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Elon Musk’s AI Startup Seeks to Raise $1 Billion
  + stars: | 2023-12-06 | by ( Alexa Corse | )   time to read: 1 min
Elon Musk co-founded OpenAI, but later left the company after a dispute over its control and direction. Photo: Slaven Vlasic/Getty ImagesElon Musk’s artificial-intelligence company, xAI, is looking to raise $1 billion, according to a new SEC filing. Musk launched xAI in July, with the company saying its mission is “to advance our collective understanding of the universe.” Musk spent months recruiting researchers and has envisioned the new effort as becoming a rival to OpenAI, whose ChatGPT sparked an AI frenzy in the tech industry.
Persons: Elon Musk, Slaven Vlasic, Musk, ” Musk, OpenAI Organizations: Getty, Elon, SEC
Pop quiz: Which of these is not a new hotel chain? A) SparkSpark B) StudioResStudioRes C) GarnerGarner D) TempoTrick question. All of them are brands introduced by big hotel companies this year. (Extra credit if you know which name falls under which corporate umbrella.)
Persons: Garner Garner
Wisconsin’s Act 10 Is in Jeopardy
  + stars: | 2023-12-06 | by ( The Editorial Board | )   time to read: +1 min
Journal Editorial Report: The week's best and worst from Bill McGurn, Kyle Peterson, Allysia Finley, Dan Henninger & Paul Gigot. Images: Getty Images/AP/ Composite: Mark KellyWisconsin progressives went for a judicial abuse trifecta last week, filing a lawsuit to overturn Act 10, the landmark 2011 law that limited the ability of public unions to bargain collectively. The case is part of the Democratic campaign to use the new liberal majority on the state Supreme Court to redraw the state’s legislative district maps and end school choice. Scott Walker , has saved the Badger State from turning into Illinois or New York, where public unions essentially run the state government for their own benefit. According to the MacIver Institute, Act 10 has saved Wisconsin taxpayers $16.8 billion since it was passed in 2011, making public finances more manageable at every level of government.
Persons: Bill McGurn, Kyle Peterson, Allysia Finley, Dan Henninger, Paul Gigot, Mark Kelly Wisconsin, Scott Walker Organizations: Democratic, Gov, Badger, MacIver Institute Locations: Illinois, New York, Wisconsin
Study for ‘Portrait of a Lady (Simonetta Vespucci)’ (c. 1480) Photo: Ashmolean MuseumSan FranciscoIn the popular imagination, Sandro Botticelli (c. 1445-1510) is associated with ethereal nymphs, idealized nudes, and blond beauties, thanks largely to the ubiquity of his most famous paintings, “Primavera” and “Birth of Venus.” But as a stunning new show at San Francisco’s Legion of Honor museum establishes, he is a more complex, intellectual, conflicted and varied artist than superficial familiarity might suggest.
Persons: Simonetta Vespucci, , Sandro Botticelli, Organizations: Ashmolean Museum San Francisco, “ Primavera, Francisco’s Legion
Illustration: Sean McCabeIt wasn’t a regular year, this 2023. Writers were on strike; actors were on strike. Martha the Medicare Lady was making people crazier than they already were. That said, I had assumed that this retrospective examination and contemplation of TV in the year ’23 was destined to be about the new. Hence the flourishing business of game shows, “unscripted” celebrity-reality series and nonfiction programming about serial murderers, which are always comforting to those of us not being murdered.
Persons: Sean McCabe, lurched, Martha
“Rat hole mining may be illegal,” Lt General Syed Ata Hasnain, a retired official from India’s National Disaster Management Authority told reporters shortly after the rescue. “But a rat miner’s talent and experience is not.”Bottom of the hierarchyWorkers employed in the dangerous profession are among the most vulnerable and marginalized in India, hence the unflattering local moniker. But some of the “rat miners” said they are still waiting for details of the compensation. Conspicuously missing were the names of the 12 “rat miners” who put their lives on the line to complete that final breakthrough. Two “rat miners” went in at a time on rotating four-hour shifts, with one cutting the stone and the other pulling the debris out of the pipe.
Persons: New Delhi CNN —, Munna Qureshi, , ” Qureshi, Qureshi, General Syed Ata Hasnain, Slimly, Hasina Kharbhih, , Roberto Schmidt, ” Kharbhih, Nasir Khan, B.P, Katoki, Pushkar Singh Dhami, Mohammad Irshad Ansari, Monu Kumar, crouch, Khan, Kumar, Sajjad Hussain, Ansari, ” Kumar Organizations: New, New Delhi CNN, Engineers, National Disaster Management Authority, Workers, National Green Tribunal, AFP, Getty, CNN, Locations: New Delhi, Uttarakhand, India, Meghalaya, Rimbay, Uttarkashi, Uttar Pradesh, AFP
UConn star Azzi Fudd has long looked up to Steph Curry and now has an NIL deal with his brand, SC30. She attended Curry's camp during high school, even though it's usually reserved for men's recruits. AdvertisementAs the top-ranked player in her recruiting class, Azzi Fudd earned invitations to nearly every camp available to high school women's basketball stars. AdvertisementFudd knows that, at least to some extent, things are moving in the right direction for women's basketball players and for women's sports at large. "I definitely have seen a shift in the attention that women's basketball is getting and also the language used towards it," Fudd said.
Persons: Azzi Fudd, Steph Curry, Fudd, , Stephen Curry, Troy Wayrynen, Stanford Cardinal, Cameron Brink, Armour, Green, David Butler II, Curry, Camp Curry Organizations: UConn, Service, Golden State Warriors, UConn Huskies, Stanford, Washington DC, NBA, G, Houston Rockets Locations: Oakland, Washington
Nvidia logo displayed on a phone screen and microchip and are seen in this illustration photo taken in Krakow, Poland on July 19, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)Nvidia will continue to develop a new set of products that comply with U.S. government regulations involving exports of high-end chips to China, its CEO Jensen Huang said on Wednesday. "Nvidia has been working very closely with the U.S. government to create products that comply with its regulations," Huang told reporters in Singapore at a news conference. "Our plan now is to continue to work with the government to come up with a new set of products that comply with the new regulations that have certain limits." Huang also said on Wednesday the company was in talks with Singapore about potential big investments.
Persons: Jakub Porzycki, Jensen Huang, Huang Organizations: Nvidia, Getty, U.S, Reuters Locations: Krakow, Poland, China, California, Singapore
CNBC Daily Open: Of billions and trillions
  + stars: | 2023-12-06 | by ( Shreyashi Sanyal | )   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow Jones Industrial Average closed 0.22% lower, while the S&P 500 inched down 0.06% by the closing bell. It has so far raised nearly $135 million from four investors, with the first sale occurring on Nov. 29. As the year-end nears, CNBC Pro asked three fund managers for sectors — and stocks — they are bullish on in the lead-up to 2024.
Persons: Europe's, X.AI Elon, Bitcoin Organizations: CNBC, Dow Jones, Nasdaq, Apple, U.S, SEC, U.S . Department of Labor, Metrics, Big Tech, CNBC Pro Locations: U.S
(Photo by Victoria Jones - Pool/Getty Images)Shares of K-pop agency YG Entertainment spiked as much as 29% after the company announced that it has renewed exclusive group contracts with all four members of girl group Blackpink. The stock closed at 48,000 South Korean won ($36.58) per share on Tuesday, near its 2023 low of 47,000 won. But on Wednesday, it surged at the open and hit an intraday high of 61,900 South Korean won per share. This could bring an end to the long running contract saga between the popular K-pop group and the agency. Shares of YG previously plunged each time South Korean media reported that members of the group will not renew with the label.
Persons: Lisa, Lalisa, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones Organizations: COP26, YG Entertainment, South Korean, YG, Munhwa Ilbo Locations: ENGLAND, British, Glasgow, London, England, South Korea, South Korean
Bill Ackman has had it with the presidents of Harvard, MIT and UPenn. AdvertisementBill Ackman has called for the resignation of Harvard, MIT, and the University of Pennsylvania's presidents following their congressional hearing on antisemitism on Tuesday. Harvard and MIT presidents Claudine Gay and Sally Kornbluth replied similarly to Stefanik's question. Because of leaders like Presidents Gay, Magill and Kornbluth who believe genocide depends on the context," Ackman continued. Representatives for Ackman, Harvard, MIT, and the University of Pennsylvania did not immediately respond to requests for comment from Business Insider sent outside regular business hours.
Persons: Bill Ackman, Ackman, , eVlPCHMcVZ, Elise Stefanik, Liz Magill, Claudine Gay, Sally Kornbluth, Gay, Kornbluth, Stefanik, she'd, Magill, Israel Organizations: Harvard, MIT, Service, University of, University of Pennsylvania, Gay, Ivy League, Ackman, Business Insider Locations: Israel, @Harvard, Gaza
AdvertisementAfter Russia invaded Ukraine in February 2022, over 1,000 foreign companies announced they would exit Russia in protest against the war. "More foreign companies remain in Russia than those who left the country," Dmitry Peskov, a spokesperson for the Kremlin, told Business Insider in late October. 1: Data from Yale UniversityYale University runs an ongoing study that examines which foreign companies have left Russia since the war began. Here are their results as of November 21:KSE's data shows that most foreign companies have not left Russia. Russia is making it difficult for foreign companies to exitMany companies still operating in Russia are also stuck in the process of exiting the market.
Persons: KSE, , it's, haven't, Dmitry Peskov, Steven Tian, Tian, Agathe Demarais, Igor Lipsits Organizations: Kremlin, Yale, Service, BI, Yale University Yale University, Kyiv School of, Kyiv School of Economics, University of St, Yale's, Leadership Institute, BP, Benetton, Unilever, Nestlé, European Council, Foreign Relations, Financial Times Locations: Russia, Ukraine, Gallen, Switzerland, Ukrainian, Russian
Future Publishing | Future Publishing | Getty ImagesMin Li doesn't go to the mall often. The name of the game for Chinese youth in 2024 is trading down. Anything not in the basement floors is considered to be "in heaven," signaling it's out of reach. Citizens shopping for Mid-Autumn Festival gifts at a shopping mall in Yantai, East China's Shandong province, Sept 25, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images) Future Publishing | Future Publishing | Getty Images"The name of the game for Chinese youth in 2024 is trading down.
Persons: Min Li doesn't, Gucci, Chanel, Louis Vuitton, She's, Shaun Rein, Rein, Jia Miao, Jia, Chung Chi, Miao Organizations: Future Publishing, Getty, Apple, China Market Research Group, Starbucks, China Market Research, Weibo, Citizens, Publishing, New York University Shanghai, MyCOS Research, NYU Shanghai, Hong Kong Polytechnic University, McKinsey, China's, China News Service Locations: Yantai, East China's Shandong province, Weibo, East China's Shandong, Covid, NYU Shanghai China, Shanghai, Guangzhou
A six-floor duplex home in San Francisco had its price slashed by $10 million in just three years. It was bought for $20 million in 2020, but then sold for only half that value in November. Home values in San Francisco have been sinking in the last year after reaching a peak in April 2022. AdvertisementA 10,000-square-foot duplex apartment in San Francisco was just sold for only half of its $20 million value from three years ago, as the city's housing market suffers a recent slump. Home prices have been slashed across the US over the last year, but San Francisco is often a poster child for the decline because property there is notoriously expensive.
Persons: , Rohin Dhar, Leslie Stretch, Zillow, Business Insider's James Faris Organizations: Service, Bay, Business Locations: San Francisco, Calcutta, Francisco
Tuesday, a Palm Beach real estate broker testified on Trump's behalf that Mar-a-Lago is worth $1 billion. "If you have a dreamer, and a great American, I don't think that's a bad thing," the broker testified of his Palm Beach neighbor. "You have dozens and dozens of hand-carved cherubs" on the living room doors, Moens testified at one point. Former President Donald Trump's Mar-a-Lago resort in Palm Beach, Florida. The property is currently worth closer to $1.5 billion, Moens testified in the July deposition.
Persons: , Donald Trump's, Trump, Letitia James, Arthur Engoron, Lawrence Moens, Steve Wynn, Larry Ellison, Moens, James, , MAL, efferson,, artin, uther, roker, ines, ove y ou., ince, rees, J r., lew, orth, lon, ake Organizations: Mar, Trump, Service, New, New York, Palm Beach, ust, ives Locations: New York, York, Manhattan, Trump’s NY
India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg. It's narrowing the gap with Hong Kong, the world's fourth-largest stock market. AdvertisementThe value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, Bloomberg reported. Hong Kong is the world's fourth-largest stock market, but is now worth less than $4.7 trillion following an 18% slide in the Hang Seng Index this year. The Indian market was worth less than $1.5 trillion in pandemic-affected 2020, according to Bloomberg, but has since made significant gains.
Persons: , Narendra Modi, Sanjeev, Sharekhan, Goldman Sachs Organizations: Bloomberg, Service, Reuters, IMF, Apple Locations: Hong Kong, India, China, Japan
While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.
Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong
Jesse Darling wins the 2023 Turner Prize
  + stars: | 2023-12-05 | by ( Jacqui Palumbo | )   time to read: +2 min
CNN —Artist Jesse Darling is the latest recipient of the Turner Prize, the UK’s top award for artists that grants £25,000 ($31,500) annually. His Turner Prize-winning exhibition is an installation that places viewers in a custom-built environment evoking chaotic city streets and industrial barriers. Angus MillDarling’s winning exhibition “convey(s) a familiar yet delirious world,” according to a press statement from the Turner Prize. The Turner Prize, named after the 19th-century painter JMW Turner, is awarded each year to an exemplary artist born or based in the UK, and based on a presentation of work exhibited in the past year. Darling was nominated for his solo exhibitions “No Medals, No Ribbons” at Modern Art Oxford and “Enclosures” at the Camden Art Centre.
Persons: Jesse Darling, Darling, , Turner, Angus Mill Darling’s, Angus Mill Darling, Ghislaine Leung, Rory Pilgrim, Barbara Walker, JMW Turner, Veronica Ryan, Damien Hirst, Gillian Wearing, Gilbert, George, Anish Kapoor, Wolfgang Tillmans, Steve McQueen Organizations: CNN, Towner, Modern Art Oxford, Camden Art Centre Locations: Eastbourne, England, Oxford, Berlin, Towner Eastbourne
The Hunter Biden Saga Continues
  + stars: | 2023-12-05 | by ( William Mcgurn | )   time to read: 1 min
William McGurn is a member of The Wall Street Journal editorial board and writes the weekly "Main Street" column for the Journal each Tuesday. Previously he served as Chief Speechwriter for President George W. Bush. Mr. McGurn has served as chief editorial writer for The Wall Street Journal in New York. He spent more than a decade overseas -- in Brussels for The Wall Street Journal/Europe and in Hong Kong with both the Asian Wall Street Journal and the Far Eastern Economic Review. Bill is author of a book on Hong Kong ("Perfidious Albion") and a monograph on terrorism ("Terrorist or Freedom Fighter").
Persons: William McGurn, George W, Bush, McGurn, Bill Organizations: Wall Street, The Wall Street, Street Journal, Economic, Washington, National Review, Foreign Relations, Notre Dame, Communications, Boston University Locations: New York, Brussels, Europe, Hong Kong
Nondisclosure Agreements Get Trickier Under New SEC Scrutiny
  + stars: | 2023-12-05 | by ( Mengqi Sun | )   time to read: 1 min
Provisions that impede an individual from communicating with the SEC are unlawful under the Dodd-Frank Act. Photo: Spencer Platt/Getty ImagesCompanies have long used employee nondisclosure agreements to protect proprietary information. Now, regulators are trying to ensure that clauses in those agreements don’t also serve to inhibit whistleblowers from reporting potential corporate wrongdoing. In recent months, the U.S. Securities and Exchange Commission has taken a number of actions against companies whose various employment contracts have language that might hold employees back from reporting misconduct to regulators. A watershed moment came in September, when the SEC fined hedge fund D.E.
Persons: Dodd, Frank, Spencer Platt, Shaw Organizations: SEC, Getty, Companies, U.S . Securities, Exchange Commission
Airbnb Appoints Ellie Mertz as New Chief Financial Officer
  + stars: | 2023-12-05 | by ( Walden Siew | )   time to read: 1 min
Ellie Mertz has been with Airbnb for 11 years. Photo: AirbnbAirbnb on Tuesday appointed Ellie Mertz, an 11-year veteran of the short-term rental company, as its new chief financial officer. Mertz succeeds Dave Stephenson , Airbnb’s CFO since 2019, who was promoted to become the company’s chief business officer, a newly created role.
Persons: Ellie Mertz, Mertz, Dave Stephenson
To collect vintage clothes is to know that one day, you’ll come across a shirt that will send you into an existential spiral. For me, that moment came last month, as I was tooling around eBay in search of aged band tees. The very same Green Day “American Idiot” shirt that I bought new as a sneering tween was now being sold as “vintage” for a not insignificant sum of $100. To see your childhood resold as vintage—could anything make you feel older than that? Mind you, I’m just 32.
Persons: you’ll, I’m Organizations: eBay Locations: Bam
He touted on the 2016 campaign trail that the wall along the U.S. Mexico border would be 1,000 miles long. The Trump administration ended up building 453 miles of border wall, the bulk of which went towards reinforcing or rebuilding existing portions of the wall. Trump also said the border wall would cost between $8 billion and $12 billion, costs Mexico would cover. And the survey showed Republicans with an 18-point lead on immigration — a number that’s higher than at any point during the Trump administration. Encounters at the southern border have steadily increased since June, according to U.S. Customs and Border Protection.
Persons: Donald Trump, Trump, Joe Biden, , , Angie Garcia, Garcia, it’s, Denise Eason, ” Eason, That’s, Biden, Myra Banks, I’m, ’ ”, Banks, “ We’re, we’ve, ” Trump Organizations: Republican Party —, Trump, Republican, NBC, Democrat, U.S . Customs, Border Locations: EDINBURG , Texas, U.S, Mexico, Edinburg , Texas, McAllen , Texas
Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."
Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas
CNN —On Monday night, the British Fashion Council orchestrated its annual British Fashion Awards — a star-studded ceremony in London aimed at encouraging new, trailblazing designers, as well as honoring stalwarts of the industry. Across the red carpet, sequins, velvet and red tones conquered in what was a decidedly festive sartorial palette. Gareth Cattermole/Getty ImagesAnne Hathaway stunned onlookers in vintage Valentino. Gareth Cattermole/Getty ImagesRita Ora wore Primark, a nod to her latest collaboration with the high-street retailer. Gareth Cattermole/Getty ImagesPamela Anderson rocked the no makeup look once more, wearing a Gareth Cattermole/Getty Images Europe/Gareth Cattermole/Getty Images
Persons: Anne Hathaway, Gwnyeth Paltrow, Pamela Anderson, Taylor Russell, Paloma Elsesser, Kate Moss, Alexa Chung, Laura Whitmore, Sam Smith, Iris Law, Vivienne Westwood, Caroline Rush, Richard Quinn, Queen Elizabeth II, Neil Mockford, Loewe, Gareth Cattermole, Amal Clooney, Versace, Joe Maher, Dominic Lipinski, Lewis Hamilton, Wales Bonner, Getty, Michaela Coel, Suki Waterhouse, David Fielden, Valentino, Gwyneth Paltrow, Paltrow, Valentino Garavani, Giancarlo Giammetti, Gillian Anderson, Rita Ora, Isamaya Ffrench Organizations: CNN, British Fashion Council, Alexa, Getty Locations: London, British, LA, Europe
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