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The recent gold rally is counterintuitive, as high interest rates typically make bullion less attractive. But billionaire investor David Einhorn has a theory that he shared in his latest investor letter. Einhorn suggests that gold's rally is potentially due to countries in the East buying gold from Western nations. To explain the strong run for gold, billionaire investor David Einhorn offered a potential theory in his latest letter to investors published this week. Others, like billionaire investor Ray Dalio, say gold can hedge risks stemming from high government debt levels.
Persons: David Einhorn, Einhorn, , there's, David Rosenberg, Ed Yardeni, Ray Dalio Organizations: Service, Federal, Greenlight, World Gold, People's Bank of Locations: China, People's Bank of China, India, Singapore
AI experts hold varying views on the concept and timeline of artificial general intelligence, or AGI. AI expert Richard Socher said enabling AI to set its own goals would be a significant milestone. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIf you've been following developments in AI, you may have come across the term artificial general intelligence, or AGI. This story is available exclusively to Business Insider subscribers.
Persons: Richard Socher, Socher, we're, , you've, we'll, OpenAI, it's Organizations: Service, Business
New York (CNN) — Is the artificial intelligence boom on Wall Street a bubble primed to burst or the real deal? That’s the question investors have wrestled with since the Magnificent Seven tech stocks began turbocharging a powerful market rally last year. “A new bubble within a bubble like this, even one limited to a handful of stocks, is totally unprecedented,” he wrote in a Monday blog post. “The long-run prospects for the broad US stock market here look as poor as almost any other time in history,” he wrote. Still, the notorious market bear sees some areas of opportunity in the stock market.
Persons: , Jeremy Grantham, , Grantham, Granthan, , Hanna Ziady, Abu, Adnoc, NewMed Energy’s, Gan, Marc Stewart, Wayne Chang, ByteDance, ” Wang Wenbin, Wang Organizations: CNN Business, Bell, CNN, ” Tech, Monster, Nvidia, Boston, Federal Reserve, ChatGPT, BP, UAE, United Arab Emirates, NewMed Energy, Energy, Starbucks, McDonald’s, KFC, CNN Wednesday Locations: New York, Grantham, Israel, Gaza, Tel Aviv, China, America, American, Beijing
However, Disney continues to lose money in its streaming service business, though it has cut those losses compared to last year. The announcement of a planned ESPN service comes one day after ESPN, along with Fox Corporate and Warner Bros. it’s pretty dramatic in terms of the amount of time spent in games,” Iger said on CNBC. Disney’s foray into the video gaming space comes as competitor Netflix also ramps up their expansion into video games. In December, Netflix launched three mobile-friendly games from Grand Theft Auto, one of the best selling video game franchises ever.
Persons: CNN —, Bob Iger, Disney, ” Iger, Taylor, , Iger, , Nelson Peltz, ‘ Fortnite, Alpha, Maruf Organizations: CNN, CNN — Disney, Wall, ESPN, Disney, Hulu, CNBC, Netflix, Fox Corporate, Warner Bros ., , Epic Games, Theft Locations: Hulu, India
SAN FRANCISCO (AP) — The Walt Disney Co. posted stronger than expected earnings in the October-December quarter, boosted by cost cuts and growing revenue from its theme parks business. Disney earned $1.91 billion, or $1.04 per share, in the fiscal first quarter. Disney said it is achieving “significant cost reductions” across its businesses and reduced its selling, general and other operations expenses by $500 million. It expects to add up to 6 million subscribers in the current quarter. The company based in Burbank, California, said its theme parks business saw record revenue and operating income during the quarter.
Persons: Disney, Bob Iger Organizations: FRANCISCO, Walt Disney Co, Disney, Revenue, FactSet, ESPN Locations: Burbank , California
After turbocharging late 2023's stock market rally, some of the " Magnificent 7 " technology darlings are looking less magnificent this year. Shares of Meta and Nvidia are leading the Magnificent 7 for the year, with both stocks jumping roughly 34% each. The rest of the Magnificent 7 stocks, however, have received anywhere from 70% to 85% buy rating consensus. While the other five are forecast to see at least double-digit earnings growth estimates, analysts predict Apple's earnings growth to stay relatively unchanged. On the other hand, consensus estimates call for Tesla earnings to fall by 20%.
Persons: turbocharging, Tesla, Art Hogan, Hogan, Baird, Elon Musk's, Ben Kallo, Tim Long, Piper Sandler, Harsh Kumar, Charles Schwab, Kevin Gordon, Gordon, Ed Yardeni, isn't, Yardeni, Russell, Fred Imbert Organizations: Nvidia, Meta, Microsoft, Apple, Wall Street, Riley Wealth Management, CNBC, BYD, Barclays, Blips, Yardeni Research, titans Locations: Delaware, China
Alphabet shares climbed to a record on Thursday, joining Microsoft and Meta , which have continued to rally since reaching fresh all-time highs earlier this month. Shares of Alphabet rose 2.1% to close at $151.87. The rally comes ahead of quarterly earnings reports next week from the mega-cap tech companies. Alphabet shares jumped 58% last year and are now up 8.7% to start 2024. Microsoft leads Alphabet in the cloud-computing market, though it still trails Amazon Web Services.
Persons: Meta, Piper Sandler Organizations: Microsoft, Meta, Apple, Investors, Mizuho Securities, LSEG, Nvidia
MP Materials (MP.N), Lynas Rare Earths (LYC.AX) and other Western rare earths companies have struggled at times to deploy it due to technical complexities and pollution concerns. "The existing rare earths refining process is a nightmare," said Isabel Barton, a mining and geological engineering professor at the University of Arizona. Fannon and several U.S. politicians have called for Western governments to create central rare earths processing hubs, a plan already being pursued by Canada. In Saskatchewan, government scientists are working to launch their own rare earths processing technology after attempts to buy Chinese technology sputtered in 2020. "These new sources for rare earths are going to be paramount if we're going to reach global net zero targets," said Steve Schoffstall of the Sprott Energy Transition Materials ETF (SETM.O), which holds shares in several rare earths companies.
Persons: Isabel Barton, Michael Schrider, Ucore, Luisa Moreno, REETec, Robert Fox, Frank Fannon, Mike Crabtree, Crabtree, Steve Schoffstall, Ernest Scheyder, Veronica Brown, Claudia Parsons Organizations: International Energy Agency, University of Arizona, U.S . Air Force, Pentagon, Defense Metals, U.S . Department of Energy's, U.S . Department of Energy's Idaho National Laboratory, Saskatchewan Research Council, SRC, Ucore, Reuters, Thomson Locations: ALEXANDRIA, Louisiana, China, United States, U.S, American, Alaska, of New Orleans, British Columbia, South Africa, Florida, Norway, Massachusetts, U.S . Department of Energy's Idaho, Wyoming, Canada, Saskatchewan
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe market volatility in the wake of the pandemic gave people visions of getting rich overnight, but true investing is a long-term play. As a result, a new market regime means new investing strategies will be necessary, James and Will write. Setting aside recency bias, it's been relatively easy to generate good returns in the market over the past 10 years. AI names may have commanded the market's attention lately, but another corner of the market is seeing impressive gains: stocks tied to digital assets.
Persons: , Liam Eisenberg, Insider's James Faris, Will Edwards, Let's, James, Will, Spencer Platt, that's, Arantza Pena Popo, bitcoin, Alyssa Powell, Prasad Kalyanaraman, Cybertruck, Elon Musk's Cybertruck, Jay, Tyra Banks, Blake Snell, Thomas Carlyle, I'd, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Business, Getty, Marathon Digital, Oxford Dictionary Locations: America, Europe, EU, New York City, San Diego, London, New York
The numbers have prompted AI optimists to predict an economic boom and AI pessimists to worry about a future of fewer jobs. The question isn't how much AI helps out around the office but who it helps — and why. AI, in other words, is raising overall productivity by narrowing the gap between high performers and low performers. Researchers tasked people to write a short story, with and without the help of an AI tool for generating ideas. A few enterprising employers will go all in on hiring job candidates with less experience and boosting their performance with AI.
Persons: I've, optimists, It's, coders, it's, Bolt, it'll, we'll, isn't, We've, there's, Aki Ito Organizations: Software, Management, Law, Business Locations: United States
Boy_anupong | Moment | Getty ImagesFrom Pennsylvania to the north of England, coal mines helped to power the Industrial Revolution, turbocharging the economic growth of countries around the world. SubscribeIn May, U.S. firm Ramaco Resources offered some insight into how coal may have a role to play in the years ahead. "It is expected they can be mined using normal surface mining techniques and processed in a more economic and environmental manner than conventional REE mines." Elsewhere, researchers at Penn State have also been focusing on ways to source rare earths and critical minerals via waste from coal mines. Across the Atlantic, efforts to repurpose old coal mines so that they can be used for many more years to come have also been taking shape.
Persons: Ramaco, REEs, CNBC's Kelly Evans, Randall Atkins Organizations: Greenpeace, UN, International Energy Agency, CNBC, Ramaco Resources, Weir International, U.S . Department of Energy's National Energy Technology Laboratory, China, West Virginia University, U.S . Department of Energy, Penn State, Geothermal Engineering Limited Locations: Pennsylvania, England, U.S, REE, Wyoming, United States, China, Scotland
However, we did not learn much in the way of strategic partnerships for ESPN and its TV business. That's a significant improvement from the nearly $5 billion it generated in fiscal 2023 and $6.7 billion analysts expected for 2024. DTC, housed in the Entertainment segment, saw quarterly narrow to $420 million from $1.4 billion in fiscal 2022 Q4. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Bob Iger's, Nelson Peltz, Disney, That's, Hotstar, it's, Iger, Hugh Johnston, Johnston, Jim Cramer's, Jim Cramer, Jim, Walt, Joe Raedle Organizations: Disney, Revenue, LSEG, Sports, ESPN, Entertainment, Hulu, CNBC, Comcast, Disney Cruise, Disney Vacation, Disneyland, PepsiCo, Walt Disney, Getty Locations: Hulu, Orlando , Florida
NEW YORK (AP) — The United Auto Workers' strike is getting bigger. Currently, UAW workers hired after 2007 don’t receive defined-benefit pensions. During walkouts, workers are set to receive about $500 a week in strike pay — far short of what they earn while they’re working. During a 40-day UAW strike in 2019, GM lost $3.6 billion. The UAW strike is also testing President Joe Biden’s claim that he’s the most pro-union president in U.S. history.
Persons: Ford, Shawn Fain, Fain, They’ve, , ” Fain, ” Ford, Jonah Furman, Sam Fiorani, Joe Biden’s, Biden, Donald Trump, he’ll, Trump Organizations: United Auto Workers, UAW, General Motors, Stellantis, Motors, Detroit, Ford, GM, Detroit News, AutoForecast Solutions, Anderson Economic, White, autoworkers, U.S, Supreme, UPS, Teamsters, Cornell University Locations: United States, Korean, Detroit, Europe, Asia, U.S, Midwest, That’s,
Lawmakers are especially concerned about the use of AI to creates content that falsely depicts candidates in political advertisements to influence federal elections. Senate Democratic Leader Chuck Schumer told reporters a day after the AI forum that included technology leaders including Tesla (TSLA.O) CEO Elon Musk, Meta Platforms (META.O) CEO Mark Zuckerberg and Alphabet (GOOGL.O) CEO Sundar Pichai that election AI legislation may need to move faster. "Some things may have to go sooner than others and elections is one of the things that we may have to try to do soonest," Schumer said on Thursday. Experts say the proliferation of AI tools could make it far easier to, for instance, conduct mass hacking campaigns or create fake profiles on social media to spread false information and propaganda. He said it will be "a real challenge" to get agreement on such legislation "on both sides."
Persons: Chuck Schumer, Mike Rounds, Todd Young, Julia Nikhinson, Elon Musk, Mark Zuckerberg, Sundar Pichai, Schumer, Donald Trump, Amy Klobuchar, Josh Hawley, David Shepardson, Rick Cowan Organizations: Intelligence, U.S, Capitol, REUTERS, Rights, Democratic, Republican, Thomson Locations: Washington , U.S, Washington
On Saturday, a fellow global energy power, Qatar, expressed “great concern” about the situation in Russia. Any meaningful loss of Russian energy would force China and India to compete with Western nations for supplies from other producers. Libya and Venezuela provide cautionary tales of how civil war and internal political strife can savage energy exports. At just under 10 million barrels per day, it produces about 10% of global crude oil demand. It took a long time for the Russian oil industry to recover from that.
Persons: Vladimir Putin, “ Putin, , Jeffrey Sonnenfeld, Richard Bronze, Matt Smith, Kpler, , Stern, Agustin Carstens, Brent, Moscow, , Sonnenfeld, — Sarah Diab, Sharon Braithwaite, Alexandra Peers, Ramishah Organizations: London CNN —, ” Yale, CNN, Western, Energy, Bank for International, BIS, US Energy Information Agency, Council, Foreign Relations Locations: Ukraine, Russian, Moscow, Russia, China, India, Qatar, Americas, Europe, United States, Basel, Asia, Venezuela, Libya, Saudi Arabia, OPEC, Soviet Union, London, New York
Factbox: Governments race to regulate AI tools
  + stars: | 2023-06-13 | by ( ) www.reuters.com   time to read: +6 min
CHINA* Planning regulationsThe Chinese government will seek to initiate AI regulations in its country, billionaire Elon Musk said on June 5 after meeting with officials during his recent trip to China. ITALY* Investigating possible breachesItaly's data protection authority plans to review other artificial intelligence platforms and hire AI experts, a top official said in May. ChatGPT became available again to users in Italy in April after being temporarily banned over concerns by the national data protection authority in March. SPAIN* Investigating possible breachesSpain's data protection agency said in April it was launching a preliminary investigation into potential data breaches by ChatGPT. The Biden administration earlier in April said it was seeking public comments on potential accountability measures for AI systems.
Persons: Alan Turing, Elon Musk, Margrethe Vestager, Vestager, CNIL, Dado Ruvic, Ziv Katzir, Israel, ChatGPT, OpenAI, Antonio Guterres, Guterres, Michael Bennet, Biden, Alessandro Parodi, Amir Orusov, Jason Neely, Kirsten Donovan, Milla Nissi Organizations: Microsoft, Authority, Reuters, EU, Key, European Consumer Organisation, Seven, REUTERS, Israel Innovation Authority, UNITED, International Atomic Energy Agency, United Nations, U.S . Federal Trade Commission's, Thomson Locations: AUSTRALIA, BRITAIN, Britain, CHINA, China, Beijing, U.S, FRANCE, Italy, Hiroshima, Japan, IRELAND, ISRAEL, Israel, ITALY, JAPAN, SPAIN, Gdansk
The video does not disclose any potential AI use and the DeSantis campaign did not respond to a question about whether the images were fake or whether AI was used to create them. A person with knowledge of the DeSantis campaign operation said the Trump side had been "continuously posting fake images and false talking points to smear the governor." The Trump campaign did not immediately respond to a request for comment. Drexel professor Stamm's forensics analysis tool suggests the images were made using an AI model called a diffusion model, which underpin popular AI image generation products like DALL-E and Stability AI. "At some point the AI systems will be outputting images that have no differences from real images," said James O'Brien, a professor of computer science at the University of California, Berkeley.
Persons: Donald Trump, Russell Cheyne, Anthony Fauci, Trump, Fauci, Ron DeSantis, Matthew Stamm, Hany Farid, DeSantis, Drexel, Biden, James O'Brien, Alexandra Ulmer, Anna Tong, Seana Davis, Rosalba O'Brien, Stephen Coates Organizations: U.S, Republican, Aberdeen International Airport, REUTERS, FRANCISCO, Republican White, Twitter, Trump, Drexel University, University of California, Republican National Committee, RNC, Thomson Locations: Aberdeen, Scotland, Britain, Florida, Berkeley, U.S, China, Taiwan, San Francisco
Serbian President Aleksandar Vucic pledged to "practically disarm" his country, with the government quickly launching a month-long amnesty for illegal weapons. Political opponents - who have long demanded tighter arms controls - call the move a populist step that cannot solve Serbia's illegal weapons problem, while organising mass protests against the violence they say permeates society. Prices of illegal weapons on the 1990s black market in Serbia were as low as $10 for a hand grenade and $150 for an assault rifle, and many were smuggled outside the country. Between 2012 and 2016 Serbia registered a total of 10,061 gun-related crimes, neighbouring Albania 6,815 and Bosnia 5,616, SEESAC's data shows. Duquet said that while the situation in Serbia was not comparable to the United States, which has far more frequent mass shootings, the country's latest attempt to disarm may form a useful precedent closer to home as war rages again in Europe.
WASHINGTON, May 3 (Reuters) - The Federal Trade Commission's chief said the agency was committed to using existing laws to rein in some of the dangers of artificial intelligence, such as enhancing the power of dominant firms and "turbocharging" fraud. One risk she noted was that firms that dominate cloud services and computing would become even more powerful as they help startups and other firms launch their own AI. AI tools could also be used to facilitate collusion to raise prices. Khan expressed concern that generative AI, which writes in conversational English, could be used to help scammers write more specific and effective phishing emails. Reporting by Diane Bartz Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.
The trajectory of the Web 2.0 era was not inevitable — it was instead shaped by a broad range of policy choices. A handful of powerful businesses control the necessary raw materials that start-ups and other companies rely on to develop and deploy A.I. Enforcers have the dual responsibility of watching out for the dangers posed by new A.I. is well equipped with legal jurisdiction to handle the issues brought to the fore by the rapidly developing A.I. Alongside tools that create deep fake videos and voice clones, these technologies can be used to facilitate fraud and extortion on a massive scale.
"Although these tools are novel, they are not exempt from existing rules, and the F.T.C. In the op-ed, Khan detailed several ways AI might be used to harm consumers or the market that she believes federal enforcers should be looking for. One possible effect enforcers should look out for, according to Khan, is the impact of only a few firms controlling the raw materials needed to deploy AI tools. Khan also warned that AI tools used to set prices "can facilitate collusive behavior that unfairly inflates prices — as well as forms of precisely targeted price discrimination." Khan also warned that generative AI "risks turbocharging fraud" by creating authentic-sounding messages.
Cooking the IRS Study Books
  + stars: | 2023-04-28 | by ( The Editorial Board | ) www.wsj.com   time to read: +1 min
Images: AP/Reuters/AFP Composite: Mark KellyThe Internal Revenue Service isn’t saying how it will spend all of its new $80 billion windfall from Congress, but the political shenanigans over a proposed new IRS tax filing system aren’t cause for comfort. The agency is employing progressives to study how to make the tax collector the first and last arbiter of how much Americans owe. Most of the $80 billion will go to turbocharging audits, but the Inflation Reduction Act also earmarked $15 million to study a bad idea. This would end America’s longtime voluntary system that lets taxpayers determine their tax, subject to IRS review. The law instructed the IRS to hire an “independent third party” to examine the idea.
I could take a ride in what will soon be America’s last gasoline-powered muscle car with the woman who’s in charge of getting it into production and onto the street. Courtesy FordTransou and others at Ford will tell you there is an electric Mustang, the Mustang Mach-E SUV. As we took off, there was a burst of speed and throaty V8 engine noise as we blasted down Manhattan’s 10th Avenue. First, it’s the only actual car Ford currently sells in the United States. About 40% of V8 Mustang buyers get a manual transmission, she said, going for that truly classic driving experience.
Homeland Security Secretary Alejandro Mayorkas said Friday that the agency would create a task force to figure out how to use artificial intelligence to do everything from protecting critical infrastructure to screening cargo to ferret out products made with slave labor. While artificial intelligence isn't new, the sudden popularity of OpenAI's ChatGPT in recent months has sent officials around the world scrambling to see how they can best use the technology for good and prevent it from turbocharging disinformation and criminal activity. Mayorkas said the Artificial Intelligence Task Force would also explore how AI could be used to do a better job of doing work like screening cargo coming into the country for illicit goods, like fentanyl or products made with slave labor. Mayorkas said on Thursday the new task force may also investigate the potential for AI to be used for pernicious purposes, and find ways to defend against them. Mayorkas said that artificial intelligence was still in "a nascent stage" and that it was too soon to say whether the harms will outweigh the good.
Washington CNN —Artificial intelligence tools such as ChatGPT could lead to a “turbocharging” of consumer harms including fraud and scams, and the US government has substantial authority to crack down on AI-driven consumer harms under existing law, members of the Federal Trade Commission said Tuesday. Addressing House lawmakers, FTC chair Lina Khan said the “turbocharging of fraud and scams that could be enabled by these tools are a serious concern.”In recent months, a new crop of AI tools have gained attention for their ability to generate convincing emails, stories and essays as well as images, audio and videos. While these tools have potential to change the way people work and create, some have also raised concerns about how they could be use to deceive by impersonating individuals. “Throughout the FTC’s history we have had to adapt our enforcement to changing technology,” said FTC Commissioners Rebecca Slaughter. “Our staff has been consistently saying our unfair and deceptive practices authority applies, our civil rights laws, fair credit, Equal Credit Opportunity Act, those apply,” said Bedoya.
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