Google Cloud has launched its first in-house Arm-based CPU, called the Axion chip, now available to all cloud customers, including streaming services like Spotify and Paramount. Designed with Arm Holdings technology, the Axion chip offers about 60% greater energy efficiency than traditional processors from Intel and AMD, allowing developers to save power for other intensive tasks, such as AI, according to Mark Lohmeyer, Google Cloud‘s vice president of compute and AI infrastructure.
Google joins Amazon, Microsoft, and Ampere Computing in offering Arm-based processors that provide high performance with lower electricity usage. The Axion chip, delivered via a service called an ‘instance,’ represents Google Cloud’s growing focus on energy-efficient computing solutions. Though Google Cloud has used Ampere’s Arm-based chips in the past, it intends to shift more focus to its own Axion chip as the primary option for cloud customers moving forward.
Google Cloud has already been using the Axion chip internally, powering various cloud services for some time. Lohmeyer stated the Axion chip’s enhanced efficiency and integration into Google’s infrastructure mark a significant milestone in Google’s cloud technology portfolio.
The Malaysia Digital Economy Corporation (MDEC) has signed two significant Memorandums of Understanding (MoUs) with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV), aiming to attract up to RM200 million (approximately US$45 million) in capital investment. These strategic partnerships focus on fostering the growth of Malaysian startups in essential sectors such as fintech, healthcare, AI, and robotics while providing opportunities for access to international markets across Southeast Asia.
By emphasising development in key areas like AI, cybersecurity, blockchain, and digital finance, MDEC seeks to support local innovation and talent development, ultimately positioning Malaysia as a dynamic, digital-first nation. The commitment to nurturing local expertise and fostering entrepreneurship is crucial for enhancing Malaysia’s status as a leader in technological advancement within the region.
MDEC is dedicated to ensuring the effective implementation of these initiatives by working closely with Ascent and CCV. The collaboration will maximise the long-term benefits for Malaysia’s digital economy, addressing immediate investment needs while laying the groundwork for sustainable growth.
Cross-border payments platform Felix has partnered with Zero Hash, a crypto infrastructure provider, to streamline remittances for the 60 million Latinos residing in the US. By integrating with WhatsApp, Felix allows users to send funds instantly, with Zero Hash managing regulatory and technical aspects via stablecoins like USD Coin (USDC) to facilitate transfers. This approach helps users avoid the high fees and delays often associated with traditional money transfer services.
Each year, US-based Latinos send an estimated $150 billion abroad, and Felix’s service offers a quicker, more affordable alternative to standard remittance options. Zero Hash oversees the process by converting dollars to USDC, which recipients can easily exchange into local currency, providing a seamless and familiar experience for those sending funds to their families.
Since its launch, Felix has seen rapid growth, increasing its transaction volume by 500 times. Zero Hash, which supports major platforms and has processed over $20 billion in transactions, aims to make blockchain technology effective behind the scenes, fostering crypto adoption through accessible, real-world applications.
The Biden administration is investing $825 million in a new semiconductor research facility in Albany, New York, as part of a broader push to bolster US chip production and reduce reliance on foreign technology. The Albany facility will serve as a primary hub within the National Semiconductor Technology Center (NTSC), which aims to accelerate advancements in chip design and manufacturing, supporting initiatives laid out in the CHIPS and Science Act passed in 2022. Senator Chuck Schumer, a key advocate for the Albany location, said the facility will advance US leadership in semiconductor technology and support high-tech manufacturing jobs.
The Albany site, based at the Albany NanoTech Complex, will focus on developing cutting-edge machinery to enhance chip production. Additional hubs for chip design and packaging will be announced soon. The complex will also feature a state-of-the-art ‘High NA’ machine from ASML, allowing chip makers to create densely packed semiconductors capable of advanced computing. Schumer believes this investment could make New York a significant chip production centre, with companies like GlobalFoundries, Micron, and Wolfspeed also planning expansions in the state.
The CHIPS Act allocated $11 billion for semiconductor R&D and an additional $39 billion for manufacturing subsidies, though the rollout of these funds has faced criticism for delays. Despite challenges, the Biden administration views this program as essential to sustaining growth in high-tech manufacturing, especially in areas like AI, while also reducing design and production costs for American companies. With Albany set to lead the charge, federal officials are hopeful this investment will help the US regain its competitive edge in the global semiconductor industry.
Russia is set to ban cryptocurrency mining in certain areas due to severe electricity shortages, Deputy Energy Minister Evgeny Grabchak announced. Key regions affected include the Far East, southwestern Siberia, and the South, all experiencing energy deficits that limit their ability to provide sufficient power until 2030.
The announcement aligns with new legislation signed by President Vladimir Putin, effective 1 November, giving the government authority to ban crypto mining in specific regions. The law also restricts crypto-related advertising, including promotions for mining, blockchain services, and crypto exchanges. Russia’s largest search engine, Yandex, has already updated its policies, banning ads linked to crypto activities within the country.
Interest in cryptocurrency has seen new applications for Bitcoin, including its recent adoption in life insurance by Meanwhile, which claims to be the first company to denominate policies in Bitcoin. Rather than using dollars, Meanwhile’s life insurance policies operate entirely in Bitcoin, covering everything from premium payments to policy loans and payouts.
Meanwhile offers whole life insurance, so holders are covered for life. Director of Wealth and Asset Management, Danny Baer, highlights unique tax advantages, particularly thetax-free policy loan option. This allows policyholders to borrow Bitcoin against the policy’s value. As Bitcoin increases in price, the value of the policy and the amount that can be borrowed also rise, and the loaned Bitcoin’s cost basis adjusts to the current rate.
Baer suggests that if Bitcoin’s price skyrockets over time, the ability to borrow against the policy without incurring capital gains tax could be highly beneficial for long-term holders. Meanwhile’s Bitcoin-denominated approach appeals to those looking to invest in an asset with a low time preference, which complements the long-term nature of whole life insurance.
Africa is experiencing a remarkable surge in cryptocurrency adoption, with Telegram-based communities expanding by an astounding 189% since early 2023, according to research from cryptocurrency exchange Bitget. This shift highlights a significant migration of digital asset interest from traditional Western markets to emerging economies. The study found that Africa’s crypto-focused Telegram groups now boast over 3 million users, primarily driven by a young demographic, with over 56% of users aged under 25.
Factors contributing to this growth include economic instability, limited access to banking services, and the tech-savvy nature of the youth. In addition to Africa, Eastern Europe, particularly Ukraine, is seeing a rise in cryptocurrency usage amid economic challenges. In contrast, Western Europe is growing more slowly due to regulatory constraints and market maturity, with Telegram groups seeing only an 11% increase during the study period.
The research indicates that mobile technology plays a crucial role in this trend, with Telegram becoming the primary platform for crypto communities in emerging markets. Projections suggest Africa’s crypto market could reach 54 million users by 2025, with Nigeria and South Africa leading the way. However, while Telegram fosters trading communities, it also hosts a concerning number of scams, underscoring the need for caution among users navigating this rapidly evolving landscape.
Big technology firms, including Microsoft and Meta, are significantly increasing their investments in AI data centres to meet soaring demand, but Wall Street is looking for quicker returns on these expenditures. Both companies reported rising capital expenses due to their AI initiatives, with Alphabet also indicating that its costs would remain elevated. Amazon is expected to follow suit in its upcoming earnings report.
This surge in capital spending could impact profit margins, causing concern among investors. Shares of major tech companies, including Meta and Microsoft, fell by around 4% in premarket trading, despite reporting better-than-expected profits for the July-September quarter. Analysts warn that while the race to build AI capacity is intensifying, it will take time for these investments to yield returns.
Microsoft’s capital expenditures for a single quarter now surpass its total annual spending from prior years. The company noted a 5.3% increase in spending, amounting to $20 billion, while also predicting further increases related to AI. However, they warned of potential slowdowns in growth for their Azure cloud business due to data centre capacity constraints. Similarly, Meta anticipates a “significant acceleration” in AI infrastructure costs next year.
The tech industry is experiencing bottlenecks, particularly as chipmakers like Nvidia struggle to keep up with the demand for AI chips. Advanced Micro Devices has also reported that AI chip demand is outpacing supply, limiting growth potential. Despite these challenges, both Microsoft and Meta maintain that it is still early in the AI cycle and emphasise the long-term benefits of their investments, echoing earlier experiences during the development of cloud technology.
The US Department of Energy (DOE) and the US Department of Commerce (DOC) have joined forces to promote the safe, secure, and trustworthy development of AI through a newly established Memorandum of Understanding (MOU). That collaboration, part of the Biden-Harris Administration’s whole-of-government approach, unites the DOE’s technical resources with the regulatory expertise of the National Institute of Standards and Technology (NIST), where the US AI Safety Institute (US AISI) is a central agency for AI safety initiatives.
The partnership aims to address critical areas such as public safety, national security, and infrastructure protection by evaluating AI models for potential chemical and biological risks and advancing privacy safeguards for personal and commercial data. With the DOE’s National Laboratories supporting the US AISI, this agreement strengthens the federal government’s commitment to responsible AI practices.
Additionally, the partnership highlights AI safety as crucial for innovation, especially in research and clean energy. Given AI’s potential, robust testing standards are essential to ensure security and public trust. Through this MOU, the DOE and DOC establish a foundation for secure AI, emphasising governance as vital to the nation’s tech and security strategy.
Microsoft took the unusual step of publicly accusing Google of conducting ‘shadow campaigns’ in Europe to undermine Microsoft’s reputation with regulators. According to a blog post by Microsoft lawyer Rima Alaily, Google allegedly hired the advisory firm DGA Group to organise the Open Cloud Coalition, enlisting European cloud companies to act as a front while Google finances and directs its operations. The coalition, recently launched, purports to advocate for a ‘fair, competitive, and open cloud industry’ across Europe.
Alaily claims this is part of Google’s pattern of targeting Microsoft, citing Google’s involvement in the Coalition for Fair Software Licensing and a separate effort to sway Cloud Infrastructure Services Providers in Europe with significant financial offers to oppose Microsoft’s proposed antitrust settlement. The conflict adds fuel to the rivalry between the two tech giants, who already compete intensely across cloud infrastructure, online advertising, AI, and productivity software.
In response, a Google spokesperson noted that Microsoft’s cloud licensing practices create vendor lock-in, potentially stifling competition, cybersecurity, and innovation. Hours after Microsoft published accusations, the Open Cloud Coalition formally announced its formation, listing Google as a member and calling on European authorities to intensify scrutiny on cloud competition issues. In September, Google said it was filing a complaint against Microsoft with the European Commission over what Google considers unfair practices for licensing the Windows Server operating system.
