Key Takeaways
- Pralhad Joshi has been appointed as India’s new Union Education Minister following the immediate resignation of Dharmendra Pradhan amid nationwide protests.
- Chinese AI unicorn DeepSeek has abruptly paused its second fundraising round, which aimed to raise over $1.4 billion (10 billion yuan) at a $71 billion valuation.
- Global markets show a cautious weekend trend with Bitcoin (BTC) trading at $64,234 (+0.08%) and Brent Crude retreating to $97 after briefly crossing the $100 threshold.
- The resignation of Pradhan follows 36 days of student-led protests over the NEET-UG paper leak controversy, leading to a rare ministerial reshuffle in the Modi government.
India Ministerial Reshuffle: Pralhad Joshi Appointed Education Minister
In a significant cabinet shift, the President of India has appointed Pralhad Joshi as the new Union Minister of Education. This move comes immediately after the resignation of Dharmendra Pradhan, who stepped down taking moral responsibility for the recent NEET-UG examination paper leak. Joshi, who currently manages portfolios for Consumer Affairs, Food and Public Distribution, and New and Renewable Energy, will take on the education ministry as an additional charge.
The resignation follows a 36-day protest at Delhi's Jantar Mantar led by the Cockroach Janta Party (CJP) and various student organizations. Following the announcement of the ministerial change, the CJP officially called off its agitation, and all 18 Delhi Metro stations that had been closed due to the protests have been reopened to the public.
DeepSeek Halts $1.4 Billion Funding Round
Chinese artificial intelligence startup DeepSeek has reportedly suspended its second major fundraising round just weeks after securing $7 billion in June. The pause affects a deal intended to raise at least 10 billion yuan ($1.4 billion), which would have valued the firm at approximately $71 billion. The decision was reportedly triggered by founder Liang Wenfeng’s frustration over leaked comments regarding U.S.-China technology competition and the company's reliance on Nvidia (NVDA) hardware.
Despite the temporary freeze in private funding talks, sources indicate that DeepSeek is still moving forward with preliminary preparations for an Initial Public Offering (IPO) that could occur as early as late 2026. The company remains a central figure in China's push for AI self-reliance, backed by industry giants like Tencent (TCEHY) and battery manufacturer CATL.
Weekend Market Performance and Crypto Stability
Financial markets are showing modest gains during weekend trading. The NASDAQ (^IXIC) is up 0.29% at 28,226, while the Dow Jones Industrial Average (^DJI) edged up 0.05% to 51,926. Commodities are seeing mixed results; Gold (GC=F) rose 0.14% to $4,059, but US Oil (WTI) fell nearly 3% to settle near $87.05 as geopolitical tensions showed signs of temporary stabilization.
The cryptocurrency sector remains largely flat but stable. Bitcoin (BTC) is holding at $64,234, while Ether (ETH) saw a slight gain of 0.41% to reach $1,868. Notable altcoin movers include Avalanche (AVAX), which surged 5.45%, and Dogecoin (DOGE), up 2.32%, contrasting with a 4.14% decline for Uniswap (UNI).
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.