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Economist Frances Donald told Bloomberg TV that a sharper Fed pivot is ahead. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMarkets are right to price in a Federal Reserve policy pivot but should brace for a rate-cutting cycle that's sharper than expected, economist Frances Donald told Bloomberg TV. "We believe we are heading into a proper downturn that will require a proper easing cycle." So we're not exiting the period in which rate hikes become really impactful in the economy," she said.
Persons: Frances Donald, , Donald, We're, Danielle DiMartino Booth Organizations: Bloomberg, Service, Manulife Investment Management
Was the Stone Age Actually the Wood Age?
  + stars: | 2024-05-04 | by ( Franz Lidz | ) www.nytimes.com   time to read: +2 min
The basic chronology — Stone Age to Bronze Age to Iron Age — now underpins the archaeology of most of the Old World (and cartoons like “The Flintstones” and “The Croods”). Thomsen could well have substituted Wood Age for Stone Age, according to Thomas Terberger, an archaeologist and head of research at the Department of Cultural Heritage of Lower Saxony, in Germany. “We can probably assume that wooden tools have been around just as long as stone ones, that is, two and a half or three million years,“ he said. Of the thousands of archaeological sites that can be traced to the era, wood has been recovered from fewer than 10. The projectiles unearthed at the Schöningen site, known as Spear Horizon, are considered the oldest preserved hunting weapons.
Persons: Christian Jürgensen Thomsen, Thomsen, Thomas Terberger, , Terberger, heidelbergensis Organizations: Department of Cultural Heritage, National Academy of Sciences Locations: Danish, Europe, Lower Saxony, Germany, Schöningen
Earnings per share rose 1% to $1.53, a March quarter record, and exceeded the LSEG consensus estimate of $1.50. This resulted in stronger-than-expected free cash flow, which is more important than operating cash flow because it is cash Apple can ultimately return to shareholders via buybacks and dividends. During the reported quarter, Apple paid over $27 billion to shareholders, including $3.7 billion in dividends and equivalents and another $23.5 billion via the repurchase of 130 million shares. Quarterly results Apple's services sales notched another record, which offset a slight miss in product sales and led to beats on gross and operating income. iPad sales are expected to gain double digits year over year, much better than the 5.9% expected on Wall Street.
Persons: Tim Cook, Cook, we're, Apple, Luca Maestri, Maestri, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Management, MacBook, MacBook Air, Apple Watch, Fortune, Apple Vision, KLM Airlines, CNBC, Apple Inc, Visual China, Getty Locations: China, Greater China, America, East, Canada, India, Spain, Turkey, Indonesia, WWDC, U.S, Australia, France, Germany, Japan, Shanghai
The rise in power demand for data centers — which are booming from the need to support a new world of AI technologies — is also fueling demand for the providers of data center parts. "Expected power usage for U.S. data centers under construction is equivalent to more than 50% of the power currently used by U.S. data centers. Several years out, even after these data centers are constructed, some expect data center power consumption to double again," analyst Thomas Thornton wrote in a Wednesday note. Management is raising its own capital expenditures for the first time in a decade to meet the power demand for data centers, BofA added. To be sure, analysts mentioned that data center demand will likely exceed supply.
Persons: Thomas Thornton, Thornton, BofA, David Barden, Barden, Equinix, Eaton Organizations: Bank of America, Caterpillar, Management, Realty Trust, Digital Realty, Software, Aspen Tech, Constellation Energy, Dominion Energy
Religious texts state that when Moses climbed to the top of Mount Sinai, he was spoken to by God and inscribed that message onto stone tablets that became known as the Ten Commandments. Thunder rumbled, trumpets blared and lightning shot across the sky. Moses had been fasting and was clearly in an altered state of consciousness when God appeared to him, scholars say. But what if, as at least one Jewish scholar has suggested, Moses was also high? It may sound like blasphemy, but some religious scholars say they see an overlap between the pursuit of the divine and the use of psychedelic drugs — an unlikely partnership that underpins one of the most unusual legislative efforts in New York this session.
Persons: Moses, God Organizations: Mount Locations: Mount Sinai, New York
Messaging app Telegram to allow Tether stablecoin payments
  + stars: | 2024-04-19 | by ( Ryan Browne | ) www.cnbc.com   time to read: +1 min
Stablecoin Tether and Circle's USDC dominate the market. Justin Tallis | Afp | Getty ImagesTelegram users can now start making stablecoin USDT payments to each other through the encrypted messaging service's linked blockchain. It is integrated with the Telegram app. After this, users will be able to purchase USDT and send money to other users by selecting Tether's token as a payment option. The move could help make Tether's USDT coin more mainstream.
Persons: Justin Tallis, USDT Organizations: Afp, Getty, Open, U.S .
A record surge of data center construction is underway to provide the computing and storage that underpins society's fast-expanding digital footprint and powers artificial intelligence. In areas of the country where data centers have clustered, utilities have unveiled plans to spend billions of dollars to keep up. asked David Springe, the executive director of the National Association of State Utility Consumer Advocates. "Then you have the data centers that are having exponential load growth," Nelson said. Data centers also don't deliver the number of long term jobs – a key yardstick for public benefits – that other industries do.
Persons: Mike DeWine, David Springe, they're, Ryan Augsburger, Augsburger, Ron Nelson, Strategen, ratepayers, Nelson, Steve Helber, That's, PJM, David Lapp, Lapp, Jeffrey Shields, Shields, Kantele Franko, Shelby Moore, Meta, behemoth Blackstone, QTS, John Gavan, Daniel Tait, Tait Organizations: Amazon, Ohioans, Business, Wall, Boston Consulting Group, National Association of State, Consumer, Ohio Manufacturers ' Association, Web Services, Energy, Dominion Energy, Federal Energy Regulatory Commission, Tech, Wall Street titans, American Electric Power, Buckeye Power, AEP, Buckeye, AEP Ohio, Staff, Intel, Policy Institute Locations: Ohio, ratepayers, Chester , Va, Virginia, PJM, Chicago, New Jersey, New York City, Maryland, West Virginia, Pennsylvania, Columbus , Ohio, Denver, New Albany , Ohio, Minnesota, Columbus, Mississippi
The International Space Station has long been a symbol of international cooperation. AdvertisementSince the end of the Cold War, the International Space Station (ISS) has been a symbol of international cooperation. By 1988, 15 nations had agreed to participate in the project, then known as Space Station Freedom. Keystone/Hulton Archive/Getty ImagesThe Soviets had long-standing expertise in aerospace technology, having launched the world's first space station, "Salyut," in 1971. China has completed several unmanned Moon landings, has its own space station, and has developed a sophisticated commercial and military satellite program.
Persons: , Peggy Whitson, Vladimir Putin, Jill Stuart, Ronald Reagan, Bill Clinton, Terry Virts, Anton Shkaplerov, Marco Tacca, Oleg Artemyev, Denis Matveev, Sergey Korsakov, Virts, Michael Barratt, Matthew Dominick, Alexander Grebenkin, Jeanette Epps, Stuart, Verts, Musk Organizations: Astronauts, Service, Space, Veteran, ISS, Imperial College London, Politics, NASA, European Space Agency, ESA, Inter, Soyuz, Keystone, Hulton, Roscosmos, Reuters, Anadolu, Getty, Imperial College, Baikonur Cosmodrome, Elon Musk's SpaceX, The Independent, CNBC Locations: Russia, Ukraine, Europe, China, Japan, loggerheads, Hollywood, Canada, Soviet Union, Milan, Italy, Luhansk, Luhansk People's Republic, Russian, Baikonur, Kazakhstan, The, Soviet Russia
The generative artificial intelligence company, best-known as the creator of ChatGPT, is looking to open next year an office in New York City, according to two people familiar with the plans. Early last year, OpenAI had only about 400 employees all working out of one San Francisco office. It's now looking for a second office in San Francisco, according to a report in the San Francisco Chronicle. OpenAI has taken a selective approach to hiring, the person added, relative to how much interest the company receives for its job postings. The other is a search product likely to incorporate Microsoft's Bing search engine, according to a report from The Information.
Persons: OpenAI, Bing, Sam Altman, It's, it's, Kali Hays Organizations: Service, Business, Meta, Google, Microsoft, San Francisco Chronicle, LinkedIn Locations: New York City, San Francisco, Tokyo, London, Dublin, New York, Manhattan, Brooklyn, Big Tech, OpenAI, Francisco, khays@businessinsider.com
The S & P 500 has more room for upside in 2024, according to RBC Capital Markets head of U.S. equity strategy Lori Calvasina. The upgrade comes as the S & P 500 wraps up a monster start to the year. The strategist also expanded her 2024 earnings forecast to $237 from $234, which underpins her overall higher outlook for the S & P 500. Calvasina also laid out her bull case, which has the S & P 500 soaring to 5,400, nearly 3% above Wednesday's close. The current signal is little changed from her January S & P 500 forecast, where she also said U.S. equities appeared to be overbought.
Persons: Lori Calvasina, Calvasina Organizations: RBC Capital Markets, CNBC's Market, Survey
AI is not ready for primetime
  + stars: | 2024-03-10 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +7 min
Generative AI tools, including ChatGPT, have been alleged to violate copyright. That’s not stopping Big Tech companies and AI firms, which continue to hook consumers and businesses on new features and capabilities. “Access to major generative AI systems in widespread use is controlled by a few companies,” said Venkatasubramanian, noting that these systems easily make errors and can produce damaging content. He believes bolder reforms may be necessary too, such as taxing AI companies to fund social safety nets. For now, current day generative AI users must understand the limitations and challenges of using products that are still quite far from where they need to be.
Persons: , Taylor Swift, Joe Biden, Mandel Ngan, That’s, OpenAI, Elon Musk, Elon Musk Gonzalo Fuentes, ” Suresh Venkatasubramanian, Venkatasubramanian, ” Arvind Narayanan, CNN he’s, Narayanan, , ChatGPT, Bard –, haven’t, ” Gemini, Brian Fung Organizations: CNN, Chamber, Getty, Big Tech, Microsoft, Google, Reuters, Brown University, , White, Office of Science, Technology, Management, Executive, Princeton, “ Tech Locations: Washington ,, AFP, New Hampshire
CNN —For more than two weeks, a cyberattack has disrupted business at health care providers across the United States, forcing small clinics to scramble to stay in business and exposing the fragility of the billing system that underpins American health care. It prevented some insurance payments on prescription drugs from processing, leaving many care providers effectively footing the bill without reimbursement. Health care groups have pleaded with the Department of Health and Human Services (HHS) to offer medical practices a financial lifeline. A week ago, Change Healthcare announced plans for a temporary loan program to get money flowing to health care providers affected by the outage. Tyler Mason, a spokesperson for Change Healthcare, declined to comment when asked if the company had paid off the hackers.
Persons: , Catherine Reinheimer, Mel Davies, ” Jesse Ehrenfeld, Reinheimer, Richard Pollack, Carter Groome, ” Groome, Tyler Mason, ALPHV, ” Ari Redbord, Joshua Corman, Corman, Organizations: CNN, Change Healthcare, Health, Department of Health, Human Services, Oregon Oncology, Healthcare, American Medical Association, US, Medical Group Management Association, Community Oncology Alliance, American Hospital Association, Justice Department, ALPHV, Labs Locations: United States, Philadelphia, UnitedHealth, Oregon
Judges in Trump-related cases face unprecedented wave of threats
  + stars: | 2024-02-29 | by ( ) www.cnbc.com   time to read: +20 min
These broadsides frequently trigger surges in threats against the judges, prosecutors and other court officials he targets, Reuters found. In that time, serious threats against federal judges alone have more than doubled, from 220 in 2020 to 457 in 2023, as Reuters reported on Feb. 13. For judges, threats have always been part of the job. Over the last four years, the Marshals investigated more than 1,200 threats against federal judges that they considered serious, according to the data provided to Reuters. Among the 57 federal prosecutions Reuters identified during that period, 47 involved threats against federal judges, six involved threats against state judges, and four involved threats against both.
Persons: Royce Lamberth, Barrett Prettyman, Evelyn Hockstein, Lamberth, Donald Trump, Ronald Reagan, Trump, – Trump, , ” Royce, Maureen O'Connor, Ronald Davis, stoked, Brett Kavanaugh, Nicholas John Roske, Lewis Kaplan, E, Jean Carroll's, Kaplan, “ Donald Trump, ” Maureen O’Connor, they've, Richard Sullivan, Indiana, Gonzalo Curiel, Curiel, James Robart, Robart, Jon Trainum, Attorney Alvin Bragg, Trump's, Alvin, Bragg, Judge Arthur Engoron, Jefferson Siegel, Arthur Engoron, Tanya Chutkan, Jack, I'm, Chutkan, Smith, Abigail Jo Shry, Derrick Watson, Watson, Patriots.Win, Reggie Walton, Barrett, Elizabeth Frantz, Walton, Jan, Carl Caulk Organizations: District, Reuters, U.S, Capitol, Republican, Trump, U.S . Marshals Service, Marshals Service, ” Royce Lamberth U.S, Ohio Supreme, U.S . Justice Department, Justice Department, Federal Bureau of Investigation, The, FBI, Washington , D.C, Marshals, ” Maureen O’Connor Ohio Supreme, underpins, Trump University, Manhattan, Attorney, AFP, Getty, New York, Washington D.C, Federal Locations: Washington , U.S, al Qaeda, Idaho, Washington ,, New York, ” Maureen O’Connor Ohio, U.S, Mexico, United States, Manhattan, Washington, Texas, Hawaii, Tennessee, New Jersey, Arizona
Of the two main candidates that you’re talking about, Joe Biden refers to anyone who doesn’t support him as fascist. Donald Trump refers to anybody that doesn’t support him as vermin. I call everybody who supports me or doesn’t support me Americans. Biden did once call the “philosophy” behind Trump’s movement “almost like semi-fascism,” but he did not go so far as to label the philosophy fascist, let alone to say any American who doesn’t support Biden is fascist. This time, the former South Carolina governor avoided declaring that Biden calls anyone who doesn’t support him fascist or all Trump supporters fascist.
Persons: Nikki Haley, Joe Biden, ” Haley, Biden, Donald Trump, , Joe Biden’s, Donald Trump’s, Haley, Trump, Trump’s, ” –, MAGA ”, doesn’t, “ MAGA, , , MAGA, … It’s, Republicans “ don’t, Larry Hogan, Hogan “, ” Biden, Olivia Perez, Cubas, Biden “, Perez Organizations: Washington CNN, Republican, , Biden, ” Republicans, Trump, MAGA Republicans, Republicans, Republican Party, South Carolina Republican, South Locations: South Carolina, Charlottesville , Virginia, Maryland
So, as e-commerce reached a fever pitch during the pandemic, I vowed never to order from Amazon again. Buying online isn't always best for your walletThe first thing I noticed when quitting buying from Amazon was that I didn't actually need 90% of what I ordered. Abstaining from Amazon — and all the online megastores — meant I no longer made those impulse purchases, and, unsurprisingly, life went on. So, while I haven't bought anything on Amazon for almost four years, I've certainly used their services. I don't think that detracts from the positives of quitting buying from Amazon, but it does give some perspective.
Persons: I'd, I've, What's, megastores Organizations: Amazon, Amazon Web Services, Facebook Locations: Amazon
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChatGPT has been acting up in weird ways in recent months. AI models like GPT-4 are continually tweaked and updated, with OpenAI relying on interactions with users to train ChatGPT to become more conversational and useful. It works through a process called reinforcement learning from human feedback , where the AI model learns which responses are more favorable to users and adjusts accordingly. ChatGPT users said the bot was becoming lazyIn recent months, users of the chatbot, which reportedly now has around 1.7 billion users, have been complaining that it has been acting up.
Persons: , OpenAI, James Zou, ChatGPT, Sam Altman, Zou Organizations: Service, Business, Stanford University, Stanford Locations: GPT
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said Monday equities are in a "flop and chop mode" following record highs from the S & P 500 and the Dow . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jim, Jim Cramer's Organizations: CNBC, Traders, Federal Reserve, Dow, Nvidia, Melius Research, UBS, GE Healthcare
The implosion of New York Community Bancorp highlights an unusual risk for banks: growing too fast. New York Community Bancorp's 64% stock crash was in part caused by the increased regulatory scrutiny it received after crossing $100 billion in assets. But it can be a completely different story in the banking sector, and New York Community Bancorp is the latest example. Since then, New York Community Bancorp stock has crashed 64% and reignited fears of another regional banking crisis. "The case underpins a core principle of banking that may seem counterintuitive beyond: In banking, growth is … not good," Rubinstein said.
Persons: Marc Rubinstein, SVBFG, Thomas Cangemi, Rubinstein Organizations: York Community Bancorp, New, New York Community, New York Community Bancorp, Signature Bank, Valley Bank, Foreign Banking Organization, Bank, York Community, Bloomberg, Wall Locations: New York, New, America
Jefferies initiates Sprout Social as buy Jefferies said the social media software provider is a market leader. Morgan Stanley names Huntington Bancshares a top pick Morgan Stanley said it likes the regional bank's low exposure to commercial real estate. Morgan Stanley reiterates Nvidia as overweight Morgan Stanley raised its price target on Nvidia to $750 per share from $603. Morgan Stanley downgrades Aptiv to underweight from equal weight Morgan Stanley said it sees slowing growth for the automotic tech company. Jefferies initiates ZoomInfo as buy Jefferies initiates the software data company with a buy and says it sees new customer growth.
Persons: Redburn, Key, it's, Gordon, Gordon Haskett, Jefferies, Steven Madden, Morgan Stanley, Huntington, Morgan Stanley downgrades Aptiv, Piper Sandler, Piper, Davidson, Goldman Sachs, Goldman, DA Davidson, it's bullish, Oppenheimer Organizations: Services, Bank of America, Google, Leerink, SPT, Citi, JPMorgan downgrades New York Community Bancorp, JPMorgan, Jefferies, Nvidia, Crown Holdings, Holdings, Civitas Resources, Corp, Vans, VF Corp, Bank of America downgrades, York Community Bancorp, New, Apple, Apple's Locations: F24E, New York
Hong Kong CNN —One of Europe’s most valuable companies is restructuring 8,000 jobs as it joins a growing list of firms shifting their focus to artificial intelligence. SAP (SAP), the enterprise software giant, announced Tuesday that it would spend €2 billion ($2.2 billion) this year on the transformation, including buyouts and retraining programs. “The majority of the approximately 8,000 affected positions is expected to be covered by voluntary leave programs and internal re-skilling measures,” SAP said. Last summer, it announced investments in three generative AI companies, adding to a pledge to invest more than $1 billion to fund AI-powered enterprise tech startups. Many US tech firms have also announced large investments in AI as they kick off sweeping reorganizations.
Persons: Christian Klein, Alibaba Organizations: Hong Kong CNN, SAP, Wipro, Huawei, US Locations: Hong Kong, New York
Four days ago, Prime Minister Rishi Sunak of Britain urged the House of Lords, the unelected upper chamber of Parliament, not to block his plans to put asylum seekers on one-way flights to Rwanda, describing his contentious migration policy as “the will of the people.”On Monday night, the Lords did not play ball. Instead, they voted to delay the crucial treaty with Rwanda that underpins Mr. Sunak’s legislation — underscoring the hostility among some members of the chamber to a policy that has proved divisive ever since it was introduced by Boris Johnson, then the prime minister, in 2022. In practical terms, the vote has limited impact because the House of Lords — a legislature which is largely made up of former politicians, civil servants and diplomats, as well as 26 bishops — does not have the power to prevent the treaty from coming into force. But it is a symbolic setback for Mr. Sunak and suggests that the Lords may try to amend the broader legislation, the so-called safety of Rwanda bill, which they are scheduled to start debating next week. It may also strengthen future legal challenges by asylum seekers against their deportation to the African country.
Persons: Rishi Sunak, , , Boris Johnson, Sunak Locations: Rwanda,
Maori King Tuheitia, who hosted the event, told attendees their voices matter but it was not just talk, a solution that was needed. Critics say these vows are the most significant step backward for Maori rights in decades, and some have taken legal action. The Maori king had called on tribes from around the country last month to gather at his traditional meeting grounds, or Marae in Ngaruawahia, south of Auckland, to discuss how Maori respond. “Just be Maori, Maori all day, everyday, we are here, we are strong,” he said. The prime minister met the Maori king earlier this week and said he was supportive of the meeting.
Persons: Lucy Craymer WELLINGTON, Tuheitia, we've, Christopher Luxon, , ” Tuheitia, , Luxon, Lucy Craymer, Raju Gopalakrishnan Organizations: Reuters, New Zealand Maori, reo, awa Locations: North Island, Ngaruawahia, Auckland, Waitangi, New
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But what could be new this time around is a solution to the problem, according to Grayscale CEO Michael Sonnenshein. It's yet another issue that could ultimately be solved by the blockchain, according to Sonnenshein. It only makes sense for the blockchain to be integrated in generative AI technologies going forward, according to Sonnenshein. That symbiotic relationship should ultimately benefit creators and open the door to transparent compensation, according to Sonnenshein.
Persons: , OpenAI, Michael Sonnenshein, Sonnenshein, Nicholas Carlson, it's, It's, Midjourney — Organizations: Service, Business, New York Times, OpenAI, Microsoft, Parliament's House, Lords Communications, Getty Locations: blockchain
Google unveils a new way to search
  + stars: | 2024-01-18 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +2 min
The company said it’s been quietly testing the tools to see how generative AI, the technology that underpins viral chatbots including ChatGPT, can make Search more personalized and intuitive since last year. It will also launch on a handful of other high-end Android smartphones, including the Pixel 8 and the Pixel 8 Pro, starting January 3. The first feature, called Circle to Search, allows Android users to circle, tap, highlight or scribble on pictures, videos or text to learn more about what they see, such as a landmark in the back of someone’s social media page. Google gave the example of coming across an unfamiliar board game at a yard sale, and asking the tool about how the game is played. Over the years, Google has made changes to Search such as enabling search-by-voice or its Lens tool, which uses image recognition technology through a smartphone’s cameras to learn more about the world around them.
Persons: it’s, Samsung’s, We’ve Organizations: CNN, Google, Mobile, Galaxy, Microsoft
Critics say these vows are the most significant step backward for Maori rights in decades, and some have taken legal action. The government of Prime Minister Christopher Luxon says its plans address voters' concerns, and are aimed at giving all New Zealanders equal rights. Ngira Simmonds, the king's chief of staff, said in a statement that the gathering will discuss how the Maori translation of the Treaty of Waitangi can be upheld. Former Prime Minister Jenny Shipley and former Governor General Sylvia Cartwright are both set to speak. The prime minister met the Maori King earlier this week and said he was supportive of the meeting.
Persons: Lucy Craymer WELLINGTON, Christopher Luxon, Elizabeth II, Prince Philip, Queen Te Atairangikaahu, Ngira Simmonds, Jenny Shipley, General Sylvia Cartwright, Lucy Craymer, Miral Fahmy Organizations: Reuters, New Zealand Maori, Former Locations: New, Ngaruawahia, Auckland, Waitangi
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