MORNING NEWS

Smart-ring maker Oura said it was delaying its previously announced initial public offering due to market uncertainty. The San Francisco-based company, which was expected to fetch a valuation well above the $11 billion achieved in a funding round last year, said Tuesday it was postponing its listing “despite strong demand, due to uncertainty in the IPO market.” Oura made its IPO paperwork public earlier this month. It said the issue had attracted strong investor demand, but that the timing wasn’t right. The company was aiming to list on the Nasdaq as soon as this month.

Advanced Micro Devices AMD agreed to acquire artificial-intelligence research firm World Labs in an all-stock deal valued at about $8.2 billion, an acquisition that reflects chip makers’ ambitions to control more of the AI stack. AMD, a semiconductor company that recently touched a $1 trillion valuation, said the deal would bring leading AI research and development talent and help the company develop better AI hardware, software and systems, especially in the growing field of physical AI and robotics. World Labs focuses on spatially intelligent AI models that can generate and simulate interactive 3-D environments.

German chemicals producer BASF BAS said it entered initial talks over a takeover of smaller peer Evonik, a tie-up that would bolster BASF’s dominant position in Europe’s chemicals industry.

Anthropic will pay Akamai Technologies AKAM at least $11.6 billion to use its cloud infrastructure and software for over seven years in an expansion of the partnership between the two companies.

An OpenAI agent infiltrated a government-services website in Australia this summer, Prime Minister Anthony Albanese said Wednesday at the United Nations meeting in New York.

Meta Platforms (-0.6%) appears to have a hit AI product on its hands, but the company’s path to ultimate domination in this next chapter of consumer AI use is anything but assured. Two weeks ago, Meta launched a new, easy-to-use personal AI agent called Muse. The app, which is how users access the agent, has been sitting at No. 1 on Apple’s U.S.

Roche will be able to market its eye medication Susvimo in the European Union. As the Swiss pharmaceutical company announced, the European Commission has granted approval. Susvimo is a treatment for neovascular age-related macular degeneration.

UBS CEO Sergio Ermotti sharply criticized the authorities ahead of the ‚Swiss Council of States’ decision on UBS regulation.

YETI Holdings expects its growth to continue in the years ahead as it looks to expand its product portfolio and international presence.

Shares of International Business Machines IBM spiked in May after the legacy tech giant unveiled an agreement with the U.S. government to build a standalone quantum chip foundry. On Wednesday, that industry first became a reality. Anderon, an IBM company, announced the finalization of a $1 billion award from the Commerce Department, structured as a research-and-development grant under the 2022 Chips and Science Act.