ARM muscles up for bumper IPO with $70bn valuation and 28 rostered banks August 22, 2023 SoftBank Group Corp’s Arm Holdings Ltd reported a 1% fall in annual revenue due to a slowdown in smartphone sales, after the chip designer disclosed the paperwork for an initial public offering (IPO) that is expected to be the largest of the year. Arm’s stock market launch is expected to bring back to life a lackluster IPO [...]
London SMEs committing over half of annual revenue to tech investment, data reveals August 22, 2023 London’s small and medium-sized enterprises (SMEs) are ramping up their tech budgets, allocating over half of their annual revenue to technology investments, according to a report by Barclays. In the capital, SMEs are directing an average of 54 per cent of their annual revenue to technology investments, such as data analytics and artificial intelligence tools, [...]
Aviva’s UK unit testing AI for ‘quicker solutions’ August 21, 2023 The head of Aviva’s UK unit has revealed that the insurance giant is experimenting with artificial intelligence across its business. Adam Winslow, CEO of Aviva UK & Ireland General Insurance, told the Insurance Post that virtual assistants and chatbots were the “obvious next step” for offering customers “quicker solutions to whatever their query is”. “There [...]
The Tories won’t redesign the NHS but they could get rid of the bottlenecks August 21, 2023 We have long since past the point where we will fundamentally change a free-at-point-of-care system, but the Conservatives can deal with the bottlenecks, writes Eliot Wilson.
Nvidia: Analysts say “more juice for the orange” as share price spikes August 20, 2023 Ahead of its second-quarter results, American chip designer Nvidia is riding high after a successful first half, with shares skyrocketing over 200 per cent since January, and analysts foreseeing more gains. Nvidia, the S&P 500’s star of the year, is anticipated to report a 65 per cent year on year sales surge to $11.1bn (£8.7bn). Earnings [...]
Barbie and Oppenheimer gives Everyman a £11m summer boost August 18, 2023 Everyman reported nearly £11m in revenues after Barbie and Oppenheimer – together known as ‘Barbenheimer’ – drew in record numbers of crowds. The boujee cinema chain said the lucrative film pairing, released in the final week of July, helped the group rake in a revenue of £10.6m in the month of July, up from £7.1m [...]
Lenovo hit by global slump in PC demand following pandemic frenzy August 17, 2023 Chinese computer maker Lenovo has reported a near quarter fall in revenues as global PC sales struggle to recover from a post-pandemic slowdown. Lenovo revenue shrank 24 per cent between April and June to $12.9bn (£10.1bn), below average Refinitiv forecasts of $13.8bn (10.9bn), as computer sales declined. Shares dipped over three per cent on Thursday [...]
Sunak’s global AI safety summit plans ‘vague’ despite provisional autumn date August 16, 2023 The government is yet to announce details for its global AI safety summit, which it is planning to hold in the UK later this year. In June, Prime Minister Rishi Sunak announced the UK’s plans to host the first major global summit on AI safety in autumn this year. Speaking at London Tech Week, Prime [...]
India remains an untapped source of wealth for future UK trade and tech prosperity August 16, 2023 There are clear economic benefits that we could reap from bilateral trade with India, as well as exciting technological opportunities, writes Constantin Cotzias
Most European financial services bosses wary of ‘unintended consequences’ of AI August 14, 2023 A new survey has revealed the extent to which chief executives of European financial services companies are concerned about the potential dangers of AI. The latest EY CEO Outlook Pulse Survey has revealed that 63 per cent of financial services bosses are concerned not enough is being done to manage the “unintended consequences” of artificial [...]