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Bank of America Bets $1.9 Billion on India’s Credit Boom with Jio Financial Stake

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‼️ 🇮🇳 Bank of America Corporation and Jio Financial Services Limited (JFSL) have announced a definitive agreement for Bank of America to acquire up to a 49.9% stake in Jio Credit Limited (JCL), JFSL’s wholly-owned non-bank financial company lending subsidiary, through a preferential allotment of equity shares and warrants. The investment, including equity shares and warrants, is valued at approximately ₹18,268 crore (~$1.9 billion USD)

Tencent Tops Revenue View With 11% Growth, But Profit Stalls as Capex Surges 65%

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‼️ Tencent Holdings Ltd.’s revenue grew a faster-than-projected 11%. Revenue for the three months ended June climbed to 204.8 billion yuan ($30.4 billion), beating the average analyst forecast by about 1%. Net income however barely rose, depressed by a one-time accounting loss. Tencent’s capital expenditures in the quarter soared more than 65% from the previous three months.

Sanders to AI Titans: Freeze Development Before Machines Outrun Human Control

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‼️ 🧠 ‘Avoid disaster’: Sanders urges Meta, OpenAI, and Anthropic to freeze AI development. “It is not too late to avoid disaster,” Sanders wrote. “Stop building machines that humans cannot control.” A separate letter released on Monday by a group of House Democrats called on House Speaker Mike Johnson to “immediately schedule” hearings with the CEOs of the largest A.I. companies.

Devin Writes Its Own Paycheck: Cognition AI Eyes $40B+ Valuation

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‼️ 🧠 Peter Thiel-backed Cognition AI in talks to raise funding at $40B+ valuation: report. The company’s annualized revenue run rate is now approaching $1B. Cognition AI’s automated coding agent, Devin, has fueled the company’s growth through strong enterprise adoption, securing major clients including Goldman Sachs, Mercedes-Benz and several U.S. government agencies