From tech.co

  • Microsoft announces $2.2 bn AI, cloud investment in Malaysia

    Microsoft pledged a $2.2 billion investment in artificial intelligence and cloud computing in Malaysia on Thursday to help develop the country's AI infrastructure.The tech giant's chief executive Satya Nadella is on a three-nation tour of Southeast Asia -- Indonesia, Thailand and Malaysia -- to announce a range of investments in data centres, AI and cloud services. Today, Microsoft announced it will invest $2.2 billion over the next four years to support Malaysia's digital transformation -- the...

  • Nvidia supplier SK Hynix says HBM chips almost sold out for 2025

    South Korea's SK Hynix said on Thursday its high-bandwidth memory (HBM) chips used in AI chipsets are almost sold out for 2025, after their 2024 chips were fully booked. Chief executive officer Kwak Noh-Jung said the Nvidia supplier and the world's second-largest memory chipmaker will begin sending samples of the latest version of HBM chips, called 12-layer HBM3E, in May and begin mass producing them in the third-quarter. Kwak said its HBM products this year had already sold out, while 2025 HBM...

  • DoorDash Q1: DoorDash posts better-than-expected Q1 sales but shares fall on cost concerns

    DoorDash reported higher-than-expected revenue in the first quarter, as strong growth in U.S. grocery orders helped make up for slowing restaurant demand. But the company's shares fell 12% in after-hours trading Wednesday as investors appeared concerned about rising costs. DoorDash said its net loss narrowed to $23 million in the first quarter, compared to a loss of $161 million in the same period a year ago. The loss, of 6 cents per share, was higher than the 3-cent loss Wall Street had...

  • Cognizant Q1 revenue falls 1.1%, profit dips 6%

    US-headquartered information technology and professional services firm Cognizant Technology Solutions (Cognizant) posted a decline in net profit by 5.9% year-on-year (YoY) to $546 million YoY, for the first quarter FY24 ending March due to a continued slowdown in discretionary spending by clients.The Nasdaq-listed firm had posted a net profit of $580 million in Q1 of FY23.Cognizant, whose majority of employees are based in India, follows the calendar year cycle from January to December.During...

  • Freshworks: Girish Mathrubootham steps down as Freshworks CEO; Dennis Woodside takes charge

    Nasdaq-listed software-as-a-service major Freshworks said on Wednesday that its founder Girish Mathrubootham had stepped down as the company’s chief executiveThe Chennai- and San Mateo, California-headquartered SaaS firm, which focuses on providing CRM (customer relationship management) software tools to enterprises, has named its president Dennis Woodside as the new CEO. Mathrubootham will take on the role of executive chairman at Freshworks.“This decision was not made lightly and comes with a...

  • Innovaccer’s new funding round; ONDC’s logistics push

    Happy Thursday! SaaS startup Innovaccer is in discussions to raise funding at a flat valuation of $3 billion. This and more in today’s ETtech Morning Dispatch.Also in this letter:■ Companies help employees amid the heatwave■ Former BharatPe COO launches venture fund■ Ecom Express posts spike in FY23 revenueKaiser Permanente may steer $250 million funding in SaaS unicorn Innovaccer 109767663Software-as-a-service (SaaS) startup Innovaccer is in the middle of raising a $200-250 million...

  • TVS Electronics' new SMT line set to focus on defence and railways

    TVS Electronics plans to enter the electronics manufacturing services (EMS) segment for defence and railways products, said a senior executive.The company is working on a plan to scale up production from its surface mount technology (SMT) line which was operationalised in February this year, K Srinivasan, associate vice president of customer service and support for businesses at TVS Electronics, told ET.“We are expanding our presence in the EMS space. We have hired a dedicated resource to look...

  • ONDC’s first buyer side logistics app to fix a big gripe

    In what could give a boost to Open Network for Digital Commerce (ONDC), the government-backed ecommerce network has approved its first buyer-side app for logistics that will aim to solve one of the biggest sore points of shopping through the network – seamless delivery.The platform, MP2 Innovations, will allow ONDC participants to fetch the best available delivery fleet through a single API instead of tying up with individual logistics companies, people aware of the development said.Across...

  • Dhruv Bahl: Former BharatPe COO Dhruv Bahl launches venture fund

    Former BharatPe chief operating officer Dhruv Dhanraj Bahl has launched a venture capital fund, his first, with a target of raising Rs 120 crore. The plan includes a greenshoe option, giving the fund the right to increase the corpus by another up to Rs 120 crore.The fund house, Eternal Capital, aims to back 40 early-stage startups in several sectors over the next three years.It will focus on investing in startups which are led by experienced operators and are in the post product-market fit stage...

  • IT services firms: Coders run a summer script: stay hydrated

    IT services firms and manufacturers in the south are going the extra mile to ensure employee wellbeing with refreshment stocks, on-site doctors, webinars on ways to beat the heatwave, and flexible work hours.Much of India is enduring a sweltering summer, though the heat is yet to peak in the north.Companies are nudging employees to boost water intake, limit commuting during the hottest hours and avoid terraces or open food courts at offices. So far, most companies have been quite stringent in...

  • Micron to roll out first India-made chips from Sanand unit in 2025

    Micron India hopes to roll out the first batch of chips packaged at its Sanand unit in Gujarat early next year and most of these semiconductor chips will be for exports, the company’s India managing director Anand Ramamoorthy said.Though the domestic demand for semiconductor chips is growing, the total addressable market for India is still small compared to the global demand for semiconductors, Ramamoorthy told ET. He was speaking on the sidelines of a company event in the city where the company...

  • Kaiser may steer $250 million funding in SaaS firm Innovaccer at flat valuation

    US health and insurance giant Kaiser Permanente is in advanced talks to lead a $200-250 million investment in healthcare-focused software-as-a-service (SaaS) firm Innovaccer, said people aware of the matter. This will be a mix of primary and secondary funding, they said.The secondary transaction is likely to be at a lower valuation than its peak valuation of $3.2 billion in December 2021. “The blended valuation would be around $2.5 billion,” a person aware of the talks said.The nearly flat...