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Finance

Klarna applies to set up U.S. bank subsidiary to expand consumer finance beyond BNPL

Klarna has applied to U.S. federal and state regulators to establish a U.S. bank subsidiary. CNBC reported that, if approved, the Swedish fintech would pursue setting up an FDIC-insured institution, Klarna Bank USA, chartered in Utah. The new bank is expected to be led by Gary Harding, a former CEO of Milestone Bank and Prime Alliance Bank. Klarna says a licence would let it bring banking operations in-house.

AI & Enterprise

Musk warns of memory supply shortage, says AI chip prices surging to unseen levels

Rising demand for memory and storage driven by the spread of AI data centres is pushing up component prices and spilling over into higher prices for consumer electronics, the report said. Apple has begun raising prices for some products, and Elon Musk echoed concerns that memory shortages are a key bottleneck across the AI industry. Microsoft also announced Xbox price increases. The article also points to pressure on power and cooling infrastructure from large data centres.

AI & Enterprise

U.S. debates regulation as data center boom pressures power bills

If all data centres permitted in the United States through 2025 begin operating, annual electricity use is estimated to rise to 358.8 terawatt hours from 224.3 TWh, up 50 percent from last year’s estimate. The rise is led by hyperscale facilities needed for artificial intelligence. Analysts warn grid and generation investment could be passed on through higher power bills, while some states and counties weigh rules and debate tax incentives.