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OpenAI signed multiple AI cooperation agreements with Abu Dhabi

According to reports from the Abu Dhabi Media Office and CNBC, OpenAI CEO Sam Altman met with Abu Dhabi Crown Prince and Chairman of the Executive Council Sheikh Khaled and witnessed the signing of multiple cooperation agreements with Abu Dhabi, covering areas such as energy, investment, and government.In the energy sector, Abu Dhabi National Oil Company ADNOC, G42's Inception42, and OpenAI reached an agreement to deploy OpenAI's cutting-edge models in ADNOC's operations, making it the first company in the energy industry to implement this technology; the related capabilities are based on the GPT model and utilize inference infrastructure within the UAE. In terms of investment, the sovereign investment fund Mubadala, Inception42, and OpenAI agreed to use advanced AI for investment analysis, opportunity identification, and risk assessment.On the government side, the Abu Dhabi government and OpenAI launched the "Machine-Readable Government" initiative, converting some policies and regulations into machine-readable formats to assist with routine assessments such as licensing and compliance, while final decision-making remains the responsibility of government officials.Additionally, according to a press release, Inception42 and OpenAI also signed a five-year agreement to promote cutting-edge AI in the UAE's government, business, and education sectors. CNBC reported that OpenAI is seeking to raise up to approximately $20 billion in a new round of financing, led jointly by UAE investors.

U.S. stock optical module leader Marvell announced an all-stock acquisition of optical chip leader Lumentum, with a consideration of approximately 115 billion USD

According to Marvell's announcement, the company has reached a final agreement to acquire Lumentum in an all-stock transaction.The agreement stipulates that Lumentum shareholders will receive 4.500 shares of Marvell common stock for each share they own, implying an enterprise value of approximately $115 billion for Lumentum, equivalent to about $1132 per share, representing a premium of approximately 23.9% over the closing price on October 28, which was unaffected by rumors. After the transaction is completed, existing Marvell shareholders will hold about 67%, while Lumentum shareholders will hold about 33%.Both parties stated that the merger will integrate Marvell's capabilities in electrical and optical interconnects, switching, and custom chips, along with Lumentum's strengths in high-performance lasers, optical transceiver modules, and optical circuit switching, aiming to create a full-stack connectivity portfolio for AI infrastructure and expand the addressable market size to approximately $550 billion.The transaction is expected to achieve over $1 billion in annualized operating cost synergies and is anticipated to enhance Marvell's non-GAAP earnings per share in the first year post-closing. The closing is expected in the first half of 2028, pending approval from both parties' shareholders and regulators. After the closing, Matt Murphy will continue to serve as Chairman and CEO, and three directors from Lumentum, including CEO Michael Hurlston, will join Marvell's board of directors.

first_img He Yi: After ensuring environmental safety, users can withdraw funds and resume operations

Binance Co-CEO and co-founder He Yi posted on X, stating that the current top priority is to ensure the safety of the environment, after which users can withdraw funds, and Binance can resume operations. She mentioned that every action has motives and pointed out that some exchanges, P2P platforms, and commercial banks have opaque ledgers, disappearing with funds after shutting down their websites, with companies going into liquidation or bankruptcy, providing any excuse, leaving no way to know how much actual funds are in the accounts and where the funds have gone.He Yi also stated that such closures often come without any warning, with the relevant parties disappearing directly, no real operations taking place, and no one coming forward to explain what happened, making it impossible to open withdrawals. She thanked users for their support at the end of her message. Binance had previously suspended withdrawals due to a security incident, and the official announcement on November 1 stated that withdrawals would be gradually restored starting from 06:00 (UTC) that day, and by 12:36 (UTC), withdrawals for the first batch of 15 networks and corresponding assets had been restored.Binance stated that from 06:00 to 15:30 (UTC) that day, the platform processed $4.649 billion in withdrawals and $1.01 billion in deposits, with a net outflow of approximately $3.64 billion, accounting for about 2.1% of the $171 billion asset management scale indicated by the reserve proof as of October 28. The official also noted that the withdrawal volume had peaked initially but has since declined and stabilized, while the deposit volume remains substantial, and the other networks and assets are still undergoing continuous testing, with further details to be announced in subsequent phases.

first_img Binance: The compensation ratio for stolen assets has increased to 90%, and withdrawals are still planned to resume on Sunday

Binance released a security incident update stating that the company had previously reserved over $6.34 billion of company funds to cover the stolen losses, with the coverage ratio at that time being approximately 80%, which has now increased to 90%. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC have achieved 100% coverage, while the remaining related tokens will continue to be purchased through market and over-the-counter channels until the coverage ratio for all tokens reaches 100%. Binance stated that the financial impact of the stolen funds will be borne by the platform, not the users.The replenished funds come from a partial drawdown of the user security asset fund SAFU, a portion of the contract insurance fund, and Binance's company funds. The partial drawdown of SAFU is expected to occur within the next 24 hours. The remaining 10% consists of assets outside the aforementioned ten tokens with lower liquidity, and the time required for purchase may be longer.Binance completed a new reserve proof snapshot on October 31 at 00:00 (UTC) and updated it on the reserve proof page. The complete zero-knowledge proof is expected to take 40 to 50 hours to generate, approximately by November 3 (UTC). Withdrawal services will continue to progress according to the previous schedule, with plans to reopen on Sunday, November 1.Binance introduced that SAFU was established in July 2018 and is held and managed by Nest Clearing and Custody Limited, regulated by the Abu Dhabi Global Market Financial Services Regulatory Authority. The company commits to replenishing the scale of SAFU to approximately $1 billion and clarifies that the partial drawdown of SAFU is for purchasing the remaining 10% of assets. After withdrawing the balance exceeding the stipulated level, the contract insurance fund remains above the coverage level required by the existing risk management framework; if the balance falls below the requirement, Binance will make up the difference with company funds.
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