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☆ 10 things in tech: Epstein appeared to threaten Gates, Apple gets its AI cut, and a Twitter hotel
▼ + stars: | 2023-05-22 | by ( Michael Cogley | ) www.businessinsider.com time to read: +4 min

The Cupertino-based tech giant is taking its usual 30% cut from users signing up to ChatGPT Plus through the app, according to a note from Bernstein analysts. A spokesperson for Gates told the WSJ that Epstein had "tried unsuccessfully to leverage a past relationship" to threaten the tech billionaire. Microsoft's marketing chief told staffers to bump the stock prices for raises. The tech giant has already managed to outpace the market with shares up 33% so far this year. The tech giant just launched two new Pixel phones.

☆ A Wharton professor says AI is like an 'intern' who 'lies a little bit' to make their bosses happy
▼ + stars: | 2023-05-20 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

UPenn professor Ethan Mollick compares AI to an "intern" who "lies a little bit," CBS reports. Like interns, AI tools require guidance for their outputs to be useful, according to Mollick. Similar to interns who may overcompensate to get ahead of the curve, Mollick compares AI to an "infinite intern" who "lies a little bit" and, at times, wants to make their bosses "a little happy." But like interns, AI requires guidance for its outputs to be useful. Mollick's thoughts on AI come as generative AI tools like OpenAI's ChatGPT take the world by storm.

☆ An academic used ChatGPT to write a letter of recommendation that helped a student win a prestigious scholarship from Cambridge
▼ + stars: | 2023-04-24 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Matt Huculak, a university librarian, used ChatGPT to help write a letter of recommendation for a student. The "heartfelt" letter may have helped the student win a prestigious scholarship to Cambridge. A screenshot of the ChatGPT-generated reference letter Huculak used as a template of what not to write. After all, writing a reference letter, Huculak said, "is a tremendously difficult task" that he finds "anxiety producing." "I think committees will quickly learn to spot ChatGPT letters," Huculak said.

Private equity firm Staple Street Capital valued Dominion at $80 million when it purchased a controlling stake in it in 2018. The Fox settlement was nearly 10 times that amount and far outstripped the $226 million average of four pre-election valuations cited in Fox's court papers. Dominion's damages claim in the Fox case was based upon a report it commissioned from an accounting expert, half of which remains under seal. It is difficult to place a dollar value on the U.S. voting-machine industry because Dominion and its competitors all are privately held. While Dominion's report cites dozens of lost clients due to Fox's coverage, the company still has landed recent contract renewals including in California's Republican-majority Kern County.

Companies JPMorgan Chase & Co FollowNEW YORK, April 4 (Reuters) - The U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co (JPM.N) into buying the startup for $175 million in 2021. Prosecutors said that when JPMorgan asked for a list of names, Javice paid an unnamed data science professor $18,000 to concoct a sham list of names. JPMorgan shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts. In December, JPMorgan sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity.

☆ Why some college professors are adopting ChatGPT AI as quickly as students
▼ + stars: | 2023-04-02 | by ( Carolyn Chun | Kevin Travers | ) www.cnbc.com time to read: +3 min

In an analysis of professions "most exposed" to the latest advances in large language models like ChatGPT, eight of the top 10 are teaching positions. Post-secondary teachers in English language and literature, foreign language, and history topped the list among educators. Jobs most 'exposed' to generative AI Rank Profession 1 Telemarketers 2 English Language and Literature Teachers, Postsecondary 3 Foreign Language and Literature Teachers, Postsecondary 4 History Teachers, Postsecondary 5 Law Teachers, Postsecondary 6 Philosophy and Religion Teachers, Postsecondary 7 Sociology Teachers, Postsecondary 8 Political Science Teachers, Postsecondary 9 Criminal Justice and Law Enforcement Teachers, Postsecondary 10 SociologistsSource: "How will Language Modelers like ChatGPT Affect Occupations and Industries?" But affected jobs – or as the study officially describes it, jobs most "exposed to AI" – does not necessarily mean the human positions will be replaced. And for topics that are very dense, "ChatGPT can even help educators translate some of those lessons or takeaways in simpler language," he said.

☆ First Citizens Bank, the buyer of SVB's assets, is run by a billionaire North Carolina family that's bought over 20 failed banks since 2008
▼ + stars: | 2023-03-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

First Citizens Bank, the company that bought the assets of SVB, is run by a family with a wealth of experience buying failed banks. Forbes looked at the billionaire family that's guided First Citizens' purchase of more than 20 small banks since 2008. First Citizens will be among the largest 20 banks in the US with the SVB deal. Its purchases of failed banks include First Regional Bank and Temecula Valley Bank in California and Denver-based United Western Bank. Its assets jumped from $109 billion just before the SVB deal and have increased from $16.7 billion at the end of 2008.

☆ Money really does buy happiness for most people, researchers say
▼ + stars: | 2023-03-09 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

It found that for the vast majority of people, money does buy you happiness. Meanwhile, happiness "increases steadily" along with income among the rest of the population, Killingsworth, Kahneman, and Mellers found. For the happiest 30% of people, happiness rises at an accelerated rate beyond $100,000. "In other words, the bottom of the happiness distribution rises much faster than the top in that range of incomes. Killingsworth, Kahneman, and Mellers noted, however, that the correlation between income and well-being was "weak, even if statistically robust."

☆ Watch CNBC's full interview with University of Pennsylvania Professor Jeremy Siegel
▼ + stars: | 2023-03-03 | 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 University of Pennsylvania Professor Jeremy SiegelUniversity of Pennsylvania's Wharton School Professor Jeremy Siegel joins 'Closing Bell' to discuss Fed hikes, the strong jobs data changing the interest rate picture and forecasts for a slowdown in future earnings.

☆ Earnings figures might be conservative if unemployment rates stay low, says Wharton Professor Jeremy Siegel
▼ + stars: | 2023-03-03 | 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 EmailEarnings figures might be conservative if unemployment rates stay low, says Wharton Professor Jeremy SiegelUniversity of Pennsylvania's Wharton School Professor Jeremy Siegel joins 'Closing Bell' to discuss Fed hikes, the strong jobs data changing the interest rate picture and forecasts for a slowdown in future earnings.

☆ Wharton’s Jeremy Siegel says a half-point rate hike is on the table with another strong jobs report
▼ + stars: | 2023-02-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Another surprisingly strong jobs report could prompt the Federal Reserve to hike interest rates by half a percentage point next month, according to Jeremy Seigel, a closely followed finance professor at the University of Pennsylvania's Wharton School. The jobs report came a few days after the Fed raised its benchmark interest rate by a quarter percentage point to a target range of 4.5%-4.75%, the highest since October 2007. Seigel said if the February jobs report shows a big slowdown, the central bank would raise rates by just a quarter percentage point. The solid jobs market "means the Fed might tighten, and that's why you really saw almost a standoff on the stock market now," Seigel said. In 2022, the Fed approved four consecutive 0.75 percentage point moves before going to a smaller 0.5 percentage point increase in December.

"Milton Friedman said 12-18 months before you can get any effect on prices," Siegel said on CNBC's "Halftime Report" on Tuesday afternoon. And it's a process that the Fed has to let go through the market." To be sure, the finance professor added that he is less certain about a rate hike following January's "unbelievable" jobs report. "That would mean, more likely that the Fed would not reduce the rate as fast in the second half in the year. He added, "I don't think anyone including the Fed knows, because they plan their increases or decreases policy 10–14 days in advance.

☆ Wharton professor who gave ChatGPT an MBA-level exam says AI will be an 'amazing tool' for education
▼ + stars: | 2023-02-05 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

ChatGPT passed an exam from a Wharton business school professor, performing at a B or B- level. The professor who administered the exam told Bloomberg he was impressed by the AI's concise, correct answers. Terwiesch told Bloomberg he was impressed by the technology, as the bot performed higher than average, producing B or B-minus level results. Terwiesch told Bloomberg he understands the concerns that many people have about the technology and discourages students from using ChatGPT to cheat. "We use exams or tests for the students to engage with some material," Terwiesch told Bloomberg.

☆ The era of health insurance disruptors is over
▼ + stars: | 2023-02-02 | by ( ) www.businessinsider.com time to read: +10 min

Today, they're mostly the poster children of just how challenging it is to break into the insurance industry. Clover Health; Bright Health; Oscar Health; Olivia Reaney/Business InsiderOscar, founded in 2012, and Bright, in 2015, set out to sell health plans to people buying coverage through the Affordable Care Act marketplace. Elevance Health, the parent company of Anthem health plans, is No. Health insurance remains overly complex and mind-numbingly frustrating. Established health insurers haven't been able to stem the rise in health costs, which are mostly determined by the prices for medical care.

☆ Great Fraud Reckoning Will Expose Scam Companies, Cause Stock Market Chaos
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.

☆ Fraud Economy: How Current Economic Trends Lead to More Corporate Scams
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. There be icebergsOf course, there's also fraud that goes undetected in times of easy money — companies where the very act of existing means stretching the truth. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging.

☆ A Wharton business school professor is requiring his students to use ChatGPT
▼ + stars: | 2023-01-26 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

UPenn professor Ethan Mollick now requires his students to use ChatGPT in their studies, per NPR. While some schools banned ChatGPT, Mollick said that it can serve as a useful learning tool. Ethan Mollick, an entrepreneurship and innovation professor at the University of Pennsylvania's Wharton School, told NPR on Thursday that he now requires his students to use ChatGPT to help with their classwork. His new AI policy — which NPR reviewed — calls AI usage an "emerging skill." During class this week, nearly all of his students used ChatGPT to help generate project ideas for an assignment.

☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
▼ + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +30 min

JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.

☆ Wharton's Jeremy Siegel says the U.S. has 'really solved the inflation problem'
▼ + stars: | 2023-01-13 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

The Federal Reserve must understand inflation has been dealt with and stop raising interest rates, according to Jeremy Seigel, a closely followed finance professor at the University of Pennsylvania's Wharton School. Seigel said on CNBC's "Halftime Report" that the market has rallied so far this year because investors see signs that inflation is coming back down. He said Thursday's consumer price index report for December was a data point that could be taken, with some tweaks, to show inflation is a problem for the country that has been "solved." "The Fed is, at some time, going to be forced to realize that we've really solved the inflation problem," Seigel said on "Halftime Report." He called it a lagging data point, pointing to other data such as rental indexes that shows housing costs have actually come down .

☆ It is the time to stop raising rates, says Wharton's Jeremy Siegel
▼ + stars: | 2023-01-12 | 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 EmailIt is the time to stop raising rates, says Wharton's Jeremy SiegelJeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business, joins CNBC's 'Squawk Box'' to discuss deflation signals, the time to stop raising rates, and why the Fed should shift its focus away from wages and structural changes.

☆ Triller missed its target for going public again, as it waits for the SEC to OK its confidential filing
▼ + stars: | 2023-01-10 | by ( Dan Whateley | ) www.businessinsider.com time to read: +9 min

Triller is in a holding pattern on its path to becoming a public company. A spokesperson said that once its registration statement is declared effective, it will make the filing public for the required time ahead of its public listing. The long slog toward becoming a public company as lawsuits pile upTriller has been pursuing a public offering for over a year. In December 2021, Triller announced it instead planned to go public via a reverse merger with the video-tech company Seachange International. "After much deliberation, Triller has determined that the best course of action is a direct listing for Triller."

☆ Wages since the pandemic have not matched the increase in prices, says Jeremy Siegel
▼ + stars: | 2022-12-16 | 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 EmailWages since the pandemic have not matched the increase in prices, says Jeremy SiegelJeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business, joins 'Squawk on the Street' to discuss fears related to the Fed's monetary policy decisions, wages not matching inflation since the pandemic, and negative trends in the money supply as a deflation indicator.

☆ Watch CNBC's full interview with Wharton's Jeremy Siegel on the Fed
▼ + stars: | 2022-12-15 | 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 Wharton's Jeremy Siegel on the FedJeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business, joins CNBC's 'Squawk Box' to weigh in on the Federal Reserve's move to hike interest rates by 50 basis points.

☆ The Fed is tightening way too much, says Wharton's Jeremy Siegel
▼ + stars: | 2022-12-15 | 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 EmailThe Fed is tightening way too much, says Wharton's Jeremy SiegelJeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business, joins CNBC's 'Squawk Box' to weigh in on the Federal Reserve's move to hike interest rates by 50 basis points.

☆ Sam Bankman-Fried was the poster boy for 'effective altruism.' Now, its followers are heartbroken and critics are questioning its 'weird' funding setup.
▼ + stars: | 2022-12-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +8 min

Sam Bankman-Fried was a proponent of effective altruism: earning as much as possible to give your wealth away. He had a huge influence on the effective-altruism movement, which counts Silicon Valley tech workers and Oxford University academics among its fans. 'Devastated'Bankman-Fried was the main funder of Future Fund, a charitable project run by the FTX Foundation. "We joined the Future Fund to support incredible people and projects," they said, "and this outcome is heartbreaking to us." Science groups that had received money from the Future Fund told the magazine Science in mid-November that they were unsure of their funding's future.

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