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23 Jul 2026

ServiceNow invests $40 million in BusinessNext to accelerate autonomous banking with AI

ServiceNow has invested $40 million in Indian banking software specialist BusinessNext at a $700 million valuation, acquiring roughly 5% stake. The strategic partnership combines ServiceNow's workflow automation platform with BusinessNext's autonomous banking capabilities to deliver private AI solutions across global financial services. The deal positions both companies to capitalize on banks transitioning from digital experimentation to full-scale AI-led operations.

4 Sources

ServiceNow AI contract value crosses $1 billion as strong Q2 earnings beat revives investor confidence

ServiceNow reported second-quarter subscription revenue of $3.88 billion, beating estimates and raising its full-year forecast for the second time. The company's AI annual contract value surpassed $1 billion for the first time, with agentic AI deployments growing ninefold in nine months. Shares jumped over 7% in after-hours trading, potentially signaling an escape from the SaaSpocalypse that has plagued software-as-a-service companies.

9 Sources

South Korea secures $950 billion in AI partnerships at San Francisco summit with tech giants

President Lee Jae Myung hosted an AI summit in San Francisco, bringing together leaders from Nvidia, OpenAI, Anthropic, and Broadcom with South Korean conglomerates. The event resulted in $950 billion worth of semiconductor and AI partnerships, including major deals by Samsung Electronics and SK Group. Lee unveiled the San Francisco AI Declaration, positioning South Korea as a critical player in the global AI supply chain.

10 Sources

CoreWeave stock swings 30% as AI infrastructure valuations reset and analyst upgrades fuel rebound

CoreWeave shares plunged 30% over a month as investors demanded profitability over growth, then rebounded sharply on dual analyst upgrades and news of Nvidia's Vera Rubin GPU deployments. The volatility highlights the shifting landscape for AI infrastructure providers as enterprise demand for AI continues to outpace supply despite valuation pressures.

4 Sources

Monday.com cuts 620 jobs in 20% workforce reduction as company pivots to AI Work Platform

Israeli workplace software maker Monday.com is laying off 620 employees, representing 20% of its workforce, as part of a major restructuring plan focused on AI. The company expects to incur $45 million to $55 million in charges while shifting from managing work to doing the work through AI agents. The move reflects broader turmoil in the SaaS sector, where 78% of companies cite AI refocusing as the reason for cuts.

4 Sources

SpaceX plans Texas data center expansion to boost AI computing capacity beyond Memphis hub

SpaceX is preparing to build at least one large-scale data center in Texas, significantly expanding its AI computing capacity beyond its existing Memphis-area operations. The move comes as the company, now called SpaceXAI after absorbing xAI, pursues ambitious plans for both terrestrial and space-based AI infrastructure including orbital data centers.

3 Sources

Amazon cuts AGI jobs and winds down Nova models as AI strategy pivots to frontier research

Amazon confirmed layoffs across its artificial general intelligence unit and is winding down most Nova AI models as part of a strategic refocusing. The company closed its San Francisco AGI Lab while shifting resources toward frontier model research led by Pieter Abbeel, expected to debut at re:Invent later this year.

19 Sources

US Army reinstates AI limits after troops burn through year's token supply in weeks

The US Army exhausted its entire annual allocation of 100 million AI tokens just weeks after announcing unlimited access in May 2026. Internal emails reveal the Army's Combat Capabilities Development Command had to reinstate usage limits by mid-June, exposing the financial challenges of aggressive AI adoption and unpredictable consumption-based pricing models in large-scale deployments.

2 Sources

Tech giants face $1.65 trillion in hidden AI debt as investors demand returns on record spending

Five major tech companies have accumulated $1.65 trillion in off-balance-sheet obligations tied to AI infrastructure, exceeding their official debt by 122%. As Alphabet, Microsoft, Meta, and Amazon pour billions into data centers, bond market anxiety grows over whether AI spending will generate returns before free cash flow turns negative.

21 Sources

OpenAI raises AI infrastructure spending to $750B, launches $20B Georgia data center project

OpenAI announced a 25% increase in AI infrastructure spending to $750 billion through 2030, unveiling Project Camellia—a $20 billion data center campus in Georgia spanning 1,400 acres. The facility will draw 3.2 gigawatts of power from Georgia Power between 2028 and 2032, marking OpenAI's first self-designed and built data center as computing demands continue to escalate.

7 Sources

Microsoft commits $60M to Genesis Mission, powering DOE's AI-for-science push across national labs

Microsoft is investing $60 million in the Department of Energy's Genesis Mission, a government-wide initiative using AI to accelerate scientific research. The commitment includes $40 million in Azure cloud credits and $20 million in engineering support, with Microsoft launching a new coordination hub called SPARK to streamline collaboration across DOE's 17 national labs.

2 Sources

Manulife expands Microsoft partnership with five-year AI deal targeting $1 billion in value

Manulife Financial has signed a five-year agreement with Microsoft to expand AI capabilities across global operations. The deal includes deploying Microsoft 365 Copilot to over 30,000 employees and adopting Microsoft Agent 365 for enterprise-scale AI agent management. The Canadian insurer expects to generate more than $1 billion in enterprise value by 2027.

2 Sources

AMD invests $5 billion in Anthropic, deploying 2 gigawatts of AI chips to challenge Nvidia

AMD announced a strategic partnership with Anthropic that includes investing up to $5 billion and deploying 2 gigawatts of computing capacity using its next-generation MI450 AI GPUs. The deal positions AMD to compete with Nvidia in the AI hardware market while securing critical computing power for Anthropic's Claude AI model as the industry faces a semiconductor shortage.

23 Sources

monday.com cuts 20% of workforce in strategic pivot to AI Work Platform

The Israel-based software company announced plans to eliminate roughly 620 positions as it restructures around AI agents and human collaboration. Despite the workforce reduction, monday.com raised its operating margin guidance to 15% and reaffirmed 19-20% revenue growth. Management emphasized the cuts enable reinvestment into product development and AI-driven growth rather than cost reduction.

2 Sources

Reddit and major publishers consider blocking Google as AI search decimates web traffic

Reddit and publishers including USA Today, Reuters, and Politico are reconsidering their relationship with Google as AI Overviews devastate referral traffic. Reddit's $60 million licensing deal is up for renewal, with traffic to some sites plunging over 85%. The move signals a potential breaking point in the decades-old arrangement between search engines and content creators.

5 Sources

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