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Tag: bloomberg

  • Meta has closed three VR studios as part of its metaverse cuts

    Several of Meta’s VR studios have been affected by the company’s metaverse-focused layoffs. The company has shuttered three of its VR studios, including Armature, Sanzaru and Twisted Pixel. VR fitness app Supernatural will no longer be updated with fresh content.

    Employees at Twisted Pixel, which released Marvel’s Deadpool VR in November, and Sanzaru, known for Asgard’s Wrath, posted on social media about the closures. Bloomberg reported that Armature, which brought Resident Evil 4 to Quest back in 2021 has also closed and that the popular VR fitness app Supernatural will no longer be updated with fresh content.

    “Due to recent organizational changes to our Studio, Supernatural will no longer receive new content or feature updates starting today,” the company wrote in an update on Facebook. The app “will remain active” for existing users.

    A spokesperson for Meta confirmed the closures. “We said last month that we were shifting some of our investment from Metaverse toward Wearables,” the spokesperson said in a statement to Engadget. “This is part of that effort, and we plan to reinvest the savings to support the growth of wearables this year.”

    The cuts raise questions about Meta’s commitment to supporting a VR ecosystem it has invested heavily in. The company hasn’t announced any new VR headsets since the Quest 3S in 2024, and last month it “paused” planned Horizon OS headsets from Asus and Lenovo. Now, it’s also pulling back on in-house game development too.

    Meta is claiming, internally at least, that it remains committed to supporting the industry. “These changes do not mean we are moving away from video games,” Oculus Studios director Tamara Sciamanna wrote in the memo reported by Bloomberg. “With this change we are shifting our investment to focus on our third-party developers and partners to ensure long-term sustainability.”

    Have a tip for Karissa? You can reach her by email, on X, Bluesky, Threads, or send a message to @karissabe.51 to chat confidentially on Signal.

    Update, January 13, 2026, 2:13PM PT: This post was updated to additional information about Supernatural.

    Karissa Bell

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  • Inside Singapore’s AI bootcamp to retrain 35,000 bankers

    Kelvin Chiang knew the five agentic AI models built by his team could in ten minutes do what used to take a private banker an entire day. With that in place, he went to show Singapore’s banking regulator the safeguards would sufficiently control the risks. Before rolling out the tool that drafts documents for relationship […]

    Bloomberg News

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  • Dutch fintech Bunq reapplies to become a bank in the US

    The Dutch fintech Bunq BV applied to become a US bank two years after rescinding a previous application made under former President Joe Biden. “We believe that this is a unique opportunity for us,” founder and Chief Executive Officer Ali Niknam said in an interview. The company said it submitted its application for a national […]

    Bloomberg News

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  • What Zohran Mamdani and Michael Bloomberg Have in Common

    Such visions play a role in any administration, but there’s also the work of actual city governance. When Mamdani and Bloomberg met in September, for a conversation that the longtime Bloomberg aide Howard Wolfson called “definitely cordial,” they reportedly spoke about hiring and retaining talent. Mamdani, like Bloomberg before him, arrives at City Hall relatively unencumbered by the tangle of obligations and relationships that accumulate over a long career in public service. Like Bloomberg, he is poised to hire with commitments beyond political favor-trading. “Mike was talent, talent, talent,” Bradley Tusk, who served in Bloomberg’s administration and managed his 2009 campaign, told me. “The thing he did best by far was convince a lot of talented people to come work in city government.” Mamdani’s appointment to his transition team of the former Federal Trade Commission head Lina Khan, a bugbear of business élites, suggests a flair for attracting eye-catching national figures (even if what role such a figure might play in his actual administration remains undetermined). In late November, Mamdani’s team reported that more than seventy thousand people had submitted online applications for jobs in his administration; his first deputy mayor, Dean Fuleihan, has expressed interest in improving the city’s civil-service hiring process.

    Bloomberg had a reputation for endowing appointees with remarkable independence: when Elizabeth Kolbert profiled the then mayor for this magazine, in 2002, one commissioner told her that Bloomberg’s instructions upon giving him the office amounted to “It’s your agency—don’t screw it up.” It isn’t impossible to imagine that Mamdani’s clear need for expertise, and his campaign-trail discipline in discussing only a select handful of policy proposals, might lead him to empower his own administrators with meaningful autonomy. What will it actually take to make those city buses fast and free? And what’s the plan for schools? “Someone described Zohran to me as a socialist technocrat,” Tusk recalled, adding that, when it came to city government, he didn’t see much difference between a capitalist technocrat and a socialist one. “If he’s a technocrat like Mike was, he’ll be a good mayor.” Of course, not all Bloomberg associates agree. “The key to Mike’s success as mayor was world-class management,” Wolfson told me. “He knew how to attract and retain talent and how to meet a bottom line because he had been doing those things for years. I’m not sure what the appropriate comparison would be here.”

    The 2025 mayoral race was, among other things, a battle between money and attention. Cuomo received $28.4 million from Super PACs in the general election—“the most money ever spent to support a single candidate in New York City by Super PACs,” as the good-government group Citizens Union wrote in a report last month. “In fact,” they added, “the only comparison we can make is to Michael Bloomberg’s self-financed, dollar-busting mayoral campaigns in the 2000s.” Money has been Bloomberg’s defining feature for as long as he’s been in public life: money made him mayor, money shaped his mayoralty, and money continues to announce his political will. But, if Bloomberg commands capital, Mamdani—with his eleven million Instagram followers and reliable virality—commands attention, a variety of capital whose political potency Donald Trump has proven in the course of the past decade. And, in this mayoral election, attention came out the undisputed winner.

    In the wake of Mamdani’s success, it has sometimes seemed as though the only lesson that would be learned is that more candidates should get better at making short-form videos. But this undersells Mamdani’s achievement, and the qualities of his that enabled it—including a capacity for connection that feels far more natural and less sweaty than what often passes for personal appeal among politicians. The Bloomberg model of intimate engagement with the city was counting pieces of trash outside the window of his chauffeured car. So far, Mamdani has cultivated a more hands-on ideal of participation, both for himself and for his supporters. Attention, after all, is not strictly a matter of passive digital consumption; it can also be deployed actively. The experience of volunteering for Mamdani attracted young New Yorkers in search of connection, one of whom told the Times, “The people I go to dinner with, the folks I go to concerts with—my day to day is organized around Mamdani.”

    Molly Fischer

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  • Nvidia reaches technology licensing deal with startup Groq

    Nvidia Corp. agreed to a licensing deal with artificial intelligence startup Groq, furthering its investments in companies connected to the AI boom and gaining the right to add a new type of technology to its products. The world’s largest publicly traded company has paid for the right to use Groq’s technology and will integrate its […]

    Bloomberg News

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  • BBVA rolls out ChatGPT to almost all employees in OpenAI deal

    BBVA is giving almost all of its staff access to OpenAI’s artificial intelligence tools after expanding its partnership with the technology firm. The Spanish banking group said its more than 120,000 workers will be able to use ChatGPT Enterprise, following a pilot with 11,000 staff that found it saved three hours per week on routine […]

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  • OpenAI finds AI saves workers nearly an hour a day on average

    OpenAI’s artificial intelligence products are saving workers an average of about 40 to 60 minutes a day on professional tasks, according to a large survey conducted by the ChatGPT maker amid lingering skepticism of the economic benefits of AI. Employees in industries such as data science, engineering and communications, as well as certain roles like accounting, […]

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  • Revolut notches $75 billion valuation in latest share sale

    Revolut Ltd. garnered a $75 billion valuation in its latest share sale after months of courting investors, a steep increase from the $45 billion price tag it received last year. The round was led by Coatue, Greenoaks, Dragoneer and Fidelity Management & Research Company, according to a statement. Nvidia Corp.’s venture capital arm NVentures, Andreessen […]

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  • GoTo taps new CEO in step toward game-changing Grab takeover | Fortune

    GoTo Group appointed a new chief executive officer to replace Patrick Walujo, a move that’s expected to speed the takeover of Indonesia’s largest internet company by Grab Holdings Ltd.

    Chief operating officer Hans Patuwo will take the helm from Walujo, the company said Monday. His appointment—which requires shareholder approval—comes after GoTo co-founders and prominent investors including SoftBank Group Corp. pushed for Walujo’s ouster over a dismal stock performance.

    The change-up marks an about-face for GoTo, which in January said Walujo, 50, would run the company for years to come. The former investment banker helped usher the Indonesian ride-hailing and delivery giant to its first profit over a two-and-a-half-year tenure as CEO. But the company lost more than 40% of its value over the same period, and he also opposed a takeover by Singapore’s Grab.

    Shares of GoTo climbed as much as 6.3% in Jakarta Monday, giving the company a market value of about $5 billion. Grab, traded in New York, has a market capitalization of $20 billion.

    “The transition could signal a pivot towards operational focus and revive the long-stalled proposed Grab-GoTo merger,” Citigroup Inc. analysts Ferry Wong and Ryan Davis wrote. 

    Patuwo, 49, is now set to steer a company mired in a persistent funk, grappling with a global shift towards artificial intelligence and preparing to revive talks with Grab. The likelihood of a takeover—after years of on-and-off discussions—is increasing after Indonesia’s government said it’s talking to the two companies about a deal.

    The country’s sovereign wealth fund, Danantara, is set to get involved in a plan to combine the companies. The fund began exploring a minority stake in a combined entity early this year, people familiar with the matter said in June.

    Its involvement could smooth concerns that consumers will lose out in a marriage of the country’s two biggest ride-hailing providers. “Danantara’s possible minority stake in a potential combined entity would serve as both a symbolic and structural safeguard of national interest,” and would assuage monopoly concerns, the Citigroup analysts wrote.

    Patuwo joined the company more than seven years ago from an Indonesian conglomerate, according to his LinkedIn profile. He started at the ride-hailing arm Gojek, building relationships with drivers and merchants and expanding its network across the country. Patuwo then moved to head payments and financial services.

    Among other leadership changes, GoTo said it’s appointing co-founder Andre Soelistyo to the board of commissioners. In Indonesia, company commissioners typically function as a separate body from directors, serving as a sort of steering committee on matters including corporate governance.

    Soelistyo, who headed the company before he was replaced by Walujo, helped carry out the merger of Gojek and e-commerce firm Tokopedia that created Indonesia’s biggest internet company. Previously, he was an executive director at Northstar Group, Walujo’s former private equity firm.

    GoTo shareholders will vote on matters including the leadership shift in an extraordinary general meeting on Dec. 17.

    Olivia Poh, Bloomberg

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  • Block expects profit growth to accelerate over next three years

    Block Inc. expects profit growth to accelerate over the next three years as Jack Dorsey’s payments firm anticipates launching products at a faster clip while doubling down on efforts to integrate its consumer-focused Cash App and merchant payment service Square. In 2026, Block forecasts 17% gross profit growth year-over-year to $11.98 billion. The outlook marks […]

    Bloomberg News

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  • Nubank says AI helped boost clients’ credit-card limits

    Nu Holdings Ltd. said artificial intelligence features it started to deploy in Brazil helped the fintech increase credit-card limits for some clients, boosting third-quarter revenue and profit. Nubank, as the company is known, said its portfolio rose 42% to $30.4 billion through September, according to financial statements Thursday. Chief Financial Officer Guilherme Lago said AI […]

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  • MUFG ties up with OpenAI to accelerate AI use in bank services

    Japan’s largest bank announced a tie up with OpenAI to accelerate its use of artificial intelligence, including in a new digital lender that’s set to open next fiscal year. Activities like account openings will be supported through AI chat and other methods, according to Mitsubishi UFJ Financial Group Inc. The firms will also create a […]

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  • Fed’s Barr calls for guardrails as financial sector adopts AI

    Federal Reserve Governor Michael Barr said there needs to be clear guardrails to prevent risks as the financial sector looks to adopt artificial intelligence in its core functions. Regulators need to get the balance right between innovation and stability to ensure that AI boosts growth and productivity over the long-term, Barr said at the Singapore […]

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  • Lloyds tasks 7,000 staffers with testing out AI assistant

    Lloyds Banking Group Plc is using thousands of its staff as guinea pigs for an AI financial assistant it’s designed to help customers manage their spending, saving and investments. The British bank said the tool will roll out next year to coach customers through their finances, with extra features added gradually to cover the lender’s […]

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  • Starbucks sells 60% of China unit to Boyu at $4 billion value | Fortune

    Starbucks Corp. agreed to sell a majority stake in its China business to private equity firm Boyu Capital at a $4 billion enterprise value in a bid to improve the coffee chain’s flagging fortunes in the country. 

    Boyu Capital will hold up to a 60% interest in Starbucks’ retail operations in China through a new joint venture with the coffee seller, the companies said in a statement. Starbucks will hold the remaining 40% and continue to license the brand and intellectual property to the joint venture.

    The agreement marks the end of a search for a partner to help chart Starbucks’ next chapter in China, where it has about 8,000 stores after opening its first outlet in Beijing in 1999. However, Starbucks has struggled in recent years, along with other Western companies that have lost ground to local rivals amid rising nationalism and reluctance to pay premiums for foreign brands. 

    Xiamen-based Luckin Coffee Inc. dethroned Starbucks as China’s biggest coffee chain two years ago by selling coffee at one-third of its price. And while Starbucks’ store format is expensive to upkeep, customers have become less willing to pay higher prices for its drinks since the COVID pandemic and ongoing economic downturn.

    “Starbucks’ store expansion has been restrained amid fierce competition from local rivals, and the deal is expected to accelerate growth with sufficient funds and Boyu’s retail experience,” said Jason Yu, Shanghai-based managing director of CTR Market Research. “Boyu needs to balance Starbucks’ brand positioning and its participation in price competition, otherwise it will harm its long-term profitability in China.”

    Bloomberg previously reported that Boyu had emerged as the front-runner, and that others including internet companies could join as limited partners to help co-finance a deal.

    The private equity firm is also in talks with banks for a loan of around $1.4 billion-equivalent to support its investment in Starbucks’ China business, according to people familiar with the matter. 

    Real estate expertise

    Starbucks is the latest foreign retail business to enlist a local partner to turn around their ailing fortunes in China as a persistent property slump sours consumer appetite for everything from premium luxury goods to ice creams. General Mills, which owns Häagen-Dazs, is also working on a potential sale of its more than 250 stores in China. Restaurant Brands International Inc. is also said to be mulling a sale of a controlling stake in Burger King’s China business to local private equity firms. 

    McDonald’s Corp. and Yum! Brands Inc.’s KFC, have brought in local investors for their China businesses years ago, helping the fast food chains become successful in staying competitive over the years.

    Boyu’s links in China is likely to have been a winning factor in Starbucks’s view. Its expertise in commercial real estate and property management—it recently bought a controlling stake in an operator of China’s top luxury malls SKP and also controls property management services provider Jinke Smart Services Group—could help the coffee chain refine and expand its store network. 

    “We see a path to grow from today’s 8,000 Starbucks coffeehouses to more than 20,000 over time,” Starbucks Chief Executive Officer Brian Niccol said in a blog post.  

    China turnaround

    As part of its efforts to lure back customers in China, Starbucks earlier this year opened free “study rooms” in some of its stores there. Under new China chief Molly Liu, the chain has also expanded its drinks menu to include more sugar-free options and teas catering to local tastes, slashed prices on a slew of beverages and upped its options for customizing orders. That’s in contrast to recent moves in the US, where the menu has been simplified to boost operational efficiency. 

    These incremental steps have helped the coffee chain stem a sales decline in China since earlier this year, with comparable sales returning to growth in the past two quarters. Niccol expressed confidence in the brand’s long term growth potential during an earnings call last month and expected the business to enter next year “on stronger footing.”

    Starbucks expects the total value of its China retail business to exceed $13 billion, including the value of licenses, according to the statement.

    The coffee seller’s shares rose less than 1% at 6:17 p.m. in after-hours trading in New York. The stock has declined about 11% this year, trailing a nearly 17% advance by the S&P 500 Index. 

    Bloomberg

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  • Amazon inks $38B deal with OpenAI for Nvidia chips

    Amazon.com Inc.’s cloud unit has signed a $38 billion deal to supply a slice of OpenAI’s bottomless demand for computing power. Amazon shares surged. Amazon Web Services will provide the ChatGPT maker with access to hundreds of thousands of Nvidia Corp. graphics processing units as part of a seven-year deal, the companies announced on Monday. […]

    Bloomberg News

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  • Coinbase Stock Touches $350 After Positive Q3 Earnings, New Acquisition — Details

    After what started as a disappointing week, the Coinbase stock (Ticker: COIN) seems to be back on a recovery path. COIN briefly touched the $350 level on Friday, October 31st, rallying on the positive earnings report and new developments from this week.

    According to a new report, Coinbase has also entered into late-stage talks to purchase stablecoin infrastructure BVNK in an estimated $2 billion deal. This move represents a play in a much larger stablecoin industry push by the largest US-based cryptocurrency exchange.

    Exchange Closes In On $2 Billion BVNK Deal

    On Friday, Bloomberg reported that Coinbase is looking to complete a $2-billion acquisition of the London-based BVNK, pending due diligence. The San Francisco-based cryptocurrency company expects to close this deal before the year’s end or early next year, according to one of the sources close to the matter.

    Related Reading

    According to the report, the company’s venture capital arm, Coinbase Ventures, is an investor in BVNK. One of the cited sources also revealed that while the deal is already in late-stage talks, terms may change, and the deal is still at risk of collapsing. 

    A Coinbase spokesperson told Bloomberg in a statement:

    We don’t comment on rumors or speculation. Driven by our mission to expand economic freedom globally, we actively explore various opportunities—whether through building, acquiring, partnering, or investing – to advance our mission.

    This latest Bloomberg report somewhat adds credence to the Fortune report—from earlier this week—that disclosed that Coinbase holds exclusivity with BVNK for takeover talks after winning the bidding war. Mastercard was reportedly also engaged in talks with the stablecoin infrastructure before setting its sights on Zerohash, another crypto startup, for over $1.5 billion. 

    Hence, this BVNK purchase by Coinbase, if completed, would represent the latest one in a growing list of stablecoin-related deals in recent months. These developments come on the back of the introduction of the first crypto regulation (the GENIUS Stablecoin Act) in the United States.

    Coinbase Posts Strong Earnings In Q3 2025

    While Coinbase’s Q3 earnings call trended for an unusual reason, after CEO Brian Armstrong dropped a list of crypto buzzwords relevant to the Mentions Market, the crypto company delivered strong profits in the last quarter. 

    The US-based crypto company reported about $1.9 billion in revenue and a bottom line of approximately $432.6 million in 2025’s third quarter, representing a 55% year-over-year increase. Meanwhile, the firm’s Bitcoin holdings have also jumped by 2,772 BTC to 14,458.

    As of this writing, the Coinbase stock (COIN) is valued at about $343.78, reflecting a 4.6% jump in the past 24 hours.

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    The price of COIN on the daily timeframe | Source: COIN chart on TradingView

    Featured image from Shutterstock, chart from TradingView

    Opeyemi Sule

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  • Cloudflare shares rise to record after beating sales outlook

    Cloudflare Inc. shares surged to a record after posting better-than-expected sales figures that topped quarterly and annual estimates, following a reorganization and the addition of more large enterprise customers. The cybersecurity firm projected sales of $589 million in the fourth quarter, exceeding analysts’ estimates of $580.9 million on average. Cloudflare’s revenue totaled $562 million last […]

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  • Meta, Microsoft test investors with 89% AI-fueled spending surge

    The largest technology companies are betting on an AI future powered by gigantic data centers filled with humming servers. Now that the staggering cost of this push is coming into sharper focus, it’s testing nerves on Wall Street. Three bellwethers from different corners of the technology world – Alphabet Inc., Meta Platforms Inc. and Microsoft […]

    Bloomberg News

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  • Visa earnings top estimates as consumers spend on cards

    Visa Inc. reported fiscal fourth-quarter earnings that topped estimates as consumers continued to swipe, tap and insert their credit cards to transact globally. Adjusted net income totaled $5.8 billion, or $2.98 a share, up 7% from a year earlier. That slightly exceeded analysts’ estimates of $2.97 a share. Visa said in July that it expected earnings per […]

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