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☆ CNBC Daily Open: Fed signals rate cut; U.S. stocks soar; oil gains as Middle East tensions rise
▼ + stars: | 2024-08-01 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

Rate cut on horizonThe Federal Reserve expectedly kept its benchmark rate steady at 5.25% to 5.50% on Wednesday, but Chairman Jerome Powell signaled the U.S. central bank could cut the rate in its September meeting. U.S. stocks rallyU.S. stocks jumped after Powell said a rate cut in September was "on the table." Oil gainsU.S. crude oil futures rose 4% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran. Asian stocks mixedAsian markets were mixed on Thursday with Japan stocks tumbling while Australia's S&P/ASX 200 touched a new all-time high. [PRO] Rate cut beneficiariesCNBC Pro screened for stocks in the S&P 500 that tend to rise the most when short-term rates start to decline.

Persons: expectedly, Jerome Powell, Powell, Ismail Haniyeh, Israel, Oil Organizations: New York Stock Exchange, Wall, CNBC, Nasdaq, Dow Jones, Nvidia, Devices, Boeing, Treasury, Facebook, Google, Meta, Oil, West Texas Intermediate, Nikkei, Developers, Bank of, Singapore Airlines, U.S Locations: New York City, U.S, Tehran, Iran, Israel, Beirut, Japan, Shanghai

☆ Snap shares plunge more than 20% on weak guidance
▼ + stars: | 2024-08-01 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Evan Spiegel, co-founder and CEO of Snap Inc., during the Bloomberg Technology Summit in San Francisco on May 9, 2024. Snap shares fell more than 20% in extended trading on Thursday after the company reported guidance for the third quarter that trailed analysts' estimates. The company expects adjusted earnings of $70 million to $100 million, trailing the $110 million average analyst estimate, according to StreetAccount. Pinterest shares tumbled this week after the company reported its latest earnings and provided third-quarter guidance that trailed analysts' estimates. YouTube advertising sales came in at $8.66 billion in the quarter, lower than analysts' expectations of $8.93 billion.

Persons: Evan Spiegel, Meta, Julia Brau Donnelly Organizations: Snap Inc, Bloomberg Technology Summit, LSEG Revenue, LSEG Global, Global, Google, YouTube Locations: San Francisco

☆ OpenAI has been on a UK hiring spree and poached a key DeepMind researcher
▼ + stars: | 2024-08-01 | by ( Hugh Langley | ) www.businessinsider.com time to read: +3 min

Read previewOpenAI announced last June it would open a corporate office in London, marking the AI firm's first international expansion. When OpenAI announced its London expansion, it placed its first non-US office on the doorstep of Google's DeepMind, one of its biggest rivals in artificial intelligence. An analysis of LinkedIn data reveals that OpenAI has been on a UK hiring spree in recent months and has even poached a key player from DeepMind. AdvertisementLast year, Google combined its DeepMind unit with its core AI group to form the rebranded Google DeepMind. In April, OpenAI backer Microsoft announced it would also open a separate AI hub in London, upping the ante in the war for AI talent.

Persons: —, OpenAI, Google's, Thibault Sottiaux, Sottiaux, It's, OpenAI's Organizations: Service, DeepMind, Business, Meta, Google, Microsoft Locations: London, OpenAI, Dublin

☆ CNBC Daily Open: Fed signals possible rate cut; Wall Street soars; oil gains as Middle East tensions rise
▼ + stars: | 2024-08-01 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

Rate cut on horizonThe Federal Reserve expectedly kept its benchmark rate steady at 5.25% to 5.50% on Wednesday, but Chairman Jerome Powell signaled the U.S. central bank could cut the rate in its September meeting. U.S. stocks rallyU.S. stocks jumped after Powell said a rate cut in September was "on the table." Oil gainsU.S. crude oil futures rose 4% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran. Japan currency interventionJapanese authorities spent 5.53 trillion yen, or $36.8 billion, to support the yen in July, official data showed. [PRO] Rate cut beneficiariesCNBC Pro screened for stocks in the S&P 500 that tend to rise the most when short-term rates start to decline.

Persons: expectedly, Jerome Powell, Powell, Ismail Haniyeh, Israel, Oil Organizations: CNBC, Nasdaq, Dow Jones, Nvidia, Devices, Boeing, Treasury, Facebook, Google, Meta, Oil, West Texas Intermediate, U.S Locations: U.S, Tehran, Iran, Israel, Beirut, Japan

☆ Expensive fishnet flats are the reigning ugly shoes of the summer
▼ + stars: | 2024-08-01 | by ( Amanda Krause | ) www.businessinsider.com time to read: +6 min

Edward Berthelot/Getty ImagesFishnet flats are everywhereThe phrase "fishnet flats" might bring to mind an image from the early 2000s: backless, mesh flats with floral embellishments that you could find at the dollar store. Related storiesReformation's website offers $268 mesh flats, The Row sells $890 jelly versions, and Bottega Veneta designed $1,250 fishnet shoes lined with leather. AdvertisementThe Row, for example, has sold out of fishnet flats on its website and across multiple luxury shopping platforms like Fwrd. Brands like Alaïa have heavily marketed fishnet shoes in recent weeks, and searching "fishnet flats" and "mesh flats" on TikTok results in dozens of videos — ranging from reviews to styling tips — with thousands of views each. On websites like Reddit, some fashion fans have argued that fishnet flats, in particular, are unappealing and unhygienic.

Persons: —, Edward Berthelot, Alaïa, Sofia Richie, Anne Hathaway, Jennifer Lawrence, Divita, Roni Brunn, Brunn, Mara, Loewe, Jeremy Moeller, whatever's Organizations: Service, Business, Alaïa's, Bottega, Brands Locations: Alaïa, Bottega Veneta

☆ Amazon's cloud unit reports 19% revenue growth, topping estimates
▼ + stars: | 2024-08-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Amazon said Thursday that revenue in its cloud division increased 19% in the second quarter, beating analysts' estimates. The company reported revenue for Amazon Web Services of $26.28 billion. While AWS continues to lead the cloud infrastructure market, Microsoft Azure and Google Cloud have been gaining momentum, due in part to early deployments of AI models. On Tuesday, Microsoft said revenue from Azure and other cloud services jumped 29% in the quarter, and last week Google said its cloud revenue, including cloud infrastructure and Workspace productivity subscriptions, also rose 29%. Companies have started consuming cloud services to deploy generative AI models that power technologies such as OpenAI's ChatGPT chatbot.

Persons: StreetAccount, Matt Garman, Adam Selipsky, Andy Jassy, Garman Organizations: Amazon, Amazon Web Services, Google, Microsoft, Oracle, Companies

☆ Meta's AI apparently said the shooting at the Trump rally didn't happen. Here's what ChatGPT and Claude said.
▼ + stars: | 2024-08-01 | by ( Jordan Hart | Erin Snodgrass | ) www.businessinsider.com time to read: +6 min

Kaplan also said the incorrect responses, or "hallucinations," aren't specific to Meta AI only. Meta AISince receiving criticism, Meta has tweaked the responses from Meta AI. Related stories"We've since updated the responses that Meta AI is providing about the assassination attempt, but we should have done this sooner. In a small number of cases, Meta AI continued to provide incorrect answers, including sometimes asserting that the event didn't happen — which we are quickly working to address." ClaudeClaude didn't make any assertions about what happened at Trump's rally on July 13. Business InsiderUnlike Meta AI and ChatGPT, Anthropic's Claude AI didn't try to make assertions about whether or not the shooting occurred.

Persons: —, Meta, Donald Trump, chatbot, Joel Kaplan, Kaplan, they're, Anthropic's Claude, wasn't, Trump, ChatGPT ChatGPT, ChatGPT, OpenAI, Claude Claude didn't, Claude AI didn't, Claude, Anthropic Organizations: Service, Business, Meta, Google, Trump . Business Locations: Butler ,, Butler , PA

☆ Apple is spending more on AI, but remains far behind its Silicon Valley peers
▼ + stars: | 2024-08-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple Intelligence, the company's forthcoming artificial intelligence system, could spur a fresh cycle of iPhone upgrades and hardware sales. One question Cook was willing to partially address was about the company's spending on AI servers. "Embedded in our results this quarter is an increase year over year in the amount we're spending for AI and Apple Intelligence," Cook told CNBC's Steve Kovach on Thursday. The rise in Apple's capital expenditure is tiny compared to its mega-cap peers, such as Microsoft, Google , and Meta . Zuckerberg also wants to ensure that Apple won't fully control the next major technology shift, if it turns out to be AI.

Persons: Tim Cook, Luca Maestri, Cook, CNBC's Steve Kovach, Mark Zuckerberg, Zuckerberg Organizations: Apple Intelligence, OpenAI, CNBC, Apple, Microsoft, Google, Meta, Nvidia

Learn moreThe LG G4 is one of the most stunning premium displays I've tested. Judged against other 2024 models, the LG G4 is easily one of the best TVs you can buy for top-notch image quality. But the G4 is technically the best OLED TV LG has ever made. LG 65-inch G4 OLED 4K TV The G4 is one of the most impressive OLED TVs we've tested, but its benefits over last year's more affordable G3 are subtle. Steven Cohen/Business InsiderThe LG G4 delivers high-end image quality that's a clear step above cheaper TVs.

Persons: It's, HLG, Steven Cohen, I'm, you'll, steadying, it's, webOS Organizations: Business, LG, Amazon, Walmart, Dolby, HLG Smart, Sony, Samsung, Google, Disney, Luna

"While company reported 2Q results ahead of guidance on higher take-rate, weaker 3Q guidance and removal of FY GMS outlook suggest no near-term visibility," the analyst wrote. Etsy stock is 20% lower on the year but has increased 16% since July 8. Positively, AmEx did see slightly better [small or midsize enterprise] spend in Q2'24," wrote analyst Donald Fandetti. Bank of America lifted its price target to $563 from $555, while Citi increased its target to $580 from $555. Its price target of $220, up from $175, implies upside of 23% from Wednesday's close.

Persons: Morgan Stanley, Robinson, Brian, Ossenback, — Lisa Kailai Han, Oppenheimer, Jason Helfstein, Etsy's, Etsy, Helfstein, he's, Lisa Kailai Han, Wells, David Lantz, Lantz, Carvana, Raymond James, Brian Vaccaro, Vaccaro, AmEx, Donald Fandetti, Fandetti, Goldman Sachs, Ross Sandler, Andrew Percoco, Fred Imbert Organizations: CNBC, GE, JPMorgan, Carvana, TAM, Management, American Express, America Express, Meta, Wall Street, Goldman, Citi, Barclays, Bank of America, Google, GE Vernova, General Electric Locations: C.H, Etsy, Wingstop, Wells Fargo, Q2'24, 2H24, Wednesday's

☆ World’s first major AI law enters into force — here's what it means for U.S. tech giants
▼ + stars: | 2024-08-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

"It is likely to impact many businesses, especially those developing AI systems but also those deploying or merely using them in certain circumstances." For AI applications deemed to be "high-risk," for example, strict obligations will be introduced under the AI Act. watch nowExamples of high-risk AI systems include autonomous vehicles, medical devices, loan decisioning systems, educational scoring, and remote biometric identification systems. Generative AI is labelled in the EU AI Act as an example of "general-purpose" artificial intelligence. General-purpose AI models include, but aren't limited to, OpenAI's GPT, Google's Gemini, and Anthropic's Claude.

Persons: Dado Ruvic, Tanguy Van Overstraeten, Charlie Thompson, Appian, Thompson, Meta, OpenAI's, Google's, Anthropic's Claude, Jamil Jiva, Linedata, GDPR, Jiva Organizations: Reuters, European Commission, EU, CNBC, Microsoft, Google, Apple, Web Services, Big Tech, EMEA, Data, Facebook, Companies, AI Office, Commission Locations: Brussels, EU, Europe

☆ Reddit has acquired an AI startup to beef up its ad business in a deal worth around $40 million
▼ + stars: | 2024-08-01 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. Brands like Unilever, L'Oréal, and NotCo pay Memorable AI an annual fee to use its tools. The company said this allows advertisers to reduce the time they would usually spend testing and optimizing ad creative, the company said. Related storiesThe Memorable AI team has joined Reddit as part of the acquisition. AdvertisementIts ads business is growing, but still tiny compared to Google, Meta, Amazon, and TikTok.

Persons: —, Reddit, van, Cofounders Camilo Fosto, Sebastian Acevedo, Michael Kassan, Brian O'Kelley, hasn't Organizations: Service, Business, Harvard, Stanford, MIT, Brands, Unilever, L'Oréal, Aperiam Ventures, Bertelsmann Digital Media Investments, LDV, Ventures, Google Locations: New York

☆ Amazon to report quarterly earnings after the close
▼ + stars: | 2024-08-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon is set to report second-quarter earnings after the bell on Thursday. Amazon is rounding out what's been a mixed earnings season for leading tech companies. Microsoft 's beat on the top and bottom lines was overshadowed by lower-than-expected Azure cloud revenue. Amazon, which leads the cloud infrastructure market, is expected to report growth of 17.6%, according to StreetAccount. During the quarter, Amazon secured a highly sought after position as the third rights partner in the NBA's new 11-year TV deal.

Persons: LSEG, what's, Andy Jassy, Amazon Organizations: Web, Google, YouTube, Microsoft, Meta, BofA Securities, AWS, Amazon, Revenue, Loop Capital, Nasdaq

☆ Brent tops $80 per barrel as oil analyst flags ‘phase of deterioration’ in the Middle East
▼ + stars: | 2024-07-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Brent futures topped the $80-per-barrel-threshold on Wednesday, as Iran's claim that Hamas political leader Ismail Haniyeh was assassinated reignited tensions in the Middle East. The Ice Brent contract with September expiry were trading at $80.32 per barrel at 09:45 a.m. London time, up by 2.15% from the Tuesday close price. Oil gained ground amid exacerbated hostilities in the oil-rich Middle East region, where Israel has been fighting Iran-backed Palestinian militant group Hamas since the latter's terror attack in October. The Jewish state's decision to carry out a retaliatory campaign in the Gaza Strip has since broadened the conflict, with Israel trading fire with other Iran-supported factions, such as Lebanon's Hezbollah and Yemen's Houthi. "But now we're moving into a phase of deterioration into the Middle East that we believe is going to capture oil traders' attention and get them to return some material risk premium into the price of Brent.

Persons: Brent, Ismail Haniyeh, Ice Brent, Yemen's, Israel, Ayatollah Ali Khamenei, Clay Seigle, Emily Tan Organizations: Ice, Hamas, Revolutionary Guard, Republic News Agency, CNBC, Israeli Ministry of Foreign Affairs, Minister's Office, Rapidan Energy Group Locations: London, Israel, Iran, Gaza, Tehran, Iran's, Ukraine, Brent

☆ OpenAI's releasing a new AI model soon, and there's a lot at stake
▼ + stars: | 2024-07-31 | by ( Dan Defrancesco | ) 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. In today's big story, what to expect from OpenAI's newest AI model that's in the works. GPT-5, the newest model upgrade for OpenAI's chatbot, is coming soon . AdvertisementOpenAI has a lot riding on its newest model, including its ability to get customers to cough up more cash. That's not ideal for a company that's preparing to take on one of the biggest juggernauts in tech: Google's Search.

Persons: —, Z's, Let's, Nordin Catic, OpenAI, Darius Rafieyan, Darius, ChatGPT, Justin Sullivan, Chelsea Jia Feng, it's, Sam Altman, Ned Davis, David Solomon, Goldman Sachs, David Zalubowski, Chiang Ying, Mark Zuckerberg, Jensen Huang, Alexa von Tobel, Tyler Le, Mark Zuckerberg's, It's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Getty, OpenAI, Ned Davis Research, Blackstone, Harvard, Microsoft, Starbucks, Apple, Apple Intelligence, Fed, Meta, Boeing, Kraft Locations: undergrad, New York, China, London

☆ I was flirting with someone who stole my phone and locked me out of Google. It destroyed my digital life and years of work.
▼ + stars: | 2024-07-31 | by ( Gary Nunn | ) www.businessinsider.com time to read: +7 min

While it was occasionally inconvenient to walk around without it, it was also refreshing; I'd long craved a digital detox. To my alarm, the thief had hacked into my Google account and changed the password, locking me out. To recover an account, you need a recovery email or phone number and the Google Authenticator app. AdvertisementYou have to pay for a Google One account to chat online with Google agents. Whenever I thought I'd done all the admin, another nightmare popped up.

Persons: —, I'd, Gary Nunn, São Paulo, he'd, I've, I'm, That's Organizations: Service, Business, Google, Apple, Spotify, Skype Locations: Brazil, Rio de Janeiro, Rio De Janeiro, São Paulo, Sydney

☆ Meta's AI claimed the Trump assassination attempt didn't happen. The company is blaming 'hallucinations.'
▼ + stars: | 2024-07-31 | by ( Katherine Tangalakis-Lippert | Hannah Getahun | ) www.businessinsider.com time to read: +4 min

The other involved Meta AI responses about the shooting, which in some instances inaccurately claimed the incident hadn't occurred at all. In the blog post for Meta, Kaplan denied the decisions had been made with bias. Kaplan said it is a "known issue" that chatbots like Meta AI can be unreliable when asked about breaking news or real-time events. Meta has updated its AI response on the topic, but Kaplan acknowledged, "We should have done this sooner." "These types of responses are referred to as hallucinations, which is an industry-wide issue we see across all generative AI systems, and is an ongoing challenge for how AI handles real-time events going forward.

Persons: —, Donald Trump, Trump, Joel Kaplan, Kaplan, Elon Musk, Mark Zuckerberg, he's Organizations: Service, Business, Trump, Meta, Big Tech

☆ How Satya Nadella created a 'learn-it-all' culture at Microsoft to help it become a $3 trillion powerhouse
▼ + stars: | 2024-07-31 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +5 min

Read previewWhen Satya Nadella took over as CEO of Microsoft in 2014, he was on a mission to transform the company's culture. A decade later, it's clear that Nadella followed his own counsel as he seeks to establish Microsoft as a dominant force in AI. So, by 2016, Microsoft ditched its mobile business and sold the Nokia phone line to follow Nadella's new vision for the company. This cemented Nadella's vision to build up its open-source software offering, solidifying Nadella's vision to boost Microsoft's open-source software offerings. CFO Amy Hood said on Tuesday that Microsoft's AI bets will be monetized "over 15 years and beyond."

Persons: —, Satya Nadella, Nadella, Steve Ballmer, Ballmer, Kevin Scott, Bill Gates, OpenAI, Bing, Nadella isn't, Mustafa Suleyman, Suleyman, Carol Dweck's, Amy Hood Organizations: Service, Microsoft, Business, Nokia, Work Conference Locations: reenergize, OpenAI, ChatGPT

☆ With tech leaders like Elon Musk turning to Trump, more than 100 Silicon Valley investors pledge support for Harris
▼ + stars: | 2024-07-31 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +3 min

A group of right-wing venture capitalists have voiced support for Donald Trump and JD Vance, who was once a venture capitalist himself. "They don't speak for me," she said of Musk and other right-wing Silicon Valley leaders. "They don't speak for most of us. Harris, who was born in Oakland and is known as a pro-business politician, has a more sustained connection to Silicon Valley than Biden did. Next month, Harris will travel to Silicon Valley for a fund-raising trip in her continued effort reclaim the region amid its rightward tilt.

Persons: —, Kamala Harris —, Harris, Reid Hoffman, Mark Cuban, Ron Conway, Leslie Feinzaig, Graham, Walker, Donald Trump, JD Vance, Elon Musk, Marc Andreesen, Ben Horowitz, David Sacks, Trump, Feinzaig, MAGA, " Harris, Biden, Vance Organizations: Service, VCsForKamala.org, LinkedIn, Dallas Mavericks, Business, New York Times Locations: Oakland, Silicon, Silicon Valley

☆ Meta set to report second-quarter earnings after the bell
▼ + stars: | 2024-07-31 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta is slated to report second-quarter earnings on Wednesday after the close of regular trading. Meta's ad revenue is projected to show an increase of 19% to $37.6 billion, according to StreetAccount. Heading into Meta's report on Wednesday, the digital ad market has shown some signs of weakness. Alphabet reported lower-than-expected ad revenue out of YouTube last week, and on Tuesday, Pinterest issued disappointing third-quarter guidance, leading to a 15% plunge in the stock after hours.

Persons: Mark Zuckerberg, LSEG, Meta, Zuckerberg, Emily Chang, Sundar Pichai, Pichai, Pinterest, Julia Brau Donnelly Organizations: Meta, Google, YouTube, Labs, Revenue, Quest VR, Microsoft Locations: Menlo Park , California

☆ Amazon has discussed a 'DoctorAI' tool to automate routine healthcare tasks
▼ + stars: | 2024-07-31 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

Read previewAmazon's One Medical team has discussed building a new large language model called "DoctorAI" to automate routine healthcare tasks, according to an internal planning document obtained by Business Insider. In one section, the One Medical team discusses their most disruptive ideas, and this is where the new AI tool was proposed. Big foundation models are often used as a starting point to develop more focused, specialized AI models and tools. "We do not use our customers' protected health information to train our current health AI models, and to imply we do would be incorrect." It also hoped to handle 87,000 customer service contacts in 2024 through "additional self-service content and the AI healthcare assistant service," the document stated.

Persons: —, Andy Jassy, Rohit Prasad, Sunita Mishra Organizations: Service, Business, Amazon Pharmacy, Olympus, Microsoft, Google, Amazon, Amazon Web Services

Big Tech’s big spendingThe technology sector is facing another rough patch, after Microsoft reported mixed quarterly earnings and its shares tumbled. The company’s results are fueling more concern among investors about whether hefty spending on artificial intelligence will pay off, and how long that might take. But analysts say that Microsoft is on better footing than its rivals, and that investor enthusiasm for all things A.I. Microsoft missed earnings expectations for its cloud business by a hair. Shares in the tech giant were down 3 percent in premarket trading on the results, echoing a similar market reaction to Alphabet last week, when Google’s parent company disclosed the scale of its ever-growing A.I.

Organizations: Microsoft

☆ Meta's advertising growth is proof that hefty AI spending is already paying off
▼ + stars: | 2024-07-31 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

Meta reported revenue growth of 22% from a year earlier to $39.07 billion, with 98% of its sales coming from advertising, primarily on Facebook and Instagram. Its growth rate was double that of Google's ad business, which saw sales increase 11% to $64.6 billion, Alphabet said in its earnings report last week. Meanwhile, Pinterest and Spotify , which are both significantly smaller than Meta, reported revenue growth of 21% and 20%, respectively, in their latest reports. As in previous quarters, Li said Meta's advertising business benefited from online commerce, gaming and the media and entertainment sectors, and that ad growth continued to be strongest in the Asia-Pacific region. She said the company's "improved ad performance" helped lift overall ad prices despite slowing growth in that region.

Persons: Mark Zuckerberg, Emily Chang, Zuckerberg, Susan Li, Li Organizations: Meta, Inc, Facebook, Spotify, Apple Locations: Menlo Park , California, Asia, Pacific

☆ Microsoft says OpenAI is now a competitor in AI and search
▼ + stars: | 2024-07-31 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Microsoft CEO Satya Nadella, right, greets OpenAI CEO Sam Altman during the OpenAI DevDay event in San Francisco on Nov. 6, 2023. In the filing, Microsoft identified OpenAI, the creator of the ChatGPT chatbot, as a competitor in AI offerings and in search and news advertising. Microsoft CEO Satya Nadella reportedly wasn't briefed before OpenAI's board pushed out CEO Sam Altman in November. Suleyman, who had co-founded and led startup Inflection AI, was named CEO of a new unit called Microsoft AI, and several Inflection employees joined him. WATCH: OpenAI announces a search engine called SearchGPT

Persons: Satya Nadella, Sam Altman, OpenAI, It's, it's, wasn't, Altman, Nadella, Mustafa Suleyman, Suleyman, Sam Organizations: Microsoft, Apple, Google, Meta, OpenAI, Bing, CNBC, New York Times Locations: San Francisco, OpenAI

☆ Starbucks Reinvented How It Runs Its Cafés to Cut Down on Wait Times
▼ + stars: | 2024-07-31 | by ( Adam Rogers | ) www.businessinsider.com time to read: +7 min

Called the "Siren Craft System," it overhauls the workflow at some 10,000 of its coffeehouses in an effort to reduce inefficiency, speed up orders, and boost customer satisfaction. Every fast-food outlet, Starbucks cafés included, is a little factory. The new system instructs baristas to push cold drinks down in the queue in favor of hot ones. But the fact is, the cold drinks also take longer to make. The higher-grossing cold drinks take so long to make, in fact, that they're actually pretty low-margin.

Persons: you've, overachievers, Siren Craft, cranking, Michelle Eisen, baristas, they're, Craft, it's, They'll, It's, Eisen, Adam Rogers Organizations: —, Dutch Bros, Starbucks, Boeing, Google, Business Locations: America, Wells Fargo

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