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Copy of China Semiconductor Stock Soars Over 450% In Blockbuster IPO, S&P Acquire Majority Stake In Nigeria's Agusto & Co; You Can Now Klarna Your New iPhone; And Nigerian Diasporas Can Now Get A Mort


The race to build the infrastructure powering artificial intelligence is entering a new phase as Nvidia and OpenAI explore a $250 billion funding backstop for next-generation AI projects, while Africa's operational data centre capacity has surpassed 500MW, signalling the continent's growing role in the global digital economy. Elsewhere, Tesla's Cybertruck is being labelled one of the biggest commercial failures in automotive history as pressure mounts on the EV maker, while new data from Moniepoint shows women-owned businesses consistently outperform men in SME loan repayments. All this and more in today's Read It And Eat!


Markets as of  24th of July 2026.. Cells in RED mean that the value is down, cells in Green mean the value is up.



MAJOR HEADLINES



  • Nvidia To Provide OpenAI With A $250 Billion Lifeline

 

 

Nvidia and OpenAI are reportedly in discussions to establish a funding backstop of up to $250 billion to support the massive capital requirements of next-generation artificial intelligence infrastructure, according to CNBC. The proposed arrangement is intended to provide financial certainty for the construction of AI data centres, advanced semiconductor deployments, and computing infrastructure needed to support increasingly powerful AI models. The talks underscore the unprecedented scale of investment now required to sustain the industry's rapid expansion.

 

 

The discussions come as AI developers and cloud providers continue committing hundreds of billions of dollars to build the computing capacity needed for training and deploying frontier AI models. Nvidia remains the dominant supplier of AI accelerators, while OpenAI has emerged as one of the largest consumers of AI computing infrastructure. A long-term funding mechanism would help ensure sufficient capital is available as demand for compute continues to outpace global supply.

 

 

The proposed funding backstop also underscores the extraordinary capital commitments required to keep OpenAI at the forefront of artificial intelligence while remaining privately held. The company is expected to commit hundreds of billions of dollars, and potentially more than $1 trillion over the coming years, to data centres, AI chips, energy infrastructure, and computing capacity needed to train and operate increasingly sophisticated models. Securing access to financing on this scale would allow OpenAI to continue expanding without relying on public markets, giving it greater flexibility to pursue its long-term strategy while competing with rivals that are making similarly unprecedented infrastructure investments. CNBC


  • Africa's Data Center Capacity Surpasses 500MW And Is Well On Its Way To 900MW

 

 

Africa's operational data centre capacity has exceeded 500 megawatts (MW) for the first time, with an additional 890MW currently under development across the continent, according to Nairametrics. The milestone reflects accelerating investment in digital infrastructure as cloud computing, artificial intelligence, fintech, and enterprise digitisation continue driving demand for local data storage and processing capacity.

 

 

The expansion is being led by major investments in markets including Nigeria, South Africa, Kenya, and Egypt, where governments and private operators are increasing capacity to support growing internet usage, digital payments, and AI adoption. New facilities are also helping reduce dependence on overseas data centres, improving latency, cybersecurity, and regulatory compliance for businesses operating across Africa.

 

 

The rapid buildout positions Africa to play a larger role in the global AI and data centre economy as demand for cloud services, high-performance computing, and artificial intelligence infrastructure continues to accelerate. While significant investment is still required to close the continent's infrastructure gap, the growing pipeline suggests data centres are becoming one of Africa's fastest-growing infrastructure asset classes, attracting increasing interest from institutional investors, hyperscalers, and global technology companies looking to expand AI capacity closer to emerging markets.  Nairametrics

  • Tesla's Cybertruck Labelled "CyberFlop" As The Industry's Biggest Auto Failure

 

 

Tesla's Cybertruck has been described by industry analysts as one of the biggest commercial failures in automotive history following disappointing sales, growing inventory levels, and continued pressure on Tesla's share price, according to Yahoo Finance. The electric pickup, once expected to transform the truck market, has struggled to achieve projected demand despite years of anticipation and extensive marketing by Chief Executive Elon Musk.

 

 

The vehicle has faced multiple challenges since its launch, including production delays, several safety recalls, quality concerns, and pricing that exceeded many early customer expectations. Tesla had initially targeted annual production of up to 250,000 Cybertrucks, but sales have fallen far short of those ambitions, with the company estimated to have delivered only around 35,000–40,000 units over the past year. Slowing electric vehicle demand and intensifying competition from both established automakers and Chinese EV manufacturers have further weighed on Cybertruck sales, contributing to broader concerns about Tesla's growth outlook.

 

 

The disappointing performance marks a rare product setback for Tesla, whose earlier vehicle launches helped redefine the global electric vehicle industry. Investors are increasingly looking beyond new vehicle launches and focusing on whether Tesla's long-term growth will depend more heavily on artificial intelligence, autonomous driving technology, robotics, and energy storage than on traditional vehicle sales.  Yahoo.Finance

 


  •  Women Repay SME Loans Better Than Men, Moniepoint Study Finds

 

 

Women-owned small and medium-sized businesses consistently demonstrate stronger loan repayment performance than their male counterparts, according to a new report released by Nigerian fintech Moniepoint, as reported by Nairametrics. The findings suggest female entrepreneurs maintain lower default rates and stronger repayment discipline despite often facing greater barriers to accessing formal finance and business capital.

 

 

The report draws on Moniepoint's lending data across thousands of SME customers and highlights the growing contribution of women-led businesses to Nigeria's economy. Despite their stronger repayment record, female entrepreneurs continue to receive a disproportionately smaller share of business financing due to structural challenges including collateral requirements, limited access to credit history, and financing biases.

 

 

The findings reinforce a growing body of evidence supporting increased lending to women-owned businesses across emerging markets. For lenders, stronger repayment performance presents an opportunity to expand credit while maintaining asset quality, while for policymakers it strengthens the case for programmes aimed at improving financial inclusion and closing the gender financing gap within Nigeria's SME sector. Nairametrics

 

Minor Headlines

 

 

 

 

  • Samsung and SK Hynix signed $1T in AI capex deals  Reuters

 

 

 

 

  • Musk keeps Tesla-SpaceX merger rumors alive amid growing overlap Reuters

 

 

  • SpaceX short sellers are sitting on $15B of paper profits MoneyWise

 

 

  • PE founder pleaded guilty to $50M fraud  Bloomberg

     

 

 

 


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