Core Viewpoint - Brookfield Asset Management's new AI infrastructure company, Radiant, has been valued at $1.3 billion following its merger with UK-based Ori Industries, highlighting the growing demand for AI infrastructure amid a shortage of high-performance computing capacity [1][4]. Company Summary - Radiant was formed to provide on-demand access to AI chips and has merged with Ori Industries, a cloud computing firm based in London [1]. - All existing investors of Ori have rolled their stakes into Radiant, with Brookfield injecting additional capital into the new entity [2]. - Mahdi Yahya, founder of Ori, will serve as president of Radiant, emphasizing the partnership with Brookfield to address the supply-demand imbalance in AI infrastructure [5]. Financial Overview - The valuation of Radiant was established earlier in February 2026, although the exact contribution of Ori to this valuation remains unclear [2]. - Ori had total assets of £42.5 million ($57.2 million) and total debt of £11.3 million as of the end of 2024 [4]. Industry Context - The merger comes at a time when there is a race among investors to build the necessary infrastructure for advanced AI, driven by a shortage of computing capacity [4]. - Brookfield's AI infrastructure fund aims to raise $10 billion, with plans to scale up to $100 billion through co-investment and financing [5]. - The UK government is significantly increasing data-center construction, planning to expand national computing capacity by 20-fold by 2030, classifying data centers as critical infrastructure [5].

OpenAI on Thursday confirmed a $110 billion valuation, fueling expectations that it could stage the largest IPO in US tech history if it moves forward with a public listing. The company has not yet filed for an IPO. However, the valuation announced on February 27 positions OpenAI above several landmark Silicon Valley debuts and signals strong backing from major technology investors. Who are the Big Tech Going All-In on OpenAI? OpenAI has raised billions in private funding over the past few years. Its mos ...

Oil ends the month on a firm footing as Iran tensions simmer, but muted attention on the upcoming OPEC+ meeting could set the stage for an unexpected production hike. Friday, February 27, 2026 Oil prices are finishing February on a high note, with the month’s last traded week posting a $1 per barrel gain as US-Iran tensions are mounting. Indirect talks held between Washington and Tehran this week in Geneva yielded no results, and Trump’s ’10- to 15-day’ deadline will be running out soon. Amidst all ...

Core Insights - The shale revolution is expanding into Saudi Arabia, with Aramco advancing a natural gas megaproject that could significantly increase the kingdom's revenues in the coming years [1][3] Group 1: Project Overview - Aramco is collaborating with U.S. and Chinese firms, such as Halliburton and Sinopec, to utilize advanced drilling technologies at the Jafurah basin [2] - The Jafurah project, with an investment of $100 billion, aims to raise gas production targets and position Saudi Arabia as a major global player in natural gas [3] - Jafurah is estimated to hold 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensate, making it potentially the largest shale gas development outside the U.S. [3] Group 2: Strategic Importance - The project is crucial for Saudi Arabia's Vision 2030 agenda, which seeks to diversify the economy away from oil dependency by replacing crude oil used for power generation with natural gas [4][5] - Aramco's strategy includes replacing 500,000 barrels per day (bpd) of crude oil with gas by 2030, which could generate nearly $12.8 billion in annual revenue at current prices [7] Group 3: Production Milestone - Aramco officially announced the start of production at Jafurah, marking a significant milestone for the project, with output beginning in December 2025 [6] - The early performance of wells at Jafurah has been described as outstanding, validating Aramco's high-tech approach and emphasizing the project's importance to its gas growth strategy [7]

Core Insights - Nvidia's growth in the AI sector has significantly benefited TSMC, which has become a crucial player in the semiconductor manufacturing space, valued at $2 trillion [1][2] - TSMC manufactures all of Nvidia's advanced AI chips, creating a symbiotic relationship where increased sales of Nvidia's chips lead to higher production demands for TSMC [2][4] - The rise of TSMC in market capitalization, surpassing major companies like Saudi Aramco and Meta, indicates a shift in the global tech hierarchy, with semiconductor manufacturing now at the forefront [3] Group 1 - TSMC is not competing in the AI boom but is enabling it by providing essential manufacturing capabilities for Nvidia's chips [2][4] - The dependency of major AI companies, including Apple, Microsoft, Amazon, and Alphabet, on TSMC for their advanced chips highlights TSMC's foundational role in the AI ecosystem [3][4] Group 2 - TSMC's position as a second-order winner in the AI boom is solidified by its focus on chip manufacturing rather than developing AI models or cloud infrastructure [4] - As long as Nvidia continues to lead in the AI sector, TSMC is likely to remain one of the most significant beneficiaries of this growth [4]

Core Viewpoint - Kuwait Petroleum Corporation (KPC) is in early discussions to sell a $7 billion stake in its crude oil pipelines, attracting interest from major investors including BlackRock, Brookfield, and EIG Partners [1][1][1] Group 1: Investment Details - KPC is seeking to structure the transaction with approximately $1.5 billion in equity, while the remainder will be financed through debt [1][1][1] - The stake sale process could formally launch by the end of February, with KPC currently engaging other banks to underwrite the debt portion alongside HSBC [1][1][1] Group 2: Market Context - The concession for the pipeline deal is expected to span 25 years, but faces challenges due to crude oil prices around $71 per barrel and geopolitical tensions in the Gulf region [1][1][1] - This move mirrors similar recent transactions by Gulf peers such as Saudi Aramco and Abu Dhabi National Oil Company, which have raised funds through their pipeline infrastructure [1][1][1] Group 3: Strategic Goals - KPC plans to invest $410 billion through 2040 to increase its production capacity to 4 million barrels per day [1][1][1] - BlackRock is expanding its presence in Kuwait, having signed a similar deal for Saudi Aramco's Jafurah gas project and is set to open an office in the country [1][1][1]

Saudi Aramco has finalised sales agreements for several shipments of ultra-light crude oil, known as condensate, from its Jafurah gas development to major US energy companies and an Indian refiner, reported Reuters, citing four trade sources. The first export cargo is scheduled for later in the month. Chevron acquired two consignments set for loading both later this month and in March. ExxonMobil and Indian Oil Corporation purchased cargoes due for lifting next month. Trade sources indicated that the ca ...

Group 1 - Goldman Sachs raised its Q4 2026 Brent and WTI crude forecasts by $6 to $60 and $56 respectively, citing lower OECD stocks while maintaining a surplus outlook for the year [1][3] - For the year 2026, Goldman expects Brent to average $64 per barrel, up from a previous estimate of $56, and WTI to average $60, an increase from $52 [1][7] - The bank's surplus forecast for 2026 is 2.3 million barrels per day (bpd), assuming no major supply disruptions and no resolution to the Russia-Ukraine conflict [3][4] Group 2 - Goldman downgraded its supply outlook for Kazakhstan, Venezuela, Iran, and Iraq due to production misses, while upgrading expectations for the Americas and core OPEC countries with spare capacity [4] - The bank anticipates OPEC+ to gradually increase production starting in Q2 2026, as OECD inventories have not built up [4] - Potential sanctions relief for Iran or Russia could lead to downside risks of $5 for Brent and $8 for WTI in Q4 2026, with average prices expected to rise to $65 and $61 respectively in 2027 [5]

These issues will matter, as it should be reiterated that Aramco is not a typical publicly listed entity. At present, 80% of the company is owned by the Saudi government, while the Kingdom’s sovereign wealth fund, PIF (the Public Investment Fund), owns another 16% of the shares. For the Kingdom, Aramco’s dividends are not peripheral, but a central pillar of the Saudi budget . Also, don’t forget that they are a critical source of income for Vision 2030 financing. If, as anticipated, there is a $40 billion sh ...

Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development https://t.co/0nqFvO5y9V ...