24/05/2025

BIZ & FINANCE SATURDAY | MAY 24, 2025

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Anthropic unveils enhanced Claude GenAI models SAN FRANCISCO: Anthropic unveiled its latest Claude generative artificial intelligence (GenAI) models on Thursday, claiming to set new standards for reasoning, coding, and digital agent capabilities. The launch came as the San Francisco-based startup held its first developers conference. “Claude Opus 4 is our most powerful model yet, and the best coding model in the world,“ Anthropic co-founder and CEO Dario Amodei said as he opened the event. Opus 4 and Sonnet 4 were described as “hybrid”models capable of quick responses as well as more thoughtful results that take a little time to handle well. Anthropic’s gathering came on the heels of annual developers conferences from Google and Microsoft at which the tech giants showcased their latest AI innovations. Since OpenAI’s ChatGPT burst onto the scene in late 2022, various generative GenAI models have been vying for supremacy. GenAI tools answer questions or tend to tasks based on simple, conversational prompts. The current focus in Silicon Valley is on AI “agents” tailored to independently handle computer or online tasks. Anthropic was early to that trend, adding a “computer use”capability to its model late last year. “Agents can actually turn human imagination into tangible reality at unprecedented scale,“ said Anthropic chief product officer Mike Krieger, a co founder of Instagram. AI agents can boost what engineers at small startups can accomplish when it comes to coding, helping them build products faster, Krieger told the gathering. Anthropic, founded by former OpenAI engineers, launched Claude in March 2023. The startup stresses responsible development of AI, moving more cautiously than competitors as it innovates. – AFP US banks eye joint stablecoin venture: WSJ BENGALURU: Some of the biggest US banks are exploring whether to team up to issue a joint stablecoin, The Wall Street Journal reported on Thursday. The conversations have so far involved companies co-owned by JPMorgan Chase, Bank of America, Citigroup , Wells Fargo and other large commercial banks, the report said, citing people familiar with the matter. However, the newspaper said that the bank consortium discussions are in early, conceptual stages and could change. Reuters could not immediately confirm the report. The banks did not respond to Reuters’ requests for comment late on Thursday. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as US dollar, are commonly used by crypto traders to move funds between tokens. One bank consortium possibility that has been discussed would be a model that lets other banks use the stablecoin, in addition to the co owners of the Clearing House and Early Warning Services, the Journal said, citing unnamed sources. Some regional and community banks have also considered whether to pursue a separate stablecoin consortium, it added. Trump has promised to be the “crypto president,“ popularising its mainstream use in the US. He has said he backs crypto because it can improve the banking system and increase the dominance of the dollar. – Reuters

OnlyFans owner eyes US$8b deal with investors

LONDON: OnlyFans Fenix International Ltd is in talks to sell the adult entertainment platform to an investor group at a valuation of around US$8 billion (RM34 billion), three sources familiar with the matter told Reuters. The group is led by the Forest Road Company, a Los Angeles-based investment firm, the sources said. Reuters could not identify the investors in the group. The investor group and current deal value have not previously been reported. OnlyFans, which exploded in popularity during the Covid-19 pandemic, is best known as an online platform that allows adult content creators to charge subscribers for content. OnlyFans takes 20% of creators’ earnings. In the year ended November 2023, the company generated US$6.6 billion in revenue, according to a filing with British regulators. That is up from US$375 million in 2020, and o Company also considers IPO, while fielding interests from other suitors: Sources owner

himself at least US$1 billion in dividends over the past three years, British filings showed. Last year, Reuters published a series of investigative stories on OnlyFans that documented complaints in US police and court records that child sexual abuse material and nonconsensual explicit content has appeared on the site since 2019. The series also identified cases of sex traffickers using the platform to abuse and exploit women. Adult content makes OnlyFans untouchable for many big banks and investors, sources have told Reuters, because due diligence might find illegal content such as child sexual abuse material, trafficking victims and nonconsensual explicit content. The New York Post reported on Wednesday the company was exploring a potential sale. Founded in 2017, Forest Road is an investment firm interested in media, renewable energy and digital assets, according to its website. Its ventures have included a Formula E racing team and in 2024 expanded its advisory business by acquiring a majority stake in ACF Investment Bank. – Reuters

this rapid growth has attracted investor interest. Some executives at Forest Road were part of a special purpose acquisition company that was in talks to take OnlyFans public in 2022, according to sources and filings with the US Securities and Exchange Commission. OnlyFans and Forest Road declined to comment. One of the three sources and another source familiar with sale discussions said Fenix International Ltd is also in talks with other potential suitors. The London-based company has drawn interest from several suitors in recent months. Talks have been held at least since March, the people said. Three sources said a deal could be reached in the next week or two. The sources also cautioned that there was no certainty a deal will be struck and requested anonymity ahead of an official announcement. An initial public offering is also being considered, three of the sources said. The company’s sole shareholder is Leonid Radvinsky, a Ukrainian American whose location could not be confirmed. He bought OnlyFans in 2018 and has paid

OnlyFans, which exploded in popularity during the Covid-19 pandemic, is best known as an online platform that allows adult content creators to charge subscribers for content. – AFPPIX

Disney seeks to block YouTube’s hiring of industry veteran BENGALURU: Walt Disney seeks to stop Alphabet’s YouTube, which announced on Thursday that it has appointed long-time executive Justin Connolly as its global head of media and sports. terminate it until March 2027. It seeks a preliminary and permanent injunction to prevent Connolly from further breaching the contract. YouTube did not immediately respond to a Reuters request for comment.

sports audience. YouTube inked a US$14 billion (RM59.7 billion) NFL streaming deal in 2022, which enables it to stream big football matches, while Amazon and other media firms also rushed to secure big sports streaming deals. The platform has also expanded beyond traditional video sharing and into live TV, music and podcasts, and generates billions in advertising revenue from its vast content reserves. Connolly spent over two decades at ESPN and Disney and exited his role as head of platform distribution earlier this week as Disney gears up to launch its ESPN sports streaming platform. – Reuters

Disney filed a lawsuit against YouTube in a state court in Los Angeles late Wednesday to stop the appointment, alleging breach of contract, unfair competition and interference with a contractual relationship. Disney claimed that YouTube is and has been aware of Connolly’s employment agreement, which required him to work for Disney through at least March 1, 2027. He signed a new three-year contract in November 2024 that gave him a one-time right to

Connolly will manage the platform’s relationships with major media companies as well as take charge of the company’s growing live-sports portfolio, according to a source familiar with the matter. The popular video sharing platform has been aggressively pursuing live sports for the past few years, alongside competitors such as Netflix and Amazon, in a bid to take advantage of its massive user base and large