TNB Tech Minute: Private Equity Firms Team Up With Anthropic on AI Venture Ode

Major private equity firms Blackstone and Hellman and Friedman have teamed up with Anthropic to create a new AI-focused venture called Ode. This team, comprising roughly 160 AI experts, aims to help businesses, starting with their own portfolio companies, develop new revenue-generating products utilizing AI technology. The venture is backed by notable investors including Apollo, General Atlantic, and Goldman Sachs, and is valued at approximately $1.5 billion. Additionally, OpenAI has established a rival venture, focusing on offering consulting services in AI to businesses, supported by a $4 billion investment from private equity firm TPG.

Crypto stocks are experiencing gains, driven by Bitcoin’s strongest weekly performance in over two years. Coinbase and Robinhood shares have increased notably, with Coinbase up over 7% and Robinhood nearly 13%. Bitcoin recently traded above $77,000, climbing since the Treasury Department expanded bond buybacks, which has contributed to a weakening dollar. Despite Bitcoin being below its October peak of over $126,000, its recent upward move has positively impacted other digital currencies and related stocks.

Swedish heating company Nibe Industrier reported growth in sales and operating profits during Q2, fueled by robust demand for heat pumps in Europe and the US. Net sales rose by 8.7% to $1.14 billion, and operating profits increased by 11%. Growth in the data center segment contributed to a 12% rise in sales within that division. However, the company faces challenges due to new tariffs imposed by the U.S., which were announced earlier in the year, potentially impacting future growth.