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☆ Virginia plane crash: Hypoxia being investigated as potential factor in deadly plane crash, source says
  + stars: | 2023-06-06 | by ( Pete Muntean Elizabeth Wolfe | Pete Muntean | Elizabeth Wolfe | ) edition.cnn.com   time to read: +9 min
CNN —The recovery of wreckage from a private plane that crashed Sunday in Virginia, killing all four people onboard, after its pilot became unresponsive is expected to begin Tuesday. The unresponsive aircraft prompted the deployment of six fighter jets as it flew near Washington, DC, officials said. Six F-16s were launched from three bases and raced to intercept the private plane, White House National Security Council Coordinator for Strategic Communications John Kirby said Monday. Investigators are now examining the private plane’s autopilot function in the Virginia crash, a source familiar with the investigation said. Correction: An earlier version of this story gave the wrong source for information about the course taken by the private plane.
Persons: there’s, ” Adam Gerhardt, Gerhardt, John Rumpel, Barbara, Adina Azarian, Aria Azarian, Adina Azarian's, Facebook Rumpel, Rumpel, Jeff Hefner, Strategic Communications John Kirby, Randall K, Payne Stewart, Stewart, ”, Keller Williams, Lakhinder, Azarian, ” “ Adina, ” Keller Williams, Dan Newlin Hefner, Hefner, “, Dan Newlin, ” Hefner, Newlin Organizations: CNN, National Transportation Safety, Cessna, NTSB, Encore Motors, Washington Post, FAA, MacArthur, NORAD, National Security, Strategic Communications, Authorities, Washington, Southwest Airlines, Network, Continental, American Aerospace Defense Command, US Capitol Police Locations: Virginia, Washington, DC, Waynesboro , Virginia, Delaware, East Hampton , New York, Tennessee, Elizabethton , Tennessee, Aberdeen , South Dakota, Florida, Texas, NYC, ” Keller Williams ’, York, Continental US
☆ Meta and Broadcom are among the most overbought stocks on Wall Street
  + stars: | 2023-06-04 | by ( Brian Evans | ) www.cnbc.com   time to read: +2 min
To that end, CNBC Pro used data from FactSet to identify the most overbought and oversold stocks changing hands on Wall Street. Facebook-parent company Meta maintains the highest RSI reading on the overbought list at 89.6. Upside based on analysts' mean target price equates to a 0.6% gain in the stock. The company has a 14-day RSI reading of 83.9. Consumer giant Coca-Cola is also on the oversold list with a 14-day RSI reading of 12.16.
Persons: Stocks, Joe Biden, Chris Hayes Organizations: CNBC Pro, Meta, Broadcom, Bank of America, Nike, Analysts Locations: Washington, FactSet
☆ Friday's kind of broad rally has eluded Wall Street for quite some time. We hope it has legs
  + stars: | 2023-06-03 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com   time to read: +8 min
Club name and Dow stock Caterpillar (CAT) was one of the leaders, soaring more than 8% and accounting for over 100 points of the 30-stock average's 700-point surge. Meanwhile, the tech darlings that have recently propelled the market higher — including top-performing Club stocks Nvidia (NVDA) and Meta Platforms (META) — took a relative backseat Friday. For that reason, it's a hopeful sign to see other sectors walk the runway in the Wall Street fashion show Friday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer, —, industrials, Jim, haven't, Meta, OpenAI, it's, Dow, Jim Cramer's, Luke Sharrett Organizations: Dow, Caterpillar, Nvidia, Nasdaq, Dow Jones, fellow Club, Halliburton, HAL, Apple, Facebook, Microsoft, Big Tech, FactSet, industrials Honeywell, Emerson Electric, Natural Resources, Linde, LIN, CNBC, Whayne, Bloomberg, Getty Locations: U.S, Louisville , Kentucky
☆ Facebook may not let you read this story in Canada
  + stars: | 2023-06-02 | by ( Peter Gelling | ) www.businessinsider.com   time to read: +2 min
Facebook and Google really don't want to have to pay to use news stories. The tech giants are now planning to block access to news in Canada in response to a potential new law. The Canadian law would force Facebook and Google to pay news organizations to distribute content. Australia passed a similar law in 2021; in response, Facebook shut down access to news on its platform in Australia. "Global tech giants are changing the world, but we can't let them run the world," Australian Prime Minister Scott Morrison told reporters at the time.
Persons: Scott Morrison, that's Organizations: Facebook, Google, Government, Meta, Global Locations: Canada, Australia
☆ Jim Cramer names his 'Magnificent Seven' stocks that are the real deal
  + stars: | 2023-06-01 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
CNBC's Jim Cramer is too, but he told investors on Thursday it's important to stick with these "Magnificent Seven" winning stocks, even if it feels a little tiresome. Referencing the eponymous 1960 Western — in which a group of seven gunfighters tries to save a village from bandits — Cramer pointed out the seven best stocks that he thinks are guaranteed winners, managing to come out on top despite the torrential upsets in the market this year. Cramer dubbed these seven stocks "all-pro": Apple , up 37% this year so far; Microsoft , which is up 38%; Nvidia , up 159%; Amazon , up 44%; Meta , up 120%; Tesla , up 66%; and Alphabet , up by 39%. Challenge all seven gunfighters? "Do you want to own the petrified villagers in the Dow, or would you rather stick with what's winning — the Magnificent Seven?"
Persons: Jim Cramer, — Cramer, Cramer, Tesla, —, Meta Organizations: Microsoft, Nvidia, Facebook, Google, Dow Locations: U.S, Europe, China
☆ Nvidia's founders came up their trillion-dollar idea while spending hours drinking Denny's coffee and eating Grand Slam breakfasts: 'We were not good customers'
  + stars: | 2023-06-01 | by ( Grace Mayer | ) www.businessinsider.com   time to read: +2 min
Nvidia's cofounders told WSJ they came up with the idea for the company over breakfast at Denny's. The company, worth $1 trillion, makes graphics cards for gaming and chips that power AI tech. Nvidia with well-positioned to profit off the AI arms race, Insider previously reported. "We were not good customers," Nvidia cofounder Chris Malachowsky told the Journal. You can read more about Nvidia's founding over at The Wall Street Journal.
Persons: Nvidia's cofounders, Nvidia cofounders Jensen Huang, Chris Malachowsky, Curtis Priem, Huang, Alan Diaz, Bard, Matthew Fox, Mark Zuckerberg's, Steve Jobs, Steve Wozniak Organizations: Nvidia, Morning, Wall Street, WPP, Facebook, Mark Zuckerberg's Harvard, Apple, Jobs Locations: San Jose , California
☆ Meta says it will block news on Facebook in California if recently advanced bill becomes law
  + stars: | 2023-06-01 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +4 min
California lawmakers advanced a bipartisan bill Thursday that would require Big Tech platforms to pay publishers for news they host, just a day after Meta threatened to remove news from Facebook and Instagram should the bill pass. The California Journalism Preservation Act, which passed out of the state Assembly 46-6, still needs to be approved by the state Senate and signed by Democratic Gov. The California bill has similar aims to federal legislation that a bipartisan group of lawmakers attempted to advance last year. The current conflict between Meta and California lawmakers recalls a similar fight in Australia in 2021, when the government there sought to require online platforms to pay for news content. WATCH: Australia slams Facebook's move to block news amid new media bill
Persons: Meta, Gavin Newsom, Andy Stone, Adam Kovacevich, Danielle Coffey, Facebook's Organizations: Big Tech, Facebook, California Journalism, Democratic Gov, Twitter, Media Alliance, Tech, Journalism, CNBC, YouTube Locations: California, Meta, Australia
☆ How 'the dress' broke the internet — and pushed Facebook to force everyone into their own filter bubble
  + stars: | 2023-05-25 | by ( Ben Smith | ) www.businessinsider.com   time to read: +8 min
In 2015, a BuzzFeed staffer posted a picture of a dress with the caption, "What color is this dress?" The following is an excerpt from "Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral" by Ben Smith. Jonah saw it differently. From TRAFFIC: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral by Ben Smith. Copyright © Ben Smith, 2023.
☆ Market's tech focus is 'shortsighted,' with a broader bull run coming, portfolio manager says
  + stars: | 2023-05-18 | by ( Elliot Smith | ) www.cnbc.com   time to read: +1 min
The market's affinity for Big Tech stocks this year is "shortsighted," according to portfolio manager Freddie Lait, who said the next bull market phase will broaden out to other sectors offering greater value. Shares of America's tech behemoths have been buoyant so far in 2023. This small pool of companies is diverging starkly from the broader market, with the Dow Jones Industrial Average less than 1% higher in 2023. The gulf between Big Tech and the broader market widened after earnings season, with 75% of tech firms beating expectations, compared to a fairly mixed picture across other sectors and broadly downbeat economic data. Big Tech outperformed for years during the period of low interest rates, and then got a major boost from the Covid-19 pandemic.
☆ These buyback champions are shrinking their share count and analysts love them
  + stars: | 2023-05-12 | by ( Sarah Min | ) www.cnbc.com   time to read: +2 min
As earnings season winds down, traders can tap into these buyback champions that are shrinking their share count, and are beloved on Wall Street. CNBC Pro screened for buyback champions that are shrinking their share count, and are considered buying opportunities by analysts. Common shares outstanding dropped 6.4% in the past year. As a percentage of capital, total debt at the firm is about 25%. Common shares outstanding fell 2.7% over the past year at the firm, while the company's total debt as a percentage of capital is nearly 24%.
Persons: they've, It's, Goldman Sachs, Morgan Stanley, Neil Mehta, Chubb Organizations: CNBC Pro, buyback, Facebook, Meta, Wall Street, Energy, ConocoPhillips, Citi, MetLife, Analog Devices
☆ ChatGPT is powered by these contractors making $15 an hour
  + stars: | 2023-05-08 | by ( David Ingram | ) www.cnbc.com   time to read: +7 min
Out of the limelight, Savreux and other contractors have spent countless hours in the past few years teaching OpenAI's systems to give better responses in ChatGPT. So far, AI contract work hasn't inspired a similar movement in the U.S. among the Americans quietly building AI systems word-by-word. watch nowJob postings for AI contractors refer to both the allure of working in a cutting-edge industry as well as the sometimes-grinding nature of the work. There's no definitive tally of how many contractors work for AI companies, but it's an increasingly common form of work around the world. A spokesperson for OpenAI said no one was available to answer questions about its use of AI contractors.
☆ The Metaverse, Zuckerber's Tech Obession, Is Officially Dead. ChatGPT Killed It.
  + stars: | 2023-05-08 | by ( Ed Zitron | ) www.businessinsider.com   time to read: +11 min
The Metaverse, the once-buzzy technology that promised to allow users to hang out awkwardly in a disorientating video-game-like world, has died after being abandoned by the business world. After a much-heralded debut, the Metaverse became the obsession of the tech world and a quick hack to win over Wall Street investors. Once the tech industry turned to a new, more promising trend — generative AI — the fate of the Metaverse was sealed. But the short life and ignominious death of the Metaverse offers a glaring indictment of the tech industry that birthed it. Roblox, an online game platform that has existed since 2004, rode the Metaverse hype wave to an initial public offering and a $41 billion valuation.
☆ Facebook is shutting down its 'Paid Online Events' program that let creators and businesses earn money
  + stars: | 2023-05-04 | by ( Sydney Bradley | ) www.businessinsider.com   time to read: +2 min
Meta is shuttering "Paid Online Events" that let creators and businesses monetize Facebook events. Facebook is ending its "Paid Online Events" program, a sign of the times that livestreamed virtual events are — mostly — a thing of the past. The program, launched in 2020, let creators and businesses, including educators and media publishers, earn money by charging admission to digital events on the Meta-owned platform. Facebook announced its Paid Online Events initiative in August 2020 while the COVID-19 pandemic was raging. Paid online events were part of Facebook's wider creator monetization offerings, which span ad-revenue share, subscriptions, and several bonus programs.
☆ Midtown Atlanta shooting: A military vet is in jail, his mother apologized, and hospital patients and staff are traumatized
  + stars: | 2023-05-04 | by ( Ryan Young Gary Tuchman Elizabeth Wolfe Sara Smart Holly Yan | Ryan Young | Gary Tuchman | ) edition.cnn.com   time to read: +12 min
The suspect, Deion Duwane Patterson, 24, was armed when he was arrested Wednesday evening, Cobb County Police Chief Stuart VanHoozer said Thursday. “Just be careful.”A mother of two was killedAmy St. Pierre was killed in the Atlanta shooting, medical examiners confirmed. Generous supporter of worthy causes, she was the social conscience of our family.”The family of Amy St. Pierre, who was killed in the Midtown Atlanta shooting, said she was their pride and joy. On Friday, two of the victims were still in critical condition in the ICU, said Robert Jansen, chief medical officer at Grady Health System. They need help.”‘The impact … is something you can’t imagine’The rush of shooting victims who arrived at Grady Memorial Hospital is not uncommon, the chief medical officer said.
☆ FTC proposes ban on Meta profiting from minors' data
  + stars: | 2023-05-03 | by ( ) www.reuters.com   time to read: +3 min
The FTC's proposed changes include barring Facebook from making money off data collected on users under age 18, including in its virtual reality business. Meta, which also owns Instagram, relies on digital ads targeted on the basis of its users' personal data for more than 98% of its revenue. In a statement, Meta said the FTC action was "a political stunt" and that the FTC failed to act against "Chinese companies, like TikTok." Williamson said that some 5.2% of Facebook's monthly U.S. users are under 18, along with 12.6% of Instagram users. Separately, the FTC sued to stop Meta from buying the virtual reality content maker Within Unlimited but lost in court.
☆ FTC proposes tightening 2020 privacy order with Meta
  + stars: | 2023-05-03 | by ( ) www.reuters.com   time to read: +1 min
WASHINGTON, May 3 (Reuters) - The U.S. Federal Trade Commission on Wednesday accused Meta's (META.O) Facebook of misleading parents about protections for children, in breach of a 2019 agreement on privacy, and proposed tightening the order. The FTC's proposed changes include barring Facebook from making money off data collected on users under age 18, including in its virtual reality business. The action on Wednesday is the first step in the process of changing the order. The FTC has twice before settled with Facebook for privacy violations. That order was finalized in 2020.
☆ FTC proposes barring Meta from monetizing kids' data
  + stars: | 2023-05-03 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +3 min
The Federal Trade Commission proposed on Wednesday barring Facebook parent company Meta from monetizing kids' data after it says the company violated a 2020 privacy order. The FTC alleges Facebook also violated an earlier 2012 order by continuing to allow app developers access to private user information. The FTC is also accusing Meta of violating the Children's Online Privacy Protection Rule by misrepresenting parental controls on its Messenger Kids app. Compliance with the 2020 order would also extend to any companies Meta acquires or merges with. After Meta responds, the Commission will decide whether updating the 2020 order "is in the public interest or justified by changed conditions of fact or law."
☆ Facebook was the main donor to a group that fought antitrust reforms in 2020 and 2021
  + stars: | 2023-05-01 | by ( Brian Schwartz Lauren Feiner | Brian Schwartz | Lauren Feiner | ) www.cnbc.com   time to read: +7 min
A person who works with the group, American Edge Project, told CNBC that the $34 million was from Facebook. A Meta spokesman declined to comment and referred CNBC to American Edge instead. The person who works with American Edge told CNBC that the $4 million was also entirely from Facebook. American Edge launched a wave of TV and digital ads from late 2020 through 2021, taking on antitrust proposals. American Edge spent over $5 million between TV and digital ads in 2021, according to data from AdImpact.
☆ Mark Zuckerberg says people spent 24% more time on Instagram after Meta launched AI-powered Reels
  + stars: | 2023-04-27 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +3 min
Meta reported revenue growth in the first quarter, reversing three consecutive quarters of decline. Mark Zuckerberg is crediting higher engagement in Instagram Reels for part of this growth. Zuckerberg said time spent on Instagram has risen by 24% since the company launched the product. On an earnings call on Wednesday, Zuckerberg said that time spent on Instagram had risen by 24% since the company launched its short-form video product Reels — a TikTok challenger. Meta also reported a net profit of $5.7 billion during the quarter, a 24% drop year-over-year — partly due to the company's restructuring.
☆ How Elon Musk upended Twitter and his own reputation in 6 months as CEO
  + stars: | 2023-04-27 | by ( Clare Duffy | ) edition.cnn.com   time to read: +11 min
But it’s not clear just how and when Musk might return Twitter to growth. Musk’s primary plan to grow Twitter’s business through an overhauled subscription strategy has resulted in much chaos but only a limited number of actual subscriptions. In the process, Musk has also upended his own reputation. Disrupting the digital town squareFor years, what differentiated Twitter from other social platforms was that it served as a central hub for real-time news. Tesla (TSLA) shareholders recently complained to the company’s board that Musk appears “overcommitted.”“His reputation has been diminished significantly with Twitter … and once you lose it, it’s very difficult to recover,” Klepper said.
☆ AI chatbots like ChatGPT appear to be leaving product reviews on Amazon
  + stars: | 2023-04-26 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +4 min
Some Amazon users appear to be employing AI chatbots to write product reviews, CNBC first reported. CNBC conducted a search on Amazon product reviews and found many that said they weren't written by humans. Similar Amazon reviews that contained the phrase "as an AI language model" also appear on a LED aquarium light, waist trimmer, and children's workbook. These reviews may be the next frontier of fake Amazon product reviews, an issue that Amazon has dealt with in the past. While the AI-generated reviews still appear on the site, the Amazon spokesperson said that it will remove product reviews it deems fake.
☆ Morning Bid: Tech tally in focus, China alarms Europe
  + stars: | 2023-04-24 | by ( ) www.reuters.com   time to read: +5 min
Otherwise, a packed earnings season dominates this week's investment radar as more than a third of S&P500 companies report. Including Intel (INTC.O), those five tech stocks have accounted for two-thirds of the S&P500's gains this year - with the Artificial Intelligence craze sparked by the emergence of ChatGPT adding a new non-cyclical attraction to the sector. But before markets get a taste of Q1 tech profits, the reverberations from last month's banking blow-up are still being absorbed. European stocks were slightly negative and U.S. stock futures also marginally in the red ahead of Wall Street's open. The dollar was mixed - up against Asian currencies but off against European currencies amid hawkish European Central Bank soundings on interest rates.
☆ Artificial intelligence will make Big Tech even bigger. Something needs to be done about the power imbalance, researchers warn
  + stars: | 2023-04-20 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +5 min
She asked if the company was selling unregistered securities (which is typically illegal, by the way — here's what it means). Big Tech + AI = even bigger tech. So Big Tech companies are best-positioned to gain even more power as artificial intelligence technology — like ChatGPT — gets further developed. Something needs to be done about this power imbalance, researchers warn. My teammate Emilia David breaks down the AI power imbalance and highlights some proposed solutions in her latest story.
☆ Claim your piece of the $725 million Facebook settlement if you used the platform during the last 15 years
  + stars: | 2023-04-19 | by ( Aaron Mcdade | ) www.businessinsider.com   time to read: +3 min
Current or former Facebook users can now submit a claim to a $725 million class action settlement. Facebook agreed to the settlement for allegedly sharing user data with Cambridge Analytica. Current or former Facebook users can submit claims through a website for the lawsuit by the August 25 deadline. A screenshot of some of the questions for current or former Facebook users to answer to receive part of a $725 million settlement. The firm used a personality quiz to obtain information about users and the people with whom they associated on Facebook.
☆ Here's how to claim your piece of a $725 million settlement if you used Facebook during the last 15 years
  + stars: | 2023-04-19 | by ( Aaron Mcdade | ) www.businessinsider.com   time to read: +3 min
Current or former Facebook users can now submit a claim to a $725 million class action settlement. Facebook agreed to the settlement for allegedly sharing user data with Cambridge Analytica. Current or former Facebook users can submit claims through a website for the lawsuit by the August 25 deadline. A screenshot of some of the questions for current or former Facebook users to answer to receive part of a $725 million settlement. The firm used a personality quiz to obtain information about users and the people with whom they associated on Facebook.
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