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A clash of private equity titansIn most years, the $2.7 billion takeover of a German software company wouldn’t attract much attention. Silver Lake on Wednesday kicked off a tender offer for Software AG shares, at 32 euros ($34.60) a share. Together with a 5 percent stake that the firm acquired in the open market, Silver Lake owns about 30 percent of the German company. (That campaign led Silver Lake to increase its takeover bid from €30 a share.) It is rare to see private equity firms, which generally seek friendly deals, pursuing an unsolicited takeover offer that management has opposed.

☆ Twitter’s top users are posting less since Elon Musk takeover last year, survey finds
▼ + stars: | 2023-05-18 | 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 EmailTwitter’s top users are posting less since Elon Musk takeover last year, survey findsCNBC's Andrew Ross Sorkin reports on the latest survey results from Pew Research Center.

Twitter is accusing Microsoft of using the social media company's data in ways that were unauthorized and never disclosed. However, for one of the Microsoft services using Twitter data, "account information outright states that it intends to allow its customers to 'go around throttling limits,'" Spiro wrote. A Microsoft spokesperson acknowledged receipt of the letter and told CNBC the company will review it and "respond appropriately." "Today we heard from a law firm representing Twitter with some questions about our previous use of the free Twitter API," the spokesperson said in an email. Read the full letter from Twitter to Microsoft, here.

of OpenAI, for three hours in what appeared to be a genuine effort to understand the growing importance, and the dangers, of artificial intelligence. The central question in the discussion was how Washington should regulate A.I. — and, perhaps surprisingly, Altman and lawmakers from both parties agreed on more than they disagreed. (Another unexpected nugget: Altman says he has no equity in the sensationally growing A.I. Altman proposed creating a new government body that issues licenses for developing large-scale A.I.

☆ Microsoft CEO Nadella talks concerns around A.I. and its impact on jobs, education
▼ + stars: | 2023-05-17 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Lawmakers, thought leaders and developers have been puzzling over how to regulate emerging generative AI technology since it exploded into public consciousness following the release of OpenAI's viral chatbot ChatGPT late last year. The buzz around the technology has sparked a red-hot AI arms race between major tech companies like Google and Microsoft, the latter of which is a longtime partner of OpenAI. Nadella said AI development is happening quickly, but that people remain integral to the process. But Nadella said he believes AI will also create new jobs. "Steve Jobs had this beautiful, beautiful line, right, which is 'computers are like the bicycles for the mind,'" Nadella said.

This year, advertisers and ad agencies may well use the strike as a bargaining tool, said Erin Firneno, vice president of business intelligence for researcher Advertiser Perceptions. The writers’ strike, which has entered its third week, is also injecting a new element of uncertainty for ad buyers, at a time when television viewership is declining and the possibility of recession looms. While the TV networks have long contended with splintered viewership amid the rise of social media and streaming, the writers' strike puts content production at risk, said Rishad Tobaccowala, a former executive at advertising and public relations giant Publicis Groupe and advisor on business transformation. Last year, NBC’s upfront presentation emphasized star power as the network returned to a live event after a COVID-19-imposed hiatus. Ahead of the upfront presentations, media executives sought to reassure investors about the strike’s impact.

of OpenAI, Sam Altman has become one of the most prominent evangelists for the next generation of artificial intelligence offerings. ChatGPT, his company’s most notable product, has captured the public’s imagination like no tech product has in years, inspiring hopes and fears about its transformative powers. :Lawmakers in both parties have stressed the importance of reining in the rapidly growing technology, which can now generate realistic-sounding text and images and computer code. executives, including Mr. Altman, as the Biden administration said it supported legislative efforts to create new rules and government investment. Mr. Altman has been frank about the potential dangers of A.I.

☆ Microsoft CEO Satya Nadella on OpenAI relationship, generative A.I., Microsoft-Activision deal
▼ + stars: | 2023-05-16 | 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 EmailMicrosoft CEO Satya Nadella on OpenAI relationship, generative A.I., Microsoft-Activision dealCNBC's Andrew Ross Sorkin sits down with Microsoft CEO Satya Nadella to discuss the company's relationship with OpenAI, concerns of A.I. moving too fast, Microsoft-Activision merger, and more.

☆ Microsoft CEO on A.I. race: 'Not a given' that Alphabet or Microsoft are the only two games in town
▼ + stars: | 2023-05-16 | 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 EmailMicrosoft CEO on A.I. race: 'Not a given' that Alphabet or Microsoft are the only two games in townCNBC's Andrew Ross Sorkin sits down with Microsoft CEO Satya Nadella to discuss ways to regulate A.I., Big Tech and the idea of incumbency, and whether a small player can still win in today's A.I.

☆ Satya Nadella disputes Elon Musk's claim that Microsoft controls OpenAI
▼ + stars: | 2023-05-16 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Microsoft CEO Satya Nadella said it is "factually not correct" to claim that Microsoft controls its partner OpenAI, in an excerpt of a pre-taped interview with CNBC's Andrew Ross Sorkin airing Tuesday. "Look, while I have a lot of respect for Elon and all that he does, I'd just say that's factually not correct," Nadella said. Microsoft announced a multiyear, multibillion-dollar investment into OpenAI in January, which marked the third phase of the partnership between the two companies. Nadella said AI development is happening quickly but that it is important for Microsoft to capitalize on the technology and its promise. Nadella's full interview with Sorkin will be streamed Tuesday on NBC News Now and Peacock at 10:30 p.m.

It would be a striking show of leniency by a notoriously tough regulator. has been among the most aggressive in policing Big Tech, having fined companies like Google billions and forced changes in their business practices. And given the size and importance of the British, European and U.S. markets, simply ignoring any one of them is impossible. ; overturning the British regulator’s decision is expected to be especially tough. appeal could take months, and will review only whether the regulator’s decision followed proper procedures.)

Tucker Carlson: ‘We’re back.’Tucker Carlson says he’s back: The conservative firebrand announced on Twitter on Tuesday that he would start a new show on Elon Musk’s social media platform, two weeks after being fired from Fox News. But Mr. Musk’s less-than-enthusiastic response — and his rush to note that the social media platform hadn’t signed a deal with Mr. Carlson — suggests that even Twitter’s outspoken owner has reservations. Mr. Carlson’s new show would be a jab at his old bosses. Tuesday’s announcement was a sign that talks to end Mr. Carlson’s contract, worth $25 million a year until it ends in January 2025, may have broken down. Mr. Carlson has accused Fox executives of breaching his contract, according to Axios, while the network could seek an injunction to keep its onetime star from reviving his broadcast.

☆ Antitrust enforcement can help the U.S. stay ahead of China on tech, FTC Chair Khan says
▼ + stars: | 2023-05-10 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Antitrust enforcement, rather than the absence of it, can better position the U.S. to stay ahead of China in the race to build cutting-edge technologies, Federal Trade Commission Chair Lina Khan said on CNBC's "Squawk Box" Wednesday. The tech industry often points to the threat of China catching up to U.S. technologies as an argument against more aggressive enforcement against them. Khan said Wednesday that lessons of the past suggest more aggressive enforcement at home will actually benefit the U.S. on the international stage. Khan offered an example of two historic tech antitrust cases in the last century, those of IBM and AT&T . "I think we saw that Silicon Valley was birthed in the wake of strong competition and antitrust enforcement," Khan added.

If a bank failure were to leave one of them without access to cash, widespread market instability would follow. “Why take that risk?” Summer Mersinger, a member of the Commodity Futures Trading Commission, told DealBook. Clearinghouses exist to mitigate risk, taking collateral and settling transactions between buyers and sellers in all kinds of financial markets. This means a bank’s failure could easily lead to losses for a clearinghouse that “could potentially reverberate across the financial system,” the Chicago Fed concluded in a 2020 report. Even without a complete failure at a commercial bank, delays in access to cash could trigger liquidity issues across markets.

Don’t expect any major breakthroughs from the White House talks. Republicans want to reduce the country’s $31.4 trillion debt through spending cuts, while the White House views tax increases on companies and wealthy Americans as the best way to reduce the burden. In 2011, the S&P 500 fell when S&P Global, the ratings agency, downgraded the nation’s credit rating a few days after the Obama administration and Republicans reached a deal. This year, investors seem to be betting that lawmakers will reach a last-minute agreement, or at least temporarily lift the debt ceiling (Mr. McHenry didn’t rule this out). Despite a banking crisis and recession fears, the S&P 500 is up 8 percent in 2023.

A pivotal jobs reportThe U.S. labor market appears to be slowing. That’s the big question hanging over today’s payroll numbers, which are due for release at 8:30 a.m. Eastern. Forecasters have repeatedly underestimated the strength of the post-pandemic labor market. Instead, employers have added roughly 4.5 million jobs since the central bank started increasing interest rates in March 2022. Another hot jobs number could still influence the Fed’s interest rate policy.

☆ OpenAI changed its plans and won't train on customer data, Sam Altman says
▼ + stars: | 2023-05-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

OpenAI hasn't trained its AI large-language models such as GPT with paying customer data "for a while," CEO Sam Altman told CNBC on Friday. "Customers clearly want us not to train on their data, so we've changed our plans: We will not do that," Altman told CNBC's Andrew Ross Sorkin. "We don't train on any API data at all, we haven't for a while," Altman told CNBC. OpenAI's business customers, which include Microsoft , Salesforce and Snapchat , are more likely to take advantage of OpenAI's API capabilities. The Guild had been pushing for limitations on the use of OpenAI's ChatGPT for script generating or rewriting.

PacWest plunges as banking woes spreadThe regional banking sector is teetering again, with PacWest’s stock plummeting more than 35 percent in premarket trading, despite the Fed chair Jay Powell’s assessment that the worst is over. The Los Angeles-based lender confirmed that it was talking to potential investors following reports that it was exploring a sale. Investors may be feeling some déjà vu after witnessing two big bank failures, and billions in market value wiped out, since the collapse of Silicon Valley Bank in March. It’s not just PacWest in free-fall. News of a potential PacWest sale, first reported by Bloomberg — and confirmed by DealBook — came just hours after Mr. Powell declared that the banking system was “sound and resilient.”

☆ Watch CNBC's full interview with Airbnb CEO Brian Chesky
▼ + stars: | 2023-05-04 | 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 Airbnb CEO Brian CheskyAirbnb CEO Brian Chesky joins CNBC's Andrew Ross Sorkin on 'Squawk Box' to discuss the company's renewed focus on private room rentals, new programs and margins, the potential of A.I., and more.

☆ Airbnb CEO Brian Chesky on going back to company roots with private room rentals
▼ + stars: | 2023-05-04 | 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 EmailAirbnb CEO Brian Chesky on going back to company roots with private room rentalsAirbnb CEO Brian Chesky joins Andrew Ross Sorkin on 'Squawk Box' to discuss the company's renewed focus on private room rentals, new programs and margins, the potential of A.I.

Banks in focus as the Fed weighs its rates moveIf market predictions are correct, the Fed on Wednesday will raise borrowing costs by a quarter of a percentage point, even as growing turmoil in the stocks of regional banks threatens to choke off credit to businesses and consumers, pushing the economy into recession. The decision comes amid a brutal sell-off in regional banks’ shares, which has wiped billions off smaller lenders’ market valuations. Regulators had hoped that the sale of the embattled First Republic Bank to JPMorgan Chase this week would contain the panic. But short sellers, investors who profit off bets that stock prices will fall, have continued to take aim at regional lenders like PacWest, Western Alliance and Zions Bancorp. (Shares in PacWest and Western Alliance are down again in premarket trading.)

Wall Street is still on edgeAfter JPMorgan Chase secured a deal to buy the embattled First Republic, the banking giant’s chief, Jamie Dimon, asserted that the market turmoil set off by Silicon Valley Bank’s collapse was at an end. “This part of the crisis is over,” he told analysts on Monday. But Wall Street isn’t convinced yet, as investors worry that potential new regulations and constrained lending could endanger the fragile economy. They account for about 80 percent of commercial real estate mortgages and 45 percent of consumer lending, according to Goldman Sachs. That leaves them exposed to further drops in office property values and consumer spending — which could lead to a wider credit crunch.

Why did other bidders, such as Bank of America, drop out of the auction? And will short-sellers who had taken aim at First Republic move on to shares of other regional lenders? Mr. Munger, 99, also said investors should expect far lower returns on their money than in the past. Francis added that he was doing “all that is humanly possible” to return children taken from Ukraine to Russia. Writers have pushed for economic concessions from studios that factor in changes wrought by the rise of streaming

If there has been a lesson in the recent spate of bank failures, it is that deposit flight can now happen quickly. It no longer requires a teller to hand money to customers waiting in long lines around the block. The Federal Deposit Insurance Corporation explicitly insures the first $250,000 in any account, but nothing over that. to guarantee all deposits, but there may be a more strategic, surgical and free-market solution. Consider this: What if the banking system coalesced around a separate insurance program — we’ll call it F.D.I.C.+ — for deposits above $250,000?

First Republic barely hangs onFirst Republic is limping into the weekend, days after reporting disastrous first-quarter results. The bank is still working on a lifeline, with some involved saying it is touch and go whether the federal government will assist in some way, DealBook hears. The precariousness of First Republic is a reminder that the banking crisis that erupted last month isn’t over yet and that a disorderly collapse of the lender could unleash yet more chaos in financial markets. Shares in First Republic are up nearly 10 percent in premarket trading, after having jumped yesterday, presumably in hopes that a rescue will emerge. But the bank’s stock is still at about $6, a far cry from the $150 it traded at a year ago.

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