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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units

Elon Musk's xAI Seeks $40 Billion Valuation in New Funding Round

Elon Musk’s AI startup, xAI, is seeking new funding at a $40 billion (RM175.12 billion) valuation, according to sources familiar with the matter. This comes just months after a previous funding round raised $6 billion for the company.



The discussions are in the early stages, and details could still change, according to the source. xAI had a valuation of $24 billion after its last funding round in May, meaning the new deal could significantly boost its valuation, placing it among the most valuable startups in the US. The Wall Street Journal also reported on these talks.

During a virtual appearance at the Future Investment Initiative conference in Riyadh, Musk shared that xAI aims to double its access to compute, a crucial resource for advancing AI. He also mentioned that xAI’s Memphis facility is already the largest data center of its kind.

Musk, a co-founder of OpenAI, left the company and has been critical of its approach to AI, positioning xAI to compete directly with OpenAI, which is currently valued at $157 billion.

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