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☆ Big Tech goes on AI charm offensive in Europe as regulators circle
▼ + stars: | 2024-05-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

It's worth noting that their comments come as the world's first major law governing AI, the EU's AI Act, was given the final greenlight. Meanwhile, European Commissioner Thierry Breton, a major architect of rules around Big Tech, is set to speak later in the week. Vogels, who is tasked with driving technology innovation within Amazon , said that AI can be used to "solve some of the world's hardest problems." Manyika said Google open-sourced its watermarking tech so that any developer can "build on it, improve on it." "I am concerned that there is potential for monopolies to emerge around Big Tech and AI," he said.

Persons: Rafael Henrique, Lightrocket, Werner Vogels, Society James Manyika, Thierry Breton, Vogels, Manyika, it's, Google's, Gemma AI, Emmanuel Macron, Eric Schmidt, Yann LeCun, Macron, Matt Calkins, Appian, Calkins Organizations: Getty, France —, Viva Tech, Amazon Chief, Google, Technology, Society, Regulators, Big Tech, European Union, Microsoft, Amazon, Meta, Elysee, CNBC Locations: PARIS, France, Paris, Jakarta, Indonesia, View , California, U.S

☆ Amazon’s new cloud boss inherits a business under pressure to keep pace in AI
▼ + stars: | 2024-05-23 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +12 min

"It's very early days in generative AI," said Jassy, who succeeded Jeff Bezos as CEO in 2021. Davidson, told CNBC that Amazon was "caught flat-footed" by the generative AI boom. During a Q&A session on Wednesday, Jassy was asked twice about the status of Amazon's generative AI efforts. He said the company is "seeing a lot of momentum" in generative AI within AWS to where it's now a multibillion-dollar business based on annualized revenue. Amazon has previously said it intends to use generative AI to make Alexa more conversational.

Persons: Noah Berger, Andy Jassy, OpenAI's ChatGPT, Adam Selipsky, Jassy, Jeff Bezos, Matt Garman, Gil Luria, Davidson, Luria, Bezos, Selipsky, Casey McGee, McGee, Anthropic, Dario Amodei, OpenAI, it's, Garman, Amazon, wasn't, Dilip Kumar, Kumar, Swami Sivasubramanian, Jamie Meyers, Meyers, Matt, Jordan Novet, Kate Rooney Organizations: Web Services, Getty, Amazon, Microsoft, Google, D.A, CNBC, Amazon Web, Alexa, AWS, Nvidia, ChatGPT, Accenture, Toyota, Nasdaq, Investments Locations: Las Vegas, Vegas, Bezos, Anthropic

☆ News Corp. and OpenAI strike 'multi-year global partnership' deal to use journalistic content to improve ChatGPT
▼ + stars: | 2024-05-22 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

on Wednesday announced a "multi-year global partnership" that will allow OpenAI to access current and archived articles from News Corp.'s outlets, including The Wall Street Journal, MarketWatch, Barron's, The New York Post and more. As part of the deal, OpenAI will be able to display content from News Corp.-owned outlets within its ChatGPT chatbot, in response to user questions. The news follows Reddit's announcement on Thursday that it will partner with OpenAI, allowing the ChatGPT maker to train its AI models on Reddit content. As part of that deal, OpenAI will gain access to Reddit's Data application programming interface, or API, "which provides real-time, structured, and unique content from Reddit," according to a release. Google announced a similar partnership with Reddit in February, allowing the company to train its AI models, such as Gemini, on Reddit content via access to the platform's API.

Persons: Sam Altman, Robert Thomson, OpenAI, Reddit, Mira Murati, Murati Organizations: Economic, News Corp, Wednesday, Street, The New York Post, News, Google, Reddit Locations: Davos, Switzerland, OpenAI, The, OpenAI's

☆ Amazon plans to give Alexa an AI overhaul — and a monthly subscription price
▼ + stars: | 2024-05-22 | by ( Kate Rooney | ) www.cnbc.com time to read: +4 min

Amazon is upgrading its decade-old Alexa voice assistant with generative artificial intelligence and plans to charge a monthly subscription fee to offset the cost of the technology, according to people with knowledge of Amazon's plans. Amazon's subscription for Alexa will not be included in the $139 per year Prime offering, and Amazon has not yet nailed down the price point, one source said. The Alexa team worried they had invented an expensive alarm clock, weather machine and way to play Spotify music, one source said. When reached for comment, Amazon pointed to the company's annual shareholder letter released last month. It has undergone a massive reorganization, with much of the team shifting to the artificial general intelligence, or AGI, team, according to three sources.

Persons: OpenAI, Siri, Apple's, Scott Galloway, Alexa, Jeff Bezos, Andy Jassy, Jassy, Alexa didn't Organizations: Alexa, Google, Amazon, Gemini, iPhones, NYU, Spotify Locations: Seattle

☆ Nvidia just keeps hitting it out of the park
▼ + stars: | 2024-05-22 | by ( Ana Altchek | ) www.businessinsider.com time to read: +2 min

Nvidia released its fiscal first-quarter results on Wednesday and reported record quarterly revenues of $26 billion — outdoing analyst estimates for $24.65 billion. This story is available exclusively to Business Insider subscribers. Nvidia shared a solid forecast for the future, too, saying second-quarter revenue will be about $28 billion, also ahead of expectations. Nvidia also raised its quarterly dividend by 150%, from four to 10 cents per share, and announced a 10-for-1 stock split, effective next month. "We can expect that more bold innovative moves from Nvidia will help it maintain its industry position for the foreseeable future."

Persons: —, Nvidia's, Blackwell, Colette Kress, Kress, Jensen Huang, Jacob Bourne, Bourne Organizations: Service, Nvidia, Business, Blackwell, Google, Microsoft, " Tech

☆ We're reading: Will Google's AI answers mean the end of the web?
▼ + stars: | 2024-05-20 | by ( Peter Kafka | ) www.businessinsider.com time to read: +1 min

Google is shifting to AI-generated answers for search queries to keep users on its site. This shift raises concerns about the reliability of AI answers and the impact on web traffic. You ask it a question, and it sends you to a site on the internet that can answer that question for you. And now the company is super-sizing that effort with AI-generated answers that are going to be the standard reply for all search in the near future. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Google, Service, Business

☆ The evolutionary twist that could have helped dinosaurs rule Earth
▼ + stars: | 2024-05-18 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

New research this week is adding fresh detail to one of paleontology’s biggest questions: Did dinosaur blood run hot or cold? Clues from fossilized eggshells and bones have now suggested that some dinosaurs were warm-blooded and others were not. Reinhard Dirscherl/ullstein bild/Getty ImagesMarine scientists have used artificial intelligence to decode previously unknown complexity in the calls of sperm whales. The whales produced a catalog of clicking sounds, which the researchers described as akin to a “phonetic alphabet” for sperm whales. What sperm whales are saying with their clicks remains a mystery to human ears, but understanding the scope of their vocal exchanges is an important step toward linking their calls with specific behavior.

Persons: Dinos, Davide Bonadonna, Jeff Lichtman, Reinhard Dirscherl, Napoleon Bonaparte, Ashley Strickland, Katie Hunt Organizations: CNN, Vigo, UCL, Google Research, Lichtman, Harvard University, Google, Harvard, Northern, Central America, Getty Images Marine, —, Heritage, CNN Space, Science Locations: Universidade, North America, Scandinavia, Europe, Central, India, Dover, England

Dylan Field, co-founder and CEO of Figma, speaks at the startup's Config conference in San Francisco on May 10, 2022. Figma, a cloud-based design tool company, said Thursday it will allow investors, including current and former employees, to sell their shares in a tender offer that values the company at $12.5 billion. That's up 25% from the valuation at which the company fundraised in 2021, but below the $20 billion acquisition offer Adobe made in 2022. Adobe and Figma called off the planned acquisition in December following regulatory scrutiny. In December, a regulatory filing said Adobe would pay Figma a $1 billion breakup fee.

Persons: Dylan Field, Kleiner Perkins, Salesforce, Figma, Morgan, CNBC's Jordan Novet Organizations: Figma, Adobe, Microsoft, Google, Oracle Locations: San Francisco, Sequoia

☆ Reddit soars after announcing OpenAI deal that allows use of its data for training AI models
▼ + stars: | 2024-05-16 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

As part of the deal, OpenAI will gain access to Reddit's Data application programming interface, or API, "which provides real-time, structured, and unique content from Reddit," according to a release. In exchange, Reddit will begin offering certain AI features to users and moderators, powered by OpenAI, which will also become a Reddit advertising partner. OpenAI Chief Operating Officer Brad Lightcap spearheaded the deal, which was approved by the company's board, the release said. The update brings GPT-4 to everyone, including OpenAI's free users, Chief Technology Officer Mira Murati said Monday in a livestreamed event. Reddit, which went public in March and reached a record close a few days after its initial public offering, is back to trading near its high of $65.11.

Persons: Reddit, OpenAI, Steve Huffman, Sam Altman, Brad Lightcap, Mira Murati, Murati Organizations: New York Stock Exchange, Google, Reddit, GameStop Locations: New York City, Reddit

☆ How Google CEO Sundar Pichai shook up his leadership team for the AI era
▼ + stars: | 2024-05-16 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

It came almost 12 months after Google combined two key AI groups, DeepMind and Google Brain. Google's AI MVPGoogle DeepMind CEO Demis Hassabis GoogleDemis Hassabis might be the most important person at Google right now. Then, in April last year, Pichai announced he would merge DeepMind with Google's in-house AI unit, known as Brain, into a supergroup named Google DeepMind. Reid reports directly to Raghavan, the ads and search senior vice president, and is shepherding a dramatic transition of Google Search. Fears of chatbots eating into Google's search dominance have yet to be realized, giving Google time to reinvent its most hallowed product.

Persons: —, Sundar Pichai, Pichai, Susan Wojcicki, Demis, Hassabis, Larry Page, DeepMind, OpenAI, it's, accrues, ED JONES, Rick Osterloh, Sameer Samat, he'll, Hiroshi Lockheimer, Osterloh, Prabhakar Raghavan, Siri, Tim Cook, Hiroshi, SAJJAD HUSSAIN, Liz Reid, Reid, Raghavan, Pandu Nayak, Venkatachary, It's, chatbots, Bernstein, Mark Shmulik Organizations: Service, Google, Business, Google's, BI, Research, Hassabis, Android, Apple, Apple's Vision, CNBC, Google Local Locations: Raxium

Six Flags stock has ticked up nearly 7% in 2024. The analyst reiterated an overweight rating on the stock as well as a $1,200 per share price target, implying more than 31% upside from Tuesday's close. The analyst has a buy rating on Nvidia with a $1,150 per share price target, or about 26% upside ahead. He also raised his price target on U.S.-listed shares to $5.40 per share from $4.80, though the new forecast calls for a 6% decline over the next year. NIO YTD mountain NIO YTD Lai had downgraded Nio to underweight in February due to slowing sales momentum.

Persons: Chris Woronka, Woronka, Brian Evans, John Vinh doesn't, NVDA, Vinh, Timothy Arcuri, Arcuri, — Brian Evans, Goldman Sachs, Alphabet's, Eric Sheridan, Sheridan, Oppenheimer, Jason Helfstein, GOOG, Helfstein, Brent Thill, Jefferies, Nick Lai, YTD Lai, Fred Imbert, ~$ ( ~$) Organizations: CNBC, JPMorgan, Deutsche Bank downgrades, Flags Entertainment, Deutsche Bank, Fair, Nvidia, Blackwell, UBS, Google, Gemini

☆ Apple looks kind of ridiculous right now
▼ + stars: | 2024-05-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Apple, though, has kept pretty quiet about its own AI ambitions so far — and it's increasingly obvious. "The buzz around AI, and specifically GenAI, has been so deafening that Apple is noticeable by omission," Dipanjan Chatterjee, vice president and principal analyst at Forrester, told Business Insider. Still, if the rumors about OpenAI or Gemini iPhone integration are true, this week's "strong announcements actually would bode well for Apple," William Kerwin, an analyst at Morningstar, said. AdvertisementThe analyst told BI that the new iPad rollout is simply an "appetizer to the real meat and potatoes" of Apple's AI strategy, expected to be announced at the WWDC in June.

Persons: —, Sam Altman's, Google's, Dipanjan Chatterjee, Forrester, Chatterjee, Gene Munster, it'd, Apple's, bode, William Kerwin, Siri, Dan Ives Organizations: Service, Big Tech, Business, Apple, Conference, Google, Deepwater Asset Management, Morningstar, Microsoft

Google I/O 2024 "should assuage fears over [Alphabet's] AI competitive position," analysts at Oppenheimer wrote in a research note to clients on Wednesday. Here's the full list of Alphabet's AI updates. "I was using Google Search versus using ChatGPT … [and] ChatGPT was so much more thorough than Google without ads. The next big question in AI: Who will Apple choose to partner with for its own AI features? Google CEO Sundar Pichai speaks at the Google I/O developer conference.

Persons: Goldman Sachs, Oppenheimer, Bard, Jim Cramer, Siri, Alexa —, Sundar Pichai, ChatGPT, Jim, Goldman, Jim Cramer's, Andrej Sokolow Organizations: Citi, Google, Wednesday, ChatGPT, Microsoft, Gmail, Gemini, Apple, Developers, CNBC, Getty

☆ News publishers sound alarm on Google’s new AI-infused search, warn of ‘catastrophic’ impacts
▼ + stars: | 2024-05-15 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

In other words, users will soon no longer have to click on the links displayed in search results to find the information they are seeking. Why spend time clicking on a link when Google has already scoured the internet and harvested the relevant information with its A.I.? Coffey, whose organization represents more than 2,000 news publishers and has taken an aggressive posture toward A.I. This time with a product that directly competes with our content, using our content to fuel it. Most recently, it drew scorn after temporarily blocking some California news outlets from search results in response to a bill that would force it to pay publishers.

Persons: —, ” Danielle Coffey, Coffey, newsrooms, OpenAI, ChatGPT, Mark Zuckerberg, “, we’ll, ” Marc McCollum Organizations: New York CNN, Google, News / Media Alliance, Big Tech, The New York Times Locations: New York, California

☆ Google's shiny new AI gave the wrong information in a promo video — again
▼ + stars: | 2024-05-15 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

But Google's Tuesday video shows one of the major pitfalls of AI: wrong, not just bad, advice. A minute into the flashy, quick-paced video, Gemini AI in Google Search presented a factual error first spotted by The Verge. Professional photographers — or anyone who has used a film camera — know that this is a terrible idea. AdvertisementEarlier this year, the Gemini chatbot was hammered for refusing to produce pictures of white people. Last year, users of Bing, Microsoft's AI chatbot, reported strange interactions with the bot.

Persons: —, Bard chatbot, James Webb, Bing Organizations: Service, Google, Gemini, Business, Google Google, Telescope, gaslight, Companies, Air Canada

☆ Google's Android chief says AI will change what smartphones can do and reset the battle with Apple for mobile supremacy
▼ + stars: | 2024-05-15 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

This job also includes Android TV, Android Auto, and new augmented and mixed-reality technology. With Google's new Gemini AI models, "we can do things that have never been possible on smartphones," he added. The "System UI" levelThis is possible because Google has baked Gemini AI models and assistant technology into the "System UI" level on Android devices. However, he stressed that this doesn't mean the company can't build unique experiences on Android devices, including many new AI experiences. This works through a combination of Google Search, Gemini AI technology, and Android — something that's not possible on any other platform, Samat said.

Persons: —, Sameer Samat, Zak Brown, Samat, He's, It's, Gemini Organizations: Service, Google, Android Ecosystems, Android, Android Auto, Business, Apple, Samsung, Gemini

☆ Google and Harvard unveil most detailed ever map of human brain
▼ + stars: | 2024-05-15 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +9 min

Now, after the lab team’s decade of close collaboration with scientists at Google, that data has turned into the most detailed map of a human brain sample ever created. The result is an interactive 3D model of the brain tissue, and the largest dataset ever made at this resolution of a human brain structure. And of course, it would reveal many more problems, things we hadn’t expected.”What about mapping an entire human brain? “Much of what we think we understand about the human brain is extrapolated from animals, but research like this is critical for revealing what truly makes us human. “Each human brain is a vast network of billions of nerve cells,” said Sporns, distinguished professor of psychological and brain sciences at Indiana University.

Persons: Jeff Lichtman —, Harvard University —, ”, Lichtman, Harvard University That’s, Viren Jain, ” Jain, Jain, there’s, we’re, “, ” Lichtman, haven’t, Michael Bienkowski, ” Bienkowski, Andreas Tolias, Berger, Olaf Sporns, Sporns Organizations: CNN, Harvard University, Google, Google Research, Lichtman, Harvard, Cisco, University of Southern California’s Keck School of Medicine, “, Stanford University in, Indiana University Locations: Stanford University in California

Meanwhile, OpenAI on Monday launched a new AI model and desktop version of ChatGPT, along with a new user interface. Gemini AI updatesGoogle introduced updates to Gemini 1.5 Pro, its AI model that will soon be able to handle even more data — for example, the tool can summarize 1,500 pages of text uploaded by a user. Generative AI tools such as chatbots and image creators continue to have issues with accuracy, however. New search featuresThe tech giant is launching "AI Overviews" in Google Search on Monday in the U.S. AI Overviews show a quick summary of answers to the most complex search questions, according to Liz Reid, head of Google Search. Google Search found the model of the record player and suggested that it could be malfunctioning because it wasn't properly balanced.

Persons: Sundar Pichai, Andrej Sokolow, Anthropic, OpenAI, There's, Pichai, Gemini, Apple's Siri, Prabhakar Raghavan, Liz Reid, you'll, that's, Google's, Tony Stark's, —, ChatGPT, Demis Hassabis Organizations: Google, Getty, Gemini, Monday, Gmail, Astra Project Astra, Marvel, Astra Locations: U.S

☆ What's the killer AI app for consumers? Google finally has a contender.
▼ + stars: | 2024-05-14 | by ( Alistair Barr | ) www.businessinsider.com time to read: +6 min

Read previewSince ChatGPT burst onto the scene in 2022, there's been no real "killer app" to get consumers embracing AI in massive numbers. The internet, possibly the biggest killer app of all, made us all buy smartphones, tablets, and a host of other connected devices. AI killer app contendersAt its IO developer conference on Tuesday, Google showed off some pretty amazing AI killer app contenders. A Google AI model lurking on the phone (and in the cloud) answered correctly. The Google AI agent captured all the dates, times, and other details and automatically loaded them into the user's Google Calendar.

Persons: —, there's, she'd, Warren Buffett, Bill Gates, Sundar Pichai, Sissie Hsiao, DeepMind's Hassabis, Pichai Organizations: Service, Business, Google, Astra, Microsoft Locations: London

☆ Google CEO Pichai says company will 'sort it out' if OpenAI misused YouTube for AI training
▼ + stars: | 2024-05-14 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

Alphabet CEO Sundar Pichai said Google will "sort it out" if it determines Microsoft -backed OpenAI relied on YouTube content to train an artificial intelligence model that can generate videos. The New York Times later reported that OpenAI had transcribed over a million hours of YouTube videos. Asked if Google would sue OpenAI if the startup violated the search company's terms of service, Pichai didn't offer specifics. Pichai said Google has processes in place to figure out if OpenAI failed to comply with the rules. WATCH: Alphabet CEO on report OpenAI trained GPT-4 on YouTube: We have clear terms of service

Persons: Sundar Pichai, OpenAI, CNBC's Deirdre Bosa, Mira Murati, Murati, Pichai, Apple, Bosa, We'll, GPT Organizations: Microsoft, Wall Street Journal, New York Times, Google, Google's, Astra, Apple, Developers Conference, Bloomberg, Gemini Locations: U.S, Cupertino , California

☆ Google just gave us a tantalizing glimpse into the future of AI agents
▼ + stars: | 2024-05-14 | by ( Hugh Langley | ) www.businessinsider.com time to read: +6 min

Read previewWhat if the Google Assistant was actually… an assistant? In short: AI agents are what have the best shot at taking this technology from "nice to have" to "need to have." But there are other ways these AI agents will emerge in the nearer term. Google teased a combination of updates that will soon make its Gemini AI chatbot more capable and proactive. Tentacles and tailoringBut it's in its legacy products that Google really has an edge when it comes to enabling agent-like qualities.

Persons: —, It's, Sundar Pichai, Pichai, Astra Pichai, We've, Demis Hassabis, OpenAI, Sissie Hsiao, Hsiao, Chatbots, Liz Reid, Google's, Reid Organizations: Service, Google, Business, Astra, Gemini Locations: London

"We're like the engine room of the company," Hassabis told CNBC, speaking about his newly integrated AI unit within Google. Last month, Alphabet CEO Sundar Pichai merged Hassabis' DeepMind with Google Brain, a separate AI team, and selected Hassabis to lead the group. DeepMind CEO Demis Hassabis at a 2017 event in China. During his career at DeepMind and then at Google, Hassabis dominated the field of AI. Microsoft CEO Satya Nadella (R) speaks as OpenAI CEO Sam Altman (L) looks on during the OpenAI DevDay event in San Francisco on Nov. 6, 2023.

Persons: He's, Hassabis, Sundar Pichai, It's, Demis Hassabis, Geoffrey Hinton, Hinton, DeepMind, Elon Musk, OpenAI, Satya Nadella, Sam Altman, Justin Sullivan, Critics, they've, ChatGPT, AlphaFold, Eli Lilly Organizations: Google, CNBC, Microsoft, Elixir Studios, Hassabis, Washington Post, Employees, Novartis, TED Locations: China, DeepMind, San Francisco, ChatGPT, LLMs

☆ Tesla, Google, and Microsoft won't stop laying people off. Here's why that could backfire.
▼ + stars: | 2024-05-12 | by ( Tim Paradis | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The recent quip on Blind came from a worker at a large tech company commenting on word of more job cuts at Google. There's little doubt that for some tech workers, this gallows humor feels spot-on after waves of layoffs at some of the industry's biggest names — including Google, Microsoft, and Tesla. Elon Musk told staff last month that Tesla will lay off 10% of its workers. Advertisement"They think that their brand is bulletproof," Cascio said, referring to big-name tech companies.

Persons: —, Elon Musk, Tesla, Sundar Pichai, Pichai, Sandra Sucher, Harvard Business School who's, Wayne Cascio, who's, Cascio, Rich Otto, he'd, Harvard's Sucher, Zers, Caroline Ogawa, Ogawa, That's, Gartner's Ogawa Organizations: Service, Google, Microsoft, Tesla, Business, Bloomberg, Harvard Business School, University of Colorado, LinkedIn, Gartner, Social Locations: University of Colorado Denver, Silicon

☆ Meet the doomsayers waiting for the economy to crash
▼ + stars: | 2024-05-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

"The one thing that our economy is going to be guaranteed is a wartime economy," Daniel told Business Insider in an interview. Interest in ultra-bearish takes on the market or the economy is on the up based on raw search data. Google searches for "stock market crash" have jumped 17% over the last quarter, while searches for "economic crash" have surged 15%, according to search analytics firm Glimpse. In both communities, users are sounding the alarm on all sorts of apocalyptic scenarios for the economy, with some predicting a stock market crash, housing market crash, or a total collapse of the US financial system. "Others may not be as lucky and could be constrained by them, and that could color their outlooks for the stock market and the economy."

Persons: —, Daniel, subreddit, Freddie Smith, Smith, aren't, Jonathan Rose, he's, Rose, there's, that's, Richard Sylla Organizations: Service, Genesis Gold, US, Northwestern Mutual, New York University Locations: Washington ,, Reddit, Florida

☆ Sports gambling is taking a cue from Wall Street, and it could be a problem for sportsbooks
▼ + stars: | 2024-05-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how a sports bettor trying to hedge a $1.7 million payout shows the gambling world is taking a page out of Wall Street's book . The big storySports gambling goes Wall StreetiStock; Rebecca Zisser/BIHow would you like to turn $100 into $1.7 million in a little over a year? Thanks to a secondary market for gambling tickets, Shelton could sell his ticket to another bettor. And not unlike Wall Street's feelings about retail traders, Shelton is the type of gambler sportsbooks love. Unlike mom-and-pop gamblers who often bet on a whim, so-called sharps' systematic approach to gambling can pose a problem for sportsbooks.

Persons: —, Rebecca Zisser, Wayne Shelton, Shelton, Matthew Fox, Anthony Edwards, Joshua Gateley, sportsbooks, Shelton's longshot, Goldman Sachs, Sam Bankman, Fried, Puck, SBF, Justin Sullivan, Getty Sundar Pichai, Pichai, Jack Dorsey, he'd, Mike Solana, Dorsey, Bluesky, Demis, Microsoft's Mustafa Suleyman, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Sports, MLB, NFL, NBA, Oklahoma City Thunder, Thunder, Dallas Mavericks, Western Conference, ESPN, Boston Celtics, Minnesota Timberwolves, Getty, Detention, MDC, Bloomberg, Bay Area, YouTube, Spotify, Apple, Warner Brothers, Justice League, Big, Honda Locations: China, Russia, Brooklyn's, Young, New York City, New York, Bay, London

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