Technology

• Beaten Down Loans from Proofpoint, Sophos Climb as AI Fears Ease
  A series of leveraged loans recently sold by software companies are climbing as investor fears about the industry ease and lenders that couldn’t originally buy the debt snatch it up.
• EA Turns to Egan-Jones Rating as Angry Bondholders Claim Default
  Electronic Arts has told a group of creditors that it secured an investment-grade rating from Egan-Jones Ratings Co. for a subset of bonds, using the designation to counter claims that it owes them a premium after the video-game maker was taken private.
• Data Center Darling’s $30 Billion IPO Dream Crushed in 48 Hours
  In 48 hours, Firmus Grid Ltd. went from a rising star of the artificial intelligence data center boom to one of the biggest deal flops in recent memory.
• Andreessen Horowitz Backs Jev Maker at $7.5 Billion Value
  TypeSafe AI, the startup behind Jev, a new artificial intelligence model that went viral after it launched only a few weeks ago, has raised about $870 million at a $7.5 billion valuation in a financing led by Andreessen Horowitz.
• UK Plans to Curb Non-Compete Rules That Angered AI Startups
  The UK is set to curb hiring restrictions that force employees to wait before moving jobs or starting companies, an issue that has drawn the ire of the nation’s technology startups.
• Virgin Media Bonds Slide Deeper Into Distress on Snagged Deal
  Virgin Media O2’s bonds are slumping again on Friday, extending weeks of declines that have sent its notes to deeply distressed levels.
• Koch Nets Nearly $1 Billion From Infor Payouts in Two Years
  A unit of Koch Inc. received a payout of almost $700 million from software firm Infor’s international business last year, according to a UK filing, taking the total dividend for the past two financial years to almost $1 billion.
• Tax Breaks Partly Fuel Data Center Boom, Democratic Report Says
  Generous state and local tax breaks for data center building is causing the loss of billions in tax revenue, according to a new report from Senate Democrats.
• Jefferies’ Chris Wood Sees ‘Massive Capital Destruction’ in AI
  The most likely long-term outcome of the AI boom will be massive capital destruction in the US, with market share going to cheaper open-source Chinese models, according to Jefferies Financial Group Inc.
• Bending Spoons CEO Sees Buying Opportunities in SaaSpocalypse
  Falling valuations for software companies create buying opportunities, Bending Spoons SpA Chief Executive Officer Luca Ferrari said, as his firm aims to benefit from artificial intelligence disrupting the industry.
• How AI Is Upending the World of Mathematics
• Firmus Is Said to Explore Raising $3 Billion After Shelving IPO
  Firmus Grid Ltd. is exploring raising up to $3 billion in a private funding round, people familiar with the matter said, after the data center company abandoned plans for what would have been one of Australia’s biggest initial public offerings.
• DayOne In Talks With Banks for Potential $500 Million Bond
  DayOne Data Centers Ltd. has been in preliminary talks for weeks with banks about a potential $500 million bond offering, according to people familiar with the matter, even as the Singapore-based company plans to list in the US.
• Anwar Budget Targets Cost of Living and AI Before Malaysia Election
  Malaysian Prime Minister Anwar Ibrahim pledged to spend to ease cost-of-living pressures while using stronger economic growth to keep his deficit-reduction plans on track, in a 2027 budget that may be his last before he calls a general election.
• Asia Data Center Boom Is Vulnerable to US Policies, Jardine Says
  Asia’s booming data-center industry faces growing political risks as billions of dollars in investment hinge on a handful of US technology giants whose ability to operate globally could be upended by Washington’s increasingly unpredictable stance toward China, according to the chief of one of Hong Kong’s biggest conglomerates.
• SoftBank Seeks $100 Billion From Gulf States for AI, FT Says
  SoftBank Group Corp. seeks to raise as much as $100 billion from Gulf investors to help it amp up its bets on AI, the Financial Times reported, citing people familiar with the matter.
• Netflix, Streaming Rivals Dominate $6 Billion Asia Sports Arena
  Streaming services from Netflix Inc. to China’s Tencent Holdings Ltd. now pay half of all fees to broadcast sports across Asia, underlining how digital services are upending traditional media around the world.
• OpenAI Expects $70 Billion in Annualized Revenue by End of 2026
  OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, according to people familiar with the matter, driven largely by growth in its enterprise business.
• Nvidia-Backed Lumentum Sees Opto-Parts Capacity Sold Out to 2029
  Lumentum Holdings Inc.’s optoelectronic parts are “completely sold out” through almost 2029 on demand from tech companies clamoring for faster AI data centers.