March 8, 2026: Lowest NASDAQ Close Of 2026

Last week, Dow Jones fell 3%, S&P 500 lost 2%, Nasdaq composite declined 1.2%. Nvidia is doubling down on infrastructure, investing US$4 billion into photonics leaders Lumentum and Coherent, while simultaneously licensing Groq’s technology for a new inference-specific chip. This shift was mirrored at Broadcom, where AI chip revenue surged 140% to US$10.7 billion, lifting overall growth to 47% despite sluggishness in non-AI segments. OpenAI could be officially prepping for a historic IPO, anchored by a US$730 billion pre-money valuation and a US$30 billion investment from Nvidia. SoftBank is betting the farm to stay relevant, seeking a record US$40 billion bridge loan to fund its own OpenAI ambitions. Meanwhile, a strategic pivot in OpenAI’s commerce strategy, moving from direct in-chat sales to app-based checkouts led to a relief rally for Booking.com and Expedia, which jumped 8.5% and 13% respectively. Anduril is targeting a US$60 billion valuation (roughly 14x 2026 sales), despite forecasting a US$1.2 billion operating loss this year. The Pentagon officially designated Anthropic a “supply chain risk.” Ironically, this spat propelled Claude to the #1 spot on the U.S. App Store. In Canada, Sophic client Kraken Robotics executed a massive growth move, acquiring Covelya Group for $615 million. The combined entity will have pro forma revenue of $365 million and 24% EBITDA margins. Canadian Defense startup, Dominion Dynamics committed $50 million to build a an “autonomous wingman.”

Sophic Client Kraken Robotics (PNG-TSXV, KRKNF-OTC) announces signing of strategic acquisition to expand global maritime capabilities.

Kraken entered into an agreement to acquire Covelya Group Limited, a leading international provider of mission-critical underwater technology solutions. The Company will acquire Covelya Group for total consideration of $615 million, excluding transaction costs and subject to adjustment, of which $480 million will be paid in cash and $135 million will be satisfied through the issue of common shares of the Company to the seller pursuant to a share purchase agreement dated March 3, 2026, between Kraken, its subsidiary Kraken Robotic Systems Inc. and Sonardyne Holdings Limited. Acquisition Rationale: Positions Kraken as a major supplier of dual-use subsea technology; Combined revenue of $365 million in 2025 with a Combined Adjusted EBITDA margin of 24%; Acquiring a high growth (24% revenue CAGR since 2023), profitable company with attractive margins; Allows for deeper customer relationships in the fast-growing defence and maritime surveillance market; Expands product offering and Kraken’s total addressable market in subsea technology; Adds strategic locations for geographic expansion and improves business diversification; Bolsters technical capabilities with an experienced engineering team and highly advanced facilities; Accretive across key financial metrics with opportunity for revenue and cost synergies; Maintains balance sheet strength with flexibility to fund future growth; Capitalizes on supportive trends in both defence and non-defence sectors, including energy. Covelya Group Background: Covelya Group designs, manufactures, sells and supports high-performance underwater technology for maritime defence and commercial customers globally. Through its subsidiary companies, Covelya Group provides a sophisticated suite of technology and software centered around providing reliable navigation, communication, positioning, imaging, measuring, and monitoring for maritime uncrewed systems, as well as some crewed surface vessels. In addition to being a sub-systems provider, Covelya Group also offers stand-alone capabilities, notably deployed sensors and remotely operated towed vehicles (ROTVs). They are a large, highly profitable, high-growth organization that is expected to report revenue in 2025 of between $249 million and $275 million. Covelya Group is headquartered in the United Kingdom with nearly 750 employees, operating 12 facilities across North America, South America, Europe and Asia Pacific. With a track record of more than 50 years in underwater technology, Covelya Group has a strong history of innovation, quality manufacturing, and customer service in addition to extensive, trusted relationships across a diversified client base. In connection with the Acquisition, Kraken has entered into an agreement with a syndicate of underwriters led by Scotiabank and Desjardins Capital Markets, under which the Underwriters have agreed to purchase, on a bought deal basis 41,177,000 Subscription Receipts at a price of $8.50 per Subscription Receipts for aggregate gross proceeds of approximately $350 million. https://t.co/UYzV7RoE27

Sophic Client Hybrid Power Solutions (HPSS-CSE, HPSIF-OTC) secures $120,000 from Ontario’s Critical Industrial Technologies initiative to accelerate development of HPS Air.

Hybrid Power Solutions has been awarded two grants from Ontario’s Critical Industrial Technologies (CIT) initiative powered by the Ontario Centre of Innovation (OCI) to advance its next-generation portable power platform, HPS Air. In a growing roster of 329+ CIT projects announced on March 2nd by Minister Fedeli, Ontario is investing in the adoption and commercialization of critical technologies by industry including 5G, AI, blockchain, cybersecurity, quantum, and robotics. Resulting from the dual investment, Hybrid Power Solutions will receive: $20,000 through the CIT Talent Development Internship (TDI) Program, supporting expansion of technical talent directly contributing to HPS Air development. $100,000 through the CIT Development and Commercialization (DC) Program, plus exclusive access to the uWaterloo-RoboHub powered by Rogers CIT Technology Development Site (Dev Site) to support engineering, prototyping, and commercialization work. “We’re excited and grateful to receive not one, but two program funding awards from the Critical Industrial Technologies initiative,” said Francois Byrne, CEO of Hybrid Power Solutions. “This backing accelerates our progress on HPS Air and supports the technical team driving this next leap forward in portable energy.” “Ontario’s innovation economy is strengthened when industry, government, and innovators work together,” said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation. “Strategic investments through the Critical Industrial Technologies (CIT) initiative accelerate technology adoption, reduce commercialization barriers, and position SMEs to compete global while delivering impactful solutions across key sectors such as mining.” “As Ontario’s mining sector evolves, the integration of critical technologies is essential to improving productivity, safety, sustainability, and global competitiveness,” said Raed Kadri, Vice President of Strategic Initiatives, Business Development and Head of OVIN at OCI. “Through CIT, we are supporting companies as they move from innovation to commercialization, leading to stronger supply chains, the creation of good-paying jobs, and securing Ontario’s position as a global leader in industrial transformation.” https://tinyurl.com/dnw8jms7

UniUni raises US$85 million as it scales gig-powered delivery across North America.

Last-mile logistics tech startup UniUni has secured US$85-million in equity financing and credit facilities to continue its North American expansion efforts. UniUni offers a gig worker-powered e-commerce logistics platform and last-mile delivery service that uses passenger vehicles to deliver goods to consumers. The Richmond, BC-based company announced the fundraising on Tuesday. UniUni said that US$30 million of the raise came from an equity financing round led by Beijing-based private equity firm Rockets Capital, while the remaining US$55 million is a credit facility provided by the Royal Bank of Canada. While UniUni did not disclose who else participated in the round, SEDAR filings with Canadian securities regulators show four unnamed investors from Ontario and Québec contributed just over half of the equity round’s capital. One investor based in Hong Kong and one investor in the Cayman Islands contributed the rest. https://tinyurl.com/29daa9m8

Dominion Dynamics says it will invest $50 million to build a “sovereign autonomous wingman”.

The Ottawa-based startup, which is looking to become an explicitly Canadian competitor to big-name defence contractors like Lockheed Martin or Raytheon, announced its intention to fund an Autonomous Collaborative Platform (ACP) on Thursday evening. ACPs are designed to be sent into high-risk areas, operating as collaborative teammates and executing maneuvers that aren’t possible for manned aircraft, according to Dominion Dynamics. On top of potentially preserving the lives of crewed aircraft, ACPs can also expand the reach and sensing capability of allied forces with persistent surveillance, electronic warfare, and strike support, the company added. Founded in June of 2025, Dominion Dynamics has already raised a total of $26 million from investors. Its quick rise comes as Canada increases its defence commitments to allies, including $81.8 billion in the 2025 budget to “rebuild, rearm, and reinvest” in the Canadian Armed Forces. However, Dominion’s total fundraising to date makes up just over half of its promised investment in the ACP. Pence told BetaKit in an email that the $50 million is an initial multi-year investment to develop and demonstrate the platform, coming from Dominion Dynamics’ capital base and planned financing. He added that there is “potential for additional partners as the program matures.” https://tinyurl.com/yc646t4d

Landing Zones Canada’s AI-enhanced drones get upgrade with $1.1 million investment.

Eleanor Olszewski, the federal minister responsible for Prairies Economic Development Canada (PrairiesCan), continued her streak of Alberta funding announcements on Monday with a strategic investment into autonomous aircraft company Landing Zones Canada (LZC). “AI is creating a real revolution around the world, and Alberta businesses are not just keeping up—they’re leading the way.” Eleanor Olszewski. Olszewski announced a repayable investment of just over $1.1 million under the Regional Artificial Intelligence Initiative (RAII). The funding will support the Medicine Hat, Alta.-based company in enhancing the capabilities of its high-altitude drone that uses AI to autonomously return to base, called the GITPO Remotely Piloted Aircraft System. https://tinyurl.com/365x7acw

On track to hit US$100 million ARR, Spellbook partners with Canadian Bar Association.

An exclusive partnership with the Canadian Bar Association (CBA) is the latest milestone for legal AI startup Spellbook, which says it’s on track to hit US$100 million in annual recurring revenue in 2026. Nearly 90 percent of legal department professionals are either using or moving toward using AI in their work. The legal AI startup announced on Tuesday that it will serve as the exclusive provider of AI-powered contract drafting and review tools for the CBA under a two-year partnership. https://tinyurl.com/27emeewa

OpenAI selects law firms Cooley, Wachtell for IPO prep.

Selecting lawyers to prepare for a listing is one of the first concrete steps the ChatGPT maker has made towards a public listing and usually precedes other measures, such as appointing investment banks to advise on the process. A public listing from OpenAI—which is being valued at US$730 billion in an ongoing funding round, before the US$110 billion investment—would rank as one of the biggest IPOs of all-time and could allow ordinary investors to get a stake in the pioneer of the AI boom. Many factors can delay IPOs, however, including stock selloffs and geopolitical events. Companies sometimes hire lawyers to advise on a plan years before they go public. Anticipation about potential offerings from OpenAI and its younger rival Anthropic have been building for months. OpenAI executives have said privately they could go public as soon as the fourth quarter and were laying the groundwork to do so, a process that usually includes legal preparations and extensive negotiations with securities regulators. Another clue about OpenAI’s IPO plans came from an important partner of the company on Wednesday. Jensen Huang—the CEO of chipmaker Nvidia CEO, which is investing US$30 billion in the current OpenAI round—said at a Morgan Stanley investment conference in San Francisco that a previous plan to invest up to US$100 billion is “probably not in the cards” as “the reason for that is because they’re going to go public.” https://tinyurl.com/mweey36t

SoftBank seeks US$40 billion loan for OpenAI investment.

SoftBank Group is working with four banks including JPMorgan Chase on a US$40 billion loan to help fund its new investment in OpenAI, according to a person with knowledge of the discussions. The bridge loan would have a one-year tenor, according to the person, and be the largest U.S. dollar-denominated loan the Japanese company has ever taken out. Representatives for JPMorgan and SoftBank declined to comment. SoftBank said last month it planned to initially fund its new US$30 billion investment in OpenAI through bridge loans and “other financing arrangements from major financial institutions.” The new investment is on top of US$34.6 billion it’s already invested in the AI company. S&P Global changed its outlook for SoftBank’s credit rating to “negative” following the investment decision, citing a drop in the creditworthiness of its holdings. https://tinyurl.com/7tydyt4t

SoftBank-backed PayPay targets up to US$13.4 billion valuation in US IPO.

SoftBank’s PayPay is targeting a valuation of up to US$13.4 billion in its U.S. initial public offering, pressing ahead despite volatile markets in what could be among the largest U.S. listings by a Japanese firm. The U.S. IPO market has started the year on shaky footing, with market swings prompting some companies to delay flotation plans. Analysts said a strong PayPay debut could help lift investor confidence despite the turbulence. The Japanese payments app and its backer plan to sell nearly 55 million American depositary shares priced between US$17 and US$20 apiece to raise roughly US$1.1 ⁠billion at the top end, it disclosed in a regulatory filing on Monday. PayPay’s IPO roadshow was initially expected to launch before markets opened on Monday but was postponed after global markets were jolted by a widening conflict in the Middle East, Reuters reported, citing people familiar with the matter. IPO activity is typically strongest during periods of market stability and risk-on sentiment, which help issuers secure firm demand and avoid pricing discounts. The offering comes as SoftBank Group ramps up investment in artificial intelligence, including its backing of OpenAI. https://tinyurl.com/yc2rhcmx

Anduril aims at US$60 billion valuation in new funding round.

Palmer Luckey’s defense-tech company is in the middle of a multibillion-dollar funding round led by Thrive Capital and Andreessen Horowitz, according to a new report from The Wall Street Journal. The funding round would come less than a year after the company’s Series G, which closed in June with US$2.5 billion against a US$30 billion valuation. Lux Capital and Founders Fund are also expected to participate. A previous report from Bloomberg said the new round could bring as much as US$8 billion of capital into the company, which closed its previous funding round last summer. The round comes at an awkward moment for defense startups. After a contract dispute between Anthropic and the Pentagon, the U.S. government is in the process of canceling all its contracts with the AI company, and Secretary of Defense Hegseth has threatened to designate the company as a supply-chain risk. While not explicitly endorsing the supply-chain-risk designation, Luckey has vocally supported the government’s stance. “At the end of the day,” Luckey wrote in a recent X post, “you have to believe that our imperfect constitutional republic is still good enough to run a country without outsourcing the real levers of power to billionaires and corpos and their shadow advisors.” https://tinyurl.com/mh3m5psr

Anduril forecasts more than US$4 billion in sales, US$1 billion in losses.

Weapons maker Anduril expects to roughly double revenue this year to about US$4.3 billion, while its operating loss would rise by nearly half to US$1.2 billion, according to confidential financial figures shared with prospective investors. The privately held company is raising US$4 billion, valuing it at about US$60 billion, in a deal led by existing investors Andreessen Horowitz and Thrive Capital. The new capital would help offset substantial operating losses it predicted through the end of the decade. Anduril doesn’t expect to turn a profit, on the basis of adjusted earnings before interest, taxes, depreciation and amortization, until 2030, the forecasts show. Investors are betting Anduril can make the leap from building border control towers and systems to defend against drones to becoming a major manufacturer of large-scale weapons systems like autonomous fighter jets and submarines in the coming years. The company plans to spend more than US$900 million on a factory outside Columbus, Ohio, that it expects will open within months, around the same time the U.S. Air Force will decide whether to award Anduril a production contract for an autonomous fighter jet, a program potentially worth tens of billions of dollars. Anduril built an early track record of winning valuable long-term contracts from the government. The company said about 40% of the value of new contracts it won last year were programs of record—long-term deals that are the gold standard for defense contracting. Those included a US$1.1 billion contract it won from the Australian Navy to produce autonomous submarines, as well as a US$640 million system it sold to the U.S. Marines to protect military bases from drones. The actual revenue Anduril would generate from those contracts still depends on performance milestones and other factors. The company’s revenue has roughly doubled in each of the last four years. Its sales mix has grown increasingly diverse, people close to the company said. The company’s valuation, approximately double that of its last funding round a year ago, reflects the high premium tech investors are putting on its fast growth compared to older, larger defense contractors. Investors are valuing Anduril at 14 times 2026 sales, a much richer valuation than that of traditional publicly traded defense contractors like Lockheed Martin, Northrop Grumman and RTX, which have market capitalizations of about 2 to 3 times forecasted 2026 sales. Anduril has impressed investors by winning contracts at a faster clip than envisioned, beating its forecast from last year’s funding round. Its pace of growth has exceeded its own estimates for several years. https://tinyurl.com/4rp586yt

Nvidia to invest US$4 billion into photonics companies Coherent and Lumentum.

Nvidia is investing a combined US$4 billion in two companies developing photonics technologies, as it looks to shore up research pipelines and supply chains to support the major AI infrastructure buildout. The U.S. chip giant announced on Monday it’s investing US$2 billion in Lumentum and the same amount in Coherent. Lumentum shares closed nearly 12% higher while Coherent jumped 15% following the news. Nvidia shares added about 3% Monday. Both companies are developing optics technology — systems which generate or transmit light and are used in functions like sensing and data transfer. Lumentum is a U.S.-based company that is developing optical and photonic technologies to power the networks and infrastructure behind AI, cloud computing and next-generation communications. Coherent, also based in the U.S., develops photonics technology, which refers to harnessing light (photons) to create components and systems that enable high-performance optical applications. https://tinyurl.com/7nvwv7js

Broadcom projects rapid growth in AI chips.

Chip designer Broadcom reported 29% revenue growth for the January quarter driven by 106% expansion in revenue from its fast-expanding AI chip business. Broadcom helps companies such as Google and Meta design their own AI chips and that business is taking off. On a conference call with Wall Street analysts, CEO Hock Tan projected that AI chip revenue would surge 140% to US$10.7 billion in the April quarter, thanks to strong demand for Google’s latest TPU. AI chips historically has been a small part of Broadcom’s overall business, although that is changing. In fiscal 2024, AI chips generated about US$12 billion of Broadcom’s US$52 billion in net revenue, an amount that rose to US$20 billion in fiscal 2025. Other parts of Broadcom’s business aren’t growing anywhere near as fast but the fast-increasing importance of AI chips is lifting the company’s overall growth rate. Hock Tan projected overall growth in the April quarter of 47%. https://tinyurl.com/mt3kfvst

BlackRock, EQT to buy energy provider AES in US$33.4 billion deal.

An investor consortium led by BlackRock and EQT said Monday it has agreed to acquire energy provider AES in a roughly US$33.4 billion deal, including the company’s debt, continuing a streak of private equity buyouts of large utility companies. The consortium, which also included the California Public Employees’ Retirement System and Qatar’s sovereign wealth fund, agreed to pay US$10.7 billion for the company’s equity. Virginia-based AES runs consumer utility businesses and power projects that sell electricity to tech companies. AES generated US$9.1 billion of revenue in the first nine months of last year, down slightly from the same period in 2024, according to its most recent financial update. PE firms have been snapping up utility companies in recent years to take advantage of growing demand from AI and other sources. The acquisitions have caused some local residents to worry about potential rate hikes. Blackstone’s agreement to purchase New Mexico-based TXNM for US$11.5 billion last year has faced intense scrutiny from regulators. The firm has promised to provide more than US$100 million in rate credits to customers. AES said in a statement the buyout would give it more flexibility to invest in clean energy generation and it didn’t expect the deal would affect customer rates. https://tinyurl.com/ywef4y3d

The Trade Desk shares jump after OpenAI report.

Shares in The Trade Desk gained 9% after hours Wednesday after The Information reported that OpenAI has held early talks to partner with the company, which offers an automated platform for advertisers to place ads on a large scale. Before the report, the ad tech company shares had lost more than 60% after growth slowed last year. OpenAI plans on eventually building its ad tech functions in-house. A potential partnership signals it’s likely to lean on external partners in the meantime. Advertising could be increasingly important for the company as it seeks to generate revenue from its 920 million users, most of whom don’t pay for subscriptions. At the same time, it’s scaling back its ambitions on another way to make money from these users: e-commerce. OpenAI is dropping plans to introduce shopping directly inside ChatGPT. Instead of allowing users to make purchases directly from product listings that show up in ChatGPT search results, the company is now focused on having checkouts take place inside of specific apps that plug into ChatGPT. https://tinyurl.com/ycyhbbsc

Consumer tech shares rise following OpenAI shopping shift.

Shares of companies including Booking.com and Expedia rose nearly 8.5% and 13%, respectively, on Thursday, following a report from The Information that OpenAI would abandon plans to sell goods directly in ChatGPT in favor of putting checkouts inside apps that plug in to ChatGPT. The change reduces the possibility that apps such as Expedia and Booking.com could be undercut by ChatGPT letting consumers book travel or make purchases in the chatbot without going to their sites. The change is a sharp reversal from late September, when OpenAI said that it would soon have products available for purchase inside ChatGPT from millions of online shops. Now, ChatGPT will link shoppers to merchants’ own apps, ensuring merchants retain control over the checkout experience. OpenAI first launched its apps effort last fall, and early commerce firms that have launched apps for ChatGPT include Instacart, Target, Expedia and Booking.com. Instacart in December added a way for ChatGPT users to pay by linking their existing accounts with the grocery delivery service to their ChatGPT accounts. https://tinyurl.com/nhfbyf2c

Elliott invests US$1 billion in Pinterest to help fund share buybacks.

Pinterest said Tuesday that investment firm Elliott Management would invest US$1 billion in the online scrapbooking app to help fund its efforts to buy back shares. The investment is part of a new US$3.5 billion share repurchase program that the company also announced Tuesday. In addition to the US$1 billion investment from Elliott, Pinterest said it plans to use US$500 million in cash on hand to purchase shares. Pinterest shares rose more than 6% in morning trading following the announcement. The company’s stock price sank to its lowest levels in nearly six years last month, after the company reported sluggish revenue growth for the fourth quarter of 2025. The company has been working on high priority “code red” projects over the past few months to help turn around its ad business. Pinterest also said in January that it would lay off around 15% of its workforce, or around 800 people, to cut costs and focus more on AI initiatives. Pinterest CEO Bill Ready said in a statement that Elliott’s investment was a “strong vote of confidence” in the company. Elliott partner Marc Steinberg, who has been a member of Pinterest’s board since 2022, when the firm first built a stake in Pinterest, said that the firm has “strong conviction” in Pinterest’s trajectory. https://tinyurl.com/28xvbaer

Anthropic hits top spot in Apple’s U.S. app store.

Anthropic’s Claude on Saturday hit the top spot on Apple’s U.S. App Store among downloaded free apps, overtaking OpenAI’s ChatGPT. Anthropic’s jump followed the Trump administration’s decision to ban federal agencies from using its technology after Anthropic said it didn’t agree to have its AI used for certain military purposes. Rival OpenAI then announced late Friday it made an agreement with the Pentagon to use its AI for classified systems. Anthropic is best known for selling its Claude AI models to app developers so hasn’t ranked highly on smartphone app stores. Claude had been No. 42 on the U.S. App Store during Super Bowl weekend, the second week of February. Even before the dustup with the Pentagon, the company said it had seen a spike in usage of Claude chatbot. Daily signups to Anthropic’s Claude chatbot have tripled since November, the company told The Information late last week. https://tinyurl.com/uaacb3jn

Nvidia to announce new chip with Groq’s technology.

Nvidia is expected to announce a new chip later this month using technology from startup Groq, The Wall Street Journal reported late Friday. The chip is aimed at speeding up inference computing, the term for running AI on servers after AI models have been fully developed, the newspaper said. The industry’s demand for AI chips is gradually shifting from training AI models to operating the models for users. The chip is set to be revealed at Nvidia’s GTC conference in San Jose in mid-March, the Journal reported. Nvidia last year agreed to pay US$20 billion to license Groq’s technology and hire its leadership team. The new chip would be a break from its normal strategy, which is to release chips that are more versatile to cater to the widest possible market. The company typically touts chips that are good at both training and inference, though companies like OpenAI have reportedly been looking for faster alternatives, believing that dedicated inference chips would be better for their operations. OpenAI has agreed to be one of the biggest customers for the new chip, the Journal added. https://tinyurl.com/mr74zndv

SpaceX aims to launch new Starlink satellites with faster cell service in 2027.

SpaceX is aiming to launch a new generation of satellites next year that will use the spectrum licenses it’s buying from EchoStar to offer a more powerful version of its direct-to-cell service, company executives said in a conference presentation on Monday. The new satellites, called Starlink V2s, will eventually offer speeds akin to traditional mobile service in dead zones and according to a presentation from SpaceX President and Chief Operating Officer Gwynne Shotwell and Starlink chief Michael Nicolls at Mobile World Congress. In a separate announcement on Monday, Deutsche Telekom said it will start offering Starlink mobile service in 2028 in several European countries as a backup for its existing wireless service. SpaceX, which already has more than 650 of its original direct-to-cell satellites in orbit, plans to start launching the new satellites in mid-2027, Nicolls said. That’s dependent on the company making progress on its Starship spacecraft, which Nicolls said it plans to use to launch more than 50 satellites per flight. In test flights, SpaceX has yet to demonstrate full reusability of Starship, which is critical to many of the company’s plans including the expansion of Starlink. https://tinyurl.com/4p8jdkyf

Google settles with Epic Games, drops its Play Store commissions to 20%.

Google is moving forward with a series of Play Store changes after settling a years-long legal battle with Fortnite maker Epic Games over anticompetitive concerns. The tech giant on Wednesday said it will drop its Play Store commissions to 20% on in-app purchases, with another 5% tacked on if app developers choose to use Google’s billing system. It’s also making it easier for users to install alternative app stores through a new optional program called the Registered App Stores program. https://tinyurl.com/4t2xbrpr

Pentagon officially tells Anthropic it is a supply chain risk.

The Defense Department has officially told Anthropic that the artificial intelligence company and its products “are deemed a supply chain risk, effective immediately,” according to a senior defense official. The declaration follows an announcement on social media last Friday by Defense Secretary Pete Hegseth that he was directing the government to deem Anthropic a “supply chain risk” following a spat with the company over how the military could use Anthropic’s AI. Anthropic CEO Dario Amodei has said he will fight the Pentagon’s designation of Anthropic as a supply chain risk in court. The designation, usually applied to foreign adversaries of the U.S., would at a minimum prevent companies from using Anthropic for military purposes. Hegseth last Friday said the restriction would extend to any defense contractor that works with Anthropic, a broad definition that in theory would limit Amazon and Google—Anthropic’s major cloud providers—from serving the company. https://tinyurl.com/5dthrzpe

Trump Administration discusses Tencent’s stakes in Western game companies.

The Trump administration is debating whether to allow Chinese tech giant Tencent Holdings to continue owning its stakes in major videogame companies such as Epic Games, Riot Games and Supercell, The Financial Times reported. Top White House officials have discussed whether the Chinese company’s stakes in the Western makers of games that are popular among Americans could pose any security risks to the U.S., according to the newspaper, citing people familiar with the internal deliberations. The officials were planning to discuss the matter again on Tuesday, but that meeting was postponed, the FT said. Tencent owns Los Angeles-based Riot Games, the maker of popular online game League of Legends, and Finland’s Supercell, whose mobile games such as Clash of Clans and Clash Royale are popular in the U.S. Tencent also owns a significant minority stake in Epic Games, the U.S. maker of the hit game Fortnite. Tencent’s stakes in Riot and Epic previously came under scrutiny in the U.S. in 2020 during the first Trump administration, which also proposed a ban on TikTok’s U.S. operations and Tencent’s WeChat messaging app. Earlier this year, the Trump administration finalized a deal that allows TikTok, which is owned by China’s ByteDance, to continue operating in the U.S. by creating a TikTok data security joint venture majority owned by American investors. The deal was part of broader trade talks between Washington and Beijing. President Donald Trump is planning to travel to China between March 31 and April 2 to meet Chinese leader Xi Jinping. A Tencent spokesperson didn’t respond to a request for comment on the FT report. https://tinyurl.com/hc2tv5p8

Meta tests AI shopping research tool to rival ChatGPT, Gemini.

Meta Platforms Inc. is testing a shopping research feature in its artificial intelligence chatbot, rivaling a similar tool offered by OpenAI’s ChatGPT and Google’s Gemini. The feature, which allows requests for product suggestions, is being rolled out to some US-based users of the Meta AI web browser. The chatbot responds with a carousel of product images that include captions with information about the brand, website, and price. It also offers a brief explanation of its recommendations in bullet-point form. A Meta spokesperson confirmed that the shopping tool is being tested, but declined to share further details. Chief Executive Officer Mark Zuckerberg has made it a goal for Meta to build “personal superintelligence” as it competes with other popular chatbots like ChatGPT and Gemini, which have also begun incorporating ecommerce features to make money from their tools. During an earnings call in January, Zuckerberg said the company will start shipping new products in the coming months that can show Meta’s ability to provide a “uniquely personal experience” based on people’s history, interests, content and relationships. https://tinyurl.com/4ex8avu6

Kraken becomes first crypto firm to get Fed access.

Crypto exchange Kraken said it became the first crypto firm to gain direct access to the Federal Reserve’s core payments system, a privilege typically reserved only for banks, allowing it to move money for clients without relying on a bank. The approval signals the Federal Reserve’s willingness to integrate crypto companies more directly into the financial system, a move that will address crypto platforms’ long-running challenges of getting banking services that can hold deposits and process payments. But it has drawn pushback from banks. The Federal Reserve Bank of Kansas City said it approved a “limited purpose” account for Kraken for an initial term of one year. The Fed is currently deliberating creating a new type of account that would provide basic payment services to crypto and fintech firms, which will reduce their dependency on banks. https://tinyurl.com/5yh8ra2v