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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

Is neocloud the next WeWork? What is behind the \'AI bubble\' claim

Neocloud firms that grew rapidly in the AI boom are facing questions about sustainability and are being cited as a possible source of an AI bubble. Firmus pulled its planned IPO, while UK-based Nscale’s U.S. listing became uncertain after Microsoft withdrew a data centre lease. Already-listed CoreWeave has been hit by a share slump and investor concerns about debt, with anxiety spreading to larger players such as Oracle and SoftBank.

Finance

Morgan Stanley sets record $9.1 billion in wealth management revenue

Morgan Stanley said it is using AI to improve efficiency while stressing that human financial advisers remain central to wealth management. CEO Ted Pick said AI can handle much of the early work in preparing for clients\' investment and financial decisions, but it cannot replace trust with clients. Morgan Stanley reported third-quarter net revenue of $20.3 billion and net income of $4.9 billion. Wealth management net revenue hit a record $9.1 billion.