There are now almost 500 AI unicorns - companies valued at over $1 billion - worth a total of roughly $2.7 trillion, enough to do some serious damage to the economy if things don't go well. But for investors, that cash represents a dream: that AI will someday do more than generate video essays explaining that Nubian giants built the pyramids, and become a major financial driver.
Nvidia, fresh off becoming the world's first $4 trillion company, sank 3.5%, while Palantir slid nearly 10%. The sell-off appeared to be sparked in part by an MIT report that claimed 95% of companies investing in generative AI are seeing no returns, and was potentially deepened by earlier comments from OpenAI's Sam Altman suggesting investors may be caught in an AI bubble.
Over the past three years, families have made more than 18,000 claims for overpaid inheritance tax (IHT), with property sales contributing significantly to these claims.
The recovery of the NGX All Share Index amidst geopolitical tensions suggests potential for Nigeria's export receipts, but concerns about sustainability linger.