DIRS.INFO The most relevant business & tech news

All eyes on NvidiaDespite concerns about stubbornly high inflation, elevated interest rates and ballooning U.S. debt, the S&P 500 is trading at a record on Wednesday, having soared 27 percent over the past year. Among the factors driving the rally, few are bigger than the boom in stocks tied to artificial intelligence — and the biggest of all of those is Nvidia. Investors have high hopes for Nvidia’s earnings on Wednesday. Expect a torrent of trading when the chip maker reports results for its fiscal first quarter after market close. A year ago, Nvidia’s stock jumped more than 24 percent after it posted knockout earnings.

Organizations: Nvidia, Investors

OpenAI’s Scarlett Johansson problemWhen OpenAI unveiled the latest version of ChatGPT last week, a chatbot that can listen to spoken questions and respond verbally, many users had one question: Is that Scarlett Johansson? It’s another sign of eroding trust in OpenAI, which has taken fire from creative industries and former employees. In her statement, Johansson shed more light on the matter:Last September, I received an offer from Sam Altman, who wanted to hire me to voice the current ChatGPT 4.0 system. Altman tried again two days before the ChatGPT product announcement, she added, but released the service before they could connect. Johansson — no stranger to waging war against big companies — suggested that she was ready to take legal action.

Persons: OpenAI’s Scarlett Johansson, OpenAI, Scarlett Johansson, ”, OpenAI —, ” Johansson, Sam Altman, Mira Murati, Johansson, Altman, Johansson —, — Locations: OpenAI

OpenAI’s fear factorThe tech world’s collective eyebrows rose last week when Ilya Sutskever, the OpenAI co-founder who briefly led a rebellion against Sam Altman, resigned as chief scientist. “Safety culture and processes have taken a backseat to shiny products,” Jan Leike, who resigned from OpenAI last week, wrote on the social network X. Along with Sutskever, Leike oversaw the company’s so-called superalignment team, which was tasked with making sure products didn’t become a threat to humanity. Sutskever said in his departing note that he was confident OpenAI would build artificial general intelligence — A.I. Leike spoke for many safety-first OpenAI employees, according to Vox.

Persons: Ilya Sutskever, Sam Altman, hadn’t, ” Jan Leike, Sutskever, Leike, —, Vox, Daniel Kokotajlo, Altman Organizations: OpenAI, C.E.O

Regulatory warsThe Supreme Court lifted the existential threat hanging over the Consumer Financial Protection Bureau, rejecting a challenge to the agency’s funding. The decision could have huge consequences for a raft of conservative-led lawsuits involving administrative authority — but business groups and Republicans are vowing to fight on. A recap: Payday lenders had sued the C.F.P.B. over a rule that would limit the number of times they could withdraw money from a customer’s account for repayment. The companies and conservative groups argued that the practice wasn’t harmful, and said the way the regulator is funded — via annual allocations from the Fed’s profits rather than from Congress — was unconstitutional.

Persons: Congress — Organizations: Consumer Financial Protection, Congress

☆ Royal Caribbean and Norwegian have serious sustainable-food-supply-chain goals — here's how they compare
▼ + stars: | 2024-05-16 | by ( Brittany Chang | ) www.businessinsider.com time to read: +6 min

Royal Caribbean Group and Norwegian Cruise Line Holdings aim to source their foods more sustainably. In 2023, the cruise giants Royal Caribbean Group and Norwegian Cruise Line Holdings accommodated more than 10.3 million travelers. Both companies have been increasingly shopping localBoth Norwegian and Royal Caribbean want to be net zero emissions by 2050. Royal Caribbean did not respond to an inquiry about its beef initiatives or plans to expand its plant-based offerings. That's not to mention all the heat that cruise companies already take for operating ships that are bad for the environment.

Persons: —, Brittany Chang, Linken D'Souza, Royal Caribbean's, Bambi Semroc, it's, Ravi Anupindi, Anupindi, Royal, Semroc Organizations: Royal Caribbean Group, Cruise Line Holdings, Chain Management, Service, Norwegian, Royal, Business, Royal Caribbean's, Conservation, University of Michigan's Ross School of Business, Marine Stewardship Council, Aquaculture, Council, Global Animal Partnership, Regent Seven Locations: buffets, Royal Caribbean, Europe, Seattle, Vancouver, Florida, California, New York City, Norwegian, Oceania

Inflation euphoria goes globalStocks in Asia and parts of Europe rose on Thursday as investors bet that new data showing inflation easing would finally persuade central bankers to lower interest rates from multidecade highs. Another test comes on Thursday when Walmart, a bellwether for U.S. consumer sentiment, reports quarterly results. The market moves follow Wednesday’s Consumer Price Index report, which came in better than expected. Inflation remains well above the Fed’s 2 percent target, but traders were encouraged by the results. The futures market now sees two Fed rate cuts this year, the first most likely coming in September.

Organizations: Walmart Locations: Asia, Europe

Behind a big shake-upA day after OpenAI announced major updates to its ChatGPT chatbot, the company said its chief scientist and co-founder was leaving. There were signs that Ilya Sutskever would quit, six months after he helped lead the rebellion that briefly ousted Sam Altman as OpenAI’s C.E.O. But it also raises questions about the future of a leading developer of generative A.I. “OpenAI would not exist without him and certainly was shaped by him,” Altman told The Times about Sutskever. But Sutskever’s presence at OpenAI may have become untenable.

Persons: OpenAI, Ilya Sutskever, Sam Altman, OpenAI’s, “ OpenAI, ” Altman, Altman, Elon Musk, Sutskever Organizations: Times

The restrictions build on Trump-era measures, and many are likely to appeal to voters in battleground states ahead of the election. But it’s less clear if they are enough to rebuild America’s industrial base in a global race with China to lead in the new economy. The new duties will apply to about $18 billion of annual Chinese imports, the Biden administration said. Biden is at pains to say that he’s being smarter than Trump on China. Trump imposed sweeping trade barriers and has vowed to impose more if he’s re-elected.

Persons: Biden, Donald Trump, Trump, he’s Organizations: China, Trump Locations: China, American, U.S

Wall Street is increasingly divided over whether the Fed will cut interest rates by Election Day. New inflation data out this week will go a long way toward settling that question, as polls show that President Biden is struggling to convince voters that he’s done a good job on the economy. A first-quarter uptick in inflation has forced the Fed to keep borrowing costs at a 23-year high. Economists see a slight improvement, forecasting that April’s Consumer Price Index report on Wednesday will show that inflation moderated slightly last month. (Economists will also be watching Tuesday’s Producer Price Index and retail sales data on Wednesday.)

Persons: Biden, he’s, Sarah House, ” Organizations: Fed Locations: Wells Fargo

The “stretched” consumerBetter than expected quarterly earnings have helped propel the S&P 500 to within a whisker of a record high on Friday. But Wall Street and Washington are closely monitoring another worrying economic indicator: the struggling consumer. The split-screen view of the economy is becoming clearer as earnings season draws to a close. Mass-market brands, like the fast-food companies McDonald’s, KFC and Starbucks, have reported that a lot of customers are pulling back on spending as high inflation bites. This is “an economy of the haves and have-nots,” Michael Reid, an economist for RBC Capital Markets, told DealBook.

Persons: Biden, ” Michael Reid, DealBook Organizations: KFC, Starbucks, RBC Capital Markets Locations: Washington

Splitting the Paramount empireEver since Sony Pictures Entertainment and Apollo Global Management expressed interest in buying Paramount Global, a big question has loomed over the potential $26 billion deal: What would they do with the company? The answer: Break it up, write The Times’s Ben Mullin and DealBook’s Lauren Hirsch. Sony and Apollo would keep Paramount Pictures. Paramount Pictures would become part of a joint venture controlled by Sony, with Apollo taking a minority stake in the new entity that it could eventually sell to Sony or to another buyer. The venture would also keep Paramount’s library of films and TV shows, as well as the rights to characters like the Teenage Mutant Ninja Turtles.

Persons: Ben Mullin, DealBook’s Lauren Hirsch, “ Organizations: Sony Pictures Entertainment, Apollo Global Management, Paramount Global, Sony, Apollo, Paramount Pictures, Paramount

The company argues that the law violates the First Amendment by effectively killing an app in the U.S. that millions of Americans use to share their views. Another problem: a divestiture within 270 days is practically impossible, Sapna Maheshwari and David McCabe report for The Times. DealBook spoke with Maheshwari about the lawsuit filed yesterday and what happens next. Do legal experts think TikTok has a chance at winning? Alan Rozenshtein, an associate professor at the University of Minnesota Law School, says that a victory is possible based on the “very, very substantial First Amendment challenge” involved.

Persons: TikTok, Sapna Maheshwari, David McCabe, DealBook, Maheshwari, Alan Rozenshtein, ” Organizations: U.S, The Times, University of Minnesota Law School Locations: Washington, ByteDance, U.S

☆ New Delhi’s Iron Pillar has been exposed to the elements for centuries. So why hasn’t it ever shown signs of rust?
▼ + stars: | 2024-05-07 | by ( Poonam Binayak | ) edition.cnn.com time to read: +7 min

The Quwwat-ul-Islam mosque is part of the UNESCO-listed Qutb Minar complex. Scientists both in India and abroad began studying the iron pillar in Delhi in 1912 to try to figure out why it hadn’t corroded. Stuart Forster/ShutterstockBeyond its metallurgical intrigue, the origin of the Iron Pillar is also veiled in mystery. In the epic poem “Prithviraj Raso,” penned by Chand Bardai, a courtier in the Chahamana dynasty under King Prithviraj Chauhan, the Iron Pillar holds great significance. “Bardai describes the Iron Pillar in Raso as a nail holding the Earth on the hoof of Sheshnag, the serpent king in Hindu mythology,” says Vikramjit.

Persons: Qutb, Anders Blomqvist, Balasubramaniam, Stuart Forster, Gupta, Chandragupta II, Vikramaditya, Vishnu, It’s, Garuda, Vikramjit Singh Rooprai, King Vikramaditya, Siddhanta, ”, Raja Anangpal, Qutbuddin, Prithviraj Raso, Chand Bardai, King Prithviraj Chauhan, “ Bardai, “ Raso, Anangpal, Qutub, Ravi Pratap Singh, Pragya Nagar Organizations: CNN, New Delhi’s UNESCO, UNESCO, Indian Institute of Technology, National Metallurgical Laboratory, Indian Institute of Metals, Varāhamihira, ASI, Survey Locations: Mehrauli, Islam, India, Delhi, Kanpur, Varah, Udayagiri Caves, Vidisha, Madhya Pradesh, “, Mihirapuri, Tomar, Raso

The numbers behind a big fundOn Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone’s flagship real estate fund? The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust — more commonly known as BREIT — has managed to keep an “appraised” value of its assets that far exceeds virtually every other real estate fund. Many rivals have fallen in value, some quite dramatically, in the face of high interest rates and a flagging property market. BREIT’s performance has floated above its competition, and it has boasted a 10.5 percent annual return since its 2017 debut. (Those appraisals help to determine a firm’s management fees: The higher the appraisal value, the higher the fees.)

Persons: —, Blackstone, DealBook’s Andrew Ross Sorkin, Michael de la Organizations: Blackstone Real Locations: Michael de la Merced

But there’s an overlooked set of winners as well: utilities and energy companies. The power demands of the huge data centers that underpin the A.I. Wall Street is taking notice — but the climate effect isn’t getting as much attention. Tech’s energy needs are coming into focus as investors get to grips with how much of an “energy hog” generative A.I. Analysts at Wells Fargo see the A.I.

Organizations: Microsoft Locations: Wells

☆ These are JPMorgan's top stock picks for clients heading into May
▼ + stars: | 2024-05-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

JPMorgan spotlighted a fresh set of stocks, reflecting its analysts' top picks as May begins, including Caterpillar , Bank of America and TJX Companies . The firm's focus list includes its top equity ideas targeted around growth, income, value and short strategies. Nicholas Rosato, head of JPMorgan's North American Equity Research, said all the stocks on the list have an overweight rating. Here are some of the top picks: United Airlines shares are up about 25% in 2024, fueled largely by a strong second-quarter earnings forecast . No longer included in this month's focus list are CMS Energy and Prologis , both of which are still rated overweight by JPMorgan.

Persons: Nicholas Rosato, Morgan Stanley, Ravi Shanker, Jay Sole, Rosato Organizations: JPMorgan, Caterpillar, Bank of America, TJX Companies, North American Equity Research, United Airlines, Boeing, Investors, UBS, CMS Energy, Prologis, CMS Locations: Thursday's, Maxx

☆ Inside Rep. Rob Menendez's fight to be more than a 'nepo baby'
▼ + stars: | 2024-05-04 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +19 min

"I don't have the capacity to think through, well, what if, what if, what if," Menendez told me. Mayor Bhalla told me that he began contemplating his primary challenge shortly after the elder Menendez was first indicted in September. AdvertisementSitting in his recently opened campaign office, the mayor told me that the most important facet of his candidacy was his fight against New Jersey's party boss-driven political culture. "Everything here is a headline or a deadline driving the process," Councilman Paul Presinzano said of Mayor Bhalla. Menendez looks on as Bhalla's opening remarks at a Jersey City candidate forum are filmed by a cameraman.

Persons: Rob Menendez —, Sen, Bob Menendez —, Ravi Bhalla, Menendez, —, Rob Menendez, Bob Menendez, who's, that's, frat bro, I've, Stephen Chernin, he's, father's, Phil Murphy, Bhalla, Pete Buttigieg, outraise Menendez, Ted Shaffrey Bhalla, Menendez —, there's, They're, Andy Kim, Tammy Murphy, James Solomon, you've, hasn't, bossism, Anna Moneymaker, deriding, didn't, I'm, wasn't, we're, It's, Sam Bankman, rZ6H2IB4N0, — Rob Menendez, @RobMenendez4NJ, Councilwoman Tiffanie Fisher, Kim, Fisher, Paul Presinzano, Union City —, Donald Trump, Bryan Metzger, Rob's, Tammy Murphy's, He's, Cory Booker, Rob Menendez Bhalla, Steve Fulop —, corruptly Organizations: Hoboken, Service, Nike Air Force, Gov, Port Authority of New, New Jersey ., Sikh American, Congress, South, AP, New, Democratic Rep, First, Jersey City, Getty, Lipton Tea Company, House Transportation, Infrastructure, Union City, Homeland Security, Democratic, House Democratic, Facebook Locations: New Jersey, Manhattan, Jersey, Hoboken, Port Authority of New York, he's, Jersey City, Washington ,, Washington and NJ, Menendez's, Union City

Paramount’s proposed merger with Skydance has been the most tumultuous media deal in years. Now it has taken yet another turn after the exclusivity period for negotiations expired without an agreement in hand. Paramount shareholders grumbled that granting exclusivity was a mistake, and that the company should have engaged with Apollo instead. This week, the special committee told Skydance that it was letting the exclusivity period lapse. But it does allow Paramount to open up negotiations with Apollo and Sony Pictures Entertainment, which joined Apollo’s bid.

Persons: Paramount’s, Skydance, David Ellison — Organizations: Apollo Global Management, Paramount, Skydance, Apollo, Sony Pictures Entertainment

But this year’s event will be the first without Munger, who died in November at age 99 — and comes amid growing questions about Berkshire post-Buffett, who’s 93. Buffett will have a different crew answering questions alongside him on Saturday. Berkshire’s vice chairmen, Greg Abel and Ajit Jain, will be on hand for much of the day. Shareholders most likely will be focused on what Abel, Buffett’s appointed successor as C.E.O. In Buffett’s annual letter to investors, he noted challenges to Berkshire’s biggest businesses, including the BNSF railroad (falling shipment volumes) and its utility business (forest fires).

Persons: Warren Buffett, Charlie Munger, Munger, Buffett, Greg Abel, Ajit Jain, Abel, Buffett’s Organizations: Berkshire, Shareholders Locations: Berkshire, Omaha, Woodstock, America

ImageHERE’S WHAT’S HAPPENINGExxon Mobil strikes an agreement to win regulatory approval of its $60 billion megadeal. Elsewhere, shares in Shell were up after the producer reported $7.7 billion in adjusted quarterly earnings, beating analyst expectations. The U.S. imposes sanctions on Chinese companies over military support for Russia’s war effort. The Biden administration announced on Wednesday nearly 300 sanctions, including on more than a dozen Chinese businesses, aimed at disrupting Moscow’s full-scale invasion of Ukraine. The culprit: pressure on prices, amid growing competition from Eli Lilly’s Zepbound, supply constraints and scrutiny from lawmakers.

Persons: Scott Sheffield, Biden, Janet Yellen, Antony Blinken, Eli Lilly’s Zepbound, James Comer, Comer Organizations: Labor Department, Exxon Mobil, Natural Resources, Wall Street, Novo Nordisk, Republican, European Commission Locations: Shell, U.S, Ukraine, Danish, Kentucky, iRobot

A flicker of hope for the weed businessFor years, the dreams of the cannabis industry looked like they might go up in smoke, with the U.S. government classifying marijuana as a drug as dangerous as heroin. But the multibillion-dollar industry now has some hope that could change. The bet is that this will give the industry a new lease on life — though it shouldn’t expect big changes immediately. Shares in Tilray, a giant in the industry, jumped 39 percent on Tuesday, while those in Canopy Growth leaped nearly 79 percent. That’s welcome news for investors in both companies: Canopy Growth’s stock is down 97 percent over the past five years, while those in Tilray are down 95 percent.

Persons: Biden Organizations: U.S, Justice Locations: Tilray

Paramount’s cloudy futureThe boardroom intrigue at Paramount Global — the drama that has gripped the corporate world — just got messier. Bob Bakish is out as C.E.O., replaced by three subordinates who will form an “office of the C.E.O.” His departure caps a year of rising tension between him and Shari Redstone, Paramount’s controlling shareholder, who is pushing for a deal with David Ellison’s Skydance. Bakish’s exit removed an executive who didn’t support that transaction, but it doesn’t resolve all of the big questions hanging over the company’s future. Why Bakish was pushed out: Redstone picked the low-profile company veteran to lead Paramount after years of internal strife, but they still ended up clashing.

Persons: Bob Bakish, ”, Shari Redstone, David Ellison’s Skydance, Bakish Organizations: Paramount Global, Redstone, Paramount

☆ Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
▼ + stars: | 2024-04-29 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Singapore Airlines was ordered to compensate a couple for their malfunctioning business-class seats. AdvertisementSingapore Airlines has been ordered to compensate a couple who said their business-class seats malfunctioned, according to local media reports. They paid 66,750 rupees (about $800) for each business-class seat, India Today, India's most widely read weekly magazine, reported. On Friday, April 26, local outlets reported that a consumer-disputes commission in Hyderabad ordered Singapore Airlines to compensate the Guptas. Singapore Airlines is one of the world's few five-star airlines, according to the Skytrax ranking.

Persons: Ravi, Anjali Gupta, —, Ravi Gupta Organizations: Singapore Airlines, Service, India Today, Business Insider, Qatar Airways, Emirates Locations: India, Singapore, Hyderabad, Deccan Chronicle, British, Indian, Telangana

Why Elon Musk went to ChinaJust days after Secretary of State Antony Blinken traveled to Beijing and warned China about unfair trade practices, Elon Musk landed in the Chinese capital. 2 official may have paid off: Musk reportedly cleared two obstacles to introducing a fully autonomous driving system in the world’s biggest car market. Musk is betting big on self-driving, and China is key. Tesla last week reported its worst quarter in two years as a price war hurts profit. Fully autonomous driving is also crucial.

Persons: Elon Musk, Antony Blinken, Tesla, China’s, they’ve, Musk, ” Organizations: Elon Locations: China, Beijing

☆ This state is one of the last strongholds for machine politics. That's about to change.
▼ + stars: | 2024-04-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

At the end of March, a federal judge sided with Kim, blocking Democrats from using the so-called "county line" system in the state's upcoming June primaries. That's set to bring a stark change to the way ballots look — and potentially, a total overhaul in the state's political culture. AdvertisementHere's what to know about the "county line" and why it may be going away for good. A 2020 Democratic primary ballot in Mercer County, New Jersey. "I think you'll see a more candidate-centric politics," said Jersey City Councilman James Solomon, a longtime opponent of the county-line system.

Persons: —, Andy Kim, Kim, That's, Kim et, Hanlon, Sen, Bernie Sanders, Joe Biden, Hanlon et al, Bob Menendez's, Democratic Sen, Bob Menendez, Menendez, Spencer Platt, Tammy Murphy, Phil Murphy, Zahid Quraishi, Tom Williams, Murphy, Rob Menendez —, Ravi Bhalla, James Solomon, They've, they've Organizations: Democratic, Service, Garden State, New York City, Getty, Democratic Gov, Jersey City Locations: New Jersey, Nevada and Delaware, Salem, Sussex, Mercer County , New Jersey, Hanlon et, New York, Hoboken, Jersey

Search resuls for: "Ravi"

25 mentions found