OpenAI Appoints Brad Lightcap as COO to Lead Global Expansion Efforts

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OpenAI’s Chief Operating Officer, Brad Lightcap, has been tasked with leading the company’s global expansion and corporate partnerships, as the AI startup looks to solidify its position in the rapidly evolving artificial intelligence industry. CEO Sam Altman made the announcement on Monday, noting that Lightcap will focus on business strategy, key partnerships, infrastructure, and operational excellence to enhance the impact of OpenAI’s research.

As Lightcap takes on a more prominent role in overseeing business operations, Altman will shift his attention toward the technical side of the company, concentrating on advancing research and product initiatives. Altman remains in charge of OpenAI’s overall direction.

In addition to these leadership changes, OpenAI is collaborating with SoftBank Group and Oracle on the $500-billion Stargate project, which involves creating a network of data centers designed to support AI workloads. The initiative is part of OpenAI’s broader efforts to scale its operations and power cutting-edge AI research.

Lightcap, who previously worked with Altman at Y Combinator, has been with OpenAI since 2018. He will now lead the company’s global deployment strategy. Furthermore, OpenAI has also expanded the responsibilities of Chief Research Officer Mark Chen, who will integrate research and product development more closely.

Altman recently shared that OpenAI is working on simplifying its products, a move aimed at attracting new investments amid rising scrutiny over its substantial spending on AI development. The company is in the process of raising $40 billion as it transitions into a for-profit entity to secure the necessary capital to advance its AI models. In October, OpenAI closed a $6.6 billion funding round to fuel its growth.

Trump Media Partners with Crypto.com to Launch ETFs Through Truth.Fi

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Trump Media & Technology Group, the company behind the Truth Social platform, announced on Monday that it has partnered with Crypto.com to launch exchange-traded funds (ETFs) and related products under its Truth.Fi brand. This collaboration is aimed at offering financial products that include both digital assets and traditional securities with a “Made in America” focus.

Following the announcement, Trump Media’s shares rose 10.5% in after-hours trading, though the company’s stock has fallen 38% over the past three months.

The ETFs, which will be available through Crypto.com’s broker-dealer Foris Capital, are expected to include cryptocurrencies like bitcoin and cronos, alongside securities from various industries. These funds are slated for launch later this year and will be offered in the U.S., Europe, and Asia.

Crypto.com will provide key infrastructure, including backend technology, custody services, and cryptocurrency support for the ETFs.

The partnership follows the January launch of Trump Media’s Truth.Fi brand, signaling the company’s expansion into financial services and fintech, particularly in the cryptocurrency space. Trump Media had previously announced plans to invest up to $250 million through Charles Schwab to diversify its cash holdings, which stood at over $700 million at the end of 2024. This new venture includes investments in ETFs, separately managed accounts, and cryptocurrencies.

Trump Media also revealed in February that it has applied for trademarks for several investment products, including the Truth.Fi Bitcoin Plus ETF, Truth.Fi Made in America ETF, and Truth.Fi U.S. Energy Independence ETF, which focus on sectors like bitcoin, U.S. manufacturing, and energy.

Xiaomi Raises $5.5 Billion in Share Sale to Accelerate EV Plans

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Xiaomi Corp, the world’s third-largest smartphone maker, announced on Tuesday that it raised $5.5 billion in an upsized share sale as the company ramps up its electric vehicle (EV) manufacturing plans. The company sold 800 million shares at a price of HK$53.25 each, according to a statement to the Hong Kong Stock Exchange.

Originally planning to sell 750 million shares, Xiaomi decided to increase the size of the offering due to strong investor interest during the bookbuilding process. The final share price, which was at the lower end of the HK$52.80 to HK$54.60 price range, represented a 6.6% discount to Xiaomi’s closing price of HK$57 on Monday.

Investor enthusiasm for Xiaomi’s EV plans has played a significant role in the company’s stock performance, with its share price surging nearly 150% from HK$21.5 in the past six months. The sale attracted over 200 investors, with the book being oversubscribed multiple times. The top 20 investors purchased about 66% of the stock offered.

The funds raised will be used to further accelerate Xiaomi’s business expansion and invest in research and technology development, particularly in the EV sector. Xiaomi entered the electric vehicle market last year with the launch of the SU7 sedan. The company reported a 50% jump in fourth-quarter revenue and raised its target for EV deliveries this year to 350,000, up from 300,000.

Xiaomi’s EV business generated 32.1 billion yuan ($4.4 billion) in revenue in 2024, delivering more than 135,000 SU7 sedans. The company plans to start shipping cars overseas in 2027 and is expanding its production capabilities with a new land purchase for its auto factory in Beijing.

In addition to its EV ambitions, Xiaomi is also focusing on AI, planning to allocate 7-8 billion yuan out of its 2025 total R&D budget of 30 billion yuan to AI development. The share sale comes amid a wave of tech-focused capital raisings from Chinese companies, as positive sentiment around the tech sector grows, partly fueled by easing government scrutiny.