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☆ Microsoft exec blames Azure layoffs on the 'AI wave' in leaked memo
▼ + stars: | 2024-06-03 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +1 min

Microsoft cut hundreds of jobs in its Azure cloud business on Monday, sources told Business Insider. Jason Zander in an email memo says the company's focus is to "define the AI wave." The changes include halting certain Azure cloud services and reorganizing teams. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: Jason Zander, —, Zander Organizations: Microsoft, Business, Service

☆ Nvidia's latest roadmap shows how it plans to keep the lead in the AI chip race
▼ + stars: | 2024-06-03 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

NVDA .SPX 1Y mountain Nvidia's stock performance over the past 12 months compared with the S & P 500. The fresh details Sunday underscore Nvidia's commitment to roll out a new version of its AI chip platform roughly every year, instead of the two-year cadence it used to follow. In a sign of the competition, Advanced Micro Devices , Nvidia's main rival in the booming AI chip market, also highlighted plans at Computex to release updated processors each year. The product announcements "continue to bolster" Nvidia's AI leadership position, Bank of America analysts wrote to clients Monday. The firm reiterated its price target of $1,500 per share and top-pick designation on Nvidia's stock.

Persons: Rubin, Blackwell, Jensen Huang, Taiwan —, Vera, Hopper, Grace, Vera Rubin —, what's, Goldman, Jim Cramer's, Jim Cramer, Jim, Sam Yeh Organizations: Nvidia, Devices, AMD, Microsoft, Blackwell, Smithsonian, Wall Street, Bank of America, CNBC, AFP, Getty Locations: Blackwell, Taiwan, Computex, Taipei

☆ Nvidia CEO Jensen Huang says robots are the next wave of AI — and 2 kinds will dominate
▼ + stars: | 2024-06-03 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang highlighted robots — again — at a Taiwan tech conference Sunday. The Nvidia CEO paraded nine human-like robots on stage earlier this year. He highlighted them again in a Sunday speech at a Taiwan tech conference, saying that two kinds of robots in particular will be "very high volume." "The next wave of AI is physical AI. The factories will orchestrate robots and those robots will be building products that are robotic."

Persons: Jensen Huang, —, Huang Organizations: Nvidia, Service, Business Locations: Taiwan

☆ The S&P 500 could climb 23% next year if Treasury yields fall and AI momentum stays strong, research firm says
▼ + stars: | 2024-06-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Falling yields and continuing excitement for AI could boost the S&P 500 to 6,500, the firm said. "This expectation that AI hype will increase and that Treasury yields will fall underpins our long-standing forecast for the S&p 500 to hit 6,500 by end-2025." But narrow stock market rallies have the potential to last years, Rielly said, suggesting the stock market run-up could continue for now. Warnings of a market bubble have proliferated as the S&P 500 notched a series of record-highs this year. Capital Economics has also warned of a stock market correction akin to the 1929 and dot-com crashes, which could begin in early 2026.

Persons: That's, —, Reilly, that's, Rielly Organizations: Capital Economics, Service, Treasury, Street, NVIDIA, Capital

☆ AI-generated X-rated content is officially allowed on Musk's X
▼ + stars: | 2024-06-03 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

X is formally giving adult content the green light — with a few stipulations. But the content must be consensual, and must be labeled, X said. Elon Musk's X is formally giving X-rated content the green light, allowing adult images and video — with a few rules. Users can share nudity and sexual content — including AI-generated pornography — "provided it's properly labeled and not prominently displayed," the company's policy says. Content must be made and posted consensually and cannot be shared to "highly visible places" like profile photos or banners, X said.

Persons: —, Elon Musk's Organizations: Service, Business

☆ There are 4 reasons tech's dominance over the stock market could end this year
▼ + stars: | 2024-06-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Technology stocks have dominated the market for more than a decade. However, strong outperformance in tech may begin to spread to other sectors of the stock market, according to BofA. Here are four reasons tech stocks' dominance could end later this year, according to the bank. AdvertisementThe technology sector's dominance over the stock market could finally end later this year, according to Bank of America. Advertisement"As earnings accelerate outside of Tech, investors will likely become more price sensitive and seek out cheaper earnings growth," Subramanian said.

Persons: —, Savita Subramanian, Subramanian, COVID Organizations: Service, Bank of America, Tech, Federal Reserve, Treasury, Bank of, Technology, Communication Services, Nvidia, hyperscalers Microsoft, Rockwell Automation, ROK Locations: Tech, China, Japan

☆ Inside China's plan for AI: shape reality and enforce its power
▼ + stars: | 2024-06-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at China's strict approach to overseeing its AI development and the threat it poses to the world. The country's history of censorship and surveillance is extending to its approach to AI , writes Business Insider's Linette Lopez. AdvertisementThe CCP's plan for AI is about shaping reality and enforcing its power, according to internal documents. What to do ahead of May's jobs report. Permabull Tom Lee said it's a great time to buy stocks — shocking — with a new jobs report set to drop on Friday.

Persons: —, Kiran Ridley, Stringer, Getty, Tyler Le, Insider's Linette Lopez, Linette, chatbots, Jinping, Xie Huanchi, we've, Ken Griffin's, Permabull Tom Lee, it's, Stocks, Keith Gill, It's, Amazon's, Alyssa Powell, boomer, Gen, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett, Annie Smith Organizations: Service, Harvard, Business, Chinese Communist Party, of, People, Getty, Citadel Securities, BI, GameStop, Cloud, Prime, Apple, American Express, Research, Boomers Locations: China, Beijing, Xinhua, New York, London, Chicago

☆ Online scams might soon just be a battle between AIs
▼ + stars: | 2024-06-03 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

A Harvard study found that AI phishing scams are as effective as human ones. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOnline scams might soon just be a battle between AIs, one launching the attacks and another defending against them. Online scams are only becoming more prevalent, and with new AI technology, Harvard researchers say they could become much more difficult to avoid. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Harvard, Service, AIs, Harvard Business School, Harvard Business, Business

☆ Meta's AI chief slams Elon Musk for spreading 'crazy conspiracy theories' amid escalating feud
▼ + stars: | 2024-06-03 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Elon Musk's feud with Meta AI chief Yann LeCun is escalating. In a recent post, LeCun slammed Musk for his "dangerous political opinions." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk 's public feud with Meta's AI chief and award-winning scientist, Yann LeCun, is escalating. While he praised Musk's Tesla cars, SpaceX satellite communication system, and position on open source AI, he also slammed the billionaire for what he called "dangerous" public positions.

Persons: Elon Musk's, Yann LeCun, LeCun, Musk, —, Elon Musk, Musk's Tesla Organizations: Meta, Service, SpaceX, Business

☆ Democrats wanted an agreement on using artificial intelligence. It went nowhere
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +8 min

The Democratic National Committee was watching earlier this year as campaigns nationwide were experimenting with artificial intelligence. It asked campaigns to check work by AI tools, protect against biases and avoid using AI to create misleading content. It sent the proposal in March to the five Democratic campaign committees that seek to elect House, Senate, gubernatorial, state legislative and state attorneys general candidates to office, according to the draft agreement. The Democratic committee had hoped the statement would be signed by Chair Jaime Harrison and the leaders of the other organizations. Spokesmen from the Democratic Governors Association and Democratic Legislative Campaign Committee declined to comment.

Persons: Joe Biden, Hannah Muldavin, Muldavin, Jaime Harrison, Sam Altman, Eric Schmidt, Altman, Biden, Dustin Moskovitz, Reid Hoffman, – Organizations: White, Democratic National Committee, The Associated Press, Democratic, DNC, Republican National Committee, Google, Federal, Commission, Facebook, LinkedIn, Democratic Congressional Campaign, General, Associated Press, Democratic Governors Association, Democratic Legislative Locations: Washington , DC

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Citi, Tesla, Best Buy, Meta, Broadcom, Krispy Kreme & more
▼ + stars: | 2024-06-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs reiterates Apple as buy Goldman said it's bullish heading into the company's Worldwide Developer's Conference on June 10. " Mizuho reiterates Meta as buy Mizuho said its sticking with its buy rating on the Meta. JPMorgan upgrades Krispy Kreme to overweight from neutral JPMorgan upgraded Krispy Kreme after a change in analyst coverage. Citi upgrades Best Buy to buy from sell Citi said in its double upgrade of the stock that it sees "upside potential." Goldman Sachs reiterates First Solar as buy Goldman raised its price target on the stock to $302 per share from $268.

Persons: Goldman Sachs, Goldman, it's, AAPL, Morgan Stanley, Tesla, We've, Jefferies, Mizuho, Wells, CAVA, Piper Sandler, Massimo, Piper, Clark, Melius, Guggenheim, Stifel, Bernstein, Airbnb, Roth, Marvell Organizations: : Bank of America, Nvidia, Bank of America, Apple, Conference, Meta, Citi, JPMorgan, JPMorgan downgrades, RBC, Kimberly, Broadcom, Guggenheim, Logistics, Auto Logistics, Inc, EBITDA, Qs, Marvell Locations: Computex, Taiwan, Siri, JPMorgan downgrades Cava

☆ Most AI researchers say the chance it will wipe out humanity is pretty low. But this AI researcher pegs it at 99.9%
▼ + stars: | 2024-06-03 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

For example, a recent study conducted with 2,700 AI researchers indicated there's only a 5% chance that AI will lead to human extinction. The AI researcher teaches computer science at the University of Louisville and just came out with a book called "AI: Unexplainable, Unpredictable, Uncontrollable." Yampolskiy said he finds that unlikely since no AI model has been completely safe from people attempting to get the AI to do something it wasn't designed to do. AdvertisementGoogle AI Overviews, based on Google's Gemini AI model, is the latest product rollout that didn't stick the landing. The CEO of ChatGPT developer OpenAI, Sam Altman, has suggested a "regulatory sandbox" where people experiment with AI and regulate it based on what "went really wrong" and what went "really right."

Persons: —, Lex Fridman, Fridman, Roman Yampolskiy, Yampolskiy, they've, Biden, Sam Altman, Altman, there'll, ChatGPT, Elon Musk, Eric Schmidt, Schmidt Organizations: Service, Business, University of Louisville, Google Locations: Africa

☆ BofA says chip stocks won't peak until mid-2026, and that these 3 sub-industries will thrive until then
▼ + stars: | 2024-06-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

That's as the chip industry often undergoes 10 quarters of upside after experiencing a downcycle, a pattern that has just begun. However, chip stocks (SOX) change direction 6-9 months ahead of cycle inflection, so semis could potentially peak sometime around 2H25, or another year+ from now," Bank of America said. Bank of America sees major upside potential for both, holding a $1,500 and $1,680 price objective on each. "Industrial/auto chip stocks are less crowded and offer diversification away from AI, with easier compares going into CY25E," the bank said. AdvertisementBank of America holds a price objective of $890 and $650.

Persons: —, That's, upcycle Organizations: of America, Nvidia, Broadcom, NXP Semiconductors, KLA Corporation, Service, Bank of America Locations: petering, 2H25, CY25E

☆ With AI writing so much code, should you still study computer science? This new data point provides an answer.
▼ + stars: | 2024-06-03 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

Read previewOne of the most persistent concerns around generative AI is whether the technology will put workers out of a job. Github Copilot can write a lot of code these days, so is it even worth studying computer science now? There's a new data point that helps answer at least part of this question: Students are still lining up in droves to take computer science in college. Related VideoFirst-year applications to UC Berkeley's College of Computing, Data Science, and Society CDSS increased 48% this year. "Generative AI can speed up the more mundane parts of software development, and software developers tend to adopt efficiency tools quickly," he added.

Persons: —, That's, Jennifer Chayes, Gavin Newsom, Fei, Fei Li, There's, John DeNero, He's, DeNero Organizations: Service, Business, University of California, UC Berkeley's College of Computing, Data Science, UC Berkeley, Berkeley's College of CDSS, Stanford, Joint California, Science, Google, Berkeley Locations: University of California Berkeley, San Francisco, Lilt

☆ Stocks making the biggest moves premarket: GameStop, Stericycle, MarineMax, Paramount and more
▼ + stars: | 2024-06-03 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Waste Management , SteriCycle — Shares of medical waste-disposal company Stericycle jumped 16% after Waste Management agreed to buy the company for $7.2 billion. Waste Management fell 1.5%. MarineMax — MarineMax, a recreational boat and yacht services company, popped 19% on a report that OneWater Marine is in talks to buy the company for $40 a share in cash. Boston Beer Company — Shares slid 11% after Bloomberg reported that Japanese brewer and distiller Suntory denied it's in talks to buy the Samuel Adams owner. Paramount Global — Shares added more than 6% after Skydance Media revised its buyout offer for Paramount and gave nonvoting shareholders an option to cash out Paramount Class B shares at a roughly 26% premium to Friday's close.

Persons: Keith Gill, Kitty, Stericycle, —, Cava, Rubin, Blackwell, it's, Samuel Adams, Alex Harring, Brian Evans, Michelle Fox Theobald Organizations: GameStop, AMC Entertainment, AMC, Waste Management, Bloomberg, JPMorgan, Nvidia, AMD, Monday, Sunday, Bank of America, Boston Beer, Suntory, Street, Citi, Spotify, GSK, Autodesk — Autodesk, Paramount, Skydance Media Locations: Cava, Taipei, U.S, Delaware

☆ Watch CNBC's full interview with Inflection AI co-founder Reid Hoffman
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Inflection AI co-founder Reid HoffmanReid Hoffman, Greylock partner, Inflection AI co-founder and LinkedIn co-founder, joins 'Squawk Box' to discuss the launch of 'Reid AI', his own 'digital twin', the future of AI, concerns with deepfakes, state of the AI arms race, and more.

Persons: Reid Hoffman Reid Hoffman, Reid Organizations: LinkedIn

☆ Check Point CEO on state of cyber security and protecting data through AI
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCheck Point CEO on state of cyber security and protecting data through AIGil Shwed, Founder and CEO of Check Point Software Technologies, discusses the cyber security market and the use of artificial intelligence in product development.

Persons: Gil Shwed Organizations: Software Technologies

☆ Nvidia, AMD unveil next generation AI technology ahead of Computex in Taiwan
▼ + stars: | 2024-06-03 | by ( Wayne Chang | Laura He | ) edition.cnn.com time to read: +3 min

Taipei/Hong Kong CNN —Nvidia and AMD have separately launched the next generation of their artificial intelligence (AI) chips in Taiwan, as a three-way race with Intel heats up. Jensen Huang, CEO of Nvidia (NVDA), said Sunday that the company would roll out its most advanced AI chip platform, called Rubin, in 2026. The Rubin platform will succeed the Blackwell, which supplies chips for data centers and was announced only in March. But competition is growing, with major competitors AMD (AMD) and Intel (INTC) introducing new products in an effort to challenge Nvidia’s dominance. The new chip will succeed the MI300 and feature more memory, faster memory bandwidth and better computer performance, Su added.

Persons: Jensen Huang, Rubin, Blackwell, Vera, Huang, ”, Richard Windsor, Lisa Su, ” Su, MI300X, Su, MI400, Patrick Gelsinger Organizations: Hong Kong CNN, Nvidia, AMD, Intel, National Taiwan University, Radio Free Mobile Locations: Taipei, Hong Kong, Taiwan, “, we’re, Computex

☆ Nvidia's 'Rubin' announcement is a clear commitment to the 1-year product cycle, says Apoorv Agrawal
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia's 'Rubin' announcement is a clear commitment to the 1-year product cycle, says Apoorv AgrawalApoorv Agrawal, Altimeter Capital partner, joins 'Squawk Box' to discuss Nvidia's new line of 'Rubin' AI processors, state of the AI technology race, and more.

Persons: Nvidia's, Rubin, Apoorv Agrawal Apoorv Agrawal

☆ Cybersecurity is going to be just as big as AI, says Hightower's Stephanie Link
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCybersecurity is going to be just as big as AI, says Hightower's Stephanie LinkStephanie Link, Hightower Advisors chief investment strategist and portfolio manager, joins 'Squawk Box' to discuss the latest market trends, state of the economy, and more.

Persons: Stephanie Link Stephanie Link, Hightower Organizations: Hightower Advisors

☆ CNBC Daily Open: Opec extends cuts, Nvidia showcases new chip
▼ + stars: | 2024-06-03 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. OPEC+ extends cutsOPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. Saudi Arabia's energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. New AI chip RubinNvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model.

Persons: Prince Abdulaziz bin Salman, Rubin, Blackwell, Dow, UnitedHealth, Bill Ackman, It's, Michael Khouw Organizations: CNBC, Saudi Aramco, Rubin Nvidia, AMD, Intel, Microsoft, Google, Dow Jones, Federal, Dow, Nasdaq, Nvidia, Tesla, Pershing, Moderna, Drug Administration, GSK, Pfizer Locations: OPEC, Saudi Arabia, Russia, Saudi, U.S, Moderna

☆ Cramer cites 2 stocks as great buys for new investors. Analysts see one climbing 40%
▼ + stars: | 2024-06-03 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "We've got a deflationary set up this morning," Jim Cramer said Monday. For investors who don't own Club stock Stanley Black & Decker , Jim said it's also a great buy at these levels. 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 .

Persons: Jim Cramer, —, Jensen Huang, We've, Jim, Stanley Black, Decker, it's, Jim Cramer's Organizations: CNBC, Nasdaq, Nvidia, Treasury, Melius Research, Broadcom, Stanley, Federal Reserve

Citi double upgraded Best Buy to buy from sell, and its new price target indicates upside of 18%. MRVL YTD mountain MRVL year to date — Lisa Kailai Han 6:16 a.m.: Bank of America sticks to Nvidia as a top pick with 36% upside Nvidia remains a top pick for Bank of America. He also maintained his price target of $1,500 and named Nvidia a top pick following CEO Jensen Huang's keynote speech at the Computex expo this past weekend. Arya's price target implies that Nvidia stock could rise 36.8% from here, adding to its whopping 121% year-to-date rally. — Lisa Kailai Han 5:46 a.m.: Citi double upgrades Best Buy to buy rating from sell There's a rosy outlook for Best Buy ahead, according to Citi.

Persons: Kimberly, Clark, Goldman Sachs, Toshiya Hari, Hari, Marvell's, Lisa Kailai Han, Vivek Arya, Jensen, Arya, — Lisa Kailai Han, Piper Sandler, Masimo, Jason Bednar, Bednar, MASI, Steven Zaccone, Nik Modi, Modi, Fred Imbert Organizations: CNBC, Citi, RBC, Bank of America, Nvidia, Marvell Technology Marvell Technology, Enterprise Networking, Marvell, Sound, Kimberly, Clark Investors, RBC Capital Markets Locations: Friday's, Kimberly, KMB

☆ Greylock partner Reid Hoffman on launch of 'Reid AI', deepfake concerns and state of AI arms race
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreylock partner Reid Hoffman on launch of 'Reid AI', deepfake concerns and state of AI arms raceReid Hoffman, Greylock partner, Inflection AI co-founder and LinkedIn co-founder, joins 'Squawk Box' to discuss the launch of 'Reid AI', his own 'digital twin', the future of AI, concerns with deepfakes, state of the AI arms race, and more.

Persons: Reid Hoffman, Reid Organizations: LinkedIn

☆ AMD announces new AI chips amid intensifying competition with Nvidia, Intel
▼ + stars: | 2024-06-03 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Advanced Micro Devices Inc. unveiled new so-called accelerator chips that it said will be able to run artificial intelligence software faster than rival products. Photographer: David Paul Morris/Bloomberg via Getty ImagesAMD on Monday announced new artificial intelligence chips as it seeks to establish itself as a leader amid competition with the likes of Nvidia and Intel . During a keynote address, Su unveiled the Ryzen AI 300 series for next-generation AI laptops. And in partnership with Microsoft , these chips will power laptops equipped with the tech giant's AI chatbot Copilot. This comes less than two months after AMD's April announcement of new processors that can run AI workloads – the Ryzen Pro 8040 for laptops and the Ryzen Pro 8000 for desktops.

Persons: Lisa Su, David Paul Morris, Su, chatbot, workloads Organizations: Devices Inc, AMD, Bloomberg, Getty, Monday, Nvidia, Intel, Qualcomm, Microsoft Locations: San Jose , California, Taipei

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