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Tensions have boiled over around how colleges are responding to Hamas' terrorist attack on Israel. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementTensions are running high at America's elite colleges, as students, professors, and well-connected, wealthy alumni respond to Hamas' terrorist attack on Israel. At Harvard, the much-maligned student letter has been deleted, after several student groups retracted their support for it.
Persons: , Bill Ackman, Mark Rowan, Stanford, Larry Summers, Summers, Joe McCarthy, Jason Furman, Ackman, Israel, Alex Morey Organizations: Elite, Harvard, Yale, Penn, Service, Harvard Palestine Solidarity Groups, Cambridge, University of Pennsylvania, Apollo Global Management, Twitter, Indiana University, Columbia University, New York Police, . Police, Bloomberg, NYU, University of Arizona, Foundation, Rights Locations: Israel, Penn, Palestine, New York, Hamas, Gaza
Lloyd's, which carried out the research alongside the Cambridge Centre for Risk Studies, stressed that its "systemic risk scenario", which models the global economic impact of extreme weather, was hypothetical. But it said the work would improve business and policymaker understanding of their exposure to critical threats such as extreme weather. When adjusting the estimated $5 trillion in losses over a five-year period for the probability of those extreme weather events occurring, the expected global economic losses were $711 billion, Lloyd's said. Lloyd's modelled global economic losses of extreme weather events by estimating the impact of food and water shocks on global gross domestic product over a five-year period. The Caribbean region would lose 19% of its GDP over five years if the extreme weather events were concentrated there, Lloyd's estimated.
Persons: Umit, Lloyd's, Trevor Maynard, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: REUTERS, Cambridge Centre, Risk, Thomson Locations: Turkey's, Istanbul, Turkey, London, Greater China, Caribbean
The rampant spread is "a direct result of Musk's policies," a misinformation expert told Insider. "The fact that people with verified accounts can monetize their content means they have the wrong incentive," he said. "They're incentivized to spread content that's going to get engagement, clicks, and ultimately make them money. Even if you keep saying don't trust verified accounts, it's still difficult for people to navigate that landscape." Van der Linden said although misinformation was also present on Twitter before Musk's time, the platform used to have better resources to tackle it.
Persons: , Linda Yaccarino, Elon Musk, Musk, Sander van der Linden, Van der Linden, van der Linden, it's, Stanford, Alex Stamos, der Linden, They're Organizations: Service, Hamas, Cambridge Social, University of Cambridge, Twitter Locations: Gaza, Israel, Egypt
In 2017, I joined Facebook (now known as Meta) as a senior engineer and worked there for almost five years. My compensation at Meta rapidly increased to more than $800,000 a year. AdvertisementAdvertisementComing in as a senior engineer — a level E5 at Facebook — I felt pressure to become independent and start contributing quickly. I thought that asking for help would "out" me as someone who didn't deserve to be a senior engineer. This is a critical part of being a senior engineer and beyond (staff or principal engineer).
Persons: Rahul Pandey, Pandey, , Pinterest, Taro, Rahul, It'd, Rahul Pandey's, doesn't, stagnate Organizations: Meta, Service, Stanford, Facebook, Cambridge, Big Tech Locations: Silicon Valley, Meta
ARM is set to return to the public markets with a massive IPO on Thursday. The SoftBank-owned chip designer has built its success offering designs to smartphone makers. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The chip designer, which has been privately owned since being bought for $32 billion by Japanese conglomerate SoftBank in 2016, has priced its shares at $51 . However, a slowdown in the smartphone market, where growth has become increasingly stagnant in recent years, has led ARM to explore new growth opportunities.
Persons: Masayoshi Son Organizations: Service, ARM, NASDAQ, Apple, SEC, Nvidia Locations: Wall, Silicon, Cambridge
Palmer Luckey told Breaking Defense the ChatGPT hype is making politicians interested in AI weapons. While Luckey may be best known as the founder of Oculus, in 2017 he created a defense tech startup called Anduril Industries. In a recent interview with Breaking Defense, Luckey said "ChatGPT has probably been more helpful to Anduril with customers and politicians than any technology in the last 10 years." Luckey, who referred to Anduril as an "AI company," clarified to Breaking Defense that ChatGPT wasn't actually powering Anduril's products. It builds military technology including drones, surveillance towers, and underwater vehicles powered by its AI software system, Lattice.
Persons: Palmer Luckey, Luckey, he's, that's, Palmer, ChatGPT, you'll, futher, Anduril, Andreessen Horowitz, Lockheed Martin, Trump, we've Organizations: Breaking Defense, Capitol, Pentagon, Service, Anduril Industries, Defense, Blue Force Technologies, TechCrunch, Founders Fund, Boeing, Lockheed, Department of Defense, Department of Homeland Security, CNBC, Special, Command, US Customs, Protection, Jaan, Skype, Cambridge Centre, Life Locations: Wall, Silicon, Jaan Tallinn
LONDON, Sept 7 (Reuters) - Carlyle (CG.O) is weighing options for its UK video games maker Jagex, a business which could be valued as high as 1 billion pounds ($1.25 billion), two people familiar with the matter told Reuters. The sources cautioned a deal is not certain and subject to market conditions, asking not to be identified because the matter is confidential. Jagex, Morgan Stanley and Aream did not immediately return requests for comment. Carlyle, which has $376 billion under management, bought Jagex from the U.S. holding firm Macarthur Fortune Holding in January 2021 for a reported $530 million. It could fetch up to 15x EBITDA, or between 900 million pounds and 1 billion pounds, in the event of a sale, they added.
Persons: Carlyle, Morgan Stanley, Jagex, Aream, Amy, Jo Crowley, Sharon Singleton Organizations: Reuters, The U.S, Aream, Macarthur Fortune Holding, Financial Times, Thomson Locations: Cambridge
That could rise to $5.2 billion if the banks underwriting the IPO exercise an option to buy additional shares from SoftBank. In 2020, SoftBank tried to offload Arm to Nvidia for $40 billion, in what would have been the biggest chip deal of all time. The company’s return to the public market is being closely watched as it promises to be the biggest US IPO since 2021. Arm made nearly $2.7 billion in revenue in the fiscal year ended March, according to its prospectus. SoftBank will continue to own approximately 90% of Arm’s shares following the listing, according to the filing.
Persons: SoftBank, Japan’s SoftBank, It’s Organizations: London CNN, Big Tech, Nasdaq, Securities and Exchange Commission, Apple, Google, Nvidia, AMD, Samsung, Intel, Vision, Porsche Locations: British, SoftBank, Cambridge, Frankfurt
SoftBank’s reduced Arm price tag is still too high
  + stars: | 2023-09-05 | by ( Liam Proud | ) www.reuters.com   time to read: +7 min
The lesson for SoftBank and Arm is clear: chip investors are laser-focused on medium-term operating profit, not just revenue. Reuters GraphicsThere are three key moving parts to Arm’s valuation. Under SoftBank, Arm’s operating margin has dropped to around 25%, from roughly 40% in 2015 – a consequence of Son’s preference for heavy investments in research. If Arm nabbed the same multiple, its enterprise value would be $33 billion, using the above growth and operating margin. To mimic and sustain Nvidia-esque growth, Arm CEO Rene Haas would have to keep ramping up investments in engineers and sales teams, which would weigh on margins.
Persons: SoftBank, Masayoshi Son, Bernstein, they’ll, Rene Haas, SoftBank’s, it’s, George Hay, Katrina Hamlin, Oliver Taslic Organizations: Reuters, SoftBank, Nvidia, Cadence Design Systems, LSEG, Reuters Graphics, Apple, Devices, Vision Fund, Nasdaq, Thomson Locations: Cambridge, Saudi Arabia
One of the world’s oldest synagogues reopens in Egypt
  + stars: | 2023-09-04 | by ( Aimee Look | ) edition.cnn.com   time to read: +3 min
CNN —Egypt has reopened one of the world’s oldest synagogues and home to the most significant single trove of Jewish manuscripts. A copy of the "Torah scrolls" at the newly restored Ben Ezra Synagogue, Egypt's oldest Jewish temple, after decade-long restoration, in old Cairo, Egypt. It awarded Drops of Milk a grant in 2017 to fund their restoration efforts of the remaining synagogues in Egypt, including Ben Ezra, Bertini said. The Ark and "Menorah" at the newly restored Ben Ezra Synagogue, in old Cairo, Egypt. The "Bimah," also known in Arabic as al-minbar, is pictured at the newly restored Ben Ezra Synagogue, in old Cairo, Egypt.
Persons: Ben Ezra, Mostafa Madbouly, Abraham ibn Ezra, Moses Maimonides, Maimonides, Moses, Amr Abdallah Dalsh, Egypt’s MOTA, Louise Bertini, ARCE, Bertini, “ There’s, Abel Fattah al, Sisi, Khaled Fahmy Organizations: CNN, Ministry of Tourism and Antiquities, Cambridge University Library, Milk Association, American Research Centre, UNESCO, Heritage Locations: Egypt, Egypt's, Cairo
I have always enjoyed wearing vintage clothing and used to love going to flea markets, picking up items and saying: “My grandmother wore that,” or “My mother had those.” Then it happened: I picked up a dress and said, “I owned that!” When you get old enough to remember the first time around, can you still wear retro without looking dated? Loving resale is a good thing, no question, but it has also led to a situation where the whole meaning of “vintage” has become confused with “used clothes” and “retro” — which are, in fact, not actually synonyms. There is, as it turns out, no generally accepted definition of “vintage” — The Vou.com newsletter describes it as “any object representing a previous era or social period, at least 20 years old but not older than 100 years.” Vestiaire says that vintage is “15 years old or older.” Many other sites use the term simply to mean old — and by “old,” I mean last season. Let me tell you: “Vintage” does not mean last season. And that, in answer to your question, has absolutely no age limit.
Persons: , Z, ” Vestiaire Organizations: Cambridge Locations: Larchmont, N.Y
Newton-Rex joined WhatsApp four years ago, leaving her high-level position at London-based financial firm WorldRemit for the new gig. Newton-Rex said Zuckerberg has been "a big part of the team," adding that he regularly speaks with Will Cathcart, the current head of WhatsApp. What's up with WhatsApp's business? In June, Meta said the WhatsApp Business app had quadrupled in the past three years to 200 million monthly active users. The Pew Research Center has previously detailed that WhatsApp is the most popular messaging app used by Hispanic Americans.
Persons: Mark Zuckerberg, WhatsApp, it's, It's, sidelining WhatsApp, Rather, Zuckerberg, Jim Cramer, Alice Newton, Rex, Uber, Newton, WorldRemit, Will Cathcart, Nick Lane, Debra Aho Williamson, Williamson, Jan Koum, Brian Acton, Jan Koum David Ramos, Acton, Koum, Meta, Meta's, that's, Mobilesquared's Lane, Lane Organizations: Facebook, Meta, CNBC, Consumers, Netflix, Insider Intelligence, Getty, Reuters It's, Intelligence, Pew Research Center, Twitter, Cambridge, SMS Locations: WhatsApp, India, Brazil, London, Indonesia, Colombia, Singapore, Newton, U.S, Canada, Spain, Italy, Argentina, North
Facebook and Instagram parent company Meta on Tuesday said it had disrupted a disinformation campaign linked to Chinese law enforcement that the social media company described as the "largest known cross-platform covert influence operation in the world." Meta began looking for signs of a Chinese influence operation on its own platforms after reports in 2022 highlighted how a disinformation campaign linked to the Chinese government targeted a human rights nongovernmental organization. Meta researchers were able to link this latest disinformation network to a prior influence campaign in 2019, code named Spamouflage. Meta also identified and disrupted other operations and published a more detailed analysis of a Russian disinformation campaign it identified shortly after the beginning of the 2022 war in Ukraine. But this disinformation network, while prolific, was not effective, Meta cybersecurity executives said on a briefing call.
Persons: Meta, Ben Nimmo, CNBC's Eamon Javers Organizations: Meta, Facebook Locations: China, Xinjiang, Ukraine, Cambridge, Bangladesh, Brazil, Vietnam
That model is starting to show its weaknesses, however, as it's created a lopsided economy with too much supply and soft demand. "Stimulus functions on the supply side, and on the demand side you need structural reforms. Everything appears to be boiling over all at once, but China's problems have been years in the making. Confidence crisisThese issues have manifested most clearly in the real estate market, which now faces a glut of inventory thanks to years of overbuilding. "There could be a real rapid decline in real estate prices that would hurt a lot of people's livelihoods."
Persons: it's, William Hurst, hasn't, Hurst, that's, Alfredo Montufar Organizations: Service, University of Cambridge, New York Times, Conference Board, Garden Holdings, Conference Board's China Center Locations: China, Wall, Silicon, Beijing, Cambridge
Since I don't have rich parents or many connections, I could not see myself going to Harvard. While they worked hard to support our household, they knew little about the application process, and we had no affiliation with Harvard University. They have always been incredibly supportive of my education, but I simply come from a different financial background and lived experience than the stereotypical Harvard student. For the first time, I felt like I could be a Harvard student. My stellar financial package covered my tuition and expenses.
Persons: Harvard wasn't Organizations: Harvard, Service, MIT, Boston University, Cambridge, Admissions, Harvard College Class, Harvard University Locations: Wall, Silicon, Boston, Illinois
Jaan Tallinn helped build Skype and is the founder of the Future of Life Institute. He recently warned of the risks of an AI arms race, describing theoretical anonymous "slaughterbots." As AI technology develops, Tallinn is especially afraid of the implications that military use might have for the future of AI. When contacted by Insider, the Future of Life Institute told Insider it agreed with Tallinn's remarks on his fears of weaponized AI. Now AI researchers, tech moguls, celebrities, and regular people alike are worried.
Persons: Jaan, Al Jazeera, Tallinn's, Elon Musk, Christopher Nolan, Steve Wozniak, Emad Mostaque, Musk, Insider's Kali Hays, Organizations: Skype, Life Institute, Jaan, Al, Cambridge Centre, Elon, Apple Locations: Jaan Tallinn, Estonian, Tallinn
Arm IPO depends on more than Big Tech support
  + stars: | 2023-08-14 | by ( Karen Kwok | ) www.reuters.com   time to read: +4 min
REUTERS/Dado Ruvic/IllustrationLONDON, Aug 14 (Reuters Breakingviews) - Arm is phoning Big Tech friends for help with its initial public offering. Backing from some of the world’s largest technology companies would also provide a useful marketing boost. Investments from big tech companies risk scrutiny from antitrust regulators, who previously blocked chip specialist Nvidia from buying Arm. Reuters Graphics Reuters GraphicsArm and its owner, Japan’s SoftBank Group (9984.T), will therefore need to win over big institutional investors. That’s well below the $60 billion to $70 billion that Bloomberg recently reported Arm is aiming for.
Persons: Dado Ruvic, Rene Haas, Taiwan’s TSMC, Japan’s, Bernstein, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Big Tech, Nvidia, Apple, Google, Microsoft, Investments, U.S . Federal Trade Commission, Reuters Graphics, Cadence Design Systems, Bloomberg, Reuters Graphics Reuters, Intel, Samsung Electronics, Japan’s SoftBank, Nasdaq, Thomson Locations: U.S, ASML, Cambridge
The Cambridge, Massachusetts-based company forecasts revenue to be between $937 million and $952 million for the quarter ending Sept. 30, compared with analysts' average estimate of $931 million, according to Refinitiv data. The company expects adjusted profit per share for the third quarter to be between $1.48 and $1.52, while analysts estimated $1.41. Akamai also raised its full-year revenue forecast to between $3.77 billion and $3.80 billion, compared with its prior projection of $3.74 billion to $3.79 billion. Security and compute revenue, which formed 59% of the company's total revenue in the quarter, grew 14% over the year earlier, the company said. Excluding items, the company's profit per share was $1.49, compared with analysts' expectations of $1.41.
Persons: Akamai, Rishi Jaluria, Jaluria, Zaheer Kachwala, Jaspreet Singh, Shilpi Majumdar Organizations: Akamai Technologies, Wall, RBC Capital Markets, U.S . Department of Labor, Census Bureau, Department of Defense, eBay, Electronic Arts, Thomson Locations: Cambridge , Massachusetts, Bengaluru
The strange, improbable rise of Mark Zuckerberg 3.0
  + stars: | 2023-07-30 | by ( Kali Hays | ) www.businessinsider.com   time to read: +27 min
In early July, Mark Zuckerberg unveiled the latest and perhaps most consequential product in Meta's history: a new model of Mark Zuckerberg. Silicon Valley Zuck was a husband and father with a legacy to build and protect at all costs. Silicon Valley Zuck was suddenly faced with something he'd never dealt with before, shrinking revenue. Still clinging to his persona as Silicon Valley Zuck, Zuckerberg engaged in an all-out media blitz to hawk his vision for the metaverse. They were the sort of people Harvard Zuck would have scoffed at and Silicon Valley Zuck would have gently ignored.
Persons: Mark Zuckerberg, Elon Musk, Joe Rogan, Zuckerberg, Clark Kent, TikTok, Sheryl Sandberg, Mike Schroepfer, Wall, McKinsey Zuck, Rogan, Meta, Harvard Zuck, , Priscilla Chan, Ray's, pullover, Harvard Zuck —, Dianna, Mick, McDougall, Paul Sakuma, Zuckerberg's, Apple, Facebook, he'd, That's, Frances Haugen, Chris Cox, Zuck, Zach Gibson, Meta's, Sandberg, Marne Levine, who'd, Javier Olivan, he's, bode, Bain, Maher Saba, Lori Goler, He's, He'd, Katie Harbath, it's, Andrew Bosworth, Bosworth, Mark Zuckerberg McKinsey Zuck, Mark Shmulik, Bernstein, Augustus, Julius Caesar, Kali Hays Organizations: Meta, Menlo, Harvard, Apple, McKinsey, Business, Facebook, Cambridge, Capitol, Labs, Menlo Park, Q, Bain & Company, Reality Labs, Wall, Mark Zuckerberg McKinsey, Phillips Exeter Academy, Tech, Twitter Locations: California, Hawaii, United States, Davos, Silicon, contrition, Meta, verbiage, Harvard, Rome
Facebook users have less than one month left to apply for their share of a $725 million settlement over the social network's privacy violations, part of the lengthy fallout from the Cambridge Analytica scandal that rocked the U.S. electoral process and Silicon Valley. In all, the Cambridge Analytica scandal cost Meta, Facebook's parent company, nearly $5.9 billion. Beyond the $725 million settlement, the company paid a record $5 billion settlement to the Federal Trade Commission, alongside a further $100 million to the Securities and Exchange Commission. In some ways, it's a much different company than it was during the Cambridge Analytica scandal. The $725 million settlement was not an admission of wrongdoing.
Persons: Mark Zuckerberg, Keller Rohrback, Donald Trump's, Facebookuserprivacysettlement.com, It's, We're, Zuckerberg Organizations: . House Financial, Capitol, Facebook, Cambridge, U.S, Federal Trade Commission, Securities and Exchange Commission, People, Twitter Locations: Washington, Silicon Valley, Cambridge, U.S
The department's Office for Civil Rights opened the probe following a complaint filed earlier this month by three civil rights groups, who argued that Harvard's preference for "legacy" undergraduate applicants overwhelmingly benefits white students, in violation of a federal civil rights law. Those statistics were calculated from Harvard admissions data that became public as a result of the case that the Supreme Court decided in June. The Education Department through a spokesperson confirmed it had an open investigation under Title VI of the Civil Rights Act of 1964, which bars race discrimination for programs receiving federal funds. "Simply put, Harvard is on the wrong side of history," said Oren Sellstrom, the litigation director of Lawyers for Civil Rights, the Boston-based group representing the civil rights groups who prompted the Education Department investigation. Sellstrom spoke at a Tuesday press conference regarding the federal probe, along with representatives for two of the Boston-area civil rights groups represented in the complaint.
Persons: Nicole Rura, Oren Sellstrom, Sellstrom, Zaida Ismatul Oliva, Edward Blum, Julia Harte, Nick Macfie, Daniel Wallis Organizations: U.S . Department of Education, Harvard, Civil Rights, Harvard College, University of North, Harvard University, Supreme, Education Department, Ivy League, Department, Civil, Wesleyan University, University of Minnesota's, University of Minnesota's Twin Cities, Fair Admissions, NAACP, Mexican American Legal Defense, Thomson Locations: University of North Carolina, Cambridge , Massachusetts, University of Minnesota's Twin, Boston
Mark Zuckerberg shared a family photo with his daughters' faces hidden by emojis. Meta CEO Mark Zuckerberg provoked accusations of hypocrisy from users on his platforms by censoring his childrens' faces in a family photo. It is a common practice among parents to obscure the faces of their children in social media posts for privacy reasons. On Instagram, one user got 2,800 likes commenting under Zuckerberg's post: "Even Zuck doesn't trust his platforms to put his kids faces up." Much of the ire focused on accusing Zuckerberg of hypocrisy, since Meta has been embroiled in controversies relating to its users' data.
Persons: Mark Zuckerberg, Zuckerberg, Priscilla Chan, Maxima, August Chan Zuckerberg, Aurelia —, Meta Organizations: Morning, Facebook, Meta, Cambridge, European Union Locations: America
Hong Kong CNN —US drugmaker Moderna has signed a deal to make mRNA medicines in China as part of its first major investment in the country, despite escalating trade and political tension between Washington and Beijing. The company currently only markets its mRNA vaccines for Covid-19, but has a number of vaccines and therapeutics in its pipeline. Those focus on addressing infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases and autoimmune diseases, according to the company. Moderna’s Covid-19 vaccine, which received emergency authorization from US regulators in 2020 and full approval in 2022, has not been approved in China. For most of the pandemic, China relied on more traditional platforms for its homegrown Covid-19 vaccines.
Persons: Yicai, Janet Yellen, Biden, Moderna’s, Johnson Organizations: Hong Kong CNN, CNN, Xinhua, CSPC Pharmaceutical Group, Pfizer Locations: Hong Kong, China, Washington, Beijing, The Cambridge , Massachusetts, Shanghai’s Minhang, Shijiazhuang
Electric vehicles — Electric vehicle makers such as Rivian Automotive surged following Tesla's better-than-expected second-quarter production and delivery numbers. The Chinese electric vehicle maker returned to growth for car deliveries. Tesla — Shares of the the Elon Musk-led electric vehicle company jumped 6% after delivery and production numbers beat analysts' expectations. Chinese internet stocks — China-based technology names rose on Monday. Solar stocks — Solar stocks SolarEdge Technologies and Enphase Energy rose more than 2% and 1%, respectively, on Monday.
Persons: Rivian, XPeng, Tesla, JD.com, Apple —, drugmaker, — CNBC's Michelle Fox, Yun Li Organizations: of Manhattan, Rivian Automotive, Lucid Group, Elon, CSI China, SolarEdge Technologies, Enphase Energy, Semiconductors —, Marvell Technology, Micron Technology, Apple, Apple — Apple, Financial, AstraZeneca —, Cambridge, AstraZeneca Locations: Meatpacking, New York City, U.S, China, England
She was ceremoniously laid to rest with a gold and garnet-encrusted cross, and her burial site was uncovered more than a decade ago. The remains of the teen, who died around the age of 16, according to researchers, presented striking questions: Where did she come from? The Trumpington Cross was found during an excavation of the grave in 2012. And her ornately decorated cross, often referred to as the Trumpington Cross, indicates she was likely an aristocrat, if not royalty, and one of the era’s earliest Christian converts. The Trumpington Cross that was found at the burial site, believed to have been unearthed for the first time since the seventh century.
Persons: , you’ve, , Sam Leggett, Leggett, ” Leggett, University of Cambridge Leggett, bioarchaeologists, Hew Morrison, Morrison, ” Morrison, It’s, Sam Lucy, ” Lucy, she’s, Organizations: CNN, University of Edinburgh, University of Cambridge, Christian Church, University of Cambridge’s Museum of Archaeology Locations: Great Britain, Cambridge, Trumpington, Scotland, England, Germany, what’s, United Kingdom, Cambridge Region,
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