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☆ CNBC Daily Open: The U.S. economy is humming along
▼ + stars: | 2024-02-23 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Historic moon landingIntuitive Machines IM-1 mission has landed on the moon, in a historic first for a U.S. company. The company's Nova-C cargo lander, named "Odysseus," is the first American spacecraft to land on the lunar surface since 1972. [PRO] 'Seven Samurai'With Japanese markets enjoying a bull run, Goldman Sachs has named "Seven Samurai" stocks in the country, which it highlighted could be to equivalent to the U.S.'s "Magnificent Seven."

Persons: Dow, Reddit, Odysseus, Goldman Sachs Organizations: CNBC, Nasdaq, Social, Securities and Exchange Commission, New York Stock Exchange Locations: U.S

☆ CNBC Daily Open: The U.S. economy seems to be holding up
▼ + stars: | 2024-02-23 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, the S&P 500 soared to new highs fueled by Nvidia's blockbuster earnings, notching its best day since January 2023. We are seeing a very strong demand in the mobility space," Grab CFO Peter Oey told CNBC, adding that tourism is "growing very much." Cyberattacks cost the global economy an estimated $8 trillion in 2023 — that is set to rise to $10.5 trillion by 2025, said research firm Cybersecurity Ventures.

Persons: Dow, Peter Oey, Reddit, Sundar Pichai, Goldman Sachs Organizations: CNBC, Nasdaq, Social, Securities and Exchange Commission, New York Stock Exchange, Cybersecurity Ventures Locations: Asia, China, Japan

☆ Reddit's 'Wild West' reputation isn't something that advertisers want: New York Times’ Jim Stewart
▼ + stars: | 2024-02-23 | 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 EmailReddit's 'Wild West' reputation isn't something that advertisers want: New York Times’ Jim StewartJames Stewart, New York Times columnist, joins 'Squawk Box' to discuss Reddit's IPO decision, whether the company is ready to go public, Warner Bros. Discovery's quarterly earnings results, and more.

Persons: Jim Stewart James Stewart Organizations: New York Times, Jim Stewart James Stewart , New York Times, Warner Bros Locations: Jim Stewart James Stewart ,

US law enforcement officials have also been closely monitoring the incident to determine if a federal crime was committed, a senior US official familiar with the matter told CNN. Tom Brenner/ReutersA longtime political consultant, Kramer worked for Kanye West’s 2020 presidential bid and has a history of producing robocalls. Phillips’ campaign said it had no knowledge of his reported involvement with the AI Biden call. He said that Kramer told him to delete all of the emails between the two of them, and that he did. As figures at the center of American political scandals go, Carpenter is certainly “eccentric” – a word he uses to describe himself.

Persons: Paul Carpenter –, –, Joe Biden’s, Carpenter, Dean Phillips, Biden, ”, “ I’m, Steve Kramer, Phillips, Kramer, Carpenter’s, Biden’s, Tom Brenner, Kanye, Phillips ’, robocalls, ” Phillips, Katie Dolan, ” Dolan, Hank Sheinkopf, Sheinkopf, CNN’s Jake Tapper, “ I’d, “, who’s, Donald Trump, Sen, Lindsey Graham of, ” Carpenter, he’s, didn’t, Bruce Kramer, Brandon Kizy –, Paul Carpenter, CNN “ Paul, Paul, ” Kizy, Hany Farid, we’ve, ” Liz Purdy, I’d, “ I’ve, ” CNN’s Alison Main, Allison Gordon, Isabelle Chapman, Yahya Abou, Ghazala Organizations: CNN, New, Minnesota Rep, Democratic, NBC News, Commission, Reuters, South, Republican, University of California Berkeley Locations: Orleans, New Hampshire, Texas, New York, Pennsylvania, South Carolina, Minneapolis, New Orleans, Lindsey Graham of South Carolina

☆ Social network Reddit's IPO is an 'AI play,' says Herb Greenberg
▼ + stars: | 2024-02-23 | by ( Taylor Craig | In | ) www.cnbc.com time to read: 1 min

Reddit disclosed 2023 revenue growth of 20% and said its core business relies on online advertising sales when it filed to go public on Thursday. "This is an AI play," Herb Greenberg, Editor of "Herb Greenberg | On the Street" on Substack, explained on CNBC's Last Call Thursday. "If you go through the prospectus, the first thing you see is the talk that they're using this to train large language models -- and that's true," Greenberg said. Reddit cut a $60 million deal with Google on Thursday for the tech giant to train its AI models on the social network's data. "They talk about the revenue they're going to get from that from licensing that data," Greenberg said.

Persons: Reddit, Herb Greenberg, Greenberg Organizations: Google

☆ Friday rapid fire: Reddit, Block, Warner Bros Discovery, Intuitive Machines
▼ + stars: | 2024-02-23 | 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 EmailFriday rapid fire: Reddit, Block, Warner Bros Discovery, Intuitive MachinesJim Cramer looks at four stocks in the news.

Persons: Jim Cramer Organizations: Warner Bros Discovery

☆ Former SEC Chairman Jay Clayton: The inability of banks to consolidate has been a negative
▼ + stars: | 2024-02-23 | 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 EmailFormer SEC Chairman Jay Clayton: The inability of banks to consolidate has been a negativeFormer SEC Chairman Jay Clayton joins 'Squawk Box' to discuss Reddit's IPO decision, Capital One-Discovery deal, potential antitrust hurdles, 2024 race, and more.

Persons: Jay Clayton Organizations: SEC

☆ What AT&T got right and wrong communicating to its customers during the outage
▼ + stars: | 2024-02-23 | by ( Samantha Delouya | Ramishah Maruf | ) edition.cnn.com time to read: +6 min

The company didn’t publicly acknowledge the outage until it first posted on its site about the outage at 11:15 am ET. Reports on outage tracking service Downdetector showed the network initially went down more than seven hours earlier: Reyes said he experienced the outage starting at 3:50 am ET. AT&T posted just once on X about the outage, pointing customers seeking more information to a faulty link. For many AT&T customers, the network outage was far more than an inconvenience. A "No Service" message is seen on an iPhone in Atlanta during an AT&T outage on February 22.

Persons: CNN —, Damián Reyes, ”, “, I’m, Reyes, Uber, didn’t, Reyes ’, ” Reyes, Mojtaba, John Breyault, Brook Joyner, CNN Breyault, Catherine Thorbecke, Clare Duffy Organizations: CNN, Mobile, T’s Twitter, Villanova University, Wireless Networking Laboratory, National Consumers League, San Francisco’s Department of Emergency Management Locations: Jacksonville , Florida, Atlanta

☆ Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway
▼ + stars: | 2024-02-23 | by ( Clare Duffy | John Towfighi | ) edition.cnn.com time to read: +6 min

The move would make Reddit the first major social media company to go public since Snapchat in 2017. In its 18 years as an online social hub, Reddit has seen enormous growth, occasional controversy and even market-shifting stunts. Reddit users often post anonymously in these forums, discussing everything from memes to major news events. Steve Huffman, CEO of Reddit attends Variety & Reddit An Evening With Future Makers at Wynn Las Vegas on January 05, 2023 in Las Vegas, Nevada. Still, the incident helped draw attention to the power of Reddit communities.

Persons: New York CNN — Reddit, Reddit, ”, Steve Huffman, ” Huffman, Condé Nast, Alexis Ohanian, Huffman, Sam Altman, Ohanian, TheFacebook, Greg Doherty, ” Reddit Organizations: New, New York CNN, San Francisco, New York Stock Exchange, Securities and Exchange Commission, Advance, University of Virginia, Facebook, YouTube, Twitter, Wynn Las, Variety, GameStop, Google Locations: New York, San, Wynn Las Vegas, Las Vegas , Nevada

☆ Why can’t we stop calling X, Twitter?
▼ + stars: | 2024-02-23 | by ( Saira Mueller | ) edition.cnn.com time to read: +10 min

While some people (mainly fans of Musk) have embraced the X brand, most have not. Many people, both online and in person, still call the platform Twitter, and refer to posts as tweets. WHY ARE WE STILL CALLING THIS PLATFORM TWITTER. Even when you do see X, it's framed as "X, formerly Twitter". So the brand is what they say it is… it’s not that customers can’t stop calling it Twitter, it’s that they won’t.”

Persons: it’s, adieu, Elon Musk, — Jack Scalfani, ”, — Sherrye Pomeroy, Linda Yaccarino, It’s, ” Ramon Jimenez, Wolff Olins, “, ” Marty Neumeier, —, Musk, ’, Zoë Schiffer, Schiffer, Josh Adelson, X, x.com, ” Musk, wasn’t, Neumeier, “ It’s, ’ ” Elon Musk, Alain Jocard, James Withey, Kirill Kudryavtsev, Withey, — Sandy Horne Organizations: CNN, Twitter, Premium, Twitter Twitter, Global, Merriam, Webster, Oxford English, Liquid Agency, Elon, Musk, Twitter Inc, X Corp, Getty, The New York Times, Apple, Adobe, Google, Strategy, Innovation, Nissan, Datsun Locations: @sherrye_pomeroy, San Francisco, Paris, AFP, Frankfurt, Germany, @SandyHorne61

☆ Reddit reveals how much karma you'll need for a chance to buy into its IPO early
▼ + stars: | 2024-02-22 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Reddit unveiled how users will qualify for priority access to buy its stock ahead of its opening. Reddit users and moderators will be sorted into one of six tiers, according to its IPO paperwork. One of the top tiers is open to users with 200,000 karma or 5,000 moderator actions. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementYou'll need a whole lot of karma or moderator experience on Reddit if you want the chance to buy into the company's stock at its IPO price ahead of its public debut.

Persons: Reddit, — Organizations: Service, Wall Street Journal, Business

☆ Reddit will let users buy its IPO, but warns that they could make the stock riskier
▼ + stars: | 2024-02-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Reddit's initial public offering will include a quirk that allows some of its most active users to buy the stock. "Our users have a deep sense of ownership over the communities they create on Reddit. We want this sense of ownership to be reflected in real ownership — for our users to be our owners. But the Reddit users that participate in the IPO will not be subject to a lock-up agreement, the filing said, which could add to volatility in the stock. Reddit users have already proven that they have a taste for trading volatile stocks.

Persons: Reddit, Redditors Organizations: GameStop, AMC Entertainment

☆ Sam Altman secretly owned way more Reddit stock than we thought
▼ + stars: | 2024-02-22 | by ( Grace Eliza Goodwin | Lauren Steussy | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWe learned a new detail about Sam Altman Thursday: just how much he supports Reddit. The filing revealed that Altman, the CEO of OpenAI, owns an 8.7% stake in the company. Reddit is the first social media company to submit an initial public offering since Pinterest in 2019, and it's the first major tech company to file for an IPO in 2024. The concept of working this closely with AI companies hasn't gone over great with some Reddit users, who have criticized the idea of profiting off users' data without their consent.

Persons: —, Sam Altman, Altman, Newhouse, Tencent, Reddit, Reddit doesn't, Steve Huffman, hasn't Organizations: Service, Securities and Exchange Commission, Business, Altman, Advance, Hollywood, Bloomberg, Google, OpenAI, SEC Locations: Reddit

☆ Reddit's licensing deal means Google's AI can soon be trained on the best humanity has to offer — completely unhinged posts
▼ + stars: | 2024-02-22 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

The search giant is paying Reddit $60 million a year for access to its content. Google has signed a content licensing deal with the social media platform, Reuters reported on Wednesday, citing sources familiar with the matter. The search giant will pay Reddit $60 million a year for access to its content, per Reuters. It's not clear at this point what part of Reddit's content Google will end up using most while training its AI. However, some Reddit users have slammed Google's deal with Reddit and accused the social network of profiting off its users' data without their consent.

Persons: —, It's, Reddit Organizations: Google, Service, Reuters

☆ Redditors don't want to buy Reddit stock
▼ + stars: | 2024-02-22 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +2 min

It's offering something unusual: the chance for moderators to buy stock. The possibility of a bunch of Redditors holding stock is enough of a risk for volatility that they had to mention it in their IPO filings. But are Reddit's power users actually interested in buying Reddit stock? r/WallStreetBets is a subreddit with 15 million subscribers devoted to meme-heavy stock chatter, best known for being the 2021 GameStop stock craze. AdvertisementAs far as what this means for Reddit's IPO, who knows?

Persons: — Organizations: Service, Google, Business, GameStop

☆ Reddit is a litmus test for investor appetite for non-AI things, says FirstMark's Heitzmann
▼ + stars: | 2024-02-22 | 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 EmailReddit is a litmus test for investor appetite for non-AI things, says FirstMark's HeitzmannRick Heitzmann, FirstMark co-founder and partner, joins 'Closing Bell' to discuss if Reddit's IPO makes Heitzmann feel better about the overall landscape, the co-founder's reaction to the recent stock performance, and much more.

Persons: FirstMark's, Rick Heitzmann, FirstMark

☆ Nvidia's stock will be close to a double in 1-2 years, says Light Street's Glen Kacher
▼ + stars: | 2024-02-22 | 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 EmailNvidia's stock will be close to a double in 1-2 years, says Light Street's Glen KacherGlen Kacher, Light Street Capital founder and CIO, joins 'Closing Bell' to discuss if there's any interest in investing in Reddit, if we're currently in the dawn of a new AI revolution, and much more.

Persons: Glen, we're Organizations: Capital Locations: Reddit

☆ OpenAI CEO Sam Altman stands to net millions as Reddit goes public
▼ + stars: | 2024-02-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

OpenAI CEO Sam Altman will be in a position to make millions after Reddit goes public, thanks to a series of bets on the online discussion board company that go back to 2014. Altman will hold 9.2% of voting power after Reddit's initial public offering, according to information in the company's prospectus. In 2014 Altman led Reddit's $50 million Series B funding round, after using the service every day for nine years, he wrote in a blog post. In the first half of 2021, Reddit was raising a Series E round, and Altman invested $50 million. He went on to say that investors in the Series B round would give 10% of shares to Reddit users.

Persons: Sam Altman, Reddit, Altman, OpenAI, Reddit's, It's, Steve Huffman, that's, FirstMark's Organizations: Microsoft, New York Stock Exchange, Nasdaq, Silicon

☆ OpenAI's Sam Altman is major Reddit backer as it files to go public on NYSE
▼ + stars: | 2024-02-22 | 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 EmailOpenAI's Sam Altman is major Reddit backer as it files to go public on NYSEHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Sam Altman, Brian Sullivan, “ Organizations: NYSE, CNBC

☆ Reddit files to list IPO on NYSE under the ticker RDDT
▼ + stars: | 2024-02-22 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +6 min

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." The social networking company's core business is reliant on online advertising sales stemming from its website and mobile app. Reddit said the current addressable advertising market is $1.0 trillion, sans China and Russia. Reddit said that its non-employed moderators, known as Redditors, can participate in the company's IPO offering through its "directed share program."

Persons: Reddit, Pinterest, Alexis Ohanian, Steve Huffman, It's, DAUq, Condé Nast Organizations: Securities and Exchange Commission, New York Stock Exchange, P Global Market Intelligence, Google, eBay, . Publishing, Condé Locations: U.S, Reddit's U.S, China, Russia, Ukraine

☆ Reddit Warns That Meme Stock Investors Could Come for Its Own Stock
▼ + stars: | 2024-02-22 | by ( Meghan Morris | ) www.businessinsider.com time to read: +2 min

As Reddit prepares to go public, the social-media company issued an unusual warning to investors. AdvertisementGameStop, AMC, and other companies saw huge swings in their stock prices starting in 2021, thanks to chatter on social-media platform Reddit. In lawyerly language, Reddit wrote that individual ("retail") investors may home in on the company's stock. AdvertisementReddit S-1 cautions that retail investors could make the stock volatile Reddit S-1 screenshotReddit is offering its most frequent users a chance to buy into the IPO alongside institutional investors. Reddit users, meanwhile, gather on WallStreetBets (mentioned five times in the S-1) and other subreddits, where many posters are bearish about the company's upcoming IPO.

Persons: Reddit, Redditors, — Organizations: GameStop, Service, AMC, Securities and Exchange Commission

☆ Taylor Swift's 'poor quality' merch and shipping delays has some fans calling for a boycott
▼ + stars: | 2024-02-22 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Read previewTaylor Swift fans are a dedicated group, but complaints about the pop star's merch have some calling for a boycott in recent months. However, some fans on social media are calling out what they described as the poor quality of her merch and delayed shipping times. Instead of blaming Swift for the merch, many fans are looking at her record label Universal Music Group for the delays and poor quality. Another Redditor posted expectation vs. reality photos of a $40 "1989" tote bag ordered online. Others online called out the "poor quality" of the tote bag and said that it's nothing new for Swift's merch site.

Persons: —, Taylor Swift, Swifties, Pollstar, Swift, Redditor, subreddit, hadn't, Swift's, I'm, taylors, TeJDBDyfBj — Riley 🤍🖤 Organizations: Service, Business, Universal Music Group, tote

☆ ChatGPT is losing its mind and no one seems to know why
▼ + stars: | 2024-02-21 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Users started to wonder if the OpenAI's chatbot was malfunctioning after it spouted "Spanglish." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Muchas gracias for your understanding, y I’ll ensure we’re being as crystal clear como l’eau from now on,” ChatGPT wrote. chatgpt is apparently going off the rails right now and no one can explain why pic.twitter.com/0XSSsTfLzP — sean mcguire (@seanw_m) February 21, 2024Another user asked ChatGPT about the difference between mattresses in different Asian countries. Its status dashboard first noted it was “investigating reports of unexpected responses from ChatGPT” on February 20.

Persons: —, OpenAI’s, Sean McGuire, ”, ” ChatGPT, Bill Evans, 0XSSsTfLzP — sean mcguire, ChatGPT, hasn’t, ” OpenAI, ChatGPT ”, It's, OpenAI, Gary Marcus, — Gary Marcus, @GaryMarcus, Marcus Organizations: Service, Microsoft, Business Locations: GPT

☆ Loyal Reddit users could win big from its IPO
▼ + stars: | 2024-02-21 | by ( Alex Bitter | ) www.businessinsider.com time to read: +1 min

Some Reddit users could be among the first to buy the company's stock in its IPO next month. It's an unusual strategy, but one that stock trading app Robinhood tried in 2021. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementReddit's most frequent users could go from posting comments to posting gains — or losses — when the company goes public. Some 75,000 of the company's biggest users will have the chance to buy its stock at the IPO price in March before it starts trading, The Wall Street Journal reported on Wednesday.

Persons: — Organizations: Service, Street, Business

☆ A United flight was diverted after passengers spotted that parts of the plane wing were chipped
▼ + stars: | 2024-02-21 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +3 min

A United flight from San Francisco to Boston was diverted to Denver due to a damaged wing. AdvertisementA United Airlines flight departing from San Francisco and bound for Boston was diverted to Denver after passengers spotted that parts of the plane's wing were chipped, Boston's WHDH 7News first reported on Tuesday. Clarke's video shows a plane wing with a dark blue tip descending onto a runway. In November, a United flight bound for Vancouver was diverted to San Francisco after a passenger made a bomb threat on board. And in July, a United flight diverted to Chicago after a business-class passenger was upset that his choice meal was unavailable.

Persons: —, WHDH 7News, Kevin Clarke, Clarke Organizations: Passengers, Service, United Airlines, WHDH, Associated Press, AP, Federal Aviation Administration, FAA Locations: San Francisco, Boston, Denver, Maine, Vancouver, Chicago

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