Bitcoin, the world’s largest cryptocurrency by market ‍value, was down by 6.53% at $78,719.63 at 12:48 p.m. ​ET (1748 GMT) on Saturday, continuing its decline from ‌the previous session.

On Friday, bitcoin fell ​to as low as $81,104, the lowest since November 21, while the U.S. dollar gained after former Federal Reserve Governor Kevin Warsh was selected as the next Fed chair. Some investors and traders are concerned he might tighten up on cash in the ​financial system.

Warsh has called for regime change ⁠at the central bank and wants, among other things, a smaller Fed balance sheet.

Bitcoin ⁠and other cryptocurrencies have been regarded as beneficiaries ​of a large balance ⁠sheet, ‍having tended to rally while the Fed greased money markets with liquidity – a support for ‌speculative ‌assets.

Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, ‌Wisconsin, said the Fed’s “bloated balance sheet combined ‌with heavy-handed bank regulation” had kept liquidity trapped on Wall Street instead of flowing to ‍Main Street, helping fuel bubbles in assets such as bonds, crypto, metals and meme stocks.

Ether also fell ‍11.76% to $2,387.77 on Saturday afternoon. Cryptocurrencies have been struggling for direction since tumbling last year, having been left behind by big rallies in gold and stocks.

“Sometimes these price adjustments feed on themselves,” Jacobsen said, adding that Friday’s abrupt drop had reminded people of the risks. He said it was “possible, if not ⁠likely, that we see more selling over the next few days.”

Cryptos are having a rough ​time in what was once hoped to be a ⁠golden era of flows and friendly regulation under US President Donald Trump. Market-leading bitcoin has lost a third of its value since striking record highs in October last year.

Indonesia will restore access to Elon Musk’s AI chatbot Grok after the billionaire’s social media platform X promised to comply with the country’s laws, a government official said on Sunday.

Grok has faced a global backlash after it emerged that its image creation feature allowed users to sexualise pictures of women and children using simple text prompts.

Malaysia and the Philippines followed Indonesia in temporarily blocking access to the tool, which is integrated into X, over concerns about AI-generated sexual deepfakes.

Alexander Sabar, a senior official in Indonesia’s communication and digital ministry, said access was being restored “conditionally” after X Corp gave “a written commitment containing concrete steps for service improvement and prevention of misuse”.

Sabar said in a statement the ministry would continue to supervise and evaluate Grok and that it would take “corrective actions”, including another suspension, if violations were found.

xAI, the Musk-owned startup that developed the AI tool, did not respond immediately to AFP’s request for comment.

However, it told the Philippines last month that it would modify Grok to suit the local market, including the “total exclusion of pornographic content, particularly child sexual abuse material”.

Malaysia also restored access to Grok after receiving similar promises from X that included “additional preventive and security measures”.

The EU said in late January it had opened an investigation into Grok’s sexualised deepfake images of women and minors.

Grok said in response it was restricting image generation and editing to paying subscribers.

India’s government ​on Sunday handed a major win to Apple by allowing foreign companies to provide ‌machines to their contract manufacturers in certain areas for five years without ​any tax risk.

Apple has been growing in India in recent years as it diversifies beyond China. Counterpoint Research says iPhone’s share of the Indian market has doubled to 8% since 2022. And while China still accounts for 75% of global iPhone shipments, India’s share has quadrupled to 25% since 2022.

Apple had been lobbying India’s government to modify its income tax laws to ensure the company is not taxed for ownership of the high-end iPhone machinery it ​provides to its contract manufacturers.

In India, unlike China, Apple was concerned that if it ⁠paid for machines for its contract manufacturers, Indian law could consider that a so-called “business connection” and impose taxes on its iPhone sales profits. That had forced its contract manufacturers Foxconn and Tata to themselves spend billions of dollars on machines.

India ​on Sunday said that “to promote manufacturing ⁠of electronic goods for a contract manufacturer”, it is making certain law changes to ensure that mere ownership of machines by a foreign company does not lead to taxes on it.

The decision was made public as part of Finance Minister Nirmala Sitharaman’s 2026-27 annual budget, ‌presented on Sunday.

The move could prompt Apple and other companies to invest rapidly in ‌the electronics manufacturing space by taking over initial expenses for pricey machines, reducing the initial cost burden on contract manufacturers they partner with.

“We are saying ‍that if you bring your machine, and that machine is used by a local manufacturer to produce something, we will … exempt you for 5 years. We are giving them certainty,” Revenue Secretary Arvind ‍Shrivastava said at a post-budget press conference.

Smartphone manufacturing is a key plank of Prime Minister Narendra Modi’s agenda for economic growth.

The rule change will apply until the 2030-31 tax year and only to factories set up in so-called customs-bonded areas – which are technically considered being outside India’s customs border. If devices are sold within India from such factories, they will attract import taxes, making such facilities attractive only for exports.

“Any income arising on account of providing capital goods, equipment or tooling to a contract manufacturer, being a company resident in India, is eligible ⁠for exemption,” the Indian government said in one of its explanatory budget documents.

Apple did not immediately respond to a request for comment.

“This exemption removes a ​key deal-breaking risk for electronics manufacturing in India,” said Shankey Agrawal, a partner at Indian tax-focussed law ⁠firm BMR Legal. “The result is faster scale-up and greater confidence for global electronics players to manufacture in India.”

Apple held many discussions with Indian officials in recent months to tweak the law as it feared the legislation could hamper its future growth, Reuters has reported.

The earlier rules did not affect Apple’s South Korean rival Samsung as almost all of ⁠its phones are made in its own Indian factories, and not by contract manufacturers.

Nvidia chief executive Jensen Huang has insisted the US tech giant will make a “huge” investment in OpenAI and dismissed as “nonsense” reports that he is unhappy with the generative AI star.

Huang made the remarks late Saturday in Taipei after the Wall Street Journal reported that Nvidia’s plan to invest up to $100 billion in OpenAI had been put on ice.

Nvidia announced the plan in September to invest $100 billion in OpenAI, building infrastructure for next-generation artificial intelligence.

The Wall Street Journal, citing unnamed sources, said some people inside Nvidia had expressed doubts about the deal and that the two sides were rethinking the partnership.

“That’s complete nonsense. We are going to make a huge investment in OpenAI,” Huang told journalists, when asked about reports that he was unhappy with OpenAI.

Huang insisted that Nvidia was going ahead with its investment in OpenAI, describing it as “one of the most consequential companies of our time”.

“Sam is closing the round, and we will absolutely be involved in the round,” Huang said, referring to OpenAI chief executive Sam Altman.

“We will invest a great deal of money, probably the largest investment we’ve ever made.”

Nvidia has come to dominate spending on the processors needed for training and operating the large language models (LLM) behind chatbots like OpenAI’s ChatGPT or Google Gemini.

Sales of its graphics processing units (GPUs), originally developed for 3D gaming, powered the company’s market cap to over $5 trillion in October, although the figure has since fallen back by more than $600 billion.

LLM developers like OpenAI are directing much of the mammoth investment they have received into Nvidia’s products, rushing to build GPU-stuffed data centres to serve an anticipated flood of demand for AI services.

Elon Musk’s social ​media platform X ‌was back ​up after a brief outage affected more than 19,000 U.S. users on Sunday, according ​to outage tracking ⁠website Downdetector.com.

The outage lasted about 45 minutes ​and ⁠was largely resolved by 12:04 p.m. ET, the website ‌said.

X did not ‌immediately respond to a ‍request for comment.

The actual number of ‍affected users may differ from what is shown on Downdetector, as the reports are submitted ⁠by users.

The website tracks outages ​by collating status ⁠reports from a number of sources.

French IT company Capgemini will sell ‍its U.S. subsidiary Capgemini Government Solutions, it said on ​Sunday, after coming under pressure to explain ‌a contract the latter signed ​with U.S immigration enforcement agency ICE.

Also read: Trump set to expand immigration crackdown in 2026 despite brewing backlash

French lawmakers, including Finance Minister Roland Lescure, had asked the company to shed light on the contract amid concern over the tactics used by ICE agents following the fatal shooting of two U.S. citizens in Minnesota ​last month.

“Capgemini considered that the usual ⁠legal constraints imposed in the United States on contracting with federal entities conducting classified activities did not allow the Group to ​exercise appropriate control ⁠over certain aspects of this subsidiary’s operations in order to ensure alignment with the Group’s objectives,” it said in a statement.

CapGemini said the ‌process of divestment would be “initiated immediately” but ‌did not say whether the sale was due to CGS’ contract with ICE.

CGS ‍accounts for 0.4% of the CapGemini’s estimated revenue in 2025 and less than 2% of its ‍revenue in the United States, the group said.

Also read: How AI is aiding Trump’s immigration crackdown

Capgemini CEO Aiman Ezzat had said last week that the company had recently become aware of the nature of a contract awarded to CGS by the U.S. Department of Homeland Security’s Immigration and Customs Enforcement in December 2025.

However, Capgemini did ⁠not have access to any classified information, classified contracts, or anything relating to ​the technical operations of CGS, as required by U.S. ⁠security regulations related to government contracts, he said.

He added that the company would review the content and scope of this contract and CGS’ contracting procedures.

The Union Budget 2026-27 signalled a strategic shift toward institutionalised innovation by aggressively lowering regulatory barriers and strategically re-engineering India’s fiscal framework to establish the nation as the definitive global hub for data, technology, and innovation, reacted industry experts and analysts.

Expanding the Safe Harbour threshold to ₹2,000 crore alongside an automated approval system provided much-needed fiscal predictability for large Global Capability Centres (GCCs), industry stakeholders said. “The budget’s precise, data-driven approach to safe harbour is a masterstroke in regulatory clarity.

Follow | Union Budget 2026 explained

The proposal of a tax holiday until 2047 for any foreign company establishing data centres in India, coupled with a specific safe harbour of 15% on cost for companies providing data services from India to a related entity, creates a powerful anchor incentive,” said Avinash Vashistha, Chairman & CEO of Tholons and former Chairman and CEO of Accenture India.

According to Mr. Vashistha, by clubbing all IT services under a single category with a common safe harbour margin of 15.5%, enhancing the monetary threshold for availing this benefit to ₹2,000 crore from ₹300 crore, and approving it through an automatic rule-driven model, the government has delivered a predictable, scalable, and globally competitive ecosystem that will accelerate the domiciliation of global data and IT operations.

Gartner, a global tech research firm, said that, in today’s VUCA (Volatile, Uncertain, Complex, Ambiguous) landscape, this move transformed India from a mere delivery hub into a stable, strategic sanctuary for global enterprises.

D.D. Mishra, VP Analyst at Gartner, said, “Simultaneously, the 20-year Tax Holiday for Cloud Service Providers acknowledges that data is the new sovereign currency. This is a massive tailwind for AI-enabled Data Centres, though its success hinges entirely on our ability to scale industrial power infrastructure and cooling requirements.’’

 The Budget 2026–27 sent a decisive signal to global investors by providing a long‑term tax holiday for foreign cloud service providers using Indian data centres, said KPMG in India.

Purushothaman K.G., Partner and Head of Technology Transformation and AI at KPMG, was of the opinion that by proposing all these initiatives, India has placed digital infrastructure at the heart of its investment agenda. “These measures will sharply reduce the cost of operating at scale, derisk long‑term capital commitments and strengthen India’s position in global technology supply chains. This will also catalyse a new wave of high‑quality FDI into data infrastructure, and other areas,’’ Mr. Purushothaman added.

Abhinav Johri, Partner, Technology Consulting, EY India, called the proposed tax holiday for foreign cloud service providers a strategic declaration.

“By anchoring global cloud infrastructure within the country, India positions itself as a digital backbone for the world. This accelerates investment into data centres, strengthens sovereign digital capacity, and catalyses the domestic technology ecosystem,” Mr. Johri commented.

“The data centre tax holiday is a watershed moment for India’s digital economy,’’ reacted Shashank Karincheti, Co-founder & CPO at Redacto.ai.