The largest driver of the quarterly loss was a $1.5 billion negative revaluation of digital assets following a decline in the price of Bitcoin. Under fair-value accounting rules, companies must adjust the carrying value of their digital asset holdings each quarter to reflect market prices, creating swings in reported earnings.
Saudi Arabia just made its most aggressive move yet in that generational project. The kingdom announced a new $40 billion technology investment fund, developed in partnership with American venture capital heavyweight Andreessen Horowitz (a16z), aimed at positioning Saudi Arabia as a global hub for artificial intelligence, cloud infrastructure, and advanced computing.
The macro factor driving PWB forward is straightforward: enterprise spending on artificial intelligence infrastructure remains robust, and the companies building that infrastructure are printing money. Alphabet's net income surged 35% year-over-year in Q3 2025 as businesses adopted its Gemini AI models and expanded Google Cloud usage. NVIDIA tells an even more dramatic story-its data center business has transformed the company from a gaming chip maker into an AI infrastructure powerhouse, with earnings growth that reflects the scale of enterprise AI adoption.
SoftBank will soon announce an agreement to acquire DigitalBridge. According to sources, talks with the digital infrastructure investor are at an advanced stage. The Japanese group could announce the deal as early as this week. Reuters has not yet been able to independently confirm this information. It became clear in early December that SoftBank was in talks with DigitalBridge. A source confirmed to Reuters at the time that SoftBank was interested in the company because of its portfolio,
