance dominate the top ranks. Saudi Aramco raised $29.4 billion in 2019, followed by Alibaba at $25.0 billion in 2014, SoftBank at $23.6 billion in 2018, General Motors at $23.1 billion in 2010 and Agricultural Bank of China at $22.1 billion in 2010.

AI & Enterprise

Governments stockpile Nvidia chips as sovereign AI emerges as new growth driver

Nvidia could use growing government investment in sovereign AI to reduce its reliance on large cloud companies, an analysis said. As demand rises for national AI infrastructure, it could ease concerns about Nvidia’s revenue being concentrated among a small number of hyperscalers. U.S. investor Jim Cramer said sovereign AI could help address customer concentration worries as governments build domestic data centres and computing capacity to secure technology sovereignty.

Industry

Trump says no alternative to coal as White House plans $700 million to revive industry

The White House is reportedly planning to inject $700 million in additional public funds to support the U.S. coal-fired power industry, including restarting shuttered plants and building new coal plants. The plan, to be approved under the Defense Production Act, includes support for 13 existing plants and construction of two new facilities in Alaska and West Virginia. Donald Trump said coal has no real alternative and criticised renewable energy.