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AI & Enterprise

IBM CEO says only 2 percent of software will be replaced by AI, seeks to calm market after weak results

IBM played down market concerns that generative AI will threaten its software business, saying only about 2 percent of its software could be replaced by AI and most products support customers’ AI use. CEO Arvind Krishna said IBM’s software enables real-time data use and lowers data-management costs. IBM shares are down about 30 percent this year. The company cited a mainframe slowdown and lowered its software growth outlook to 6 to 8 percent.

Crypto

BitMEX to wind down operations after 11 years; Zhao says \'sad\'

Cryptocurrency exchange BitMEX will cease operations on Sept. 23 local time. Operator HDR Global Trading decided to permanently close the exchange after reviewing its business strategy and broader crypto market conditions. New sign-ups have been halted, and limits on new positions will begin on Aug. 26. Unclosed positions will be liquidated at shutdown. BitMEX said it is not responsible for losses from failure to close positions by deadlines.

Finance

Align Partners makes public proposal to review merger between JB Financial and BNK Financial

Align Partners Asset Management made a public proposal to the boards of JB Financial Group and BNK Financial Group to review the strategic and financial feasibility of a merger. It said it asked the boards to form a special committee of independent directors and appoint a global investment bank and a strategy consultancy as advisers. Align Partners requested a reply by Aug. 7 and disclosure of any review results by the third-quarter earnings release.