Tech giants double down on AI as earnings reveal growth gains and rising costs

Four of the Big Seven tech giants (Mag 7) are still on track to meet this year’s massive artificial intelligence (AI) spending targets, according to earnings reports. Companies reporting quarterly earnings after the bell on Wednesday include Microsoft (MSFT), Alphabet (GOOG), Meta (META) and Amazon (AMZ), with a combined market capitalization of about $12 trillion….

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XXI higher by 8% on merger plans with Strike and bitcoin miner Elektron Energy

Shares of Bitcoin-focused firm Twenty One Capital (XXI) rose more than 8% in after-hours trading Wednesday after major shareholder Tether Investments proposed a merger with Strike and Elektron Energy. Tether Investment, the independent investment arm of the stablecoin issuer, said it intends to vote in favor of XXI’s merger with Strike, the global Bitcoin financial…

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A crypto coalition releases technical proposal to save Aave users from a massive token exploit

A $300 million vulnerability doesn’t usually come with a concise fix manual. This time, the team leading the Kelp DAO recovery effort is trying to write one. Following the Kelp DAO hack that rocked the DeFi lending market this month, releasing over 116,000 improperly accounted tokens, DeFi United, a consortium of multiple blockchain projects and…

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Microsoft says legacy banks are hitting a breaking point as AI takes over the heavy lifting

Microsoft and Chainalysis executives say artificial intelligence is pushing financial systems toward a model where machines execute transactions at scale, creating new challenges for control, oversight and infrastructure. Bill Borden, Microsoft’s corporate vice president of worldwide financial services, said on Tuesday that legacy systems will come under increasing pressure as transaction needs become more complex….

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Riot’s bitcoin loan has a catch: More BTC sales if prices keep falling

According to an 8-K filing, Riot Platforms (RIOT) has modified its $200 million credit line with Coinbase Credit, replacing a floating rate with a fixed rate, providing greater cost predictability while the company continues to reduce its Bitcoin holdings. The move to fixed rates provides predictability as Riot moves toward artificial intelligence (AI) and high-performance…

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