New Delhi: India’s e-commerce market is entering a structural shift, with growth increasingly driven by smaller cities, direct-to-consumer (D2C) brands and emerging formats such as quick commerce and social commerce, according to separate February 2026 reports by Boston Consulting Group (BCG) and McKinsey & Company. BCG estimates India’s e-commerce market, including digital services such as travel and ticketing, at $120-140 billion currently, projected to reach $280-300 billion by 2030. McKinsey, focusing ...

Core Viewpoint - Maxus Mining Inc. has successfully listed its shares on the OTCQB Venture Market, enhancing its profile and accessibility for U.S. investors, while continuing to trade on the Canadian Securities Exchange and the Frankfurt Stock Exchange [8][9]. Company Overview - Maxus Mining Inc. is focused on advancing its projects in British Columbia through targeted exploration programs aimed at unlocking value across multiple critical mineral systems [4][10]. - The company holds a diversified portfolio of approximately 15,098 hectares of prospective terrain in British Columbia, including significant projects in antimony, tungsten, and copper [10]. Recent Developments - The company's common shares began trading on the OTCQB under the symbol "MXMGF" effective February 17, 2026 [8]. - An application is pending with the Depository Trust & Clearing Corporation (DTCC) to facilitate easier electronic clearing and settlement of the company's shares in the U.S. [2]. Project Highlights - The portfolio includes three antimony projects totaling 8,920 hectares, with the Alturas Antimony Project reporting high-grade antimony up to 69.98% [11]. - The Lotto Tungsten Project spans 3,054 hectares, with a historical grab sample showing 10.97% WO₃ [12]. - The Penny Copper Project, covering 3,123 hectares, has over 100 years of recorded exploration, with recent sampling returning copper values of up to 2,388 ppm [12]. Management Commentary - The CEO, Scott Walters, emphasized that listing on the OTCQB broadens access for U.S. investors and supports the company's ongoing exploration initiatives, including data compilation at the Quarry Project and airborne geophysical programs across various mineral targets [9].

The draft norms published on Tuesday would also allow authorised dealers to undertake transactions beyond market hours and with other authorised dealers, IFSC banking units, overseas banking units and overseas entities. This will enable better price discovery for clients and deepen the market. These revisions will help improve price discovery while giving banks more operational freedom, currency dealers said. RBI said on Tuesday that banks designated under the This would include positions arising from int ...

Core Insights - India's quick commerce industry is shifting focus from speed to advertising, with current ad revenues estimated at INR 3,000–3,500 Cr and expected to grow by 30–40% this year as brands prioritize quick commerce ads over traditional digital channels [1][25]. Advertising Trends - More than 70% of quick commerce orders are replenishment-led, attracting major brands to invest in quick commerce advertising to capture repeat users [1][12]. - Quick commerce platforms like Blinkit, Instamart, and Zepto are developing high-margin retail media businesses, with advertising contributing between 9% and 11% of their revenues, a figure that is rapidly increasing [2]. - Ad rates on quick commerce apps have surged over 40% in the past year, with premiums doubling during high-impact events like festivals and cricket tournaments [3][4]. Strategic Shifts - Quick commerce companies are transitioning from optimizing for Gross Merchandise Value (GMV) to focusing on margin expansion, positioning advertising as a core profit lever [6]. - Brands in FMCG, D2C, and beverages are increasingly allocating 15-20% of their digital ad budgets to quick commerce, viewing it as a high-intent visibility layer [7]. Consumer Behavior - Quick commerce advertising is characterized by intercepting consumers at the moment of decision, with urgency being a defining constraint [8][9]. - The majority of quick commerce orders are driven by high-frequency, low-consideration purchases, aligning with categories like FMCG staples, snacks, and personal care [12]. Market Dynamics - Quick commerce is seen as both a potential demand creator and a channel that may cannibalize existing sales from other marketplaces [18]. - Approximately 30-35% of quick commerce users now default to these apps for top-up and emergency purchases, indicating the creation of new buying occasions [20]. Future Outlook - As user adoption increases, quick commerce platforms are enhancing their ad offerings, but this may lead to ad fatigue and diminishing returns for brands [23][24]. - The industry is entering a new phase focused on monetization, margin expansion, and advertising sophistication, with ad rates rising significantly and brands reallocating substantial portions of their digital budgets [37][38].

Core Perspective - Discovery Expedition has appointed singer and dancer NINGNING as its brand ambassador, emphasizing a modern outdoor lifestyle that combines inner exploration with outer journeys [1][3] Group 1: Brand Philosophy and Product Launch - Discovery Expedition promotes a new product philosophy called "Structural Flexibility Aesthetics," aiming to blend outdoor and daily life with a focus on style and practicality [3][11] - The brand is set to launch the "Soft Shell" series in Spring 2026, designed to respond to diverse lifestyle scenarios with lightweight and flexible products [3][11] Group 2: NINGNING's Representation - NINGNING embodies a unique lifestyle that combines inner strength and outward adaptability, resonating with the brand's philosophy of health, resilience, and diversity [3][5] - Her confident portrayal in the Spring 2026 campaign showcases various outdoor fashion styles, reflecting the multifaceted identities of contemporary women [5][8] Group 3: Product Features - The "Soft Shell" series includes a BERTEX black short jacket that offers high breathability and wind resistance, designed for effortless daily wear [5][8] - Another product, a PRIMALOFT beige cotton jacket, is lightweight and portable, providing warmth and comfort in various environments, suitable for both urban and outdoor activities [8][11]

Summary of Key Points from the Conference Call on AI-Driven Drug Discovery (AIDD) Industry Overview - **Industry Focus**: Biotechnology, specifically AI-driven drug discovery (AIDD) in the Asia Pacific region [1] - **Current State**: AIDD is transitioning from pilot projects to commercial reality, with significant growth in partnerships and platform deals [2] Core Insights - **Chemistry Models**: These models are mature and have proven to enhance execution efficiency in drug discovery, leading to faster iteration cycles and improved hit-to-lead conversion rates [10][12] - **Biology Models**: While chemistry models are monetizable, biology models, which influence drug development decisions, are still in the validation phase. Their success hinges on demonstrating human relevance through clinical data [3][11] - **2026 as a Pivotal Year**: A series of clinical and translational readouts expected in 2026 will test the validity of biology models, potentially shifting AIDD from execution support to authoritative decision-making [4][16] Investment Opportunities - **CLARITY Framework**: This framework distinguishes between chemistry-execution platforms, which have proven value, and biology-exposed platforms, which may see a revaluation based on upcoming validation results [5][21] - **Recommended Strategy**: The strategy involves pairing investments in established chemistry platforms with selective exposure to emerging biology-validation platforms [6] Key Developments and Case Studies - **Insilico Medicine**: Positive Phase 2a data for its TNIK inhibitor indicates early validation of AI-driven biology models [23][65] - **Recursion Pharmaceuticals**: REC-4881 shows promise in clinical validation, with additional data expected in 2026 [67] - **Absci**: ABS-201, an AI-designed antibody, is in first-in-human studies, with interim data anticipated in 2H26 [66] Market Dynamics - **China's Role**: China is emerging as a key player in AIDD, leveraging its clinical development infrastructure and rapid adoption of AI tools to enhance drug discovery processes [4][72][77] - **Global Trends**: The biopharmaceutical industry is facing pressures such as patent cliffs and declining R&D ROI, driving the need for innovative tools like AIDD [13][41] Risks and Challenges - **Adoption Barriers**: Organizational frictions, such as data silos and misaligned incentives, may hinder the widespread adoption of AIDD technologies [15][50] - **Validation Risks**: Biology models may fail to demonstrate consistent human relevance, which could impact their adoption and valuation [26][70] Conclusion - **Future Outlook**: The next 18-24 months are critical for AIDD, with multiple programs expected to generate early clinical signals that could validate the efficacy of AI in drug discovery [56][70] - **Investment Implications**: As biology models gain validation, there may be a shift in how AIDD companies capture value, moving towards co-development and downstream economic participation [69][71]

Group 1: Anthropic's Financial Projections - Anthropic has lowered its gross margin projection for 2025 to 40%, which is a decrease of 10 percentage points from earlier expectations, but still an improvement from the previous year [3] - If inference costs for non-paying users of the Claude chatbot are included, the gross margin would be approximately 38% [3] - Anthropic's projected gross margins are expected to exceed 70% by 2027, while OpenAI anticipates similar margins by 2029, indicating a trend towards profitability in the AI sector despite high training costs [3] Group 2: AI Model Training Costs - Anthropic's expected costs for training AI models in 2025 are projected to be around $4.1 billion, reflecting a 5% increase from previous estimates [4] - OpenAI's training costs for AI models were approximately $9.4 billion last year, highlighting the significant financial investment required in AI development [4] Group 3: ChatGPT's Business Model and Growth - ChatGPT's revenue has grown 3X year over year, reaching $20 billion+ in 2025, up from $2 billion in 2023, indicating unprecedented growth in the AI sector [5] - The compute capacity used by ChatGPT has also increased significantly, growing from 0.2 GW in 2023 to approximately 1.9 GW in 2025, which correlates with revenue growth [5] Group 4: AWS and AI Infrastructure - AWS has developed its own custom CPU, Graviton, which offers 40% better price performance compared to leading x86 processors, and is now used by 90% of its top 1,000 customers [17][18] - AWS's Trainium2 chip, which is utilized by Anthropic for training models, has been fully subscribed, and the newly released Trainium3 chip is expected to be 40% more price performant than its predecessor [19] Group 5: Market Dynamics and AI Adoption - The current stage of AI adoption is characterized by high demand, with AI labs consuming significant compute resources, while enterprises are beginning to utilize AI for cost avoidance and productivity [20][21] - There is a notable gap in the market where many enterprise workloads are not yet using AI inference, suggesting potential for future growth as these applications are deployed [22]

Core Insights - The 2025 year-in-review report from Binance highlights significant themes in the crypto industry, including regulation, liquidity, Web3 discovery, institutional adoption, user protection, and everyday crypto usage [1] Regulatory Developments - Binance became the first crypto exchange to receive full authorization under the Financial Services Regulatory Authority (FSRA) of ADGM, reflecting a shift in how crypto platforms are viewed as financial infrastructure [2] - The ADGM framework emphasizes governance, risk management, custody, clearing, and consumer protection, aligning crypto market structures with traditional financial venues [3] Trust and Security - Since 2023, Binance has reduced direct exposure to major illicit funds by 96%, preventing $6.69 billion in potential fraud for 5.4 million users in 2025 [4] - Enhanced Due Diligence redesign has simplified compliance processes, improving user experience while strengthening compliance measures [5] Liquidity and Trading Volume - In 2025, Binance processed $34 trillion in trading volume, with spot trading volume exceeding $7.1 trillion, and an all-time traded volume of $145 trillion [6] - The platform expanded to 490 spot coins and 1,889 trading pairs, with over 300,000 users utilizing Binance Demo Trading for practice [7] User Engagement and Discovery - Binance Alpha 2.0 became a key discovery tool, achieving over $1 trillion in trading volume and onboarding 17 million users in 2025, while distributing $782 million in rewards [8] - Risk controls effectively blocked 270,000 dishonest participants from exploiting reward campaigns [8] Institutional Adoption - Institutional trading volume on Binance grew by 21% year-over-year, with OTC fiat trading volume increasing by 210% [9] - Tokenization is moving towards operational use cases, with tokenized funds being utilized as eligible off-exchange collateral [10] Everyday Crypto Usage - Fiat and P2P transaction volume grew by 38%, and Binance Pay users increased by 30%, with acceptance expanding to over 20 million merchants [12] - Binance Earn distributed $1.2 billion in rewards to users in 2025, enhancing everyday crypto adoption [12] Conclusion - The report indicates that crypto platforms are now assessed as financial infrastructure, with Binance's achievements in regulation, scale, and resilience reflecting the industry's evolution [13] - The focus on measurable outcomes, user protection, and responsible participation is essential for sustainable growth in the crypto ecosystem [14]

IT之家 12 月 16 日消息，获 OpenAI 投资的生物技术初创企业 Chai Discovery 于当地时间本周一宣布，其 B 轮融资额达 1.3 亿美元（IT之家注：现汇率约合 9.17 亿元人民币），公司估值由此升至 13 亿美元（现汇率约合 91.73 亿元人民币）。 该公司表示，此轮融资由 General Catalyst 和 Oak HC / FT 领投。其他参与者包括 Menlo Ventures、OpenAI、Dimension、Thrive Capital、Neo、Yosemite 风险 投资基金、Lachy Groom、SV Angel，以及新投资者 Glade Brook 和 Emerson Collective。至此，该公司累计融资总额已超 2.25 亿美元（现汇率约合 15.88 亿 元人民币）。 Chai Discovery 所处的赛道正在蓬勃发展，业内普遍将人工智能视为加速药物研发的捷径。今年 8 月，Menlo Ventures 曾领投该公司 7000 万美元的 A 轮融 资，并评价 Chai Discovery 是一家专注于药物发现领域基础模型开发的初创企业，其模型可预 ...

Core Viewpoint - Zapata Quantum, Inc. has successfully filed its historical Form 10-K and 10-Qs with the SEC, marking a significant milestone in its strategic restructuring efforts and enabling its shares to move from the OTC Expert Market to the OTC Pink Limited Market, which enhances trading availability and supports its goal of returning to a national securities exchange like Nasdaq [1][4]. Group 1: Company Developments - The company emphasizes the importance of remaining a public entity, as it provides advantages such as transparency, liquidity, and long-term access to capital, while also allowing prior shareholders to participate in future growth [2]. - Zapata Quantum is recognized as the only publicly traded, pure-play, hardware-agnostic quantum software company, offering unique exposure to the software layer of quantum computing independent of specific hardware success [2][3]. - The company has restructured over $10 million in additional liabilities during the fourth quarter, with most converted to equity, reflecting ongoing financial adjustments [3]. Group 2: Strategic Positioning - The leadership believes that while hardware advancements are crucial, lasting value in quantum computing will primarily be derived from software, positioning Zapata to benefit from this shift [3]. - The company is advancing its trading status by filing a Form 15c2-11 and applying to OTCQB, aiming to enhance transparency, liquidity, and investor access, while adhering to governance structures aligned with national securities exchange standards [4]. - Zapata Quantum has a portfolio of over 60 patents and has collaborated with Fortune 500 companies and government agencies, indicating its strong position in the quantum computing landscape [5].