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		<title>Operation Blue Skies: Google, UK launch AI trial to cut aviation contrails over North Atlantic</title>
		<link>https://internationalfinance.com/aviation/operation-blue-skies-google-uk-launch-ai-trial-to-cut-aviation-contrails-over-north-atlantic/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=operation-blue-skies-google-uk-launch-ai-trial-to-cut-aviation-contrails-over-north-atlantic</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Thu, 20 Aug 2026 01:00:01 +0000</pubDate>
				<category><![CDATA[Aviation]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[AI]]></category>
		<category><![CDATA[American Airlines]]></category>
		<category><![CDATA[Artificial Intelligence]]></category>
		<category><![CDATA[Contrail Warming]]></category>
		<category><![CDATA[Global Contrail Warming]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[Google UK]]></category>
		<category><![CDATA[North Atlantic Corridor]]></category>
		<category><![CDATA[Operation Blue Skies]]></category>
		<category><![CDATA[Shanwick Oceanic Airspace]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=57717</guid>

					<description><![CDATA[<p>The initiative will reroute some flights across Shanwick airspace, testing whether contrail avoidance can be scaled across an entire oceanic corridor</p>
<p>The post <a href="https://internationalfinance.com/aviation/operation-blue-skies-google-uk-launch-ai-trial-to-cut-aviation-contrails-over-north-atlantic/">Operation Blue Skies: Google, UK launch AI trial to cut aviation contrails over North Atlantic</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
]]></description>
										<content:encoded><![CDATA[<div>
<p>Google UK and the British government have launched a state-backed trial using artificial intelligence (AI) to reduce the climate impact of aircraft contrails across an entire transatlantic flight corridor, described as the world’s first airspace-scale attempt at the problem, according to the search engine giant.</p>
<p>&#8220;Operation Blue Skies&#8221; will run within Shanwick Oceanic airspace, covering the eastern half of the North Atlantic corridor, which accounts for around 5% of global contrail warming.</p>
</div>
<div>The 30-month program comprises two four-month trials, timed for winter months when contrail formation is most concentrated.</div>
<div></div>
<div>
<p>Roughly 10,000 flights pass through the airspace during trial hours each year, and a small proportion that would otherwise cross contrail-sensitive zones will be slightly diverted or have altitude adjusted to prevent persistent, warming contrails forming.</p>
<p>Contrails form when water vapor in jet engine exhaust condenses and freezes around soot particles in the cold, humid upper atmosphere at cruising altitude. While many dissipate quickly, persistent contrails trap outgoing heat and account for roughly a third of aviation’s total climate impact.</p>
<p>The trial builds on previous work where Google worked with airlines like American Airlines, navigation providers like EUROCONTROL’s MUAC, and flight-planning software companies like FlightKeys to test AI-based contrail forecasting for individual airlines, showing that crews and controllers could make specific adjustments while still following normal procedures.</p>
<p>Operation Blue Skies expands that approach to an entire oceanic airspace for the first time.</p>
</div>
<div>
<p>It brings together a UK-led group that includes NATS, which will handle airspace operations and safety; Contrails.org, a non-profit that will lead the forecasting and trial design; Imperial College London and the University of Cambridge, which will evaluate the results; and the Met Office, which will create new contrail forecasting tools for the UK.</p>
<p>The 5 million pound program is partly funded by the 2.65 million pounds from the UK government&#8217;s Department for Transport, via the &#8220;Aerospace Technology Institute Programme,&#8221; with all administration grant funding directed to academic, non-profit, and aviation partners.</p>
</div>
<div>
<p>Google UK is participating on a pro bono basis, contributing 1.4 million pounds in-kind through AI research expertise, engineering time, and high-performance computing infrastructure.</p>
<p>Aviation minister Keir Mather said the government was looking for practical ways to make flying cleaner, adding that testing small tweaks to flight paths over the Atlantic could help cut the vapor trails left behind by aircraft.</p>
<p>Marc Stettler, professor of transport and the environment at Imperial College London, said a 2020 study had found that small changes to flight paths could reduce the climate impact of contrails and that the trial offered a chance to test that finding at a scale not previously attempted.</p>
</div>
<div></div>
<div>
<p>Stettler further remarked that Imperial’s role would be to independently assess the effects, from airline operations to climate benefits, and to provide the evidence needed to determine whether the approach could become part of routine aviation practice.</p>
<p>Research cited by Google suggests that contrail avoidance could be among the most cost-effective ways to cut aviation&#8217;s climate footprint, though addressing the issue at a meaningful scale requires combining scientific modelling, AI forecasting, and close operational coordination across air traffic management systems industry-wide.</p>
<p>The tech giant said it was inviting further participation from the aviation industry as the program develops, with the trial intended to provide a validated blueprint for reducing aviation&#8217;s climate impact more broadly.</p>
</div>
<p>The post <a href="https://internationalfinance.com/aviation/operation-blue-skies-google-uk-launch-ai-trial-to-cut-aviation-contrails-over-north-atlantic/">Operation Blue Skies: Google, UK launch AI trial to cut aviation contrails over North Atlantic</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>Greg Abel spends Berkshire&#8217;s cash. Buffett hoarded it. Who is right?</title>
		<link>https://internationalfinance.com/business-leaders/greg-abel-spends-berkshires-cash-buffett-hoarded-it-who-is-right/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=greg-abel-spends-berkshires-cash-buffett-hoarded-it-who-is-right</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Wed, 19 Aug 2026 00:00:40 +0000</pubDate>
				<category><![CDATA[Business Leaders]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[Alphabet]]></category>
		<category><![CDATA[Berkshire Hathaway]]></category>
		<category><![CDATA[Berkshire Hathaway Share Value]]></category>
		<category><![CDATA[Berkshire Hathaway Stock Value]]></category>
		<category><![CDATA[Berkshire Hathaway Stocks]]></category>
		<category><![CDATA[Clayton Homes]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[Greg Abel]]></category>
		<category><![CDATA[HomeServices of America]]></category>
		<category><![CDATA[Mitek]]></category>
		<category><![CDATA[Shaw Industries]]></category>
		<category><![CDATA[Taylor Morrison]]></category>
		<category><![CDATA[Warren Buffett]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=57696</guid>

					<description><![CDATA[<p>Berkshire Hathaway shares hit their highest level in the post Warren Buffett-era, with successor Greg Abel putting the conglomerate's reserves to work</p>
<p>The post <a href="https://internationalfinance.com/business-leaders/greg-abel-spends-berkshires-cash-buffett-hoarded-it-who-is-right/">Greg Abel spends Berkshire&#8217;s cash. Buffett hoarded it. Who is right?</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Berkshire Hathaway shares climbed on Monday, August 10, to <a href="https://internationalfinance.com/finance/berkshire-hathaway-shares-hit-post-buffett-high-after-buybacks-strong-earnings/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/finance/berkshire-hathaway-shares-hit-post-buffett-high-after-buybacks-strong-earnings/&amp;source=gmail&amp;ust=1787125918306000&amp;usg=AOvVaw1BSzB8GIuwOxt01uxBUUiQ"><b>their highest level</b></a> since Warren Buffett told shareholders in May 2025 that he would hand over the chief executive&#8217;s job.</p>
<div>
<p>The trigger was a set of quarterly numbers that beat expectations, and, more importantly for the market, the first clear evidence that his successor Greg Abel is willing to spend.</p>
<p>Berkshire&#8217;s cash and short-term Treasury holdings fell to USD 364.7 billion on June 30, down from USD 380.2 billion three months earlier.</p>
</div>
<div></div>
<div>On the broader measure that Berkshire also discloses, the pile peaked at a record USD 397.4 billion at the end of March. Either way, the direction of travel has changed for the first time since early 2022.</div>
<div></div>
<div>During the quarter, Berkshire repurchased USD 4.5 billion of its own stock and bought USD 23.5 billion of other companies&#8217; shares, including a USD 10 billion position in <b><a href="https://internationalfinance.com/markets/alphabet-eyes-maiden-australian-dollar-bond-amid-spacex-berkshire-gains/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/markets/alphabet-eyes-maiden-australian-dollar-bond-amid-spacex-berkshire-gains/&amp;source=gmail&amp;ust=1787125918306000&amp;usg=AOvVaw0ylUTJ-0XAZYKJn27sXGtr">Google and YouTube parent Alphabet.</a><br />
</b><br />
Set against the USD 235 million of buybacks in Abel&#8217;s first quarter in the chair, that is a striking acceleration. Berkshire was also a net buyer of equities to the tune of USD 19.8 billion, ending a streak of 14 consecutive quarters in which it sold more shares than it bought.</div>
<div></div>
<div>
<p>Shortly after the quarter closed, Abel completed the USD 6.8 billion purchase of homebuilder Taylor Morrison, valuing the business at roughly USD 8.5 billion including debt.</p>
<p>The operating numbers helped. Operating earnings rose 16% to USD 12.98 billion from USD 11.16 billion a year earlier. Net earnings, flattered by USD 12.7 billion of investment gains, more than doubled to USD 25.67 billion.</p>
</div>
<div></div>
<div>
<p>Manufacturing, service and retailing profits jumped 24% to USD 4.47 billion, Berkshire Hathaway Energy rose 27% to USD 891 million and railroad BNSF added 6% to USD 1.56 billion. Insurance was the weak spot, with underwriting earnings down 13% and GEICO&#8217;s underwriting profit falling 45%.</p>
<p><b>How Buffett ran the same balance sheet</b><br />
For most of the past four years, Berkshire&#8217;s defining act was inaction. Buffett let the cash build because he could not find businesses he wanted at prices he was willing to pay.</p>
</div>
<div></div>
<div>
<p>He sold down a large slice of the Apple stake, took profits elsewhere, parked the proceeds in Treasury bills and waited. Cash climbed from USD 334 billion at the end of 2024 to USD 373 billion a year later, and kept climbing into 2026.</p>
<p>His reasoning was never mysterious. Buffett wanted a fortress balance sheet that could absorb a mega-catastrophe in the insurance business without forcing a single asset sale, and he wanted the firepower to act when other people could not.</p>
</div>
<div></div>
<div>
<p>That is exactly what happened in 2008, when Berkshire wrote cheques to Goldman Sachs and General Electric on terms nobody else could offer. The cash was not idle in his mind. It was an option on somebody else&#8217;s panic.</p>
<p>He was also being paid to wait. With short-term rates elevated, a USD 350 billion Treasury bill position threw off serious income at almost no risk. His last significant acquisition before stepping back was the USD 9.7 billion purchase of OxyChem in 2025.</p>
<p><b>The case for waiting</b><br />
The strengths of the Buffett approach are easy to list. Nothing gets destroyed. A conglomerate that never overpays never has to write down goodwill, never has to explain a bad deal at the annual meeting and never loses the trust of its shareholders.</p>
</div>
<div></div>
<div>Optionality has real value in a market where an air pocket can appear without warning, and Berkshire&#8217;s insurance float only works if the parent can always pay claims.</div>
<div><img fetchpriority="high" decoding="async" class="size-full wp-image-57697 aligncenter" src="https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1.webp" alt="Berkshire SPENDING GRAPH" width="800" height="534" srcset="https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1.webp 800w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1-300x200.webp 300w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1-768x513.webp 768w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1-480x320.webp 480w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1-280x186.webp 280w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1-599x400.webp 599w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-1-585x390.webp 585w" sizes="(max-width: 800px) 100vw, 800px" /><br />
The weaknesses are just as clear, and shareholders had begun to say so out loud. A cash position running near 29% of the company&#8217;s total size is a drag on returns.</div>
<div></div>
<div>
<p>Treasury bills beat losing money, but they do not compound the way a good operating business does, and the income is fully taxed. Berkshire pays no dividend, so investors who wanted their capital working had no way to reclaim it. The longer the pile grew, the more it looked less like patience and more like a shortage of ideas.</p>
<p><b>The case for spending</b><br />
Abel&#8217;s version is not reckless, whatever the headlines suggest. Spending roughly USD 15 billion out of USD 380 billion is a change of tone rather than a change of religion. But the tone matters.</p>
<p>Buying back stock when the shares trade below what the businesses are worth mechanically lifts value per share for everyone who stays.</p>
</div>
<div></div>
<div>
<p>The Taylor Morrison deal fits Berkshire&#8217;s existing footprint, sitting alongside Clayton Homes, Shaw Industries, MiTek and HomeServices of America, which is the kind of synergy Buffett himself always favoured. Abel has signalled he will buy whole companies rather than only shares, which is the harder and more useful skill for a conglomerate of this size.</p>
<p>The Alphabet position, meanwhile, gives Berkshire exposure to artificial intelligence infrastructure through a business with the cash flows and moat that Berkshire has always liked.</p>
</div>
<div></div>
<div>Notably, Forbes reported that Buffett himself negotiated that investment at a discount, which suggests the old man&#8217;s fingerprints are still on the biggest single trade of the quarter.</div>
<div><img decoding="async" class="size-full wp-image-57698 aligncenter" src="https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2.webp" alt="Berkshire SPENDING GRAPH" width="800" height="533" srcset="https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2.webp 800w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2-300x200.webp 300w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2-768x512.webp 768w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2-480x320.webp 480w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2-280x186.webp 280w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2-600x400.webp 600w, https://internationalfinance.com/wp-content/uploads/2026/08/berkshire-spending-graph-2-585x390.webp 585w" sizes="(max-width: 800px) 100vw, 800px" /><br />
The risks are real too. A homebuilder is a cyclical, rate-sensitive asset bought at a point in the cycle when American housing affordability is stretched. Buybacks executed at higher prices are simply a transfer from continuing shareholders to exiting ones.</div>
<div></div>
<div>Every dollar spent is a dollar not available when the next dislocation arrives, and Berkshire&#8217;s whole historic advantage was being the last buyer standing. There is also a subtler danger.</div>
<div></div>
<div>
<p>A new chief executive under pressure to prove he is not merely a caretaker can feel obliged to act, and deals made to answer critics tend to age badly.</p>
<p><b>What analysts are saying</b><br />
Wall Street&#8217;s verdict so far is approving but conditional. Analysts have described the mood around Berkshire as a &#8220;show me&#8221; posture, with shareholders waiting for sustained proof that Abel can allocate capital as well as his predecessor did.</p>
</div>
<div></div>
<div>
<p>The consensus price target sits almost exactly at the current share price, which is about as neutral as coverage gets. Consensus forecasts also point to earnings drifting lower by roughly 2.4% a year over the next three years, which raises the bar for every deployment decision Abel makes.</p>
<p>The share price tells the same story. Berkshire entered August up about 3% for the year against a roughly 13% advance for the S&amp;P 500, a gap of some ten percentage points that reflects lingering doubt about the transition rather than any weakness in the underlying businesses.</p>
<p>There is warmth in the commentary as well. Gabelli Funds&#8217; Macrae Sykes noted that Berkshire continues to build shareholder net worth in Abel&#8217;s first year despite a tougher backdrop in the insurance industry, which is a fair reading of a quarter where the operating engines fired and only underwriting stumbled.</p>
</div>
<div></div>
<div>
<p>Analysts at Forbes cautioned that insurance headwinds will probably hold full-year operating earnings growth to the low to mid single digits, so the deployment story is doing a lot of the work in the share price at the moment.</p>
<p>Buffett, now chairman, offered his own endorsement at the annual meeting in May, telling shareholders that Greg is doing everything he did and then some. Coming from a man who spent six decades guarding this balance sheet, that is not a small thing to say.</p>
<p><b>The honest verdict</b><br />
Neither approach is obviously right, because they are answers to different questions. Buffett was managing a company he had built and could afford to run at his own pace, and his caution was underwritten by 60 years of credibility.</p>
</div>
<div></div>
<div>
<p>Abel inherited a balance sheet that had drifted into an unusual shape and a shareholder base that wanted to see a plan. Sitting on the pile for another two years would have been the riskier choice for him, not the safer one.</p>
<p>The real test is not how fast the cash goes out but what it buys. Berkshire&#8217;s next 13F filing, along with the performance of Taylor Morrison and Alphabet through a full cycle, will say far more about Abel&#8217;s judgment than a single quarter of accelerated spending.</p>
</div>
<div></div>
<div>For now, the market has given him the benefit of the doubt, which is a good deal more than it was giving him in January.</div>
<p>The post <a href="https://internationalfinance.com/business-leaders/greg-abel-spends-berkshires-cash-buffett-hoarded-it-who-is-right/">Greg Abel spends Berkshire&#8217;s cash. Buffett hoarded it. Who is right?</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>Alphabet eyes maiden Australian-dollar bond amid SpaceX, Berkshire gains</title>
		<link>https://internationalfinance.com/markets/alphabet-eyes-maiden-australian-dollar-bond-amid-spacex-berkshire-gains/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=alphabet-eyes-maiden-australian-dollar-bond-amid-spacex-berkshire-gains</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Tue, 18 Aug 2026 02:00:53 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[AI Boom]]></category>
		<category><![CDATA[AI Funding]]></category>
		<category><![CDATA[Alphabet]]></category>
		<category><![CDATA[ANZ]]></category>
		<category><![CDATA[Australian Dollar Bond]]></category>
		<category><![CDATA[Berkshire Hathaway]]></category>
		<category><![CDATA[Deutsche Bank]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[Kangaroo Bond]]></category>
		<category><![CDATA[RBC Capital Markets]]></category>
		<category><![CDATA[SpaceX]]></category>
		<category><![CDATA[TD Securities]]></category>
		<category><![CDATA[YouTube]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=57681</guid>

					<description><![CDATA[<p>Alphabet's heightened market movements come amid its global peers increasingly moving towards capital markets to fund their massive AI spending</p>
<p>The post <a href="https://internationalfinance.com/markets/alphabet-eyes-maiden-australian-dollar-bond-amid-spacex-berkshire-gains/">Alphabet eyes maiden Australian-dollar bond amid SpaceX, Berkshire gains</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Google and YouTube parent Alphabet is reportedly eyeing its inaugural Australian dollar bond issue. It has already mandated investment banks to work on three-, five-, 10-, and 20-year bonds.</p>
<p>ANZ, Deutsche Bank, RBC Capital Markets, and TD Securities have emerged as the joint lead managers on the transaction.</p>
<p>The three-year and five-year bonds could be reportedly issued with fixed or floating rates, while the 10- and 20-year bonds would be issued with fixed rates.</p>
<p>Alphabet, earlier this month, raised USD 25 billion in dollar bonds following an almost USD 85 billion equity capital raise in June. The tech giant&#8217;s heightened market movements come amid its global peers increasingly moving towards capital markets to fund their massive AI spending, after typically relying on their large cash reserves to fund investments.</p>
<p>The ‌firms ⁠are expected to spend more than USD 730 billion this year primarily on AI, and the outlay is already squeezing cash flows. Alphabet posted its first ever negative free cash flow in its second-quarter report in late July.</p>
<div><b>ALSO READ | <a href="https://internationalfinance.com/markets/wall-street-bets-usd-500-billion-on-nvidias-ai-boom-as-big-tech-faces-debt-concerns/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/markets/wall-street-bets-usd-500-billion-on-nvidias-ai-boom-as-big-tech-faces-debt-concerns/&amp;source=gmail&amp;ust=1787045552461000&amp;usg=AOvVaw13gj0trZWmCmrXMOP5XYlu">Wall Street bets USD 500 billion on Nvidia’s AI boom as Big Tech faces debt concerns</a></b></p>
<p>In Australia, local currency bonds are becoming increasingly popular among ⁠some of the world&#8217;s biggest issuers as they look to diversify their reliance on dollar bond transactions.</p>
<p>Known as &#8220;Kangaroo Bond,&#8221; the financial tool&#8217;s sales, especially from foreign issuers, have been at ⁠a record high of around AUSD 60 billion (USD 42 billion) so far in 2026, up roughly 40% from 2025, according to LSEG data tracking internationally placed deals till ⁠late July.</p>
<p>Alphabet, however, has remained strong on the financial front. Its early investment in Elon Musk-led SpaceX has grown more than 100-fold over the past decade, with the Google parent’s stake in Elon Musk’s rocket company valued at about USD 94.2 billion at the end of June, regulatory filings show.</p></div>
<div></div>
<div><b>ALSO READ | <a href="https://internationalfinance.com/banking/hsbc-partners-with-google-cloud-announces-detailed-ai-strategy/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/banking/hsbc-partners-with-google-cloud-announces-detailed-ai-strategy/&amp;source=gmail&amp;ust=1787045552461000&amp;usg=AOvVaw0TrADPPjxmZE1ZswsZsnY1">HSBC partners with Google Cloud, announces detailed AI strategy</a></b></p>
<p>Alphabet invested USD 900 million in SpaceX in 2015, providing a rare benchmark for measuring the extraordinary increase in value of an early stake in the company.</p></div>
<div></div>
<div>The Google parent held 551.2 million <a href="https://internationalfinance.com/markets/spacex-clears-the-revenue-bar-then-trips-over-its-own-ai-bill/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/markets/spacex-clears-the-revenue-bar-then-trips-over-its-own-ai-bill/&amp;source=gmail&amp;ust=1787045552461000&amp;usg=AOvVaw2x1VJW3ENflE3dcbEg6tnD"><b>SpaceX shares</b></a> at the end of the second quarter, according to its filing, making it by far the largest disclosed institutional shareholder following SpaceX’s USD 86 billion initial public offering (IPO) in June.</p>
<p>At SpaceX’s June 30 closing price of USD 170.86, Alphabet’s holding was worth USD 94.2 billion. At Thursday’s (August 13) price, the stake would be valued at about USD 77.9 billion, still representing a gain of roughly 86.5 times the original investment.</p>
<p>The filings provide a glimpse into how early backers and institutional investors have benefited as SpaceX moved from a closely held startup into a publicly traded company.</p></div>
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<div>However, the data only reflects holdings at the end of June and does not show subsequent purchases, sales, or whether investors are subject to lock-up restrictions.</div>
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<div><b>ALSO READ | <a href="https://internationalfinance.com/aviation/ryanair-signs-google-cloud-deal-to-deploy-gemini-and-deepmind-models-across-operations/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/aviation/ryanair-signs-google-cloud-deal-to-deploy-gemini-and-deepmind-models-across-operations/&amp;source=gmail&amp;ust=1787045552461000&amp;usg=AOvVaw0PTcb_3uHsOW7ENxYKYK1s">Ryanair signs Google Cloud deal, to deploy Gemini and DeepMind models across operations</a></b></p>
<p>Fidelity Investments was the second-largest reported institutional holder, with 302.6 million shares, followed by Gigafund Management with 171.8 million. Baillie Gifford and BlackRock held 51.4 million and 51 million shares, respectively.</p>
<p>Saudi Arabia’s Public Investment Fund (PIF) disclosed 154.1 million SpaceX shares, worth USD 26.3 billion at the end of June. Other disclosed investors included Hancock Prospecting, Brookfield, Tiger Global Management, and Balyasny Asset Management.</p>
<p>The five largest reported institutional holders—Alphabet, Fidelity, Gigafund, Baillie Gifford, and BlackRock—accounted for nearly three-quarters of the SpaceX shares disclosed in regulatory filings, highlighting the concentration of institutional ownership.</p>
<p>SpaceX debuted on June 12 at USD 135 a share. Its stock subsequently fell from its June-end level, closing at USD 141.29 on Thursday, although it remained 4.7% above its IPO price.</p>
<p>Market activity has remained strong, with SpaceX among the most actively traded stocks among Interactive Brokers customers. Retail investors, who are not required to disclose their holdings through SEC filings, became net sellers on Friday for the first time since the IPO, according to Vanda Research.</p>
<p>The firm estimated retail investors sold a net USD 4.5 million of SpaceX shares that day. Despite recent volatility, the stock has gained about 30% since August 5, underscoring continued investor interest in the newly listed company.</p>
<p>Apart from the SpaceX boost, Alphabet has another piece of good news to savor, as <a href="https://internationalfinance.com/finance/berkshire-hathaway-shares-hit-post-buffett-high-after-buybacks-strong-earnings/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/finance/berkshire-hathaway-shares-hit-post-buffett-high-after-buybacks-strong-earnings/&amp;source=gmail&amp;ust=1787045552461000&amp;usg=AOvVaw24wj8cySIonmVGsActhNRD"><b>Berkshire Hathaway</b></a> boosted the size of its investment ‌in the Google parent by 83% in the second quarter, making the tech giant its third-largest stock holding.</p>
<p>The American conglomerate now owns nearly 106 million Alphabet shares worth about USD 37.8 billion, up from 57.8 million shares three months earlier. The stake included a USD 10 billion investment announced in June to help Alphabet expand its AI infrastructure.</p>
<p>Apple has remained Berkshire&#8217;s largest stock investment, worth USD 66 billion, followed by American Express (USD 51.3 billion), Coca-Cola, and Bank of America, respectively.</p></div>
<p>The post <a href="https://internationalfinance.com/markets/alphabet-eyes-maiden-australian-dollar-bond-amid-spacex-berkshire-gains/">Alphabet eyes maiden Australian-dollar bond amid SpaceX, Berkshire gains</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>Hackers dial Wall Street as &#8216;Vishing Wave&#8217; hits private equity giants</title>
		<link>https://internationalfinance.com/finance/hackers-dial-wall-street-as-vishing-wave-hits-private-equity-giants/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=hackers-dial-wall-street-as-vishing-wave-hits-private-equity-giants</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Fri, 07 Aug 2026 14:20:52 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[Finance]]></category>
		<category><![CDATA[Apollo Global Management]]></category>
		<category><![CDATA[Bain Capital]]></category>
		<category><![CDATA[BlackFile Brand]]></category>
		<category><![CDATA[Blackstone]]></category>
		<category><![CDATA[Bridgewater Associates]]></category>
		<category><![CDATA[CME Group]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[KKR]]></category>
		<category><![CDATA[Moody's]]></category>
		<category><![CDATA[private equity]]></category>
		<category><![CDATA[Scattered Spider]]></category>
		<category><![CDATA[Threat Intelligence Group]]></category>
		<category><![CDATA[TPG]]></category>
		<category><![CDATA[UNC6671]]></category>
		<category><![CDATA[Vishing Wave]]></category>
		<category><![CDATA[Wall Street]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=57529</guid>

					<description><![CDATA[<p>A single extortion crew hiding behind four brand names used phone calls and fake passkey portals to hunt the Wall Street's financial giants</p>
<p>The post <a href="https://internationalfinance.com/finance/hackers-dial-wall-street-as-vishing-wave-hits-private-equity-giants/">Hackers dial Wall Street as &#8216;Vishing Wave&#8217; hits private equity giants</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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										<content:encoded><![CDATA[<p>The most alarming cyberattack wave to hit American finance this year did not begin with malicious code slipping past a firewall. It began with a ringing phone.</p>
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<p>Through June and July, ransom seeking hackers targeted dozens of prominent US financial institutions, including Blackstone, Bridgewater Associates, Apollo Global Management, Bain Capital, KKR, TPG, CME Group and Moody&#8217;s, according to a Google Threat Intelligence Group report published on August 6 and internet intelligence data reviewed by Reuters. Their weapon of choice was a con as old as the telephone itself, dressed up for the passkey era.</p>
<p><b>A con call, not a code exploit</b><br />
The technique is known in the security trade as voice phishing, or vishing. According to Google&#8217;s Threat Intelligence Group (GTIG), callers posing as internal IT helpdesk staff ring employees on their personal mobile phones, deliberately sidestepping corporate security tooling. In some recent cases the attackers even spoofed the legitimate helpdesk number on caller ID, lending the ruse an air of authenticity.</p>
<p><img decoding="async" class="alignright size-full wp-image-57530" src="https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-1.webp" alt="Wall Street Cyberattack GRAPH" width="500" height="750" srcset="https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-1.webp 500w, https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-1-200x300.webp 200w, https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-1-267x400.webp 267w" sizes="(max-width: 500px) 100vw, 500px" />The pretext is always urgent and always plausible. The caller claims the company is running a mandatory security migration, typically enrolment in FIDO2 passkeys or an update to multi factor authentication.</p>
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<div>The employee is then steered to a lookalike login page hosted on a domain with a reassuring name such as passkeyhelpdesk or secure-passkey, with the victim company&#8217;s name appended as a subdomain.</div>
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<div>Behind that page sits adversary in the middle infrastructure that intercepts the username, password and one time authentication codes in real time, hijacking the session before the call has even ended.</div>
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<p><b>ALSO READ | <a href="https://internationalfinance.com/utilities/cyberattacks-remain-biggest-fear-utilities-firms-says-survey/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/utilities/cyberattacks-remain-biggest-fear-utilities-firms-says-survey/&amp;source=gmail&amp;ust=1786192672639000&amp;usg=AOvVaw0pacXrmu5gUXojaTiJzcoc">Cyberattacks remain biggest fear for utilities firms, says survey</a></b></p>
<p>Once inside, the intruders run automated Python and PowerShell scripts to hoover up data from cloud environments such as Microsoft 365 and Okta.</p>
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<p>To stay hidden, they delete password reset confirmations and security alerts from compromised inboxes, ensuring neither the employee nor the security team notices anything amiss until an extortion demand lands.</p>
<p><b>One gang, four masks</b><br />
Google said the hackers operate under a range of names, including Redact, Pink, Falcon and Helix. Behind the theatrical branding, GTIG tracks a single cluster it calls UNC6671, previously known by the extortion brand BlackFile, which supposedly retired in May 2026.</p>
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<p>The retirement, Google&#8217;s telemetry shows, was a fiction. Bitcoin ransom payments kept flowing into BlackFile linked wallets the day after the shutdown notice, and the same phishing templates, domains and calling scripts soon reappeared under the new names.</p>
<p>The rebranding saga has descended into cybercriminal soap opera. In late June, the Redact operators published a statement claiming the original BlackFile brand had been hijacked by an exiled affiliate who staged the shutdown to confuse threat analysts and cyber insurance negotiators. After Google&#8217;s report landed, the Falcon crew rushed out a denial on its data leak site, as reported by BleepingComputer.</p>
<p>&#8220;Falcon is a Redact affiliate. We are exclusively a Redact affiliate. We are not affiliated with, connected to, or under the same umbrella as Helix, Pink, or any other group named in Mandiant&#8217;s reporting,&#8221; the threat actors posted on their data leak site.</p>
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<p><b>ALSO READ | <a href="https://internationalfinance.com/technology/why-microsoft-intunes-role-stryker-cyberattack-scary-prospect/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/technology/why-microsoft-intunes-role-stryker-cyberattack-scary-prospect/&amp;source=gmail&amp;ust=1786192672639000&amp;usg=AOvVaw0eVou5nz_1rHR-HXCvxpGx">Why Microsoft Intune’s role in Stryker cyberattack is a scary prospect</a></b></p>
<p>Google is unmoved by the denials. Austin Larsen, principal threat analyst at Google&#8217;s &#8220;Threat Intelligence Group,&#8221; set out the firm&#8217;s assessment in comments to BleepingComputer. GTIG&#8217;s position is that a single core intrusion group is driving the helpdesk vishing and cloud data theft across all of these public extortion brands.</p>
<p>Larsen also drew a careful line between this cluster and an older, better known adversary whose tradecraft it closely resembles.</p>
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<p>Scattered Spider, the loose English speaking crew blamed for the 2023 intrusions at MGM Resorts and Caesars Entertainment, built its reputation on exactly this style of helpdesk manipulation.</p>
<p>&#8220;While the helpdesk vishing and Adversary-in-the-Middle authentication interception share similarities with methods historically associated with Scattered Spider (UNC3944), GTIG tracks this specific infrastructure, domain registration pattern, and multi-brand extortion network as UNC6671,&#8221; Larsen told BleepingComputer.</p>
<p>The firm concedes that splintered affiliates or a shared phishing as a service ecosystem remain plausible alternative explanations. Even so, the overlaps are striking.</p>
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<p>Identical credential harvesting templates went live on the same day across domains later claimed by supposedly rival brands, and single root domains such as <a href="http://passkeyhelpdesk.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=http://passkeyhelpdesk.com&amp;source=gmail&amp;ust=1786192672639000&amp;usg=AOvVaw0JlV_9ivgPH0gTk9J9ioTp">passkeyhelpdesk.com</a> were used to target victims subsequently extorted by both Falcon and Helix.</p>
<p><b>The pivot to private equity</b><br />
What makes the July wave notable is not the method but the target list. Google&#8217;s analysis of domain registrations shows a deliberate evolution. Between April and May the group cast a wide net across manufacturing, healthcare, real estate and insurance.</p>
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<div><img loading="lazy" decoding="async" class="size-full wp-image-57531 alignleft" src="https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-2.webp" alt="Wall Street Cyberattack GRAPH" width="500" height="750" srcset="https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-2.webp 500w, https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-2-200x300.webp 200w, https://internationalfinance.com/wp-content/uploads/2026/08/ifm-wall-street-cyberattack-graph-2-267x400.webp 267w" sizes="auto, (max-width: 500px) 100vw, 500px" />In June it moved towards technology, transport and hospitality firms holding intellectual property and VIP client data. By July the crosshairs had narrowed onto private equity firms, law firms and financial ratings agencies, organisations sitting on merger documents, capital deployment plans and live litigation files.</div>
<div>The logic is cold arithmetic. &#8220;Really, it&#8217;s a money thing,&#8221; Larsen told Reuters. &#8220;They think that these firms or organizations have data sensitive enough that, if taken, they would pay to prevent it.&#8221;A buyout firm with a live deal in the data room, or a law firm holding privileged litigation strategy, has every incentive to settle quietly rather than watch confidential material appear on a dark web leak site.</p>
<p>Reuters reverse engineered many of the company specific traps by running the 72 malicious websites Google listed through web intelligence platforms DomainTools and urlscan, which flagged subdomains tailored to each firm.</p>
<p>In all, the phishing infrastructure has been linked to more than 200 organisations. Beyond the private equity names, the target set included the law firms Paul Hastings and Greenberg Traurig, while Reuters and Bloomberg reported that hedge funds including Point72, Two Sigma and Citadel were targeted in related attacks. KKR, Bain Capital, CME, TPG and Apollo declined to comment.</p>
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<p><b>ALSO READ | <a href="https://internationalfinance.com/technology/cyberattack-healthcare-firm-doctor-alliance-all-you-need-know/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://internationalfinance.com/technology/cyberattack-healthcare-firm-doctor-alliance-all-you-need-know/&amp;source=gmail&amp;ust=1786192672639000&amp;usg=AOvVaw1ZvS0tJYPajmNrlRtOiryq">Cyberattack on healthcare firm Doctor Alliance: All you need to know</a></b></p>
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<p>Blackstone, Bridgewater and Moody&#8217;s did not immediately respond. Greenberg Traurig said no breach occurred, Point72 told investors it found no evidence client data was stolen, and Two Sigma said it blocked an attempted intrusion. No targeted firm has confirmed a compromise.</p>
<p><b>Follow the Bitcoin</b></p>
<p>The economics explain the persistence. Working with blockchain researcher ZachXBT, GTIG reviewed 18 Bitcoin wallets linked to BlackFile and put hard numbers on the trade.</p>
<p>&#8220;Between January and May 2026, GTIG tracked over USD 10.6 million USD in Bitcoin payments to group wallets. While initial demands reach upwards of USD 3 million, operators routinely settle for around USD 750,000 after negotiations,” Larsen said.</p>
<p>Google&#8217;s report adds precision. The wallets received 141.65 BTC between January and May 2026, negotiated discounts typically ran to between 50% and 75% of the opening demand, and some companies, which Google did not name, paid.</p>
<p>The operational tempo is accelerating in step. New phishing domains appeared at a rate of one every 1.6 days through June and July, up from one every 2.2 days in the spring, with seven domains stood up in a single 72 hour burst in late July.</p>
<p><b>Why it matters</b></p>
<p>The seriousness of this campaign lies in what it exposes. The targeted firms collectively manage trillions of dollars and spend lavishly on security, yet the attackers needed no zero day exploit, only a convincing voice and a well built fake page.</p>
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<div>
<p>Lee Clark, a cyberthreat intelligence production manager with the Retail and Hospitality ISAC, an industry information sharing and analysis group, captured the attackers&#8217; reasoning for Reuters.</p>
<p>&#8220;Because the fence is now so fancy and high-tech, we just have to trick the guard into opening the door for us,&#8221; Clark said.</p>
<p>&#8220;That human element consistently is why this has exploded in the way it has,&#8221; he added.</p>
<p>The potential harms go well beyond ransom cheques. Stolen deal documents could enable insider trading, sabotage live transactions, expose limited partners&#8217; confidential information and shake counterparty trust across markets where discretion is the entire business model. Quiet payments also feed a criminal economy that keeps reinvesting in better infrastructure.</p>
<p>Google&#8217;s prescription is blunt. Deploy phishing resistant authentication such as hardware keys and passkeys that refuse to work on lookalike domains, restrict logins to managed devices and trusted networks, and train staff to treat any unsolicited helpdesk call as guilty until proven innocent. The fence, in other words, is fine. It is the guard at the gate who needs backup.</p>
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<p>The post <a href="https://internationalfinance.com/finance/hackers-dial-wall-street-as-vishing-wave-hits-private-equity-giants/">Hackers dial Wall Street as &#8216;Vishing Wave&#8217; hits private equity giants</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>Brussels tells Google to open up Android, share its search secrets</title>
		<link>https://internationalfinance.com/technology/brussels-tells-google-to-open-up-android-share-its-search-secrets/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=brussels-tells-google-to-open-up-android-share-its-search-secrets</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Thu, 23 Jul 2026 04:00:25 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[Technology]]></category>
		<category><![CDATA[AI chatbots]]></category>
		<category><![CDATA[Android]]></category>
		<category><![CDATA[ChatGPT]]></category>
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		<category><![CDATA[Digital Markets Act]]></category>
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					<description><![CDATA[<p>The order came from the European Commission under a law called the Digital Markets Act, that singles out a handful of 'gatekeepers,' including Google</p>
<p>The post <a href="https://internationalfinance.com/technology/brussels-tells-google-to-open-up-android-share-its-search-secrets/">Brussels tells Google to open up Android, share its search secrets</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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										<content:encoded><![CDATA[<p>Picture your phone as a house. Right now, Google&#8217;s own apps have a key to every room. Everyone else has to ring the doorbell and hope someone answers. On July 16, 2026, European regulators told Google it has to hand out copies of that key, to Android, the software running six in ten phones in Europe, and to Google Search, which handles more than nine in ten European searches.</p>
<p>The order came from the European Commission, the EU&#8217;s competition watchdog, under a law called the Digital Markets Act. Passed in 2022, the DMA singles out a handful of &#8220;gatekeepers,&#8221; companies so big they control how everyone else reaches customers online, and forces them to play fairer. Google, Apple and Meta all made that list back in 2023.</p>
<p>This latest move has two parts. First, Android must open up to rival AI assistants, like ChatGPT or Claude, giving them the same backstage access Google&#8217;s own Gemini assistant enjoys, such as responding to a wake word, understanding what&#8217;s on your screen, and running quietly in the background. Eleven such features must be unlocked, mostly by August 2027.</p>
<p>Second, and more strikingly, Google must start sharing anonymised data from Google Search with rival search engines and AI chatbots, beginning January 2027. Think of it as sharing the recipe, not the ingredients. Not people&#8217;s actual searches, but scrubbed, aggregated patterns showing what people search for, click on, and find useful. That&#8217;s the raw material Google has spent 25 years refining to make its results so good. Regulators want competitors to have a shot at the same head start.</p>
<p>Why go this far? Because Brussels believes Google&#8217;s dominance has become nearly impossible to challenge without help. No matter how good a rival search engine or AI assistant is, it can&#8217;t out-improve a system built on decades of data it&#8217;s never been allowed to see.</p>
<p>Google isn&#8217;t happy. In a company statement, its top policy executive, Kent Walker, warned the ruling could expose &#8220;Europeans&#8217; private searches&#8230; to unfamiliar companies&#8221; and threaten both business secrets and national security. Google is expected to appeal, though under EU rules, it has to start complying regardless while any appeal plays out.</p>
<p>The stakes for dragging its feet are enormous. Fines could reach up to 10% of Google&#8217;s entire global revenue, rising to 20% for repeat offences, plus daily penalties if it stalls. This isn&#8217;t Google&#8217;s first brush with Brussels, either. The company has already paid out more than 10 billion euro in EU fines since 2017 for various antitrust violations, and a separate, possibly record-breaking fine over Google favouring its own shopping and travel listings is reportedly in the pipeline.</p>
<p>Not everyone thinks this will work as intended. Critics point out that when Apple faced similar EU pressure, it simply held back some AI features from European iPhones rather than open them up, and something similar could happen here. There&#8217;s also irony in the timing. In the AI assistant race, Google is currently the underdog to ChatGPT, so forcing it to share its playbook may end up helping OpenAI and Microsoft&#8217;s Bing more than any scrappy European startup.</p>
<p>Still, for anyone watching how governments are trying to rein in &#8220;Big Tech,&#8221; this is a landmark moment. It&#8217;s one of the most direct attempts yet by regulators to reach inside a tech giant&#8217;s core products, its operating system and its search engine, and rewire how they work, rather than just fining the company after the fact.</p>
<p>The post <a href="https://internationalfinance.com/technology/brussels-tells-google-to-open-up-android-share-its-search-secrets/">Brussels tells Google to open up Android, share its search secrets</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>RAMageddon: The memory crisis crushing consumer electronics</title>
		<link>https://internationalfinance.com/technology/ramageddon-the-memory-crisis-crushing-consumer-electronics/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=ramageddon-the-memory-crisis-crushing-consumer-electronics</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Wed, 15 Jul 2026 04:00:03 +0000</pubDate>
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					<description><![CDATA[<p>The chip shortage has resulted in the global smartphone shipments going down 11% in the Q2 2026, marking their weakest April–June performance since 2013</p>
<p>The post <a href="https://internationalfinance.com/technology/ramageddon-the-memory-crisis-crushing-consumer-electronics/">RAMageddon: The memory crisis crushing consumer electronics</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>When <a href="https://internationalfinance.com/technology/apple-microsoft-increase-prices-as-ramageddon-shortage-hits-consumer-electronics-industry/" target="_blank">Apple announced price hikes</a> across its Mac and iPad lineup on 25th June, the response from markets was swift and brutal. Apple shares fell more than 6% that day, their worst single-session performance since the April 2025 stock market crash. </p>
<p>Even the world&#8217;s most valuable consumer electronics company, with supply chain relationships that rivals have spent decades envying, could no longer absorb a memory cost surge that is reshaping the global technology industry from the ground up.</p>
<p>The same day Apple moved, Microsoft confirmed it was raising the price of its Xbox gaming console by USD 100 to USD 150 depending on the model and discontinuing its highest-end 2TB configuration altogether. </p>
<p>In its statement, Microsoft said console storage and memory prices have more than doubled and that it expects prices to double again by fall 2027. </p>
<p>The message from both companies was the same. The consumer electronics industry has entered a new and disorienting era. Welcome to RAMageddon.</p>
<p>Another depressing news have emerged from the smartphone market. Global smartphone shipments fell 11% year-on-year in the Q2 2026, marking their weakest April–June performance since 2013. The reason? Again, the chip shortage, that has raised handset prices and curbed consumer demand worldwide.</p>
<p><strong>The structural shift that nobody saw coming</strong><br />
The rapid expansion of AI infrastructure and workloads is exerting significant pressure on the memory ecosystem. The shortage is driven, in part, by a reallocation of manufacturing capacity away from consumer electronics toward high-margin memory solutions to support AI. </p>
<p>Instead of expanding conventional DRAM and NAND used in smartphones, PCs, and other consumer electronics, major memory makers have shifted production toward memory used in AI data centers, such as high-bandwidth memory and high-capacity DDR5.</p>
<p>This is not a cyclical blip of the kind the semiconductor industry has weathered before. This is not just a cyclical shortage driven by a mismatch in supply and demand, but a potentially permanent, strategic reallocation of the world&#8217;s silicon wafer capacity. </p>
<p>For decades, the production of DRAM and NAND Flash for smartphones and PCs was the primary driver for production. Today, that dynamic has inverted.</p>
<p>The three companies that control more than 95% of global DRAM production, Samsung, SK Hynix, and Micron, have pivoted their limited cleanroom space and capital expenditure toward higher-margin enterprise-grade components. </p>
<p>This is a zero-sum game. Every wafer allocated to an HBM stack for an AI server is a wafer denied to the LPDDR5X module of a mid-range smartphone or the SSD of a consumer laptop.</p>
<p>The consequences for supply are stark. Data centers are forecast to consume 70% of all memory chips produced worldwide in 2026, a dramatic shift from historical norms. As recently as 2022, data centers accounted for approximately 20% to 30% of global DRAM consumption.</p>
<p>The reversal has been swift. Goldman Sachs expects US data center capacity additions to climb from 6.4 gigawatts in 2024 to 13.6 gigawatts in 2026 and 36.3 gigawatts in 2027.  Every one of those gigawatts is hungry for memory.</p>
<p><strong>Prices that have no historical parallel</strong><br />
Prices of DRAM, used in virtually all modern tech gadgets, rose as much as 98% in the first quarter of 2026 and are set to jump by a further 58% to 63% in the current quarter, according to industry tracker TrendForce.  In spot markets, the situation has been even more extreme. In some cases, spot prices have jumped nearly 700% in the past year.</p>
<p>The hyperscale cloud operators driving this demand have locked in their supply through long-term contracts, insulating themselves from the worst volatility at the expense of everyone else. Meta, Google, Microsoft, and Amazon are negotiating long-term DRAM agreements that effectively guarantee supply at premium but stable prices, leaving the consumer electronics supply chain to absorb the volatility.  </p>
<p>Micron, for its part, recently disclosed it has locked in USD 22 billion in such long-term commitments. The company simultaneously indicated that it can meet only about two-thirds of medium-term memory requirements for some customers. SK Hynix had already announced by October 2025 that it had sold out its entire 2026 production capacity for HBM, DRAM, and NAND.</p>
<p>The supply partners left servicing the consumer market are adjusting their quoting practices accordingly. Memory quotes are now typically limited to one to 30 days, with pricing often finalised at shipment rather than at order. In some cases, pricing is not locked until the product leaves the factory. </p>
<p>One industry supply partner recently advised customers to plan for potential DRAM price increases of 10% to 20% per month through the end of 2026.</p>
<p><strong>Industry under siege</strong><br />
HP revealed in its Q1 2026 earnings call that memory costs now account for 35% of PC build materials, up from 15% to 18% the previous quarter.  For device makers with thinner margins and less purchasing muscle than Apple or Microsoft, the situation ranges from painful to existential. </p>
<p>The base model MacBook Air now retails in the United States for USD 1,299, up from USD 1,099, while the lowest-spec MacBook Pro rose from USD 1,699 to USD 1,999. The base price of the iPad Air increased from USD 599 to USD 749.</p>
<p>GoPro, the struggling maker of action cameras, warned this month that it might go out of business after memory costs shot up between 80% and 115% at the end of the first quarter. Shares of speaker maker Sonos are down 23% this year as memory prices pressure margins.</p>
<p>Nabila Popal, an analyst at IDC, described the current situation as an &#8220;absolute existential crisis&#8221; for smaller Android phone manufacturers and local device makers producing handsets below USD 100.</p>
<p>Lenovo, Dell, HP, Acer, and ASUS have all warned clients of tougher conditions ahead, confirming price hikes and contract resets as an industry-wide response. </p>
<p>To cope with cost pressures, some handset makers are quietly reducing the amount of memory in certain models and reconsidering the economics of low-margin entry-level devices altogether.</p>
<p><strong>The downstream ripple</strong><br />
The crisis extends well beyond the obvious consumer electronics categories. The automotive industry, where DRAM is widely used in advanced driver assistance and infotainment systems, as well as in the electronic architecture of vehicles, faces a growing risk of business disruptions in 2026.</p>
<p>Gaming console makers Sony and Nintendo have both warned that tighter component supply and higher input costs could influence product pricing and even delay future launches.</p>
<p>The price of NAND storage, the flash memory that stores photos, games, and files on everyday devices, is rising quickly as well.</p>
<p>Samsung and SK Hynix plan to cut NAND production in efforts to increase capacity for the manufacture of more profitable lines like DRAM, meaning non-volatile memory technology prices could face similar price hikes soon.  </p>
<p>The market impact is already visible in device shipment projections. IDC estimates that the smartphone market would see its biggest-ever annual decline of nearly 14% this year, while the PC market will fall 11.3%.</p>
<p>Deutsche Bank analysts, in a recent note on the memory crisis, described the production of memory chips as &#8220;a zero-sum game&#8221; and concluded that memory chips have transitioned from a pure commodity to &#8220;a distinctly macroeconomic variable.&#8221;</p>
<p><strong>When does it end?</strong><br />
The honest answer, drawing on the current consensus across analysts and manufacturers, is not soon. Micron expects the memory and storage shortage to last at least through 2027. </p>
<p>&#8220;Even as we expect industry supply to improve gradually in 2028, we currently do not have line of sight as to when memory supply will be able to catch up with increasing demand,&#8221; said Sanjay Mehrotra, Micron&#8217;s chair, president and CEO.</p>
<p>New fab construction is underway, including Micron&#8217;s multi-site expansion across Idaho, New York, and Virginia totalling well over USD 150 billion in investment. Meaningful incremental DRAM output from these efforts is not expected until 2027 or later, reinforcing the lack of near-term supply relief.</p>
<p>AI architectures that require less memory represent one possible source of relief on the demand side, though this has been less discussed than supply-side solutions.</p>
<p>Google&#8217;s March 2026 announcement of TurboQuant, a memory compression technology claiming significant reductions in LLM memory consumption, offered a brief moment of optimism, though manufacturers&#8217; stock prices quickly stabilised after an initial dip.</p>
<p>For the consumer sitting in front of a new laptop price tag that reads USD 200 more than it did a year ago, the underlying cause is the same infrastructure gold rush that is reshaping every corner of the global economy. </p>
<p>The AI buildout that hyperscalers are racing to complete is not merely an industry story. Through the silicon it consumes, it has become everyone&#8217;s story.</p>
<p>The post <a href="https://internationalfinance.com/technology/ramageddon-the-memory-crisis-crushing-consumer-electronics/">RAMageddon: The memory crisis crushing consumer electronics</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>Open USD: 140 rivals to share one single cryptocurrency</title>
		<link>https://internationalfinance.com/currency/open-usd-140-rivals-to-share-one-single-cryptocurrency/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=open-usd-140-rivals-to-share-one-single-cryptocurrency</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Wed, 08 Jul 2026 01:00:02 +0000</pubDate>
				<category><![CDATA[Currency]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[American Express]]></category>
		<category><![CDATA[BlackRock]]></category>
		<category><![CDATA[BNY]]></category>
		<category><![CDATA[Coinbase]]></category>
		<category><![CDATA[DoorDash]]></category>
		<category><![CDATA[Fireblocks]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[IBM]]></category>
		<category><![CDATA[Mastercard]]></category>
		<category><![CDATA[Open Standard]]></category>
		<category><![CDATA[Open USD]]></category>
		<category><![CDATA[OUSD]]></category>
		<category><![CDATA[stablecoins]]></category>
		<category><![CDATA[Stripe]]></category>
		<category><![CDATA[Visa]]></category>
		<category><![CDATA[Zach Abrams]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=56900</guid>

					<description><![CDATA[<p>Visa, Mastercard and Google sit among the Open USD's founding backers, with Fireblocks on board as a key infrastructure partner</p>
<p>The post <a href="https://internationalfinance.com/currency/open-usd-140-rivals-to-share-one-single-cryptocurrency/">Open USD: 140 rivals to share one single cryptocurrency</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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										<content:encoded><![CDATA[<p>Rivals rarely climb into bed together, and they almost never agree to share a currency. Yet more than 140 companies that spend most days fighting for the same customers have just done both.</p>
<p>Open Standard confirmed the move on 30 June 2026, launching Open USD, or OUSD, and pitching it as neutral infrastructure for payments, trading and the wider internet economy rather than any single company’s product. Visa, Mastercard and Google sit among the founding backers, with Fireblocks on board as a key infrastructure partner. The fuller roster stretches across traditional payments and crypto native firms, including Stripe, American Express, Coinbase, BlackRock, BNY, IBM and DoorDash.</p>
<p>The design is what sets OUSD apart. The token charges nothing to mint or redeem at any scale, and returns nearly all of its reserve income to the partners that distribute it rather than keeping it as issuer profit. Governance sits with a board drawn from those same partner companies rather than a single controlling entity. Zach Abrams, the Bridge co-founder installed as Open Standard’s founding chief executive, framed it plainly at launch. “It’s a stablecoin built for the internet economy, designed by the businesses growing it,” he said.</p>
<p>Bridge, the stablecoin infrastructure firm Abrams previously built, was bought by Stripe for roughly a billion dollars in 2024, which makes him an unusually well credentialled operator to steer a coalition this large. OUSD is expected to go live later this year, with Solana confirmed as a day one network and Stellar, Base and Polygon set to follow.</p>
<p>Markets reacted within hours. Circle’s shares fell as much as 18% on the announcement, as investors weighed the threat to USDC’s core revenue, the interest earned on the treasuries backing its reserves. Circle chief executive Jeremy Allaire pushed back publicly, arguing that USDC’s liquidity, regulatory track record and years of operating history are not easily replicated by a brand new entrant, and questioning whether fee free minting at scale is sustainable.</p>
<p>Not everyone is convinced OUSD can pull off its own pitch either. Will Harborne, co-founder of stablecoin infrastructure firm Rhino.fi, has warned that a shared standard creates friction of its own once businesses start actually using it, rather than just backing it on paper. &#8220;For consumer facing businesses, that’s where the friction bites first,&#8221; he told CCN, pointing to the confusion of payments sent in one stablecoin and received in another.</p>
<p>ARK Invest’s Lorenzo Valente has raised a related concern, questioning whether a consortium of roughly 500 competing entities can move quickly enough, given a cold start liquidity problem and thin trading pairs. History offers a caution too. USDC currently holds around seventy three billion dollars in supply, against roughly three billion for USDG, the earlier consortium coin that pioneered yield sharing eighteen months ago.</p>
<p>No US regulator has commented on OUSD by name so far, which is not surprising for an eleven day old announcement with no live product. But there is a genuine open legal question sitting underneath the launch. The GENIUS Act bars payment stablecoin issuers from paying yield to token holders, and the OCC’s proposed rule implementing that ban, published in February, extends the prohibition to arrangements where an issuer routes yield through affiliated third parties.</p>
<p>OUSD’s entire model depends on sharing reserve income with 140 partner companies, precisely the kind of arrangement that rule appears to target, though the OCC has carved out an exemption for white label profit sharing with non-affiliated partners that Open Standard may lean on. Final rules are due by 18th July.</p>
<p>Whichever way that question resolves, OUSD has already done something no rival coin managed. It got Visa, Mastercard and Coinbase to agree, however briefly, that this dollar is nobody’s dollar and everybody’s.</p>
<p>The post <a href="https://internationalfinance.com/currency/open-usd-140-rivals-to-share-one-single-cryptocurrency/">Open USD: 140 rivals to share one single cryptocurrency</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>AI search outpaces Google in concentrating insurance visibility, says Somantra study</title>
		<link>https://internationalfinance.com/insurance/ai-search-outpaces-google-in-concentrating-insurance-visibility-says-somantra-study/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=ai-search-outpaces-google-in-concentrating-insurance-visibility-says-somantra-study</link>
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		<dc:creator><![CDATA[International Finance Business Desk]]></dc:creator>
		<pubDate>Thu, 25 Jun 2026 02:00:31 +0000</pubDate>
				<category><![CDATA[Featured]]></category>
		<category><![CDATA[Insurance]]></category>
		<category><![CDATA[AAMI]]></category>
		<category><![CDATA[AI]]></category>
		<category><![CDATA[Allianz]]></category>
		<category><![CDATA[australia]]></category>
		<category><![CDATA[Budget Direct]]></category>
		<category><![CDATA[car insurance]]></category>
		<category><![CDATA[ChatGPT]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[Google AI Overviews]]></category>
		<category><![CDATA[insurance]]></category>
		<category><![CDATA[life insurance]]></category>
		<category><![CDATA[NRMA]]></category>
		<category><![CDATA[Somantra]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=56728</guid>

					<description><![CDATA[<p>Among the major industry players, Allianz recorded the highest combined total at 13,437 mentions across Google AI Overviews and ChatGPT</p>
<p>The post <a href="https://internationalfinance.com/insurance/ai-search-outpaces-google-in-concentrating-insurance-visibility-says-somantra-study/">AI search outpaces Google in concentrating insurance visibility, says Somantra study</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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										<content:encoded><![CDATA[<p>As per the latest insurance industry outlook from AI search monitoring firm Somantra, artificial intelligence (AI) search platforms have begun concentrating Australian insurance consumer attention around a small number of brands.</p>
<p>Somantra&#8217;s study, which tracked 20 Australian insurance brands across 34,278 real consumer conversations on Google AI Overviews and ChatGPT throughout May 2026, also arrives in conjunction with a separate GlobalData poll that found the broader industry still practicing caution about AI’s maturity, a posture that, in GlobalData&#8217;s opinion, may be costing mid-tier and specialty insurers ground that will prove difficult to recover.</p>
<p>Somantra’s data showed two coins of the Aussie insurance industry, an AI-first search shift and a massive stretch of the market being &#8220;unclaimed.&#8221;</p>
<p>&#8220;Across the detailed, intent-driven queries consumers pose to AI platforms—questions about specific coverage scenarios, eligibility conditions, and product comparisons—70% of responses named no insurance brand. Across 34,278 tracked conversations, that represents approximately 24,000 consumer research interactions in a single month in which no Australian insurer received a mention on either platform. The pool of domains cited by AI engines contracted 21% between March and May 2026, falling from 10,777 to 8,488 unique domains. As that pool narrows, the barrier to entering AI-generated recommendations rises,&#8221; Somantra noted.</p>
<p>&#8220;This is not a problem. This is an opportunity. Every one of those brandless responses is a gap in the market, which is proof that the right content, structured the right way and published on the sources AI engines trust, could put a brand into that answer instead of nobody at all. The window is closing. Every month, more of the long tail gets claimed by whichever brand shows up first with the right content on the right sources. Waiting for AI search to mature before acting just hands that ground to a competitor,&#8221; said Arun Prasad, founder of Somantra.</p>
<p>&#8220;Where AI platforms do recommend brands, attention is concentrated among a handful of insurers. On ChatGPT, three brands – Allianz, NRMA, and AAMI – accounted for half of all insurance-related mentions. Nine brands collectively covered 90% of total mentions, leaving the remaining 11 tracked brands competing for a thin slice of visibility. Google AI Overviews distributed attention more broadly, though not substantially so. Four brands reached the 50% threshold, and 11 were needed to cover 90% of mentions,&#8221; the study remarked.</p>
<p>Among the major industry players, Allianz recorded the highest combined total at 13,437 mentions across both platforms, followed by NRMA (at 12,524) and Budget Direct (at 10,708).</p>
<p>&#8220;At the other end, Ozicare appeared in 62 conversations, Coles Insurance in 517, and Qantas Insurance in 895—figures that suggest these brands are largely absent from AI-mediated consumer research, regardless of their standing on conventional search,&#8221; Prasad said, while adding, &#8220;Google gives you options. ChatGPT gives you a shortlist, and the shortlist is getting shorter. If you are not already in the top tier on a given platform, you are fighting over scraps of visibility, not competing on equal terms.&#8221;</p>
<p>Also, the study discovered a &#8220;low agreement&#8221; between the Google AI Overviews and ChatGPT, with both tools recommending the same brand for the same query in only 27.9% of cases in May 2026, up from 23.7% in March. In approximately seven out of 10 head-to-head comparisons, a consumer asking the same question on each platform received a different brand recommendation.</p>
<p>&#8220;Budget Direct illustrates the platform divergence risk in concrete terms. It led all brands on Google AI Overviews with 8,556 mentions, yet only 20.1% of its total AI visibility came from ChatGPT. For every five times Budget Direct appeared across both platforms, four of those appearances were on Google alone. As consumers increasingly use ChatGPT alongside Google to research financial products, a brand with that degree of platform concentration carries exposure it may not yet be measuring. For brands currently underrepresented on one platform, the divergence also creates an opening. Because Google AI Overviews and ChatGPT are forming their assessments of brand authority independently, a brand shut out of one platform’s preferred list may retain room to establish presence on the other,&#8221; the report said.</p>
<p>&#8220;The dual combination of expanding opportunity surface area and divergence in brand recommendations between the AI search engines is the biggest opportunity for brands right now. Large brands have spent a decade optimizing for a single search engine. That playbook does not transfer to a world where two major platforms disagree most of the time and where most of the specific questions consumers ask are not being answered by anyone,&#8221; Prasad remarked.</p>
<p>&#8220;The opportunity is not evenly distributed across product lines, and the distinction matters for insurers assessing where AI search effort is most likely to yield results. Car insurance generated the highest volume of brand mentions at 22,777, followed by home and contents at 20,591 and motorcycle at 16,376. In these categories, established brands have accumulated visibility that a new entrant or smaller competitor would need sustained effort to displace,&#8221; he added further.</p>
<p>Pet insurance and life insurance, on the other hand, presented a different picture. Pet recorded 2,457 total brand mentions across both platforms, and the life segment registered 1,283. Also, these are the same categories where fewer brands currently feature in AI-generated responses.</p>
<p>&#8220;An insurer in either line that moves early to build presence on the sources AI engines cite faces less entrenched competition than one attempting to gain ground in car or home, where category leaders have already established substantial leads,&#8221; Somantra explained.</p>
<p>&#8220;Within categories, those leads are significant. Allianz held 3,941 mentions in travel insurance; NRMA led car with 3,238; QBE led motorcycle with 2,896; and Budget Direct led pet with 940. The same brandless-query dynamic that applies across the market applies within these product lines: second and third-tier brands trail category leaders by margins that the data suggests are widening with each reporting cycle,&#8221; it added further.</p>
<p>The two-month gap between Somantra’s March and May audits produced movement across the board, with AI search visibility appearing responsive to recent content and citation activity in a way that shifts the competitive position of brands more quickly than conventional organic search typically does.</p>
<p>&#8220;Allianz added 960 mentions to move past NRMA into the top overall position. Budget Direct posted the largest percentage gain among tracked brands, up 9.7%, displacing AAMI from the top three. AAMI recorded the steepest absolute decline, losing 2,147 mentions – an 18.1% drop. Bingle fell 30.8%, GIO fell 29.3%, and CGU dropped 27.8%. Citation patterns on ChatGPT also shifted. In March, Canstar was the platform’s most-cited domain with 232 references. By May, both Finder and Canstar each exceeded 900 citations, with Finder taking the top position at 902. Reddit climbed from 147 to 387 citations, reflecting a source mix that extends well beyond traditional comparison-site ecosystems,&#8221; Somantra concluded.</p>
<p>Talking about the GlobalData poll of 113 insurance industry respondents, conducted across Q1 and Q2 of 2026, the survey reported nearly a quarter believing AI had not yet reached a level of maturity suitable for widespread use within the industry.</p>
<p>Ben Carey-Evans, senior insurance analyst at GlobalData, attributed the hesitation partly to the narrow scope of current implementations and to unresolved questions about accountability, as he said, &#8220;This might be because use cases to date are largely around customer service and chatbots rather than full-scale implementation. Regulation has not fully caught up yet, and there is concern around who is liable for mistakes made by AI.&#8221;</p>
<p>&#8220;Those liability and regulatory questions are not abstract for an industry that distributes financial products to consumers. As AI platforms increasingly surface insurance brand recommendations in response to consumer queries, the question of how those recommendations are generated and who bears responsibility when they are incomplete or inaccurate sits unresolved across the industry,&#8221; he added further.</p>
<p>&#8220;A shortage of in-house expertise ranked as the second-most-cited concern in the GlobalData poll. The firm’s job analytics data recorded approximately 63,293 active AI-related insurance roles in 2025—the highest on record and around 51% above 2024 levels. The hiring response reflects the scale of the gap, even as the technology continues to outpace the industry’s capacity to build expertise around it,&#8221; Carey-Evans remarked.</p>
<p>The post <a href="https://internationalfinance.com/insurance/ai-search-outpaces-google-in-concentrating-insurance-visibility-says-somantra-study/">AI search outpaces Google in concentrating insurance visibility, says Somantra study</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>The bot that hired a human: Inside OpenClaw’s autonomous revolution</title>
		<link>https://internationalfinance.com/magazine/technology-magazine/the-bot-that-hired-a-human-inside-openclaws-autonomous-revolution/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=the-bot-that-hired-a-human-inside-openclaws-autonomous-revolution</link>
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		<dc:creator><![CDATA[IFM Correspondent]]></dc:creator>
		<pubDate>Sun, 15 Mar 2026 11:37:57 +0000</pubDate>
				<category><![CDATA[Cover Story]]></category>
		<category><![CDATA[Magazine]]></category>
		<category><![CDATA[Technology]]></category>
		<category><![CDATA[AI Agents]]></category>
		<category><![CDATA[Anthropic]]></category>
		<category><![CDATA[Cloud]]></category>
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		<category><![CDATA[MoltBook]]></category>
		<category><![CDATA[MoltMatch]]></category>
		<category><![CDATA[OpenClaw]]></category>
		<category><![CDATA[Peter Steinberger]]></category>
		<category><![CDATA[Rentahuman]]></category>
		<category><![CDATA[WhatsApp]]></category>
		<guid isPermaLink="false">https://internationalfinance.com/?p=55033</guid>

					<description><![CDATA[<p>OpenClaw primarily functions as a self-hosted, local-first personal AI agent runtime that runs directly on the user’s home computer, VPS, or local machine</p>
<p>The post <a href="https://internationalfinance.com/magazine/technology-magazine/the-bot-that-hired-a-human-inside-openclaws-autonomous-revolution/">The bot that hired a human: Inside OpenClaw’s autonomous revolution</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>OpenClaw has spearheaded the next phase of agentic AI. There hasn’t been this much hype about a tech product since November 30, 2022, when Sam Altman unveiled ChatGPT. Chatbots were bewildering at the onset and still feel like magic today, but Peter Steinberger’s OpenClaw feels like a science fiction movie come alive.</p>
<p>We are seeing a massive shift from conversational language models to near-autonomous and goal-oriented digital beings with the capacity to not just speak and listen but take action in real-time. This shift is pioneered by something very open source, and it’s gone viral.</p>
<p>OpenClaw is changing everything. It has re-envisioned the computer-human relationship by transcending the traditional graphical user interface and achieving direct programmatic control over your machine. But what does this mean in plain language? Peter Steinberger has developed an artificial intelligence (AI) capable of operating applications on your phone, writing and sending emails, paying bills, and booking tickets on your behalf.</p>
<p>Additionally, it can write code to create other AI and even hire human beings without your oversight to accomplish the tasks you want done. It’s pretty fascinating and alarming. Especially if you have seen movies like “Matrix” or “The Terminator.”</p>
<p><strong>A bit of context</strong></p>
<p>Peter Steinberger is an Austrian software engineer and entrepreneur who created and published OpenClaw (formerly Clawdbot) in November 2025. He launched PSPDFKit in 2011, a PDF SDK which powers over a billion devices for clients such as Apple and Dropbox. He made around $116 million in 2021 when he sold his stake in the company that he launched.</p>
<p>Steinberger went into early retirement. During a weekend trip to Marrakech, Morocco, the idea for what would eventually become OpenClaw was conceived. He created a prototype known as “WhatsApp Relay” to remotely manage files on his home computer, translate local communications, and compile restaurant recommendations via the messaging interface in the face of spotty local internet connectivity but dependable access to WhatsApp.</p>
<p>He expanded the idea into a comprehensive personal AI assistant, initially called “Clawdbot,” a moniker directly inspired by Anthropic’s Claude AI model, after realising the value of this local-first, always-on architecture.</p>
<p>When he realised the potential of his invention (originally a localised weekend project), Clawdbot was launched on GitHub and received an unprecedented 100,000-plus stars in late January 2026, later surpassing 135,000 stars and then over 200,000 stars, making it one of the fastest-growing open-source projects on the platform. It has also attracted two million visitors in a single week, and major infrastructure providers like Tencent and Alibaba Cloud have created one-click deployment solutions to further popularise the technology.</p>
<p>The lobster-themed AI was first called Clawdbot, but when Anthropic threatened to sue over similarity in name, it was changed to Moltbot. Later, it was renamed again, on January 30, as OpenClaw.</p>
<p>Within a fraction of a month, OpenClaw made the news, partly because of its security vulnerabilities and partly because of its potential. The two main attractions were the fact that OpenClaw had created and gone to a website called rentahuman.ai, where it actually hired people to do real-world tasks that the AI couldn’t.</p>
<p>There is also a social networking site called MoltBook, where people’s OpenClaw programmes speak with other people’s AI, peer-reviewing each other’s code and emulating human interactions. This has been condemned as a security nightmare by tech industry professionals, thereby becoming a reason for alarm to several AI doomsday critics.</p>
<p>However, Sam Altman of OpenAI sees OpenClaw as the future of agentic AI, where human beings are only going to tell the machine what they want, and the machine independently achieves those goals for them.</p>
<p>Peter Steinberger joined OpenAI on February 14, 2026, and he said on his blog: “What I want is to change the world, not build a large company, and teaming up with OpenAI is the fastest way to bring this to everyone. OpenClaw will move to a foundation and stay open and independent.”</p>
<p>Although the software is still officially under an MIT license, OpenAI has significant, albeit indirect, influence over the project’s developmental plan due to its role as the principal financial and infrastructure donor.</p>
<p>To safeguard the project’s open nature and implement the formal governance frameworks required to handle the growing security requirements of a platform that has grown larger and more complex than many well-known operating systems, the OpenClaw Foundation was established under the direction of independent board members like investor Dave Morin.</p>
<p>Peter Steinberger continues to be committed to building “an agent that even my mom can use.”</p>
<p>It is important to note that Sam Altman was not the only one to have approached Steinberger. Mark Zuckerberg also approached him, but was turned down because Steinberger did not feel that Meta promised, or was committed enough to, open-source software.</p>
<p><strong>A breakdown of technicalities</strong></p>
<p>OpenClaw primarily functions as a self-hosted, local-first personal AI agent runtime that runs directly on the user’s home computer, virtual private server (VPS), or local machine. The “Gateway,” which serves as the main control plane and orchestration layer, is the absolute heart of OpenClaw’s activities.</p>
<p>The Gateway is a persistent background daemon that runs on a Node.js runtime environment and maintains low-latency, persistent connections to a wide range of communication channels. It is set up through a Command Line Interface (CLI) wizard. The Gateway can easily communicate with WhatsApp, Telegram, Slack, Discord, Google Chat, Signal, iMessage, Microsoft Teams, Matrix, and WebChat thanks to native adaptors.</p>
<p>A wide range of AI providers, including OpenAI, Google, Ollama, and privacy-focused providers like Venice AI, are supported by the OpenClaw architecture, which is specifically made to be model-agnostic. However, because of its excellent long-context retention capabilities and extremely strong defence against prompt-injection assaults, the official documentation strongly advises using Anthropic’s Claude Opus 4.6.</p>
<p>The system’s advanced automated Auth profile rotation and Model failover procedures enable the agent to carry out activities continuously even in the event of service deterioration at the primary API provider.</p>
<p>OpenClaw’s defining feature is its unrestricted “computer use,” facilitated by a highly extensible toolset that operates via the Model Context Protocol (MCP). Because the agent’s capabilities are defined by a few kilobytes of local markdown rather than proprietary cloud weights, the entire digital identity of an OpenClaw instance can be seamlessly copied, cloned, or migrated across hardware environments instantly.</p>
<p>So what does all that mean? Here’s a translation for the not-so-tech-savvy.</p>
<p>OpenClaw is like a personal assistant living in your home on your device, unlike ChatGPT, Claude, or Gemini, which live on clouds and data centres in far-off lands. Essentially, you own it. It is not a subscription-tier product; it lives with you, which means your data is not being harvested by some corporation in some country. This translates to privacy and autonomy. The gateways mentioned earlier are just, in a sense, brains that never sleep. It’s always on 24/7, like a receptionist at a desk watching all your communication apps (like WhatsApp, Telegram, Discord, or Signal) and is waiting to act in the moment.</p>
<p>And what does it mean to be model-agnostic? Well, it’s not married to ChatGPT, Google, or Anthropic. You can use them all and several others, depending on your needs.</p>
<p>Finally, we get to the most interesting part, the MCP tools. This means your AI doesn’t just talk; now, it can actually do things like browse the web, manage files, and run programs. These tools expand what is possible beyond simple conversation.</p>
<p>With the failover and auth rotation, OpenClaw never ceases to function. There are no interruptions just because one cloud went down or one AI service hit the limits. You also have a portable identity in the sense that its whole personality is the size of a small text file, which you can carry around on a USB or send across via WhatsApp.</p>
<p><strong>SaaS disruption</strong></p>
<p>People have been quick to employ this new technology to provide meaningful services. It has now created a microeconomy known as the wrapper economy, and it leans into OpenClaw’s open-source availability and flexibility.</p>
<p>Since the core OpenClaw runtime provides the underlying execution orchestration for free, independent developers and business owners have found that creating the “picks and shovels” that surround the OpenClaw ecosystem is the primary method to make money. Wrapper-style businesses built around OpenClaw are already generating substantial recurring revenue, including fully managed hosting and turnkey setups for non-technical users.</p>
<p>Established SaaS (Software as a Service) firms, especially those that control digital support infrastructures and customer relationship management, face an existential danger from the second-order economic consequences of OpenClaw.</p>
<p>A single OpenClaw agent may easily function across Zendesk, Freshdesk, and Salesforce concurrently by connecting to enterprise systems via standard APIs or autonomous browser navigation, undermining the carefully built walled gardens these companies have put up.</p>
<p>Early adopters report cutting email triage time by around 78% and compressing onboarding from hours to 15 minutes in documented corporate case studies where OpenClaw was implemented across an integrated stack comprising Salesforce, Jira, and NetSuite.</p>
<p>However, this rapid enterprise deployment has precipitated a severe crisis in IT governance, categorised as “Shadow AI.” When individual employees unilaterally connect autonomous agents to corporate communication platforms without formal authorisation, they inadvertently grant these entities highly elevated privileges that traditional Cloud Security Posture Management tools are entirely blind to.</p>
<p>To combat this, enterprise security firms are developing specialised Data Security Posture Management solutions to identify rogue OpenClaw integrations and assess lateral movement risks posed by these non-human actors.</p>
<p>The Wise API, Plaid networks, and Stripe processing systems are just a few of the essential worldwide financial infrastructures that developers have published abilities that directly connect OpenClaw through the ClawHub marketplace.</p>
<p>When exchange rates reach algorithmic thresholds, an OpenClaw agent can execute cross-currency conversions, query real-time multi-currency balances, and independently start wire transfers. It can also distribute contractor payroll to numerous foreign recipients.</p>
<p>Significant regulatory and compliance challenges are brought up by this financial independence. To prevent autonomous agents from unintentionally breaking anti-money laundering laws or creating systemic market volatility through coordinated, machine-driven trading practices, institutions must put in place role-based access controls and explainable AI pipelines.</p>
<p><strong>Humans hired by doom-scrolling AI</strong></p>
<p>AI won’t steal your job; it will hire you instead. The introduction of RentAHuman.ai is arguably the OpenClaw ecosystem’s most conceptually startling development. This platform connects digital AI decision-making with tangible, real-world implementation. In the marketplace offered by RentAHuman.ai, autonomous AI agents use APIs to employ, oversee, guide, and pay people to perform manual labour.</p>
<p>An agent can independently decide that a physical activity is necessary, search the RentAHuman API for local labour that is available, negotiate a rate, and send a human worker to a physical place by utilising OpenClaw’s Model Context Protocol integration.</p>
<p>Human labourers register their precise locations, skill sets, and hourly rates. Within 48 hours of its initial launch, RentAHuman.ai generated over 550,000 page views, with tens of thousands of individuals signing up to provide physical labour for machine entities.</p>
<p>Individual OpenClaw bots started to display sophisticated emergent social behaviours as they spread over the world. Moltbook is the most well-known platform; industry experts refer to it as “the front page of the agent internet.”</p>
<p>By early February 2026, MoltBook hosted over 1.4-1.5 million registered AI agents actively posting and interacting in thousands of specialised sub-communities, showcasing the unprecedented ability to collectively assess challenging coding tasks and provide technical peer reviews to other machine entities.</p>
<p>The absolute autonomy of these agents in social spheres yielded highly controversial outcomes, best exemplified by the MoltMatch incident. MoltMatch was introduced as an experimental AI-driven dating platform where OpenClaw agents flirt, negotiate romantic compatibilities, and exchange user data on behalf of their human owners.</p>
<p>Jack Luo, a 21-year-old computer science student, discovered that his local OpenClaw agent had autonomously generated a romanticised, fundamentally inaccurate dating profile on MoltMatch without his explicit consent, simply because he had broadly tasked the agent with “managing his personal life.”</p>
<p>Furthermore, a forensic security analysis of MoltMatch revealed systemic instances of AI agents scraping the public internet for copyrighted photographs to generate entirely fabricated fake profiles designed to optimise interaction metrics.</p>
<p><strong>A privacy nightmare</strong></p>
<p>OpenClaw has some major flaws, one being that it is too naive and trusts its environment too quickly. It’s a very easy target for cybercriminals. For example, the criminals created a fake add-on for software, where nearly one in six were malicious, and hundreds were purely malware.</p>
<p>Some attackers even found a backdoor. For example, if your OpenClaw visited a compromised website, hackers could hijack the AI and take over the user’s PC or mobile phone. Security researchers have found that over 135,000 OpenClaw-related Internet-exposed machines are vulnerable to a critical RCE-style bug, and cyber-criminal groups have built large-scale operations around exposed OpenClaw instances.</p>
<p>Security experts responded by pushing two updates. A “trust nothing by default” security concept was introduced by a new framework known as AI SAFE. Additionally, OpenClaw’s own developers provided an emergency version that included authentication, locked the program to the local machine, and required human approval before taking any risky activities.</p>
<p>Industry professionals have not minced words about this tension. Cisco’s AI Threat &amp; Security Research team, a group including Amy Chang and Vineeth Sai Narajala, warned on their official blog, “From a capability perspective, OpenClaw is groundbreaking, but from a security perspective it is an absolute nightmare.”</p>
<p>OpenClaw represents a genuine inflexion point in human-computer interaction, not merely another incremental leap, but a fundamental reimagining of what software can do on our behalf. Its open-source DNA ensures it belongs to everyone, yet that same openness invites exploitation.</p>
<p>The shadow economies, autonomous hiring platforms, and AI social networks it has spawned reveal both the breathtaking potential and the very real dangers of agents that act first and ask permission later. Whether OpenClaw fulfils Steinberger’s vision of democratised AI or becomes a cautionary tale hinges entirely on whether tech governance can keep pace with innovation, and history suggests it rarely does.</p>
<p>The post <a href="https://internationalfinance.com/magazine/technology-magazine/the-bot-that-hired-a-human-inside-openclaws-autonomous-revolution/">The bot that hired a human: Inside OpenClaw’s autonomous revolution</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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		<title>Business Leader of the Week: CEO Andrew Ettinger to reinvent Hume AI</title>
		<link>https://internationalfinance.com/business-leaders/business-leader-week-ceo-andrew-ettinger-reinvent-hume-ai/#utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=business-leader-week-ceo-andrew-ettinger-reinvent-hume-ai</link>
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		<dc:creator><![CDATA[IFM Correspondent]]></dc:creator>
		<pubDate>Fri, 13 Mar 2026 14:17:14 +0000</pubDate>
				<category><![CDATA[Business Leaders]]></category>
		<category><![CDATA[Featured]]></category>
		<category><![CDATA[Andrew Ettinger]]></category>
		<category><![CDATA[Appen]]></category>
		<category><![CDATA[Astronomer]]></category>
		<category><![CDATA[Google]]></category>
		<category><![CDATA[Hume AI]]></category>
		<category><![CDATA[startup]]></category>
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					<description><![CDATA[<p>Hume AI CEO Andrew Ettinger will be responsible for accelerating the tech company's momentum in research services</p>
<p>The post <a href="https://internationalfinance.com/business-leaders/business-leader-week-ceo-andrew-ettinger-reinvent-hume-ai/">Business Leader of the Week: CEO Andrew Ettinger to reinvent Hume AI</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>Hume AI, the leading voice AI research company dedicated to aligning artificial intelligence with human well-being, recently announced a new CEO. The new boss, Andrew Ettinger, who has 15 years of <a href="https://internationalfinance.com/technology/want-ai-proof-your-career-check-out-the-list-affordable-leadership-courses/"><strong>leadership</strong></a> in data and AI infrastructure, building and scaling teams responsible for over USD 2 billion in ARR (Annual Recurring Revenue) at companies like Pivotal, Astronomer, and Appen, will now accelerate the tech company&#8217;s momentum in research services.</p>
<p>Andrew Ettinger recently served as Chief Revenue Officer at Appen, where he led commercial operations supplying hyperscalers and AI labs with proprietary datasets and LLM evaluation software. Appen is a leading AI data collection company that delivers high-quality, custom data across all languages and modalities (text, image, audio, and video) to create tailored datasets for training diverse AI models.</p>
<p>New York-based data company Astronomer specialises in DataOps and AI orchestration. The company&#8217;s flagship platform, Astro, allows businesses to build, manage, and scale complex data pipelines and AI workflows.</p>
<p>Reacting to the news of his hiring, Ettinger said, &#8220;Voice in AI is evolving from a feature to the primary interface for the next generation of applications and devices. Understanding emotion will be essential to unlocking AI&#8217;s full potential, and that will require ongoing systems that incorporate human-in-the-loop feedback. That&#8217;s where Hume AI&#8217;s data, annotation, and reinforcement-learning infrastructure is setting the pace for the industry.&#8221;</p>
<p>Hume AI recently agreed to license certain technologies non-exclusively to Google. Additionally, co-founder Alan Cowen has joined the company led by Sundar Pichai.</p>
<p><strong>Tough Test Awaits Andrew Ettinger</strong></p>
<p>Andrew Ettinger has a rich portfolio of guiding data and AI infrastructure-related companies, and his background is rooted in scaling enterprises. He studied Business Marketing at The Ohio State University. Rather than focusing on engineering or academia, Ettinger has leaned into growth, revenue, and, most importantly, figuring out how to take emerging technologies and turn them into sustainable businesses.</p>
<p>Over the years, Andrew Ettinger has developed a reputation for helping startups move from early traction to serious revenue scale. A significant part of that was developing go-to-market strategies, building sales teams, establishing customer success structures, forging partnerships, and addressing the operational side that often determines whether a tech company can sustain its momentum beyond its early stages.</p>
<p>One of Andrew Ettinger&#8217;s more visible roles was at Pivotal Software, where he was involved during a high-growth phase. The company expanded rapidly, and Ettinger played a part in scaling revenue significantly before its IPO. Later, at Astronomer, he worked in global sales leadership, helping expand enterprise adoption of data and open-source tools. The roles at Pivotal Software and Astronomer helped Ettinger master the art of commercialising complex technical products for large customers.</p>
<p>As already mentioned, Andrew Ettinger served as Chief Revenue Officer at Appen before becoming CEO at Hume AI. Appen provides data and evaluation services used to train and improve machine learning systems. That role put him right in the middle of the AI infrastructure world, working with major labs and technology companies, and gave Hume AI&#8217;s new CEO direct exposure to how modern AI products are built and deployed.</p>
<p>Hume AI, in the coming months, will be eyeing a fresh restart, as its previous CEO, Alan Cowen, along with several of the top engineers, got snapped up by Google in January 2026 in another incident of talent poaching, where promising individuals from small AI startups are being &#8220;inducted&#8221; into the fold of global tech titans. Cowen and his former Hume AI colleagues will now work with DeepMind to improve Gemini’s voice features, as per WIRED.</p>
<p>While Hume AI will continue to supply its technology to other AI firms, Andrew Ettinger, who joined the company a couple of weeks back before being promoted as the CEO, told TechCrunch that <a href="https://internationalfinance.com/technology/google-disrupts-chinese-hacking-operations-more-than-nations/"><strong>Google</strong></a> has a &#8220;non-exclusive right to certain technologies, and we’ll be infusing that into their processes.&#8221;</p>
<p>According to reports, his immediate priority will be to release new models in the coming months and set up Hume AI to bring in USD 100 million in revenue this year.</p>
<p>Hume AI, to some extent, has become a victim of the new trend called &#8220;acqui-hire,&#8221; where tech biggies poach top AI talent (including startups&#8217; teams) to stay ahead of the innovation curve, while skirting regulatory scrutiny by acquiring a startup’s talented individuals rather than the company outright.</p>
<p>In 2025, Google followed the same template by acquiring viral AI coding startup Windsurf’s CEO and other top researchers. OpenAI, which itself started as a non-profit research lab in 2015, has been a prominent practitioner of acqui-hire, bringing in several startup teams in recent months, including Convogo and Roi.</p>
<p>Hume AI, which dubs its model as the &#8220;World&#8217;s Most Realistic and Expressive Voice AI,&#8221; has customised the tool to understand a user’s emotions and mood based on their voice. In 2024, the startup launched its &#8220;Empathetic Voice Interface,&#8221; a conversational AI with emotional intelligence.</p>
<p>The company has raised funding close to USD 80 million to date, according to PitchBook. It only made sense for Google, which has been steadily improving its Gemini Live feature, which allows a user to have conversations with the chatbot, to go after Alan Cowen and his colleagues to refine the tech giant&#8217;s product further and beat the industry competition.</p>
<p>The post <a href="https://internationalfinance.com/business-leaders/business-leader-week-ceo-andrew-ettinger-reinvent-hume-ai/">Business Leader of the Week: CEO Andrew Ettinger to reinvent Hume AI</a> appeared first on <a href="https://internationalfinance.com">International Finance</a>.</p>
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