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☆ We're on track for a soft economic landing, but it still feels like the economy stinks
▼ + stars: | 2024-06-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at why the US economy is on track (again) for a soft economic landing . The big storyAnother economic turnaroundGetty Images; Chelsea Jia Feng/BIIt took longer than expected, but the US economy is finally on track for a soft landing. After a scary few months of economic data that had investors fearing a recession and stagflation, the tides have turned again. AdvertisementRecent data showing inflation and the labor market cooling have given hope that a soft landing is in the cards — and may even be underway — for the US economy, writes Business Insider's Madison Hoff. AdvertisementThe US economy is about to make a soft landing — a situation in which inflation cools without causing a recession or sudden spike in unemployment.

Persons: —, Chelsea Jia Feng, Insider's Madison Hoff, Arantza Pena Popo, bummed, it's, aren't, Johannes Eisele, Monica Schipper, Nordin Catic, Tyler Le Tim Cook, Cook, Jack Dorsey, Dorsey, Abanti Chowdhury, Sam Altman's, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, George Glover, Annie Smith Organizations: Service, shoplifters, Business, Fed, Johannes, Getty, OpenAI, Apple, BI, Street Journal, Comcast, New York Stock Exchange Locations: AFP, New York, London

☆ I dropped out of Stanford to build an AI assistant. Generative AI helps my new company compete with the major players.
▼ + stars: | 2024-06-06 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Read previewThis is an as-told-to conversation with Molly Cantillon, a Stanford dropout and founder of NOX, a personalized AI assistant. NOX, the personal AI assistant I built, was created to fill that void. I'm building NOX to help people like me stay saneI initially built NOX as a hardware solution in June 2023. In some sense, I'm building NOX to help people like me stay sane. Some might say we're a group of college dropout nobodies gunning after a crown jewel: A personalized AI assistant.

Persons: —, Molly Cantillon, hadn't, It'll, Reilly Opelka, Aayush, nobodies gunning, It's, We're Organizations: Service, Stanford, Business, Tennis Locations: Palo Alto, heynox.com

☆ Silicon Valley's battle over AI risks is escalating fast
▼ + stars: | 2024-06-05 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

Read previewThere's a battle in Silicon Valley over AI risks and safety — and it's escalating fast. This story is available exclusively to Business Insider subscribers. Right to WarnWhile the concerns around AI safety are nothing new, they're increasingly being amplified by those within AI companies. OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours. A spokesperson previously reiterated the company's commitment to safety, highlighting an "anonymous integrity hotline" for employees to voice their concerns and the company's safety and security committee.

Persons: —, OpenAI, Bengio, Geoffrey Hinton, Stuart Russell, Jacob Hilton, Hilton, Sam Altman, Helen Toner, Altman, Russell, Daniel Kokotajlo, Kokotajlo Organizations: Service, Google, Business Locations: Silicon Valley, OpenAI

☆ Gen Z Anthropic worker fears AI may replace her job within 3 years
▼ + stars: | 2024-06-05 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Anthropic's chief of staff fears AI could soon end traditional employment. Avital Balwit wrote a personal essay highlighting AI's potential impact on the workforce. She believes the rise of AI technology will replace many human job functions. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "I stand at the edge of a technological development that seems likely, should it arrive, to end employment as I know it."

Persons: Avital Balwit, —, she's prepping Organizations: Service, Palladium, Business

☆ 'Optimistic' about embracing AI's possibilities in banking, Starling CEO says
▼ + stars: | 2024-06-05 | 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 Email'Optimistic' about embracing AI's possibilities in banking, Starling CEO saysRaman Bhatia, CEO of Starling Bank, discusses the use of artificial intelligence in the banking sector. Footage courtesy of Money20/20.

Persons: Starling, Raman Bhatia Organizations: Starling Bank

☆ Qualcomm-backed firm launches latest AI chips — posing a challenge to giants like Nvidia
▼ + stars: | 2024-06-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

However, many of the companies wishing to use generative AI functions and apps today rely on giants like Microsoft and Amazon through their cloud businesses. These so-called "hyperscalers" are buying huge amounts of chips from companies like Nvidia to train up these massive AI models in data centers running complex servers. Kneron is betting that businesses will not always want to rely on these cloud giants for their AI needs. Kneron's launch comes just days after both Nvidia and AMD launched their latest AI chips, with both appearing to ramp up the pace of launches. The products from Nvidia and AMD are aimed at huge data centers from tech giants that can train up massive AI models.

Persons: Albert Liu, Liu, Kneron Organizations: Qualcomm, Nvidia, AMD, Microsoft, CNBC, Intel Locations: U.S

☆ The super-rich are moving cash to one city, wealth manager says, revealing how they're investing
▼ + stars: | 2024-06-05 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

"A lot of wealth, especially from ultra-high-net-worth individuals, is moving to Dubai," Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East, told CNBC Pro on May 31. Sengupta — whose firm serves ultra-high-net-worth and high-net-worth individuals across Asia, the Middle East and Europe — said he regularly receives inquiries from individuals about investing in Dubai. The consultancy firm, which tracks private wealth and global investment migration trends, ranked it as the 21st wealthiest city in the world. "In fact, the super-wealthy do a lot of diversification and invest in different geographies and assets using Dubai as a gateway." Portfolio allocation Sengupta also revealed how individuals with around $10 million to invest typically allocate funds: $3 million (30%) in wealth accumulation.

Persons: Dhruba Jyoti Sengupta, Sengupta —, Europe —, Sengupta Organizations: Wrise, CNBC Pro, United Arab, Henley & Partners, Citibank Locations: India, South Korea, Dubai, Asia, East, Europe, Indonesia, United Arab Emirates, Africa

☆ Dubai Mall, one of the world's largest, is getting even bigger with a $400 million expansion
▼ + stars: | 2024-06-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

A view of the street near the Dubai Mall in Dubai, United Arab Emirates on November 29, 2023. DUBAI, United Arab Emirates — The Dubai Mall, one of the largest malls in the world, is set to get even bigger with a planned expansion that will cost an estimated 1.5 billion dirhams ($408 million). Spanning 12 million square feet of floor space, the mall is also connected to the Burj Khalifa, the world's tallest skyscraper. The mall's developer, Emaar Properties this week announced the building's expansion plan, which will add 240 new luxury stores and food and drink venues. "The new Dubai Mall expansion is a great addition to one of the most visited sites in the world," Mohamed Alabbar, Emaar founder, said in a statement.

Persons: Mohamed Alabbar Organizations: United Arab Emirates, SEGA Locations: Dubai, United Arab, DUBAI, Burj, UAE, Ukraine

☆ Elon Musk may build a multibillion-dollar supercomputer in Memphis, Tennessee
▼ + stars: | 2024-06-05 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

Elon Musk's xAI may build the world's largest supercomputer in Memphis, pending approval. The Musk-founded AI business is working with Memphis to make the Tennessee city the lead location of the world's largest supercomputer, referred to as the Gigafactory of Compute, according to a statement from the Greater Memphis Chamber on Wednesday. The multibillion-dollar supercomputer would reportedly be powered by Nvidia's H100 GPUs, some of the most sought-after chips that power AI. The project could create hundreds of jobs, according to a report from the Memphis Business Journal. This story is available exclusively to Business Insider subscribers.

Persons: Elon Musk's, Musk, —, Elon Organizations: Service, xAI's, Greater, Greater Memphis Chamber, Memphis Business, Business Locations: Memphis, Tennessee, Greater Memphis

☆ OpenAI is facing controversy. Again.
▼ + stars: | 2024-06-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at the latest controversy to embroil OpenAI amid a difficult few months for the startup . Their takeaway was simple: OpenAI wants to have it both ways regarding how it's perceived about safety and commercialization. It's structured as a "capped-profit" company governed by a nonprofit, and Altman doesn't hold equity directly in OpenAI. The result, the VC told me, is people feel OpenAI is talking out of both sides of its mouth. It doesn't help that some OpenAI employees joined when that split was closer to 80/20 and favored safety over business, they added.

Persons: —, we've, OpenAI Justin Sullivan, Chelsea Jia Feng, Anthropic signees, Scarlett Johansson, Elon, Madeline Berg, Sam Altman, Altman, Justin Sullivan, OpenAI, It's, Patrick McMullan, Jenny Chang, Rodriguez, Izzy Englander's, Griffin's, Marko Kolanovic, ANDREW CABALLERO, REYNOLDS, youngs, Mark Zuckerberg, Elon Musk, Keith Enright, Alyssa Powell, They've, Shopify, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, George Glover, Annie Smith Organizations: Service, Business, Google, Millennium Management, Getty Images, Facebook, CNBC, BI, SpaceX Locations: OpenAI, Patrick, It's, Tesla, New York, London

☆ Sam Altman's OpenAI is paying publishers big money for content. That could be a lifeline — or blow up in their faces.
▼ + stars: | 2024-06-05 | by ( Peter Kafka | ) www.businessinsider.com time to read: +8 min

You've heard this one before: A big tech company is offering a lifeline to distressed media companies. That's the argument against a slew of deals publishers have been making with Sam Altman's OpenAI over the past few months. But the OpenAI deals, the publishers emphasize, are straightforward licensing deals for stuff they're already making. AdvertisementWhich means — they say — at the end of these deals, publishers won't have to regret investing in another defunct Big Tech project. But the thing I'm most worried about as someone who makes words for a living isn't a replay of the old Facebook/Apple/Google deals publishers now regret.

Persons: You've, It's, Sam Altman's OpenAI, Axel Springer, Rupert, Barry Diller's Dotdash Meredith, Laurene Powell, haven't, OpenAI, it's, Jessica Lessin, Lucy, Charlie Brown, —, Let's, Bob Iger, ChatGPT, that's Organizations: Service, Vox Media, Rupert Murdoch's News Corp, Laurene Powell Jobs, Atlantic Media, Apple, Google, Facebook, The New York Times, Big Tech, New York Times, Microsoft, Netflix, ABC, Disney

☆ Nvidia hits $3 trillion market cap on back of AI boom
▼ + stars: | 2024-06-05 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Nvidia also passed Apple to become the second-largest public company behind Microsoft. Apple was the first U.S. company to reach a $3 trillion market cap during intraday trading in January 2022. Nvidia, which was founded in 1993, passed the $2 trillion valuation in February, and it only took roughly three months from there for it to pass $3 trillion. In May, Nvidia reported first-quarter earnings that showed demand for the company's pricey and powerful graphics processing units, or GPUs, showed no sign of a slowdown. Nvidia reported overall sales of $26 billion, more than triple what it generated a year ago.

Organizations: Nvidia, Apple, Microsoft, Google, Meta Locations: U.S

☆ Virtu Financial CEO on retail trading, future of AI and more
▼ + stars: | 2024-06-05 | 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 EmailVirtu Financial CEO on retail trading, future of AI and moreVirtu Financial CEO Doug Cifu and CNBC's Bob Pisani join 'ETF Edge' from the Piper Sandler Global Exchange Conference to discuss the volatility in the market, retail trading volumes, and AI's impact on trading.

Persons: Doug Cifu, Bob Pisani, Piper Sandler Organizations: Virtu, Piper Sandler Global Exchange Conference

☆ Ex-OpenAI employee speaks out about why he was fired: 'I ruffled some feathers'
▼ + stars: | 2024-06-05 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Read previewA former OpenAI researcher opened up about how he "ruffled some feathers" by writing and sharing some documents related to safety at the company, and was eventually fired. Leopold Aschenbrenner, who graduated from Columbia University at 19, according to his LinkedIn, worked on OpenAI's superalignment team before he was reportedly "fired for leaking" in April. The AI researcher previously shared the memo with others at OpenAI, "who mostly said it was helpful," he added. Related storiesHR later gave him a warning about the memo, Aschenbrenner said, telling him that it was "racist" and "unconstructive" to worry about China Communist Party espionage. He said he wrote the document a couple of months after the superalignment team was announced, which referenced a four-year planning horizon.

Persons: —, Leopold Aschenbrenner, OpenAI's, podcaster Dwarkesh Patel, Aschenbrenner, OpenAI, Sam, Sam Altman Organizations: Service, Columbia University, Business, China Communist Party Locations: OpenAI

☆ Meta's AI chatbot says it was trained on millions of YouTube videos. Meta didn't deny it but said the bot could be inaccurate.
▼ + stars: | 2024-06-04 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Read previewThe Meta AI chatbot is more willing to share what data it was trained on than Meta is. It expanded Meta AI in April as a chat and image generator function across all its apps, including Instagram and WhatsApp. Meta AI told Business Insider that it was trained on large datasets of transcriptions from YouTube videos. Meta AI initially said its training data included a third-party dataset of 3.7 million transcribed YouTube videos. In responding to further queries about its YouTube training data, Meta AI said its training data included another, larger dataset of transcriptions from 6 million YouTube videos also compiled by a third party.

Persons: —, hasn't, Meta, OpenAI, Meta AI's, We'll, Meta's chatbot, Google's GoogleBot, Kali Hays Organizations: Service, Meta, Facebook, Business, TED, YouTube, NBC News, CNN, Financial Times, US Locations: khays@businessinsider.com

☆ Rep. Cathy McMorris Rodgers talks AI's energy needs
▼ + stars: | 2024-06-04 | 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 EmailRep. Cathy McMorris Rodgers talks AI's energy needsHosted 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: Cathy McMorris Rodgers, Brian Sullivan, “ Organizations: CNBC

☆ It's all unraveling at OpenAI (again)
▼ + stars: | 2024-06-04 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

In a statement to Business Insider, an OpenAI spokesperson reiterated the company's commitment to safety, highlighting an "anonymous integrity hotline" for employees to voice their concerns and the company's safety and security committee. Safety second (or third)A common theme of the complaints is that, at OpenAI, safety isn't first — growth and profits are. (In a responding op-ed, current OpenAI board members Bret Taylor and Larry Summers defended Altman and the company's safety standards.) "I have been disagreeing with OpenAI leadership about the company's core priorities for quite some time, until we finally reached a breaking point." (Altman and OpenAI said he recused himself from these deals.)

Persons: —, Sam Altman, Daniel Kokotajlo, OpenAI, Altman, Helen Toner, Tasha McCauley, Toner, McCauley, Bret Taylor, Larry Summers, Kokotajlo, Jan Leike, Ilya Sutskever, Leike, Stuart Russell, NDAs, Scarlett Johansson, lawyered, Johansson, " Johansson, I've, Sam Altman — Organizations: Service, New York Times, Business, Times, Twitter, Microsoft, The New York Times, BI, Street, OpenAI, OpenAI's, Apple Locations: OpenAI, Russian, Reddit

☆ OpenAI employees are demanding change. Here are the 4 things they want.
▼ + stars: | 2024-06-04 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Current and former employees at top AI companies are speaking out about the risks of AI. At least nine OpenAI insiders signed a letter calling for more protection for whistleblowers. AdvertisementA group of nine current and former OpenAI employees signed a letter calling out tech firms over major concerns about the risks of artificial intelligence. In their letter, the tech workers called for more transparency in AI companies and better protections for whistleblowers who raise concerns about AI's power. "We are current and former employees at frontier AI companies, and we believe in the potential of AI technology to deliver unprecedented benefits to humanity," the letter said.

Persons: — Organizations: Service, Business

☆ Elon Musk ordered Nvidia to ship thousands of AI chips reserved for Tesla to X and xAI
▼ + stars: | 2024-06-04 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +12 min

Correspondence from Nvidia staffers also indicates that Musk diverted a sizable shipment of AI processors that had been reserved for Tesla to his social media company X, formerly known as Twitter. "Elon prioritizing X H100 GPU cluster deployment at X versus Tesla by redirecting 12k of shipped H100 GPUs originally slated for Tesla to X instead," an Nvidia memo from December said. In a post on X in November, Musk wrote, "X Corp investors will own 25% of xAI." At Tesla, Musk has promised to build a $500 million "Dojo" supercomputer in Buffalo, New York, and a "super dense, water-cooled supercomputer cluster" at the company's factory in Austin, Texas. WATCH: Musk ordered Nvidia to ship thousands of AI chips to X

Persons: Elon Musk, David Swanson, Reuters Elon Musk, he's, Tesla's, Musk, Tesla, Elon, Critics, OpenAI's ChatGPT, Axios Harris, Jensen Huang, Huang, David Paul Morris, xAI's Grok, xAI, he'd, He's, Leo Koguan, Gerber Kawasaki's Ross Gerber, Joel Fleming, Fleming, hasn't, Ethan Knight Organizations: SpaceX, Tesla, Reuters, Nvidia, Tesla's Texas, CNBC, X Corp, EV, Google, Meta, Microsoft, Blackwell, Nvidia Corp, Technology, Bloomberg, Getty, Twitter, Equity Litigation Locations: Beverly Hills , California, Tesla's, U.S, San Jose , California, Buffalo , New York, Austin , Texas, North Dakota, Delaware, Tesla, xAI, SolarCity, Texas, New York

☆ Current and former OpenAI employees warn of AI's 'serious risks' and lack of oversight
▼ + stars: | 2024-06-04 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

A group of current and former OpenAI employees published an open letter Tuesday describing concerns about the artificial intelligence industry's rapid advancement despite a lack of oversight and an absence of whistleblower protections for those who wish to speak up. "AI companies have strong financial incentives to avoid effective oversight, and we do not believe bespoke structures of corporate governance are sufficient to change this," the employees wrote. The letter also details the current and former employees' concerns about insufficient whistleblower protections for the AI industry, saying that without effective government oversight, employees are in a relatively unique position to hold companies accountable. "Ordinary whistleblower protections are insufficient because they focus on illegal activity, whereas many of the risks we are concerned about are not yet regulated." Four anonymous OpenAI employees and seven former ones, including Daniel Kokotajlo, Jacob Hilton, William Saunders, Carroll Wainwright and Daniel Ziegler, signed the letter.

Persons: OpenAI, they've, Daniel Kokotajlo, Jacob Hilton, William Saunders, Carroll Wainwright, Daniel Ziegler, Ramana Kumar, Neel Nanda, Geoffrey Hinton, Yoshua Bengio, Stuart Russell Organizations: Google, Microsoft, Meta, CNBC, Security Locations: Anthropic

☆ Microsoft confirms layoffs in mixed reality but will keep selling HoloLens 2 headsets
▼ + stars: | 2024-06-03 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft will lay off some employees who work on mixed reality, a spokesperson told CNBC on Monday. Although the cuts will affect the department that contributes to the HoloLens 2 augmented reality headset, Microsoft plans to continue selling the device. "Earlier today we announced a restructuring of the Microsoft's Mixed Reality organization," the spokesperson said in an email. In addition, we will continue to invest in W365 to reach the broader Mixed Reality hardware ecosystem. In December, Microsoft further reduced investment in augmented reality and virtual reality, which blocks out the surrounding world, when it deprecated Windows Mixed Reality, which included tools for running applications in head-mounted displays.

Persons: Satya Nadella, Apple Organizations: Microsoft, CNBC, Department, U.S . Defense Department, Bloomberg, Nvidia, Vision, Microsoft Ignite, Meta Locations: Redmond , Washington, Seattle

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ Here's everything you need to know about Big Tech's AI models and tools but were too afraid to ask
▼ + stars: | 2024-06-02 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +8 min

The in-house AI model called MAI-1 is said to be trained using a public dataset and text from ChatGPT, a source told The Information. AdvertisementThe company has a text-to-image generator called Microsoft Designer, which launched last year after being tested in December 2022. MetaMeta has an AI assistant called Meta AI. NurPhoto/Getty ImagesMeta has an AI assistant called Meta AI, which is run on its open-source LLM, Llama. It also has an AI image generator called Imagine, which launched in December and was trained on public Facebook and Instagram photos.

Persons: —, Microsft, OpenAI, it's, Mustafa Suleyman, Shane Jones, VASA, Satya Nadella, OpenAI OpenAI, Sundar Pichai, OpenAI might've, Scarlett Johansson, OpenAI's chatbot, Sam Altman, Meta Meta Organizations: Service, Microsoft, Google, Apple, Business, Microsoft Microsoft, Microsft Microsoft, Federal Trade Commission, MAI, Lumiere Meta, Google Google, Meta, Facebook, Titan, Anadolu Amazon's, Olympus, Web Services, Amazon Locations: ChatGPT, Anthropic

☆ Tribeca Festival will feature 5 films created using OpenAI's Sora
▼ + stars: | 2024-06-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Tribeca Festival will feature five short films made with OpenAI's Sora on June 15. Filmmakers received early access to Sora and created the films in just weeks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGenerative AI is making its debut at the Tribeca Festival, a 20-year-old New York film festival founded by actor Robert de Niro. In collaboration with OpenAI, the Tribeca Festival is set to premiere five short films created using artificial intelligence on June 15.

Persons: OpenAI's Sora, Creatives, —, Robert de Niro, OpenAI Organizations: Tribeca, Filmmakers, Service, Business Locations: York

☆ AI could help predict the financial earnings of companies as large as Apple, researchers say
▼ + stars: | 2024-06-02 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

Read previewA study found that OpenAI's GPT-4 could perform financial statement analysis and, in some cases, predict a company's future performance better than a human analyst. The analysis didn't include text typically accompanied in quarterly earnings reports, such as the Management Discussion and Analysis (MD&A) section, the study said. AdvertisementWith the data, Muhn told Business Insider that he and his colleagues could grade how financial analysts performed in their forecasts. For example, the study found that analysts achieved a 53% accuracy in one-month forecasts of the direction of future earnings. So, the multibillion-dollar question: Can LLMs replace human financial analysts?

Persons: —, Alex Kim, Maximilian Muhn, Valeri Nikolaev —, Muhn, GPT, Kim Organizations: Service, University of Chicago Booth School, Business, Apple, BI

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