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☆ Middle East wealth funds are scrambling to rescue their big bets on the future
▼ + stars: | 2024-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A particular focus for these funds built on the back of petrodollars has been to build ownership and influence in the tech sector. FETHI BELAIDOver the past week, PIF and Mubadala have been busy figuring out what to do when their unbridled ambitions for tech companies face reality. Reports from the Financial Times and Bloomberg have shone a light on efforts being made by the sovereign wealth fund to boost returns in European startups in which it has invested billions of dollars. AdvertisementSeveral of these nascent tech companies, such as the insurance firm WeFox, have been bruised by shifting sentiment in the markets in recent years.

Persons: —, Abu Dhabi's Mubadala, SoftBank's, ByteDance, Prince Mohammed bin Salman, Peter Rawlinson, Lucid, John Keeble, Rawlinson, PIF, it's, Mubadala Organizations: Service, Saudi, Public Investment Fund, Business, PIF, Financial Times, Bloomberg Locations: Middle, petrodollars, Saudi, California

☆ Lucid gets $1.5 billion cash infusion from Saudi shareholder, beats revenue estimates
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +1 min

Lucid Group said on Monday its largest shareholder, Saudi Arabia's Public Investment Fund, will inject $1.5 billion in cash, as the electric vehicle maker looks to add new models to its product line. The company also reported second-quarter revenue above analysts' estimates as price cuts helped drive higher sales of its luxury electric sedans during the April-June period. Revenue for the second quarter was $200.6 million, compared with analysts' estimate of $192.1 million, according to LSEG data. The company posted a net loss of $790.3 million in the June quarter, compared with a loss of $764.2 million a year earlier. It ended the second quarter with cash and cash equivalents of $1.35 billion, compared with $1.37 billion at the end of 2023.

Persons: Tesla Organizations: New York, Lucid, Saudi, Public Investment Fund, EV maker's, Ayar, Investment Locations: PIF

OAKLAND, California, June 13(Reuters) - Silicon Valley-based AI chip startup SiMa.ai on Tuesday said it raised an additional $13 million from investors including a key fund in Taiwan called VentureTech Alliance, which has a strong strategic partnership with Taiwan Semiconductor Manufacturing Co (2330.TW). This is at least the third investment in U.S. chip startups by VentureTech Alliance in the past month. British AI chip unicorn Graphcore's struggles have been widely reported. Rangasayee also pointed to one recent benchmark testing result by SiMa.ai that beat AI chip giant Nvidia Corp (NVDA.O) in performance and power of chips used on devices like cameras, drones and robots. The testing data is published by MLCommons, an engineering consortium that maintains testing benchmarks widely used in the AI chip industry.

Persons: VentureTech, Ethernovia, SiMa.ai, Navin Chaddha, Mayfield, Chaddha, they're, Moshe Gavrielov, Krishna Rangasayee, MLCommons, it's, David, Goliath, Jane Lanhee Lee, Lisa Shumaker Organizations: VentureTech, Taiwan Semiconductor Manufacturing, VentureTech Alliance, Ayar Labs, Nvidia Corp, Nvidia, Thomson Locations: OAKLAND, California, Taiwan, British

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