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▶️ xAI has partnered with Palantir to drive AI adoption in the financial services sector, focusing on developing AI-driven solutions for businesses. The partnership, unveiled on May 6, extends an earlier collaboration with TWG Global. The collaboration aims to implement AI to enhance growth and operational efficiency, especially in the financial sector, by using "modular AI agents" tailored to specific business needs. AI’s integration at the C-suite level is key to its success, according to both companies, as they seek to unlock AI’s full potential in financial operations. Source: PYMNTS thru Mario Nawfal
The fund, run by Norges Bank Investment Management, pointed to a pullback in tech stocks as the main drag, with equity returns down 1.6%. Holdings like $AAPL, $NVDA, and $TSLA all took a hit. Fixed income helped a bit, returning 1.6%, but it wasn’t enough to offset the slump. CEO Nicolai Tangen said the recent market turmoil, especially after Trump’s tariff hikes, isn’t even fully reflected yet. That early-April tariff spike alone knocked off another $200M. Despite the loss, the fund still outperformed its benchmark by 0.16%. They’ve already started trimming some tech exposure to reduce risk. CFO also confirmed they didn’t make any moves in U.S. Treasuries in April—no buying or selling. The fund's performance is mostly tied to global indexes, so there's limited room for active moves. And while it’s staying out of nuclear weapons makers like Lockheed due to ethical guidelines, there's growing political pressure in Norway to rethink that stance. Source: Wall St Engine, The Borneo Post