KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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 Open...