ABB is optimistic about the growth of the data centre market despite recent concerns over the rise of energy-efficient AI models such as DeepSeek. The Chinese AI system, which requires fewer chips to run, recently triggered a selloff in tech stocks, raising fears that demand for high-power data centre infrastructure could decline. However, ABB CEO Morten Wierod said key customers have confirmed their investment plans remain unchanged.
The company has benefited significantly from the expansion of data centres, with orders in this segment rising by 23% annually between 2019 and 2023. The sector now accounts for 15% of ABB’s electrification business, up from 8% in 2022. While Wierod declined to give a forecast for 2025, he expressed confidence in continued demand, particularly in China.
ABB sees further opportunities in helping data centres reduce energy consumption. Its technology, including motors and power management systems, can improve efficiency by up to 60%. With AI infrastructure investments accelerating, spurred by a $500 billion commitment from the US government, the company believes the sector will remain a key driver of growth in the coming years.
General Motors is pivoting towards its advanced driver assistance system, Super Cruise, after shutting down its loss-making robotaxi business. The technology, similar to Tesla’s Autopilot, enables hands-free driving and is now available on around 20 high-end models, including Cadillacs and large SUVs. GM expects the system to generate $2 billion in annual revenue within five years.
Unlike traditional car sales, Super Cruise provides an ongoing revenue stream through subscriptions. Customers receive three years of free access before being charged $25 per month or $250 per year. The technology relies on a sophisticated combination of cameras, radar, and driver-monitoring sensors to ensure safety, offering a more robust system than Tesla’s.
Despite this push into software-driven revenue, GM’s stock has yet to see the kind of growth Tesla enjoys. Investors remain cautious, especially amid concerns over potential tariffs on Canada and Mexico. However, CEO Mary Barra remains optimistic, aiming to double the number of Super Cruise-enabled vehicles in 2025 and significantly increase subscription renewals.
The digital asset market continues to grow, with a shift towards softer regulation following increased mainstream adoption. Key developments include the UK’s pilot programme for digital gilts and a surge in exchange-traded funds launched by global asset managers. As the momentum builds, there’s a growing demand for a more complex financial ecosystem to support the evolving use cases of digital assets, driving opportunities for jurisdictions that can meet these needs.
However, as with any fast-growing industry, risk mitigation remains crucial. International financial centres are responding with a cautious, risk-based approach, while global cooperation is vital to prevent bad actors and protect reputations. Examples include the British Virgin Islands (BVI), which has created a strong regulatory framework for digital assets, attracting numerous businesses and regulatory innovation.
Global collaboration has also been crucial, with initiatives like the Financial Action Task Force’s standards on virtual asset service providers (VASPs) aimed at combating money laundering and terrorist financing. This is complemented by efforts from Europe’s MiCA regulation, which sets a strong precedent for other regions, including the Caribbean, to follow.
As technological advancements continue to enhance compliance and financial crime prevention, ongoing education and cross-jurisdictional collaboration will be key in ensuring the region maintains its position as a secure and attractive hub for digital asset businesses. The Caribbean, in particular, stands to benefit from embracing these innovations, provided it upholds high standards of financial integrity and transparency.
The US Commerce Department is investigating whether DeepSeek, the Chinese AI company that recently launched a high-performing assistant, has been using US chips in violation of export restrictions. These chips are prohibited from being shipped to China, raising concerns about DeepSeek’s rapid rise in the AI sector. Within days of launching, its app became the most downloaded on Apple’s App Store, contributing to a significant drop in US tech stocks, which lost around $1 trillion in value.
The US has imposed strict limits on the export of advanced AI chips to China, particularly those made by Nvidia. These restrictions aim to prevent China from accessing the most sophisticated AI processors. However, reports suggest that AI chip smuggling from countries like Malaysia, Singapore, and the UAE may be circumventing these measures. DeepSeek has admitted to using Nvidia’s H800 chips, which were legally purchased in 2023, but it is unclear whether it has used other restricted components.
The controversy deepened when Anthropic’s CEO Dario Amodei commented that DeepSeek’s AI chip fleet likely includes both legal and smuggled chips, some of which were shipped before restrictions were fully enforced. While DeepSeek has claimed to use only the less powerful H20 chips, which are still permitted to be sold to China, the investigation continues whether these practices undermine US efforts to limit China’s access to cutting-edge AI technologies.
El Salvador’s Legislative Assembly has amended its Bitcoin Law, making it optional for businesses to accept Bitcoin as payment. The change comes as part of the conditions set by the International Monetary Fund (IMF) for a $1.4 billion loan aimed at strengthening the country’s economy.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender alongside the US dollar. However, the mandatory Bitcoin acceptance for businesses faced criticism due to the cryptocurrency’s volatility and the population’s limited understanding of digital currencies.
The recent reforms allow businesses to choose whether to accept Bitcoin, and the government will no longer accept Bitcoin for tax payments. This move aims to address concerns raised by the IMF about the potential risks to financial stability and consumer protection while still maintaining Bitcoin’s legal status in the country.
In response to these concerns, the government also plans to scale back its involvement in Bitcoin-related initiatives, including reducing the use of the Chivo Wallet app.
Chinese state-backed social media accounts played a key role in amplifying the launch of DeepSeek’s AI models last week, according to an analysis by the firm Graphika. These accounts, including those of Chinese diplomats and media outlets, used platforms like X (formerly Twitter), Facebook, Instagram, and Weibo to highlight DeepSeek’s challenge to US dominance in the AI sector. This online activity coincided with a significant drop in US tech stocks, including a record one-day loss for Nvidia, shedding $593 billion in market value.
Graphika’s report suggested that this was part of a broader strategy by China to use AI to enhance its global influence and counter American leadership in critical technological fields. The surge in online discussion about DeepSeek’s AI capabilities was noticeable, especially on X, where it surpassed US rival ChatGPT in downloads from Apple’s app store shortly after its release. DeepSeek’s AI assistant also claimed to have been developed at a much lower cost than US competitors, raising concerns about a potential price war in the sector.
While China celebrates DeepSeek’s advancements as a victory over US efforts to limit its tech growth, the US has raised suspicions about whether the company improperly accessed American technology. The Commerce Department is investigating whether DeepSeek used banned US chips in its models, further intensifying tensions between the two countries over AI and tech competition. Meanwhile, major US companies like Microsoft and Meta continue their AI investments despite the challenges.
Hewlett Packard Enterprise’s planned $14 billion acquisition of Juniper Networks faces a legal challenge from the US Department of Justice. Officials argue the deal would harm competition by leaving just two major players—HPE and Cisco—controlling over 70% of the US networking equipment market.
HPE had announced the all-cash acquisition over a year ago, aiming to strengthen its AI capabilities. Both companies defended the deal, saying their networking solutions complement each other and would enhance competition against global rivals. They criticised the DOJ’s market definition, calling it outdated.
Regulators noted that Juniper’s innovations forced HPE to lower prices and invest in new technology under its ‘Beat Mist’ campaign. Eliminating this competition, they claim, would reduce incentives for innovation and cost savings in the industry.
Legal proceedings could take up to eight months, with an October deadline for completion. Authorities in the UK and European Union have already approved the deal.
Norway’s central bank has built up over $500 million in indirect Bitcoin exposure through its investments in MicroStrategy and other crypto-focused companies. Research from K33 shows that Norway’s exposure to Bitcoin has nearly tripled in the past year as allocations to crypto-related firms have increased.
The country’s sovereign wealth fund, managed by Norges Bank Investment Management, holds 0.72% of MicroStrategy’s total shares, worth around $514 million as of December 2024. This translates to an indirect holding of roughly 3,214 Bitcoin. Alongside MicroStrategy, the fund also has investments in Tesla, Coinbase, Marathon Digital, Riot Platforms, and Metaplanet, adding another $61 million in exposure.
While Norges Bank’s strategy follows rule-based sector weighting rather than direct Bitcoin purchases, its growing involvement in crypto-linked firms signals increasing institutional acceptance of Bitcoin. Similar investment trends have been seen in Switzerland, where central banks have also allocated funds to MicroStrategy amid its expanding Bitcoin reserves.
India has scrapped import duties on key mobile phone components to support local manufacturing, Finance Minister Nirmala Sitharaman announced in the annual budget. The move benefits major firms such as Apple and Xiaomi and is expected to strengthen India‘s position as a global smartphone manufacturing hub. The country has more than doubled its electronics production in six years, reaching $115 billion in 2024, making it the world’s second-largest mobile phone producer.
Key components such as printed circuit board assemblies, camera module parts, and USB cables, which previously faced a 2.5% tax, are now exempt from import duties. The cuts aim to enhance India’s competitiveness against China and Vietnam in the smartphone export market. The Indian IT ministry had previously warned that maintaining high tariffs could cause India to fall behind in the race to attract global companies.
Sitharaman’s budget follows a broader review of India’s customs duty structure to simplify trade and remove tariff inconsistencies. With global trade uncertainty driven by United States President Donald Trump’s tariff policies, India is positioning itself to capitalise on shifts in global supply chains. Experts believe that a more efficient tariff system will encourage further investment in local production and exports.
Autonomous technology startup Avride has partnered with food delivery service Grubhub to roll out its delivery robots across college campuses in the United States. The company’s first fleet of 100 robots is already operating at Ohio State University, which now exclusively relies on robot deliveries. Avride plans to introduce its next-generation models at the university as demand for automated food delivery continues to grow.
College campuses have become prime locations for autonomous delivery technology, offering compact areas with high order volumes. Avride CEO Dmitry Polishchuk highlighted the efficiency of robots in these environments, noting strong interest from universities. The company joins other firms like Cartken and Serve Robotics in integrating robotic deliveries with major ride-hailing and food delivery platforms.
Founded in 2017 and based in Austin, Texas, Avride has completed 200,000 deliveries across five countries. The company was previously part of Russian tech giant Yandex‘s self-driving division before separating last year. In addition to its Grubhub partnership, Avride has also teamed up with Uber for food delivery and robotaxi services, solidifying its position in the expanding autonomous delivery industry.
