Amazon has announced the international expansion of Rufus, its AI-powered shopping assistant, which will now be available in multiple new markets across Europe and the Americas. Originally launched in the US earlier this year, Rufus assists users with product searches, personalised recommendations, and side-by-side comparisons. This expansion aims to make Amazon’s shopping experience more seamless by answering shoppers’ questions in natural language, whether they’re looking for gift ideas or specific product advice.
Rufus has been trained on Amazon’s extensive data library, including product listings, customer reviews, and other public information. By integrating Rufus into Amazon’s Shopping app, the company is competing more directly in the AI space, a move that underscores its efforts to stay competitive with other tech giants. Users in newly added regions can now access Rufus by updating their Amazon app and selecting the chatbot icon, which activates an intuitive, chat-based interface.
While this initial version of Rufus is still in development, Amazon acknowledges that it may not yet be perfect but promises regular updates. The company is also investing in generative AI to enhance services for sellers, like automated listing descriptions. This broader AI strategy includes Amazon’s recent $230M investment in startups to drive further innovations in the field.
Nigerian fintech company Moniepoint has raised $110 million in new funding, backed by investors like Google, to expand digital payments and banking services across Africa. Since its 2015 inception as a payment infrastructure provider for banks, Moniepoint has grown to offer personal banking services, becoming a major player in Nigeria’s rapidly growing fintech market.
The funding round, supported by existing investors such as Development Partners International and Lightrock, and new entrants Google’s Africa Investment Fund and Verod Capital, values Moniepoint above $1 billion, marking its entry into “unicorn” status. The company plans to use the funds to develop an integrated business platform offering digital payments, banking, credit, and business management tools.
With a customer base in Nigeria‘s vast, underserved financial market, Moniepoint says it processes over 800 million transactions each month, valued at more than $17 billion. This new funding will help accelerate its mission to provide accessible financial solutions across Africa.
Intel is expected to report its largest revenue drop in five quarters, signalling a possible decline in its market position in data centres and personal computers. CEO Pat Gelsinger faces mounting pressure from shareholders to revive Intel’s status as a leading chipmaker, especially as rivals like AMD capitalise on the surging demand for AI-driven chips. Wall Street analysts anticipate an 8% revenue decline to $13.02 billion, highlighting the urgency for Intel to advance its manufacturing technology and regain competitiveness.
Despite recent moves, including job cuts and securing a chipmaking contract with Amazon, investors remain sceptical. Intel’s market value has fallen below $100 billion, and its stock is down over 50% this year. Calls are growing for Intel to spin off its struggling foundry business, which posted a significant operating loss of $2.55 billion due to high production costs. This manufacturing segment is often blamed for Intel’s weakened gross margins, which are expected to dip to 37.9%.
Intel’s struggles are compounded by a 17% decline in data centre revenue, the company’s 10th straight quarterly drop. Meanwhile, AMD has gained momentum, with its data centre revenue projected to double due to its AI-focused chips. With half of the analysts covering Intel lowering their revenue forecasts, expectations are already low, leaving investors hoping for a strategic turnaround in Intel’s business model.
India‘s Jio Payment Solutions, a wholly-owned subsidiary of Mukesh Ambani’s Reliance Group under Jio Financial Services, has received the Reserve Bank of India’s (RBI) approval to operate as an online payment aggregator. Effective from 28 October, the approval allows Jio Payment Solutions to facilitate a wide range of digital transactions, including credit and debit cards, bank transfers, e-wallets, and Unified Payments Interface (UPI) payments, among others. This step positions Jio Payment Solutions as a key player in India’s fast-growing digital payments market, where convenience and a broad array of transaction methods are in high demand.
As a payment aggregator, Jio Payment Solutions will act as an intermediary for businesses, allowing them to accept various forms of online payments from customers, streamlining financial transactions across multiple platforms. This role will enhance Jio Financial Services’ influence in the financial technology sector, as payment aggregators serve as essential infrastructure for online businesses, bridging the gap between consumers and businesses.
The approval highlights a new phase for Jio Financial, which was spun off from Reliance Group last year with ambitions to expand its reach in India’s financial services industry. As India’s digital economy grows, the entry of Jio Payment Solutions into the payment aggregator space could enhance accessibility to digital payments and strengthen Reliance’s financial arm in a market where online payment solutions are in increasing demand.
The surge in AI exchange-traded funds (ETFs) reflects the growing investor enthusiasm for AI as fund managers launch new options to capture market interest. According to Morningstar, over a third of the AI-focused ETFs on the market were introduced in 2024, raising total assets in this category to $4.5 billion—close to the $5.5 billion held by nuclear-themed ETFs and far outpacing the $1.37 billion in cannabis funds. This growth is partially driven by high-profile gains, like chipmaker Nvidia’s stock surge of over 200% in the last year, which underscores AI’s profit potential, said Morningstar senior analyst Daniel Sotiroff.
BlackRock has added two new actively managed AI ETFs to its lineup, aiming to capture emerging opportunities in AI as the technology evolves. “The AI market is going to change dramatically,” noted Tony Kim of BlackRock, highlighting that what AI represents today will continue to shift. Bank of America analysts agree, describing the competition in AI among tech giants like Microsoft and Amazon as an “arms race.” This year, capital spending on AI by these firms is expected to total $206 billion, marking a 40% increase over last year, while venture capital funding for AI startups is projected to rise 27%, reaching $79.2 billion.
Despite the enthusiasm, AI-focused funds haven’t consistently outperformed the broader market; for instance, the Global X Artificial Intelligence & Technology ETF has gained about 20% in 2024, trailing the S&P 500’s 22% rise. Amplify ETFs recently shifted an existing cloud-computing ETF to focus on AI opportunities, illustrating the industry’s shift toward differentiating AI investment strategies. Nathan Miller of Amplify said that capturing the potential of AI-related capital spending remains a priority for long-term growth.
The United States, Japan, and South Korea collaborate to strengthen digital infrastructure development in India through the recently announced Digital Infrastructure Growth Initiative for India Framework, known as the DiGi Framework. The significant partnership seeks to leverage the strengths of three influential nations, with key financial support from the US International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC), and the Export-Import Bank of Korea (Korea Eximbank).
The primary objective of the DiGi Framework is to promote private sector investments in India’s digital infrastructure by addressing the strategic needs of various projects. Targeted sectors include multiple technologies and services, such as information and communications technologies (ICT), Open RAN, 5G telecommunications, submarine cables, optical fibre networks, telecom towers, data centres, smart cities, e-commerce, AI, and quantum technology.
Additionally, the initiative aims to foster meaningful dialogues between the Indian government and the private sector to promote funding for digital infrastructure projects. The collaborative effort builds upon an earlier agreement signed in August 2023, emphasising the importance of coordination and cooperation among like-minded countries to support private sector investment in infrastructure.
By enhancing collaboration and communication, the DiGi Framework aims to create an environment conducive to investment and innovation within India’s digital landscape. That initiative signifies a strong commitment to enhancing India’s digital infrastructure, positioning the country for sustainable growth and technological advancement in an increasingly digital world.
Why does it matter?
With the support of these three nations, the framework represents a strategic move to strengthen India’s technological capabilities and improve connectivity, ultimately benefiting its economic development and resilience in the face of future challenges.
Nvidia overtook Apple on Friday to become the world’s most valuable company, driven by soaring demand for its AI chips. The chipmaker’s market value briefly reached $3.53 trillion, slightly surpassing Apple’s $3.52 trillion. Nvidia closed the day at $3.47 trillion, while Apple ended with $3.52 trillion after a modest stock increase.
Market fluctuations among the tech giants have been ongoing for months, with Apple, Nvidia, and Microsoft exchanging positions. Microsoft’s market value currently stands at $3.18 trillion. Nvidia dominates the market for processors used in AI computing, competing with major players like Microsoft, Alphabet, and Meta for leadership in this rapidly expanding field.
The company’s stock has surged by 18% this month, partly fuelled by news of OpenAI raising $6.6 billion in fresh funding. Nvidia shares also benefited from optimism around data centre demand, boosted by Western Digital’s better-than-expected earnings report on Friday.
Investment analysts suggest Nvidia is well-positioned to thrive as AI adoption grows. Russ Mould from AJ Bell highlighted the company’s strategic advantage, noting that if the US economy remains stable, investment in AI technologies will continue, further supporting Nvidia’s success.
Kraken, a prominent cryptocurrency exchange, is set to unveil its new blockchain platform, Ink, in early 2025. The initiative marks a strategic shift towards decentralised finance (DeFi), empowering users to trade, borrow, and lend assets without intermediaries, a departure from Kraken’s traditional centralised operations. Ink aims to streamline DeFi access, making it more user-friendly and cost-effective.
The blockchain, inspired by similar efforts like Binance’s BNB Smart Chain and Coinbase’s Base, will launch without a native token but will include DeFi tools such as decentralised exchanges (DEXs) and yield-generating platforms, all accessible through the Kraken Wallet app. Kraken also plans to serve as Ink’s primary sequencer, managing network transactions and generating revenue, a model that has proven profitable for competitors.
Kraken introduced a derivatives trading platform in Bermuda on 3 October, following the receipt of a Class F Digital Business Licence from the Bermuda Monetary Authority in July. This expansion allows Kraken to provide digital asset wallet services, as well as futures and derivatives trading, aiming to capitalise on the growing market demand for these offerings.
China has reaffirmed its support for Apple’s business operations in the country, welcoming further expansion by the US tech company. In a meeting with Apple CEO Tim Cook, Chinese Commerce Minister Wang Wentao stated that Apple is welcome to deepen its presence in the Chinese market, according to a statement from the ministry. This sentiment aligns with earlier discussions between Cook and China’s Minister for Industry and Information Technology in Beijing.
Wang highlighted China’s interest in stabilising Sino-US economic and trade relations, expressing a commitment to returning these ties to a healthier state through ongoing communication between the government and businesses. Such exchanges, he said, could foster a stronger, more stable trade partnership between the two countries.
China’s government also assured foreign companies, including Apple, of continued improvements to its business environment and high-quality services, signalling its openness to international investments. However, Wang emphasised that prioritising national security over trade cooperation could harm these efforts, subtly suggesting that an overemphasis on security concerns may disrupt normal economic interactions.
Ethiopia is set to transform its digital economy, with projections indicating a contribution of over ETB 1.3 trillion to the GDP by 2028. Significant telecommunications reforms and increased investments in mobile technology primarily drive this transformation.
As a result, this growth is expected to create over 1 million new jobs as the digital sector expands, with major players like Ethio Telecom and Safaricom Ethiopia enhancing connectivity and fostering competition. Moreover, by 2028, more than 50 million citizens are anticipated to be connected to mobile internet, significantly boosting productivity across vital sectors such as agriculture, which could add ETB 140 billion, and manufacturing, projected to contribute ETB 114 billion.
However, despite widespread coverage, Ethiopia is confronted with a notable digital divide, as 76% of the population still does not utilise mobile internet. That situation highlights the urgent need for targeted policy reforms to increase accessibility and bridge this gap. Furthermore, mobile money services are becoming increasingly vital for financial inclusion, with 90 million registered accounts and a 70% penetration rate facilitating access to financial resources for underserved communities.
In response to these challenges, Ethiopia is taking proactive steps to accelerate its digital transformation through key policy recommendations. These recommendations include prioritising service affordability by reducing sector-specific taxes, fast-tracking telecom reforms to enhance infrastructure development, and improving device affordability by lowering taxes on mobile devices.
Strengthening regulatory support for mobile money services and investing in digital skills and e-government initiatives will further empower citizens and facilitate broader participation in the digital economy. Ultimately, these efforts aim to drive sustainable growth and development across the country.
