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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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xAI to Raise US$20 Billion with Nvidia, Apollo, and Others Joining Funding Round

Key Takeaway:  Elon Musk’s AI venture  xAI  is expanding its ongoing funding round to  US$20 billion , with major backers including  Nvidia ,  Apollo Global Management , and  Diameter Capital , underscoring Wall Street’s growing appetite for AI infrastructure investments. Deal Overview xAI is reportedly  doubling its fundraising target  to  US$20 billion  (RM84.4 billion), combining  US$7.5 billion in equity  and  up to US$12.5 billion in debt  through a  special purpose vehicle (SPV) , according to Bloomberg sources. The SPV will purchase  Nvidia processors  and  lease them to xAI  for its  Colossus 2 data center  in  Memphis  over five years. This structure allows financiers to recoup returns through hardware-backed rental income, reducing direct corporate exposure. Nvidia’s Strategic Role Nvidia (NVDA.US)  is contributing  up to US$2 billion  in the e...
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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 Open...
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