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☆ Madeleine McCann suspect: German prosecutors seek 15-year jail term in separate rape trial
▼ + stars: | 2024-10-02 | by ( Story The Associated Press | ) edition.cnn.com time to read: +1 min

Prosecutor Ute Lindemann argued that he should be convicted of two counts of rape and two of sexual abuse, and should be kept in preventive detention after he has served a 15-year sentence, German news agency dpa reported. The suspect hasn’t been charged in the McCann case, in which he is under investigation on suspicion of murder. He is currently serving a seven-year prison sentence in Germany for a rape he committed in Portugal in 2005. There are no formal pleas in the German legal system and there is no obligation for defendants to respond. In July, the court lifted an arrest warrant in the cases at stake in the current trial, citing a lack of “urgent suspicion” against the defendant.

Persons: Brueckner, Prosecutor Ute Lindemann, Lindemann, hasn’t, McCann Organizations: Berlin AP, Prosecutor Locations: Braunschweig, Germany, Portugal, Praia da Luz

☆ Rates won't fall back to pre-pandemic levels as geopolitical conflict and supply chain issues create problems for world economies, BofA exec says
▼ + stars: | 2024-10-02 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

That's led the market to assume rates will fall to pre-pandemic lows, BofA's Bernard Mensah says. Yet, inflationary risks will likely keep rates elevated, Mensah says. Before the pandemic, in the decade following the Great Financial Crisis, interest rates remained at historical lows. Despite the Fed's apparent confidence that pricing pressures have eased, Mensah says a variety of inflationary risks will keep interest rates higher. Other analysts have also pointed to inflation risks from geopolitical conflicts.

Persons: That's, BofA's Bernard Mensah, Mensah, —, Bank of America's Bernard Mensah, Rowe Price, Tomasz Wieladek Organizations: Fed, Service, Federal Reserve, Bank of America's, Bloomberg Locations: US, China, England, Switzerland, Sweden, Canada, Mexico

☆ I work at Spirit Halloween. Here are 9 mistakes I see customers make when shopping for costumes and decor.
▼ + stars: | 2024-10-02 | by ( Kim Fahmie | ) www.businessinsider.com time to read: +6 min

I've worked at Spirit Halloween for three years and have seen many customers make the same mistakes. Many customers forget to check Halloween makeup for irritants and allergens. Here are nine mistakes I see customers make while shopping for their costumes and seasonal decor at the popular Halloween chain. Buying makeup kits without proper application and removal productsSpirit Halloween offers an extensive collection of Halloween makeup. Returning items before calling supportMost people don't realize that Spirit Halloween has its own tech support hotline.

Persons: I've, —, Stephanie Pitera Statile, Stephanie Pitera, Halloween's, you'll, You'll Organizations: Service, Zombie Tech Squad

☆ Key lines from the Vance-Walz vice presidential debate
▼ + stars: | 2024-10-02 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +19 min

Here are key lines from the debate, which was hosted by CBS News in New York City on Tuesday. Vance said many of the things Trump says, but he did it with a control that Trump lacks. The only answer is during the four years that Donald Trump was president. We have a historic immigration crisis because Kamala Harris started and said that she wanted to undo all of Donald Trump’s border policies. We could come together and solve this if we didn’t let Donald Trump continue to make it an issue.

Persons: Tim Walz, Sen, JD Vance, Vance, don’t, Vance Vance, Donald Trump, Donald Trump’s, Trump, Walz, Walz Walz, I’m, didn’t, Vance Trump’s, Joe Biden, Kim Jong Un, Chip Somodevilla, I’ve, we’re, Walz Vance, Kamala Harris, Vance Walz, you’ve, You’ve, Kamala Harris ’, Matthew, ‘, Margaret Brennan, Norah O'Donnell, Brendan McDermid, Reuters We’re, We’re, Vance It’s, Robert F, Kennedy Jr, ”, Harris, Biden, Nora, we’ve, Wade, Roe, Amber Thurman, Sandy, Walz misspoke, That’s, Vance Both Walz, You’re, Vance Child, Vance Trump, Walz Trump, It’s, he’ll, he’s Organizations: CNN, Gov, Minnesota, CBS News, Social Security, Trump, NATO, CBS, Center, Reuters, Mayo Clinic, Pharmaceuticals, Sandy Hook Elementary, Minnesota Gov, Affordable, Biden, Democratic Locations: Ohio, New York City, Israel, Iran, American, Afghanistan, Syria, Iraq, America, Mexico, Springfield , Ohio, Springfield, New York, Rochester , Minnesota, Hong Kong, China, Roe, Georgia, Finland

☆ Gen Z's New Side Hustle: Getting Rich As Airbnb Super Hosts
▼ + stars: | 2024-10-02 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +11 min

Arbitrage hosts like Anderson take to TikTok, YouTube, and Instagram to offer advice and promote paid courses on how to start and build your own short-term-rental empire. A 25-year-old TikToker with the handle @airbbnbmastery101 titled one video "How to quit your job in 2024 and get rich." There's no way to know for sure how popular Airbnb arbitrage is. Related storiesBut Airbnb arbitrage, in theory, isn't illegal; it depends on local laws governing how short-term-rental properties are licensed. DeRose says that he regrets working in short-term-rental arbitrage and that "it's very clearly hurting" the housing market.

Persons: Hailie Anderson, factly, Anderson, —, Donald Trump, Dave Ramsey, Trump, Inayah McMillan, — tycoons, TikTok, she's, Airbnb, Jamie Lane, Alfred, They're, there's, Lane, Konrad Bicher, Wolf, Bicher, Tom DeRose, It's, it's Organizations: YouTube, HGTV, Target Locations: Austin, Salt Lake City, Nashville, Florida, New York, Cities, Barcelona, Europe, Asia

Mortgage rates are starting the month a little higher, with 30-year rates hovering around 5.90%, according to Zillow data. But if conditions hold up, mortgage rates will likely remain near their current levels through the end of 2024. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they've, Jerome Powell, you'll, They've, Freddie Mac, it's, Fannie Mae Organizations: Federal, Today's, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Nashville, Chevron

☆ You're not imagining it—companies are changing their hiring plans ahead of the election
▼ + stars: | 2024-10-02 | by ( Jennifer Liu | ) www.cnbc.com time to read: +1 min

It's no secret the labor market is pretty brutal for a lot of job-seekers today, and the contentious election cycle could be making it worse. Online, candidates say they're sending out applications en masse without much luck. Meanwhile, businesses are slowing their hiring initiatives as they brace for uncertainty around the results of the November presidential elections, according to hiring experts. Businesses may be even more cautious than ever given "the change of of primary candidates at the 11th hour" that could be "making companies more hesitant to know what's coming ahead of time." This could disproportionately impact hiring at companies that do business internationally, Boggs says, as well as the search for senior leadership candidates.

Persons: Kamala Harris, Donald Trump, Debra Boggs, who's, Boggs Organizations: Labor Department, U.S, Management

☆ Wizz says passengers will 'suffer' through 7-hour flights on its new Airbus A321XLR for cheap tickets. See the no-frills cabin.
▼ + stars: | 2024-10-02 | by ( Taylor Rains | ) www.businessinsider.com time to read: +2 min

Wizz Air is set to launch new long-haul routes using its upcoming Airbus A321XLR. The first flights, a seven-hour trek, will start in March between London and Jeddah, Saudi Arabia. Wizz Air will offer significantly cheaper fares compared to competitors like British Airways. AdvertisementLow-cost carrier Wizz Air is banking that price-sensitive customers will book its new no-frills narrowbody planes to save money on long-haul flights — and it's not being shy about the cabin. Wizz's new long-haul flights on the A321XLR won't even come with free water.

Persons: —, Wizz, József Váradi, Abu Dhabi Organizations: Airbus A321XLR, British Airways, Service, Wizz, Airbus, London, Etihad Airways Locations: London, Jeddah, Saudi Arabia, Hungarian, London Gatwick, Milan, Abu Dhabi, Abu, UAE

☆ He left his corporate job to help his mom in the family's 90-year-old restaurant. He almost gave up but figured out how to turn it around.
▼ + stars: | 2024-10-02 | by ( Erin Liam | ) www.businessinsider.com time to read: +9 min

He directs customers to find seats in Sabar Menanti, his two-story Malay restaurant, while ducking behind the counter to serve the restaurant's signature nasi padang. His grandparents opened Sabar Menanti in the 1920s and started selling nasi padang near a tombstone shop. But as his relatives had a handle on the business, Tambunan went on to work in the shipping industry. Dealing with rising costsAt a nasi padang stall, diners can choose from a variety of sides to eat with their rice. Tambunan told me he wanted her to remain active in her old age and encouraged her to return to help.

Persons: Iszahar Tambunan, Menanti, nasi, Tambunan, —, Sabar Menanti, Sabar, Erin Liam, Tambunan's, I've, Maryulis Bagindor Marlian, Nasi, Beef, Azreen Aziz, Aziz, tauhu telor, masak, I'm, Anthony Bourdain, Erin Liam I, Menanti Tambunan, he's Organizations: Service, Urban Redevelopment Authority, Singapore Statistics Board Locations: shipbroking, Singapore, nasi padang, Sabar, padang, Malay, Kampong Glam, Bahasa Indonesia, Sultan Mosque, Nasi padang, Indonesian, rendang, achar

☆ Fund manager reveals his worst trade of the year — and the lessons he learned
▼ + stars: | 2024-10-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Its fund manager, Sean Peche, has a track record in picking winners that have helped the fund beat the S & P 500 over the past two years without owning any of the so-called " Magnificent Seven " technology stocks. The fund manager identified the U.S.-listed Perion Network as its worst-performing stock investment of the year. As an Israeli company not included in major stock indices, the Ranmore fund manager believed it might be undervalued due to reduced investor attention. The Ranmore fund manager noted that the company's cash reserves, which stood at $188 million at the end of 2023, provided some protection against further losses. Despite the setback with Perion Network, Peche remains optimistic about other investments.

Persons: Sean Peche, Peche, Bing, CNBC's Silvia Amaro, Perion, Microsoft's Bing, PERI 1Y, Macron Organizations: Global Equity Fund, Network, Microsoft, Perion, Nippon Locations: U.S, France

☆ Tim Walz hammers JD Vance over the ramifications of the Capitol riot: 'Jan. 6 was not Facebook ads'
▼ + stars: | 2024-10-02 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Tim Walz and Sen. JD Vance had a sharp exchange regarding the January 6, 2021, riot. Vance declined to state whether Trump lost the 2020 race and brought up Facebook, which Trump has repeatedly criticized. Tim Walz and Sen. JD Vance of Ohio defended their running mates on everything from climate change to inflation. During the debate, Walz was incredulous after Vance refused to say that Trump lost the 2020 election. During the debate, Vance pivoted from January 6 to rail against what he said was censorship from Harris regarding online misinformation.

Persons: Tim Walz, Sen, JD Vance, Walz, Trump, Biden's, Vance, —, Ohio, Donald Trump, Mike Pence —, Joe Biden's, didn't, Hillary Clinton —, " Walz, Mark Zuckerberg, Harris, Zuckerberg Organizations: Facebook, Service, Minnesota Gov, Trump, Democratic, GOP, Republicans, House Republicans, New York Times Locations: Minnesota, Arizona, Pennsylvania, Ohio

☆ Here's how to position your fixed income portfolio for lower rates, according to strategists
▼ + stars: | 2024-10-02 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Over time, riskier assets have outperformed cash and cash alternatives, said Brian Rehling, its head of global fixed income strategy. Different types of fixed income Investors can benefit from different types of fixed income in their portfolios, Citi said. But since then, both stocks and high-yield fixed income have increased in price. "Investors should consider taking advantage of any pullbacks in these asset classes to reposition overallocations to short-term fixed income," it said. Meanwhile, it likes U.S. intermediate term taxable fixed income, as it prefers bonds with maturities of between three and seven years.

Persons: Steven Wieting, Brian Rehling, Wells Fargo, overallocations Organizations: U.S . Federal Reserve, Fed, Citi, Wells Fargo Investment Institute, Securities . Investment Locations: Wells Fargo, Wells

☆ Tesla stock slips after EV maker misses estimates on deliveries
▼ + stars: | 2024-10-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

In the year-ago period , Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles. Deliveries are not defined in Tesla's financial disclosures, but are the closest approximation to units sold reported by the company. Analysts were expecting deliveries of 463,310 in the period ended Sept. 30, according to estimates compiled by FactSet StreetAccount. Tesla posted its third-quarter vehicle production and deliveries report on Wednesday.

Persons: Tesla, Li Auto, FactSet StreetAccount, Ford, Tesla hasn't, Elon Musk, Donald Trump, Musk Organizations: Li, Tesla, EV, Ford, General Motors, GM, Nasdaq, Hyundai Locations: China, Seattle , Washington, US, U.S

☆ Couple in a severe Uber crash can’t sue because of an Uber Eats order
▼ + stars: | 2024-10-02 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —A married New Jersey couple that was in a severe accident during an Uber ride can’t sue the company because they and their daughter agreed to arbitration when they accepted the terms of service for a separate Uber Eats order, a court has ruled. Georgia sustained several fractures throughout her body, including cervical, lumbar, spine and rib fractures and other physical injuries that required surgeries and other procedures. They tried taking Uber to court for a jury trial, but an appellate court recently ruled they can’t because they previously agreed to Uber’s updated terms and conditions requiring arbitration, which are the same in the Uber Eats and Uber ride app. The McGinty’s attorneys told CNN they’re reviewing the decision and will “likely” petition the New Jersey Supreme Court. Anger over arbitrationIt’s the latest case that highlights the intricacies of the terms of services having binding arbitration agreements that users agree to with many companies.

Persons: New York CNN —, John McGinty, Georgia McGinty, ”, John, Uber, ’ ” Uber, Georgia McGinty “, ’ ”, McGintys, they’re “, we’ve, ” Uber, Jeffrey Piccolo, Kanokporn Tangsuan, Disney, Piccolo, ” Josh D’Amaro Organizations: New, New York CNN, CNN, Uber, New Jersey Supreme, Disney, “ Locations: New York, New Jersey, Georgia

☆ I drove Toyota's $55,000 Highlander Hybrid. Its noisy engine and tepid performance were disappointing.
▼ + stars: | 2024-10-02 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +1 min

The Toyota Highlander is one of the best-selling three-row family SUVs in the US. I was disappointed by its noisy engine, tepid performance, and limited passenger/cargo space. Go to newsletter preferences Thanks for signing up! AdvertisementFor much of its existence, the Toyota Highlander was a unicorn as the only three-row, midsize family SUV available as a hybrid. Sales took a 24% dip in 2023, due in large part to the introduction of the bigger Grand Highlander.

Persons: —, Kia EV9 Organizations: Toyota, Service, Mazda, Highlanders, Honda, Hyundai, Kia Telluride, Nissan Pathfinder, Subaru

☆ Investors eying income solutions and defense stocks as geopolitical tensions rise
▼ + stars: | 2024-10-02 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +2 min

(This is a wrap-up of the key money moving discussions on CNBC's "Worldwide Exchange" exclusive for Pro subscribers. Worldwide Exchange airs at 5 a.m. "The fixed income market has enough yield to bail you out if the geopolitical tensions get worse," said Hyman said on Worldwide Exchange. "Investors are not focusing on the likely U.S. response post election to replenishing defense stocks and ramping up capabilities." Worldwide Exchange Pick: Biotech Stocks Scott Ladner of Horizon Investments is seeing opportunities in the biotech sector, specifically the iShares Biotechnology ETF (IBB) and SPDR S & P Biotech (XBI) ETFs.

Persons: Simeon Hyman, Hyman, Terry Haines, Haines, Lockheed Martin, Scott Ladner, Ladner Organizations: Pro, Worldwide, Proshares Advisors, Defense, Lockheed, Raytheon, Biotech, Horizon Investments, iShares Biotechnology, P Biotech, Shipping Stocks Shipping, U.S Locations: Israel, Iran, Ukraine, South China, U.S, East, Gulf Coast

☆ The Gap comeback that might actually be working
▼ + stars: | 2024-10-02 | by ( Cathleen Chen | ) edition.cnn.com time to read: +21 min

Designer Zac Posen — now creative director at Gap Inc., at the Vanity Fair Oscar party in March 2024. Danny Moloshok/ReutersSince 2014, the Gap brand has nearly halved its presence in North America, going from 968 stores in the market to 472 as of February. It makes up about 20% of overall Gap Inc. revenue, while Old Navy accounts for more than half. Before Gap, Posen was on track for a similar trajectory to Mizrahi’s. They started by redefining the positioning of each brand: Gap as a pop culture brand.

Persons: CNN — Zac Posen, Richard Dickson, Posen, Donald, Doris Fisher, Mickey Drexler, Drexler, Uniqlo, Zac Posen —, Danny Moloshok, Sonia Syngal, Dickson, Barbie, Troye Sivan, Da’vine Joy, Anne Hathaway, ” Posen, won’t, Zac, Isaac Mizrahi, ”, Gabriella Santaniello, Mizrahi, Zac Born, Saint Ann’s, Lola Schnabel, Julian Schnabel, Lena Dunham, Nicole Miller, Naomi Campbell, Grimm, —, Da'Vine Joy Randolph —, Jamie McCarthy, Yucaipa, Ron Burkle, Sean Combs, Zac Posen, Neiman Marcus —, Zac Posen — that’s, Zac Posen’s, it’s, Paco Rabanne, Patrick Robinson, Ye, Julie Gilhart, Gilhart, ” Dickson, Bernadette Peters, “, Harrison Ball, Ryan Murphy, ’ ”, TJ Maxx, Kennedy, Anne Hathway, Pietro S, Robert, William Fisher, didn’t, Mark Breitbard, Horacio Barbeito, Chris Blakeslee, Goodman, Stephanie Keith, Da’Vine Joy Randolph’s, Sivan, Hathaway, Julia Fox, influencer, Lee Peterson, hasn’t Organizations: The, Fashion, CNN, Old Navy, Inc, New Yorker, Gap Inc, Navy, Banana, Reuters, Mattel, Hollywood, Xcel Brands, QVC, Saint, Metropolitan Museum of Art, Central Saint Martins, New York Times, Centric Brands, Barneys, New York City Ballet, Swans, Disney, rockstar, Old, America ., Collins Group, Vogue, Bloomberg, Council of Fashion Designers of America, New York, Dôen Locations: Posen, San Francisco Bay, New, Banana Republic, Athleta, San Francisco, Oxford, Zara, North America, Asia, China, Republic, New York City, American, London, Bloomsbury, Balthazar, SoHo, Rome, Italy, New York, America, America . Banana

☆ Ireland reveals how it plans to spend ‘transformational’ $14 billion Apple tax windfall
▼ + stars: | 2024-10-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Ireland's government on Tuesday outlined how it intends to spend 13 billion euros ($14.4 billion) in Apple back taxes — a windfall that Dublin actually spent several years fighting to avoid. His comments come three weeks after the European Court of Justice (ECJ) ruled against Apple over its tax affairs in Ireland. The landmark decision, which the court said was final, said Apple must pay Ireland billions of euros in back taxes. The ECJ's ruling was welcomed by tax justice advocates, as well as the bloc's outgoing competition chief Margrethe Vestager, who described the pronouncement as a "huge win" for European citizens. Apple said at the time that it was disappointed with the decision, while the Irish government said that its position had always been that it "does not give preferential tax treatment to any companies or taxpayers."

Persons: Jack Chambers, Chambers, Margrethe Vestager, Apple Organizations: Irish Finance, Court of Justice, Apple Locations: Apple, Dublin, Ireland

OpenAI's $6.6 billion funding raise attracted some big names across the industry. The $6.6 billion round gave OpenAI a $157 billion post-money valuation and minted it into one of the most valuable startups in the world. MicrosoftMicrosoft invested a little under $1 billion into OpenAI's latest funding round, according to The Wall Street Journal report. FidelityFidelity also participated in OpenAI's latest funding round. AdvertisementAltimeter Capital ManagementAltimeter Capital Management also contributed to OpenAI's latest funding round, according to reports.

Persons: —, Sam Altman, OpenAI, Here's, Anderson Cooper, Josh Kushner, Instagram, Kushner, Altman, josh, SoftBank, Masayoshi Son, Son, Marco Bello, Wood, Morningstar, Bing, Jensen Huang, Sam Yeh, Elon Musk's, Brad Gerstner, Gerstner, Vinod Khosla, Vaughn Ridley, Khosla, MGX Organizations: Service, Allen & Company Sun Valley Conference, Getty, Capital, Business, VC, Wall Street, Reuters, Vision Fund, Venture, ARK Invest, ARK Venture Fund, SpaceX, Microsoft Microsoft, Wall, Rival Apple, Microsoft, Nvidia Nvidia, Nvidia, Tiger Global Management, Fidelity Fidelity, Elon, Elon Musk's xAI, Fidelity, Capital Management, . Khosla, Getty Khosla Ventures, Sun Microsystems, United Arab, Bloomberg Locations: OpenAI, Silicon Valley, OpenAI ., Tokyo, Saudi, ARK, AFP, IPOs, America, United Arab Emirates

☆ High Credit Card Interest Rates Are Loading Americans With Debt
▼ + stars: | 2024-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +11 min

The average credit-card interest rate is now just over 21%, up from about 15% a decade ago. Additionally, as credit-card companies continue to charge high interest rates, more cardholders in debt become delinquent — and that could push the US economy closer to recession. Advertisement'The highest credit-card rates we've ever seen'Until 1978, most states had laws capping interest rates for credit cards and consumer products. Lowering the current high interest rates, and the profits that come with them, has become a priority across the aisle. Ted Rossman, a senior industry analyst at Bankrate, described the feedback loop of high prices and high interest rates as "a tough cycle to break."

Persons: Lana Linge, it's, Linge, isn't, Adam Rust, Bruce McClary, TransUnion, Austan Goolsbee, Rust, You've, you've, Antoinette Schoar, Schoar, David Silberman, GOP Sen, Josh Hawley, Hawley, Democratic Sen, Elizabeth Warren, Michele Raneri, Ranieri, Ted Rossman Organizations: Consumer Federation of America, Federal Reserve, National Foundation, Credit, Federal Reserve Bank of New, New York Fed, Federal Reserve Bank of Chicago, Louis Federal Reserve, Federal, Financial, MIT, Center for Responsible Lending, Lawmakers, GOP, Democratic, Reserve, TransUnion Locations: overspending, Federal Reserve Bank of New York, South Dakota, Delaware

☆ OpenAI closes funding at $157 billion valuation, as Microsoft, Nvidia, SoftBank join round
▼ + stars: | 2024-10-02 | by ( Hayden Field | ) www.cnbc.com time to read: +4 min

OpenAI CEO Sam Altman speaks during the Microsoft Build conference at Microsoft headquarters in Redmond, Washington, on May 21, 2024. OpenAI has closed its long-awaited funding round at a valuation of $157 billion, including the $6.6 billion the company raised from an extensive roster of investment firms and big tech companies. Thrive planned to invest $1 billion in the round, CNBC previously reported. Earlier this year, OpenAI was valued at a reported $80 billion, up from $29 billion in 2023. There are also 11 million ChatGPT Plus subscribers and 1 million paying business users on ChatGPT, a person close to the company said.

Persons: Sam Altman, OpenAI, SoftBank, Sarah Friar, Friar, Mira Murati, Bob McGrew, Barret Zoph, Altman, Bret Taylor, Sam, Taylor Organizations: Microsoft, Nvidia, CNBC, New York Times, OpenAI, Italian Tech, Khosla Ventures, Fidelity, MGX, Tiger Global Locations: Redmond , Washington

☆ For Nvidia, spatial AI and the ‘omniverse’ entering physical world may be the next big thing
▼ + stars: | 2024-10-02 | by ( Rachel Curry | ) www.cnbc.com time to read: +6 min

"All of it is very important, but the things we take for granted around us in the physical world are actually far more important." Spatial AI allows models to understand and interact with the physical world in ways previously limited to human cognition, and Nvidia is not the only one building on it. It's a spatial intelligence company building "large world models" to understand, interact with, and build on the three-dimensional world around us. AI for robotics, not just humanoid robotsIn contemplating the ultimate use of artificial intelligence, Nvidia concluded that robotics is the answer. Physical world will be changed by AI within yearsMany companies that focus on robotics and spatial intelligence are homing in on the world of manufacturing.

Persons: ChatGPT, Lebaredian, Fei, Fei Li, Andreessen Horowitz, Jensen Huang, Agustin Huerta, Globant's Huerta, Huerta Organizations: Nvidia, Stanford, Labs, Apple, North America, Franklin, Marshall College, International Locations: New Orleans, San Francisco, North, Globant, London

☆ 43 million watched Walz-Vance VP debate, in significant drop from 2020 matchup
▼ + stars: | 2024-10-02 | by ( Brian Stelter | ) edition.cnn.com time to read: +2 min

The vice presidential debate between Tim Walz and JD Vance scored more than 43 million viewers on TV Tuesday night, according to Nielsen estimates. An unknown number of additional viewers watched the debate on YouTube and other online platforms. Four years ago, 57 million tuned in to the only vice presidential debate of the 2020 election cycle between Harris and then-Vice President Mike Pence. In 2008, a record 69.9 million watched Joe Biden and Sarah Palin face off on television in the most-watched VP debate, according to Nielsen. But Trump continues to shun offers of another debate, so the VP debate may be the last of this election cycle.

Persons: Tim Walz, JD Vance, Kamala Harris, Donald Trump, Walz, Vance, Harris, Mike Pence, Joe Biden, Sarah Palin, pollsters, “, ”, Trump, ” Trump, Biden Organizations: New, New York CNN, Nielsen, CBS, YouTube, ” CBS, CNN Locations: New York, United States, Atlanta

☆ Dockworkers are waging a battle against automation. The rest of us may want to take notes
▼ + stars: | 2024-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Here’s the deal: The East Coast port strike is getting a lot of attention for its potential disruption to the economy — which is precisely the point. No dockworkers means no bananas (or whatever), which means no profits for the companies that produce and ship them. While research shows automation has obvious benefits, like lower operating costs and fewer human-related errors, port automation does not, on its own, significantly improve performance, according to a 2018 McKinsey report. But automation anxiety is rapidly spilling over into office work, where managers are adopting AI in the hopes of replacing human work or amplifying production. As Washington Post columnist Heather Long wrote Tuesday, the strike is “an early battle of well-paid workers against advanced automation.

Persons: CNN Business ’, It’s, ”, Dennis Daggett, Mark Felix, Sameera Fazili, Biden, it’s, …, ” Fazili, Heather Long Organizations: CNN Business, New York CNN, Hollywood, McKinsey, International Longshoremen’s Association, Economic, Getty, National Economic Council, Washington Locations: New York, East Coast, China, Singapore, Europe, Port of New York, New Jersey, Long Beach, Los Angeles, AFP

☆ China stock ETFs rip higher even as mainland markets close for holiday
▼ + stars: | 2024-10-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

People walk on a pedestrian bridge displaying the Shanghai and Shenzhen stock indexes on January 02, 2024 in Shanghai, China. Exchange-traded funds overseas that track Chinese stocks continued their stimulus-triggered rally Wednesday even as mainland markets were shut for a week-long holiday. Mainland Chinese markets, including Shanghai and Shenzhen stock exchanges, will remain closed until Oct. 8. "I am bullish on Chinese equities; this time is different," Scott Rubner, tactical specialist at Goldman Sachs, said in a note. "I have never seen this much daily demand for Chinese equities: I do not even think we have gone back to benchmark index weights yet."

Persons: Scott Rubner, Goldman Sachs, David Tepper, JD.com Organizations: Exchange, Hong Kong Stock Exchange, Management, CNBC Locations: Shanghai, Shenzhen, China, Mainland, Beijing

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