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Big Tech’s AI bet intensifies as earnings expose widening gaps

Microsoft Cloud revenue surpassed $50bn for the first time

Rajiv Pillai
Rajiv Pillai

30 January, 2026

Big Tech’s AI bet intensifies as earnings expose widening gaps
Image: Getty Images

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Recent earnings from Meta Platforms, Microsoft and Tesla highlight how the world’s largest technology companies are doubling down on artificial intelligence, even as they face differing pressures on margins, capital expenditure and investor expectations, according to eToro.

Meta delivered a strong earnings beat, with fourth-quarter revenue rising 24 per cent year on year and first-quarter guidance coming in well ahead of market expectations. The performance underscored resilient advertising demand and improving AI-driven monetisation. Daily active users across Meta’s Family of Apps increased 7 per cent to 3.58 billion, while ad pricing rose 6 per cent during the quarter.

Commenting on the results, Zavier Wong, market analyst at eToro, said Meta’s aggressive AI push is becoming increasingly evident, with 2026 capital expenditure guided at $115–135bn as the company builds out infrastructure and talent around its superintelligence labs. He added that for investors previously cautious following the Metaverse investment cycle, management’s expectation that operating income will grow again in 2026 suggests this phase of spending is being driven by tangible demand and supported by Meta’s core advertising engine.

Microsoft also reported a solid quarter, beating expectations on both revenue and operating income. Revenue rose 17 per cent to $81.3bn, while Azure growth of 38 per cent confirmed sustained enterprise demand for cloud and AI services. Microsoft Cloud revenue surpassed $50bn for the first time.

Zavier Wong, market analyst at eToro

Despite the strong results, Microsoft shares slipped in after-hours trading as investors focused on record quarterly capital expenditure of $37.5bn, which exceeded forecasts.

Wong noted that capital expenditure remains the primary concern for investors, with questions around margin pressure and the pace at which large-scale AI investments translate into monetisation. He added that while Microsoft’s close relationship with OpenAI reinforces its leadership in enterprise AI, it also introduces concentration risk. For now, Microsoft appears to be investing to meet existing demand rather than speculating on future growth, suggesting investors may need to exercise patience.

Tesla’s performance was more mixed. Revenue declined 3 per cent year on year, marking the company’s first annual revenue contraction in 2025, driven by lower vehicle deliveries and reduced regulatory credit income. Adjusted earnings per share exceeded expectations, and gross margins recovered to just over 20 per cent, easing some concerns around pricing pressure and cost control in its core automotive business.

According to Wong, Tesla’s valuation is increasingly influenced by its long-term ambitions rather than near-term vehicle performance. The $2bn investment in xAI, alongside developments in robotaxi services, Optimus humanoid robotics and energy storage, reinforces Tesla’s positioning as an AI, robotics and autonomy platform. However, he cautioned that vehicle revenues are declining, free cash flow remains under pressure, and many of these future initiatives are capital intensive and uncertain, widening the gap between current fundamentals and long-term expectations.

Read: TSMC earnings in focus as AI chip demand drives margins higher

The hidden biology behind Ramadan brain fog

New insights by Aly Rahimtoola, founder of health-tech firm Bien-Etre, suggest sleep disruption and cellular energy play a far bigger role in how people feel and perform during the fasting month

Rajiv Pillai
Rajiv Pillai

30 January, 2026

The hidden biology behind Ramadan brain fog
Aly Rahimtoola, founder of Bien-Etre/Image: Supplied

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Each Ramadan, employers across the Middle East see a familiar pattern: capable professionals reporting fatigue, brain fog, and reduced focus—despite eating balanced meals at Suhoor and Iftar. While diet often takes the blame, the underlying issue is far more complex and increasingly tied to how the body produces energy at a cellular level.

According to Aly Rahimtoola, founder of Bien-Etre, the first mistake is assuming food is the primary problem.

“Your body runs on glucose from your liver for the first few hours of fasting,” Rahimtoola said. “As the day goes on, you flip a metabolic switch and start burning fat for energy instead.”

He compares the transition to mechanical inefficiency. “Think of it like a hybrid car switching from electric to petrol—natural, but clunky at first,” he said. “Your brain and muscles are learning to run on a different fuel mix, and that transition takes a few days to smooth out.”

But metabolism is only part of the story. “The fog isn’t just about food,” Rahimtoola said. “It’s sleep. Late Iftars and early Suhoors mean fragmented, shorter sleep—and that’s the real culprit behind daytime fatigue.”

Why fasting stresses the body’s energy system

At the centre of the fatigue discussion is NAD+ (nicotinamide adenine dinucleotide), a molecule that plays a critical role in cellular energy production. “NAD+ is like the delivery system inside your cells,” Rahimtoola said. “It picks up energy from food (or stored fat) and shuttles it to your mitochondria—your cellular power plants—where ATP gets made.”

ATP, he explains, is the currency the body uses to function. During Ramadan, the demand for this system increases. “Your cells are working harder to process fuel from fat instead of constant meals,” Rahimtoola said. “That puts pressure on your NAD+ system to be efficient.”

Lifestyle factors compound the challenge. “Add dehydration and poor sleep into the mix, and the whole system slows bogs down,” he said. “Result? Inconsistent energy meaning your need to use more NAD.”

Read: Ramadan fasting hours to be shorter in the UAE this year

Who feels it most and why

Not everyone experiences Ramadan fatigue in the same way. Rahimtoola points to a convergence of age, stress, and sleep disruption.

“NAD+ levels decline as you age,” he said. “By middle age, you’ve lost a significant chunk compared to your youth.”

Certain groups are therefore more vulnerable:

  • “The 40+ crowd — slower recovery from short sleep”
  • “High-stress professionals and parents — stress and fragmented sleep physically drain cellular reserves”
  • “Frequent travelers — time zone shifts plus fasting = double load on your internal clock”

For employers, this explains why productivity dips are often uneven across teams—and why generic wellness advice frequently falls short.

Why calorie counting misses the point

Corporate wellness programmes often focus on calories, blood sugar, or macronutrients. Rahimtoola argues this approach overlooks the real constraint.

“Calories are raw supply. Cellular energy is the conversion rate,” he said. “Think of it as the difference between having a full tank of petrol and having an engine that actually runs efficiently.”

During Ramadan, he believes three factors matter more than calorie counting:

  • “Flexibility — how easily you switch from burning sugar to fat”
  • “Flow — whether your NAD+ system keeps energy production moving”
  • “Recovery — sleep matters as much as food”

This reframing shifts the conversation from willpower and diet discipline to system efficiency—an approach that resonates with performance-driven organisations.

One challenge with fatigue is diagnosis. “A headache could be dehydration, caffeine withdrawal, or genuine metabolic fatigue,” Rahimtoola said. “You’re guessing.”

This is where Bien-Être’s at-home NAD+ test enters the picture. “An intracellular test gives you an objective data point,” he said. “It’s like checking your phone’s battery health instead of wondering why it’s slow.”

According to Rahimtoola, testing helps individuals:

  • “Establish a baseline before Ramadan”
  • “Identify whether fatigue is metabolic or lifestyle-driven”
  • “Track whether your changes (better sleep, different food) are actually working”

For employers and insurers, this data-driven approach offers a way to move from broad wellness messaging to targeted interventions.

Rahimtoola is cautious about one-size-fits-all supplementation. “Biology doesn’t have one ‘on’ switch,” he said.

“Your body makes and recycles NAD+ through multiple pathways,” he explained. “Under fasting stress, one pathway might bottleneck while another gets overworked.”

This is why Bien-Être designed its NAD+ booster around multiple mechanisms. “A systems-based approach supports production, recycling, and protection simultaneously,” Rahimtoola said. “You’re optimising the whole engine, not just swapping one spark plug.”

Practical strategies that actually work

Beyond testing and supplementation, Rahimtoola emphasises behavioural discipline. His advice is practical, repeatable, and workplace-relevant:

  • “Protect your sleep anchor: Get a core 4–5 hour block at the same time every night. Keeps your hormones stable.”
  • “Smart Suhoor: Skip the sugar. Go for protein, fiber, healthy fats—eggs, avocado, oats. Prevents the noon crash.”
  • “Hydrate intelligently: Don’t chug water at Iftar. Sip throughout the night. Add electrolytes (pinch of salt, soup) so your cells actually absorb it.”
  • “Sequence your Iftar: Break with dates and water. Wait. Then eat a balanced meal. Massive meals = food coma = wasted evening.”
  • “Move lightly: 20-minute walk after Iftar clears blood sugar and sets you up for better sleep.”

For employers, these recommendations can be embedded into Ramadan-specific wellbeing toolkits or shift-planning strategies.

Rahimtoola sees a broader shift underway in the Middle East. “Without question,” he said when asked about personalised testing. “People in the region are tech-savvy and proactive.”

He believes Ramadan plays a unique role in accelerating adoption. “Ramadan is already about reflection and resetting,” Rahimtoola said. “The region is moving from generic advice to personalised data—test, optimise, retest—is where health and longevity are headed.”

For businesses, the implication is clear: wellbeing strategies that rely on intuition and generic guidance are being replaced by measurable, personalised optimisation—particularly during periods of physiological stress like Ramadan.

UAE President in Moscow following Abu Dhabi-hosted Russia-Ukraine talks

The visit comes against the backdrop of heightened diplomatic engagement in the region

Gulf Business
Gulf Business

29 January, 2026

UAE President in Moscow following Abu Dhabi-hosted Russia-Ukraine talks
Image credit: WAM

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Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, arrived in Moscow on an official visit to the Russian Federation.

As His Highness’ aircraft entered Russian airspace, it was escorted by a formation of military jets in a ceremonial gesture of welcome.

Accompanying the UAE President is a high-level delegation that includes H.H. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority; H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; and Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President, alongside several Sheikhs, ministers, and senior officials.

The visit comes against the backdrop of heightened diplomatic engagement in the region. Last week, Abu Dhabi hosted peace talks between Russia and Ukraine, brokered by the United States, underscoring the UAE’s growing role as a platform for international dialogue and conflict mediation.

Jebel Jais is open again: What’s back at the UAE’s winter destination

The reopening comes just in time for the winter season, inviting residents and visitors to return to the mountains and enjoy cooler temperatures

Gulf Business
Gulf Business

29 January, 2026

Jebel Jais is open again: What’s back at the UAE’s winter destination
Image credit: Supplied

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Jebel Jais, the UAE’s highest mountain and one of its premier outdoor destinations, is set to reopen this Saturday, January 31, following the completion of essential maintenance works and comprehensive safety assessments.

The reopening comes just in time for the height of the winter season, inviting residents and visitors to return to the mountains and enjoy cooler temperatures, clear skies, and a wide range of outdoor experiences.

Image credit: Supplied

The destination had temporarily suspended all operations to carry out safety inspections after the region experienced significant weather conditions between December 17 and 19, 2025. During that period, visitors were advised against camping in wadis due to unsettled weather, standing water, and the increased risk of shifting rocks and slippery surfaces. While hiking and climbing areas were not formally closed, specialist teams actively assessed conditions, urging caution across affected routes.

With safety measures now complete, Jebel Jais is reopening gradually, marking a return to one of the most popular times of the year for the mountain destination.

Winter season brings outdoor experiences back online

As part of the 2025/26 season, titled Where Life Comes Together, Jebel Jais once again positions itself as a shared space for discovery, adventure, and wellbeing. With ideal temperatures and favourable conditions, visitors can enjoy hiking, cycling, scenic viewpoints, restaurant dining, and leisure activities across the mountain’s network of routes.

Several key attractions are reopening in phases. Jais Flight, the world’s longest zipline, will resume operations on Saturday, January 31. The Jais Sky Tour, a two-hour, five-kilometre experience featuring six ziplines, will follow on February 7. Dining options are also returning, with 1484 by Puro, the UAE’s highest restaurant, reopening on January 31 and operating daily from 8:00am to 8:00pm. Puro Express at Jais Viewing Deck Park is set to reopen on February 7 from 11:00am to 8:00pm.

Image credit: Supplied

Visitor access and safety remain a priority

To access the mountain, visitors are required to have a confirmed booking for one of the available experiences or purchase a Jais Viewing Deck Park ticket for Dhs10 at the security entrance. Authorities continue to encourage guests to plan ahead and stay connected through official channels, as experiences resume operations in stages throughout the season.

Donald Bremner, CEO of Marjan Lifestyle, said the reopening reflects Jebel Jais’s commitment to both community engagement and safety. “At Jebel Jais, we create spaces that invite communities to reconnect with nature, with one another, and with themselves. As the mountain reopens, we look forward to welcoming visitors back to experience its energy, movement, and powerful sense of connection, while maintaining the highest standards of safety and care,” he said.

As winter continues, Jebel Jais looks to welcome visitors back to the mountains with safe, memorable experiences that bring together nature, adventure, and wellbeing at one of the UAE’s most iconic destinations.

What gold’s surge really says about currency confidence

Gold’s inverse relationship with the US dollar remains a cornerstone of its appeal, but Thiago Duarte, market analyst at Axi, argues that correlations across asset classes are becoming more complex

Rajiv Pillai
Rajiv Pillai

29 January, 2026

What gold’s surge really says about currency confidence
Thiago Duarte, market analyst at Axi/Image: Supplied

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Gold has emerged as one of the strongest-performing assets heading into 2026, confounding expectations that its appeal would fade as markets stabilised. Rather than responding to short-term fear or isolated geopolitical shocks, the metal’s rally is increasingly being driven by deeper structural forces reshaping how investors think about currency risk, diversification, and portfolio resilience.

According to Thiago Duarte, market analyst at Axi, the current bull run is less about panic buying and more about eroding confidence in fiat systems.

“Gold’s strength is less about fear and more about trust or the lack of it,” Duarte said. “The rally reflects a structural repricing of currency risk rather than a simple reaction to inflation or geopolitics.”

With gold trading near $5,310, up almost 23 per cent year to date, and the US Dollar Index sliding toward 95.50, markets are sending a clear signal. “Investors are increasingly treating gold as a neutral reserve asset in a world where fiscal expansion, political uncertainty, and policy credibility are all being questioned simultaneously,” Duarte said.

Flows, volatility and positioning

While macro narratives often dominate headlines, Duarte noted that a significant portion of gold’s recent price acceleration has been driven by market structure and positioning.

“A significant portion of the recent acceleration has been flow-driven,” he said. “Futures and options positioning show gold has become a volatility instrument, particularly during sharp FX moves.”

Large options expiries around psychologically important levels, such as $5,000, have amplified short-term price behaviour. “That explains the sharp intraday swings without breaking the broader uptrend,” Duarte said.

Importantly, this dynamic does not undermine the longer-term case for gold. “This does not weaken the bull case, it explains why the move has been fast rather than fragile,” he said. “The structural demand remains intact as long as capital continues rotating away from duration-sensitive assets.”

For institutional investors, this distinction matters. A rally driven by flows and volatility can appear unstable on the surface, but when aligned with structural capital rotation, it can prove more durable than traditional macro-driven moves.

Retail participation typically increases during periods of heightened uncertainty, raising concerns about whether gold rallies are becoming crowded or overheated. Duarte believes the most reliable signals lie in behaviour, not sentiment.

“The key signals are behavioural, not emotional,” he said. “In a healthy bull market, gold should remain resilient during equity pullbacks and should not fully retrace during short-term dollar rebounds.”

Another important indicator is how the market digests gains. “When gold pauses at higher levels rather than sharply correcting, it suggests absorption by longer-term holders,” Duarte said.

Volatility patterns also offer insight. “Volatility compression after spikes is also constructive,” he said. “It shows speculative excess is being worked off without damaging the trend.”

These characteristics point to a market that is consolidating strength rather than preparing for reversal — a dynamic more consistent with institutional accumulation than retail-driven spikes.

Read: Gold blasts past $5,000: Is the $6,000 milestone next?

Shifting correlations and portfolio implications

Gold’s inverse relationship with the US dollar remains a cornerstone of its appeal, but Duarte argues that correlations across asset classes are becoming more complex.

“Gold’s inverse relationship with the dollar remains intact, but its relationship with risk assets has become more nuanced,” he said.

In environments where dollar weakness reflects confidence erosion rather than growth optimism, gold and equities can move higher together. “During periods where dollar weakness is driven by credibility concerns rather than growth optimism, gold and equities can rise together,” Duarte said. “This is a powerful diversification dynamic.”

For investors in globally exposed regions such as the Middle East, this evolution is particularly relevant. “Gold is increasingly acting as both a hedge and a portfolio stabiliser rather than a simple crisis asset,” he said.

This shift has implications for asset allocation frameworks that traditionally viewed gold as a binary hedge. Instead, it is increasingly being positioned as a strategic reserve asset with asymmetric risk properties.

Risks on both sides of the trade

Despite gold’s strong momentum, Duarte cautioned that investors should remain mindful of both upside catalysts and downside risks.

“On the upside, a deeper dollar breakdown, renewed geopolitical stress, or a shift toward looser financial conditions could accelerate flows into precious metals,” he said.

He also pointed to broader speculative appetite across the metals complex. “Silver’s 64 per cent year-to-date rise suggests speculative appetite is broadening, not fading,” Duarte said.

The principal risk, however, lies in volatility itself. “The main downside risk is volatility itself,” he said. “Crowded positioning and leverage can trigger sharp pullbacks around major macro events or option expiries.”

Such corrections, while potentially severe, may not alter the underlying trend. “These corrections are likely to be violent but temporary,” Duarte said.

From a structural perspective, gold’s role appears to be evolving rather than peaking. “Structurally, gold’s role in portfolios is strengthening, which means pullbacks are increasingly being treated as opportunities rather than exit signals,” he said.

Taken together, the dynamics underpinning gold’s rally suggest a shift in how the metal is being used by investors. Rather than serving purely as a reflexive hedge against crisis, gold is increasingly functioning as a neutral store of value amid growing scepticism toward fiat stability and policy credibility.

For institutional allocators, the message is clear: gold’s current bull run is not just about fear, it is about structure, flows, and a rethinking of what constitutes safety in a fragmented global financial system.

Dubai Media rolls out Dubai+ streaming platform

Dubai+ forms part of Dubai Media’s broader strategy to build an integrated digital media environment, offering a diverse catalogue of local, Arab and international films and series

Rajiv Pillai
Rajiv Pillai

29 January, 2026

Dubai Media rolls out Dubai+ streaming platform
Image: Dubai Media Office

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Dubai Media has launched Dubai+, a new digital media platform designed to deliver a wide range of content for all family members. The platform reflects evolving digital consumption patterns and the continued expansion of Dubai’s media and content ecosystem.

Dubai+ forms part of Dubai Media’s broader strategy to build an integrated digital media environment, offering a diverse catalogue of local, Arab and international films and series, while supporting Dubai’s ambition to become a regional centre for creative content production and distribution.

Accelerating media sector growth

Sheikh Ahmed emphasised the importance of accelerating the development of Dubai’s media sector, with a focus on talent investment, youth empowerment, technology and AI adoption, and attracting specialised investment.

“We believe media is a strategic force that shapes awareness, supports development and builds trust. Our approach is rooted in driving innovation, advancing skills and capabilities, and strengthening partnerships that turn ideas into real impact,” Sheikh Ahmed said.

“The launch of Dubai+, combined with the rapid development of our media ecosystem, and sustained support for film and creative industries, is set to further strengthen Dubai’s position at the forefront of global digital media and the creative economy,” he added.

Built in Dubai, scaled for the region

Speaking to Gulf Business on the sidelines of the platform’s launch, Mohamed Almulla, CEO of Dubai Media, said the initiative reflects a long-term strategy to evolve beyond traditional broadcasting while building on existing strengths.

“This is an initiative by Dubai Media. It translates our vision to transform the organisation into a fully digital-driven company, building on the success of traditional media as well as classic digital media,” Almulla said.

According to Almulla, Dubai’s infrastructure, talent base and regulatory environment give the organisation a structural advantage as it looks to scale digital platforms beyond the UAE.

“The objectives behind the launch are multi-dimensional. To start with, we are well positioned in the city of Dubai, where we have capabilities that give us a competitive advantage — from infrastructure to the availability of local talent and expertise,” he said. “The ease of exporting technologies and platforms beyond the country, into the wider region, is also more effective from Dubai.”

Dubai Media’s platform strategy is closely aligned with Dubai’s creative economy ambitions, particularly through deeper engagement with content creators and production partners.

“We are becoming more active contributors to the creative economy. We are closely linked to the Dubai Film Office, which funds and nurtures content creators,” Almulla said.

He noted that the company has expanded its in-house production capabilities through the launch of Dubai Studios, its dedicated production arm.

“Around a year ago, we launched an extension of our company called Dubai Studios, a dedicated production arm. Last year, we produced 13 productions, and this year we are increasing that to 17 to meet growing demand.”

Technology-led platform design

Dubai+ has been built on a technology-first foundation, supported by a broad ecosystem of global partners.

“Our objective is not only to address what is happening now, but to future-proof the company. We have significantly uplifted our technical capabilities. Going forward, the only limitation is imagination,” Almulla said.

He added: “We work with Comcast, which is a leading technology integrator, as well as AWS for cloud solutions. We also work with companies such as FreeWheel for ad-serving mechanisms, alongside other partners focused on user experience (UX) and consumer engagement.”

These partnerships, he said, enable seamless distribution across formats, from video and audio to podcasts and syndicated content.

“Our technical capabilities allow us to move seamlessly from print to audio, podcasts and syndicated content. There are virtually no limitations on what can be done. The consumer experience will be extremely smooth.”

A key point of differentiation for Dubai+ is its positioning around family-safe programming and continuous availability.

“First, we are committed to family-safe content. Families can be confident that children watching our platforms will be accessing safe and appropriate material,” Almulla said.

“Second, we are committed to continuous upgrades and service delivery. This is not a platform that appears for one season and disappears — it will be available year-round.”

Flexible monetisation model

Dubai+ has launched with a diversified commercial model designed to balance scale, accessibility and revenue generation.

“The business model includes AVOD, which is advertising-funded, as well as SVOD. We also have hybrid models, such as TVOD and others,” Almulla said.

He added that the platform has the technical capability to integrate live and sports content over time, with a phased rollout approach.

“Technically, we are not limited — it comes down to your wish list. Of course, you cannot launch everything at once, so this will be a gradual ramp-up of operations.”

The platform is priced at Dhs21 per month.

The decision to launch Dubai+ ahead of Ramadan was driven by consumption patterns rather than short-term metrics.

“Historically, the month of Ramadan sees a significant increase in TV and content consumption. It carries the highest budgets, reach and impact,” Almulla said. “We felt this was the right moment to showcase our commitment to content delivery and to demonstrate a seamless user experience.”

While subscriber growth remains important, Almulla emphasised that early success will be measured by user value and experience.

“Subscribers are, of course, important. But more important to me is that people see value — that we are genuinely creating value,” he said. “If the product is strong, seamless, and delivers on what it promises, conversion will happen naturally.”

Read more: Film and Gaming in focus: Dubai Media Council rolls out new committees

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