Microsoft Corp. will invest $2.2 billion to build digital infrastructure in Malaysia, the latest in a series of big-ticket bets on Asia’s rising prominence as a technology market.
The company plans to spend the money over four years, constructing infrastructure for its cloud computing and artificial intelligence services, Chief Executive Officer Satya Nadella said during a visit to Kuala Lumpur Thursday. It’ll also give AI training to 200,000 people in Malaysia and work with the government to boost the nation’s cybersecurity capabilities.
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Microsoft is vying with the likes of Alphabet Inc., Amazon.com Inc. and Alibaba Group Holding Ltd. to win over businesses in Southeast Asia, a fast-digitizing region of more than 650 million people. Tech companies are expanding their operations in Malaysia and nearby countries such as Singapore, diversifying beyond China to reduce geopolitical risks amid tensions between Beijing and Washington.
“We are committed to supporting Malaysia’s AI transformation and ensure it benefits all Malaysians,” Nadella said at the end of a whistle-stop tour of three countries in the region. In Kuala Lumpur, he met Prime Minister Anwar Ibrahim before addressing business leaders and developers at a company event.
The investment is the biggest by Microsoft in its 32 years in Malaysia and underscores Microsoft’s effort to emerge as a winner in Asia. Nadella has pledged at least $7 billion to build out the company’s services from Japan to India, while touting AI as a growth engine and prodding countries to boost investment in the technology.
In Malaysia, the southern Johor Bahru region — connected by a causeway to Singapore — is emerging as one of Asia’s rising AI data center hotspots. Nvidia Corp. last year teamed up with local utility YTL Power International Bhd. to build a $4.3 billion AI data center park in the area.
AI adoption is still nascent in Southeast Asia but has the potential to add about $1 trillion to the region’s economy by 2030, with Malaysia capturing about $115 billion of that, according to a report by consulting firm Kearney.
Microsoft this week said it’ll train a total 2.5 million people in AI skills in Southeast Asia by 2025. About 680,000 developers in Malaysia used the Microsoft-owned coding platform GitHub platform in 2023, a 28% annual increase.
Earlier during his trip, Nadella announced a $1.7 billion investment in Indonesia and an undisclosed amount in Thailand in similar efforts to build out AI cloud and digital infrastructure. As part of the Thailand outlay, Microsoft plans to invest about $1 billion for a new data center in Thailand, the Bangkok Post reported.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
