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Microsoft revenue up 18% after ‘infusing AI’

The Big Tech giants Microsoft and Alphabet – the parent company of Google – released earnings on Jan. 30 for the previous quarter, with highlights including developments in AI and cloud computing, among others. 

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The Big Tech giants Microsoft and Alphabet – the parent company of Google – released earnings on Jan. 30 for the previous quarter, with highlights including developments in AI and cloud computing, among others. 

Over the last year, AI was one of the most prominent topics in the tech industry, with a global market size reaching $196.6 billion in 2023. Microsoft and Google were among the leaders in the AI development space in 2023, both releasing their own high-level chatbots.

Microsoft saw accelerated sales at the end of the year, with its AI tools being a major factor. According to the report, the company revenue rose 18% year-on-year from September to December to more than $60 billion.

Along with its AI offerings, Microsoft’s sales of its cloud computing service of Azure rose 30% year-on-year, which was a better result than predicted by industry analysts. The company’s overall profits for Q4 were up 33% year-on-year, coming in at $21.9 billion. 

Microsoft entered 2024 launching the pro-version of its AI chatbot Copilot, which includes the capabilities to create custom GPTs and Office integration. However, it also entered the new year caught in a major copyright lawsuit against the New York Times, along with OpenAI.

Google started the year by outlining a plan for cutting jobs, in exchange for reaching its ambitious goals in areas including AI. In January 2023, it announced a cut of 6% to its global workforce and by September 2023, the company had laid off 182,381 employees globally. 

Nonetheless, Google started the year with the release of a new realistic AI text-to-video generator called “Lumiere,” which uses a time-space diffusion model to transform text and images into realistic AI-generated videos with on-demand editing capabilities.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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