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☆ FTC to argue Microsoft's deal to buy Activision should be paused
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, June 22 (Reuters) - The U.S. Federal Trade Commission on Thursday will argue in federal court for a preliminary injunction to temporarily block Microsoft's acquisition of videogame maker Activision Blizzard, stopping the deal from closing before the government's case against the deal is heard. But if the court pauses the deal, Microsoft and Activision will have to agree to extend it past a July 18 termination date built into their original agreement. The FTC fears that without action by the federal court, the combined firm "could alter Activision's operations and business plans" and could allow Microsoft to access sensitive business information. Resolving the U.S. lawsuit is one of several key antitrust battles Microsoft and Activision have fought around the world to get the deal finalized. Microsoft CEO Satya Nadella and Activision CEO Bobby Kotick are among the witnesses planned for a five-day evidentiary hearing.

Persons: Satya Nadella, Bobby Kotick, Chris Sanders, Leslie Adler Organizations: U.S . Federal Trade Commission, Activision, Microsoft, Microsoft Corp, Activision Blizzard Inc, FTC, EU, Nintendo, Sony Group, Sony, Thomson Locations: San Francisco

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

☆ Microsoft says new computing service for chemicals can slash R&D time
▼ + stars: | 2023-06-21 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

June 21 - Microsoft Corp (MSFT.O) on Wednesday introduced a new computing service aimed at helping chemical companies speed up the research and development of new materials. Azure Quantum Elements, as the service is called, relies on computing power to help chemical companies simulate huge numbers of possible combinations of atoms. In a press release, Microsoft said that the system has helped some early customers speed up their development processes by as much as six months. Microsoft said that BASF (BASFn.DE), AkzoNobel (AKZO.AS), AspenTech, Johnson Matthey (JMAT.L), SCGC and 1910 Genetics have been testing the system. Microsoft said it was also publishing a scientific paper on the milestone but gave few other details ahead of its announcement.

Persons: Johnson Matthey, Satya Nadella, Stephen Nellis, Kim Coghill Organizations: Microsoft Corp, Microsoft, BASF, Thomson Locations: San Francisco

☆ HPE to offer cloud computing service for artificial intelligence
▼ + stars: | 2023-06-20 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

June 20 (Reuters) - Hewlett Packard Enterprise Co (HPE) (HPE.N) on Tuesday said that it is rolling out a cloud computing service designed to power artificial intelligence systems similar to ChatGPT. That shift toward AI is shaking up the cloud computing market because data centers must be built very differently to handle such work. In a typical cloud computing data center, software is used to chop up a single physical server into many smaller "virtual" machines that can then be rented out to customers. But data centers for artificial intelligence take an opposite approach. Justin Hotard, executive vice president and general manager of HPE's high-performance computing and artificial intelligence unit, said the company will use its experience in supercomputers to offer a service specifically for what are called large language models, the technology behind services like ChatGPT.

Persons: HPE, Justin Hotard, Hotard, Stephen Nellis, Franklin Paul Organizations: Hewlett Packard Enterprise Co, Microsoft Corp, Google, Frontier, National Laboratory, Franklin Paul Our, Thomson Locations: North America, Europe, United States, San Francisco

☆ Teleperformance signs $185 million deal with Microsoft to launch GenAI tool
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

June 20 (Reuters) - France's Teleperformance (TEPRF.PA) signed a $185 million deal with Microsoft (MSFT.O) to launch its proprietary TP GenAI, the outsourcing group said on Tuesday, ahead of its artificial intelligence investor day. Teleperformance SE will host on Wednesday a virtual meeting with its AI experts to let investors peek behind the curtains of its efforts in the AI race. Teleperformance, which employs 410,000 staff in 170 countries, hosts conference calls, maintains pay and salary accounts, and provides automated translations to clients. Teleperformance said at the time that it predicts that 20% to 30% of its processes will be automated within the next three years. ($1 = 0.9163 euro)Reporting by Alessandro Parodi and Victor Goury-Laffont; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Teleperformance, Bhupender Singh, Alessandro Parodi, Victor Goury, Jonathan Oatis Organizations: Microsoft, Thomson

A 1.7% decline in Microsoft Corp (MSFT.O) and a 1.3% dip in Amazon.com Inc (AMZN.O) weighed on the S&P 500 and the Nasdaq. S&P 500 fell 0.36% to end the session at 4,409.77 points. Of the 11 S&P 500 sector indexes, eight declined, led by communication services (.SPLRCL), down 1%, followed by a 0.83% loss in information technology (.SPLRCT). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.4-to-one ratio. The S&P 500 posted 24 new highs and no new lows; the Nasdaq recorded 112 new highs and 67 new lows.

Persons: Christopher Waller, Thomas Barkin, Sam Stovall, Morgan Stanley, Sruthi Shankar, Shristi, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Microsoft, Nasdaq Adobe, Nasdaq, Dow, Federal, Richmond Fed, CFRA, University of Michigan's, Microsoft Corp, Inc, Nvidia Corp, Dow Jones, Nvidia, Adobe Inc, iRobot Corp, Micron Technology, Thomson Locations: U.S, Bengaluru, Oakland , California

☆ Exclusive: Xi Jinping tells Bill Gates he welcomes U.S. AI tech in China
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

[1/2] Microsoft Corp co-founder Bill Gates delivers his speech at the National Assembly in Seoul, South Korea, August 16, 2022. Xi also discussed Microsoft's (MSFT.O) business development in China during their meeting in Beijing, one of the sources said. When asked for comment, the Bill & Melinda Gates Foundation directed Reuters to the post. His meeting with Gates comes as U.S.-China relations are at their lowest point in decades, with AI a key flashpoint. Microsoft is a backer of OpenAI, whose chatbot ChatGPT ignited a global AI buzz last year that has spread to China.

Persons: Bill Gates, Kim Hong, Xi Jinping, Xi, Gates, Melinda Gates, Jason Neely, Jan Harvey Organizations: Microsoft Corp, National Assembly, REUTERS, U.S, Microsoft, Melinda Gates Foundation, Reuters, Information Office, chipmaker Micron, LinkedIn China, Thomson Locations: Seoul, South Korea, HONG KONG, China, Beijing, China's, U.S, Hong Kong

June 16 (Reuters) - "Only human creators are eligible" for the Grammy Awards, the Recording Academy declared on Friday, as the body that grants the world's most recognized music awards seeks to curb the use of artificial intelligence (AI) in the industry. AI-only work is banned, but some music created with AI help may qualify in certain categories, the academy's updated rulebook reads. Music creators must now contribute to at least 20% of an album to earn a nomination. The first Grammy Awards ceremony took place in 1959, to reward music creators from 1958. WGA writers went on strike in early May and have yet to agree with studios on the use of AI, among other issues.

Persons: OpenAI, Danielle Broadway, Richard Chang, David Gregorio Our Organizations: Recording Academy, Microsoft Corp, Writers Guild of America, Screen Actors Guild, WGA, SAG, Thomson

AI-only work is banned, but some music created with AI help may qualify in certain categories, the academy's updated rulebook reads. "A work that contains no human authorship is not eligible in any categories." Music creators must now contribute to at least 20% of an album to earn a nomination. WGA writers went on strike in early May and have yet to agree with studios on the use of AI, among other issues. Actors could go on strike as well if SAG-AFTRA cannot reach a deal over similar concerns.

Persons: OpenAI, Danielle Broadway, Richard Chang Organizations: Recording Academy, Microsoft Corp, Guild of America, Screen Actors Guild, WGA, SAG, Thomson

NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares are on course for a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a valuation of nearly $2.6 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19 2021. J.P. Morgan analysts raised their price targets on Microsoft's stock on Thursday, citing AI driving demand for the company's products. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data. Reporting by Chibuike Oguh in New York; editing by Lance Tupper and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: J.P, Morgan, JP Morgan, Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Thomson Locations: OpenAI, San Francisco, New York

The Google parent has advised employees not to enter its confidential materials into AI chatbots, the people said and the company confirmed, citing long-standing policy on safeguarding information. Alphabet also alerted its engineers to avoid direct use of computer code that chatbots can generate, some of the people said. A growing number of businesses around the world have set up guardrails on AI chatbots, among them Samsung (005930.KS), Amazon.com (AMZN.O) and Deutsche Bank (DBKGn.DE), the companies told Reuters. By February, Google told staff testing Bard before its launch not to give it internal information, Insider reported. A Google privacy notice updated on June 1 also states: "Don’t include confidential or sensitive information in your Bard conversations."

Persons: Bard, ChatGPT, OpenAI, Harry Potter, Yusuf Mehdi, Mehdi, Bing, Matthew Prince, Jeffrey Dastin, Anna Tong, Kenneth Li, Nick Zieminski Organizations: FRANCISCO, Reuters, Google, ChatGPT, Microsoft Corp, Samsung, Deutsche Bank, Apple, Data Protection, Politico, EU, cyberattacks, Microsoft, Thomson Locations: Bard, San Francisco

☆ LinkedIn to test ad product for video streaming services
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Microsoft Corp-owned (MSFT.O) LinkedIn said on Thursday it was working on a video advertising product that would allow marketers to target users of the professional networking site while they watch content on streaming services. This comes after LinkedIn introduced AI features to help advertisers write ad content, part of a strategy to expand its ads business at a time when economic uncertainties have hit advertising budgets. "In-stream video ads can change the way brands and buyers reach and engage their audiences," Penry Price, vice president of marketing solutions at LinkedIn, told Reuters. LinkedIn's revenue jumped 34% to $3.5 billion last year, helped by advertising demand and a strong job market. The company generates revenue from ad sales and subscriptions for recruiters, job seekers and sales professionals.

Persons: Price, Jaspreet Singh, Shilpi Majumdar Organizations: Microsoft Corp, Reuters, Thomson Locations: Bengaluru

NEW YORK, June 15 (Reuters) - Microsoft Corp (MSFT.O) shares rose to a new record high close on Thursday as market optimism about the prospects of artificial intelligence (AI) has helped buoy the technology giant to a record market capitalization of $2.59 trillion. The stock, which has gained more than 45% in the year to date, reached its prior record close of $343.11 on Nov. 19, 2021. The stock's intraday record high was $349.67 on Nov. 22, 2021. In addition, Apple Inc (AAPL.O) shares also achieved a record high close of $186.01 on Thursday, while shares of graphics chipmaker Nvidia (NVDA.O) set a fresh intraday record of $432.89. Of the 53 analysts covering Microsoft, 44 recommended buying the shares and the median price target is $340, according to Refinitiv data.

Persons: Chibuike Oguh, Lance Tupper, Jonathan Oatis Organizations: YORK, Microsoft Corp, Microsoft, Google, Apple Inc, JPMorgan, Thomson Locations: OpenAI, San Francisco, New York

WASHINGTON, June 13 (Reuters) - A U.S. judge late on Tuesday granted the Federal Trade Commission's (FTC) request to temporarily block Microsoft Corp's (MSFT.O) acquisition of Activision Blizzard (ATVI.O) and set a hearing next week. The court scheduled a two-day evidentiary hearing on the FTC's request for a preliminary injunction for June 22-23. The court said the temporary restraining order "is necessary to maintain the status quo while the complaint is pending (and) preserve this court’s ability to order effective relief in the event it determines a preliminary injunction is warranted." Reporting by David Shepardson; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: David Shepardson, Muralikumar Organizations: Federal Trade Commission's, Microsoft, Activision Blizzard, Thomson Locations: U.S

☆ Microsoft-Activision: Mega deal caught in crosshairs of antitrust regulators
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

June 14 (Reuters) - Microsoft Corp's (MSFT.O) $69 billion acquisition of video game maker Activision Blizzard (ATVI.O) faced another hurdle on Tuesday after a U.S. judge granted a request by the Federal Trade Commission (FTC) to temporarily block the deal. The acquisition has attracted scrutiny from several antitrust enforcers, including Britain's Competition and Markets Authority (CMA), over concerns it would hinder competition in the nascent cloud gaming market. If not for the court order, Microsoft could have closed the deal as early as Friday. Here is a snapshot of key events in the Microsoft-Activision saga:Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tiyashi Datta, Anil D'Silva Organizations: Microsoft, Activision, Federal Trade Commission, Britain's, Markets Authority, Thomson Locations: U.S, Bengaluru

☆ Bill Gates in China: Microsoft co-founder to meet Xi Jinping
▼ + stars: | 2023-06-14 | by ( Julie Zhu | ) www.reuters.com time to read: +3 min

HONG KONG, June 14 (Reuters) - Bill Gates, Microsoft Corp's (MSFT.O) co-founder, is set to meet Chinese President Xi Jinping on Friday during his visit to China, two people with knowledge of the matter said. The meeting will mark Xi's first meeting with a foreign private entrepreneur in recent years. The last reported meeting between Xi and Gates was in 2015, when they met on the sidelines of the Boao forum in Hainan province. In early 2020, Xi wrote a letter to Gates thanking him, and the Bill & Melinda Gates Foundation, for pledging assistance to China including $5 million for the country's fight against COVID-19. Several foreign CEOs have visited China since it reopened early this year but most have mainly met with government ministers.

Persons: Bill Gates, Xi Jinping, Gates, Melinda Gates, Xi, Premier Li Qiang, Tim Cook, Elon Musk, Ding Xuexiang, Antony Blinken, Blinken, Qin Gang, Qin, Julie Zhu, Greg Roumeliotis, Brenda Goh, Alex Richardson, Sumeet Chatterjee, Nick Macfie, William Maclean Organizations: Microsoft, Melinda Gates Foundation, Information Office, COVID, Premier, Reuters, U.S, Thomson Locations: HONG KONG, China, Beijing, Hainan province, U.S, United States, Hong Kong, New York

"The Democratic Party's united front in support of President Biden's reelection is unprecedented," said Julie Chavez Rodriguez, campaign manager for Biden-Harris 2024. Microsoft senior executives donated more to the Biden campaign during the primaries than any other large tech company. In the runup to 2024, these donors will play a key role in helping Biden raise cash amid an uncertain economy and tepid enthusiasm among Democrats over the 80-year-old president's decision to run again. Biden's campaign alone raised more than $1 billion during the 2020 cycle, with more than $700 million of that coming from online grassroots donations. Two fundraising events Biden held last month in New York raised more than $3 million, according to a person familiar with those totals.

Persons: Joe Biden, Biden, Kevin Scott, Shannon Hunt, Scott, Reid Hoffman, Dan Kalafatas, Hadley Mullin, Steve Silberstein, Mark Robinson, Gavin Newsom, Biden's, Julie Chavez Rodriguez, Harris, Joe Biden's, Jill Biden, Nandita Bose, Trevor Hunnicutt, Heather Timmons, Jonathan Oatis Organizations: Democratic, Microsoft Chief, Microsoft, LinkedIn, Biden Victory Fund, Reuters, Biden, MAGA Republicans, Google, New, Fund, Democratic National Committee, Thomson Locations: California, New York

☆ US FTC asks court to block Microsoft acquisition of Activision
▼ + stars: | 2023-06-12 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

June 12 (Reuters) - The Federal Trade Commission asked a court to temporarily block Microsoft Corp's (MSFT.O) acquisition of Activision Blizzard (ATVI.O) on Monday, seeking to halt the deal from closing before the government's case against the $69 billion deal is heard. The FTC said Microsoft and Activision had signaled the deal could close as soon as Friday and asked a federal judge to block any final agreement before 11:59 p.m ET June 15. Shares in Microsoft closed up 1.5% Monday, while Activision fell 0.8%. "We welcome the opportunity to present our case in federal court," said Microsoft president Brad Smith in a statement. When announcing the deal in January 2022, Microsoft said they expected it would close in their 2023 fiscal year, which ends in June.

Persons: Brad Smith, Joe Biden, Rami Ayyub, David Shepardson, Doina Chiacu, Nick Zieminski, Conor Humphries, Anna Driver Organizations: Federal Trade Commission, Microsoft, Activision Blizzard, FTC, Activision, Nintendo, Sony Group, EU, Sony, U.S, Thomson Locations: Washington

☆ OpenAI CEO says 'optimistic' on global AI coordination
▼ + stars: | 2023-06-12 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

[1/6] Sam Altman, CEO of ChatGPT maker OpenAI, attends an open dialogue with students at Keio University in Tokyo, Japan June 12, 2023. REUTERS/Issei KatoTOKYO, June 12 (Reuters) - The CEO of ChatGPT maker OpenAI on Monday said a tour of capital cities had left him "quite optimistic" about prospects for global coordination on artificial intelligence (AI). Altman visited Japan in April, meeting with Prime Minister Fumio Kishida and saying he was considering opening an office in country. "All of the conversations have progressed quite well," Altman said on Monday without providing detail. Reporting by Sam Nussey and Tom Bateman; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, OpenAI, Issei Kato TOKYO, Altman, Fumio Kishida, Sam Nussey, Tom Bateman, Christopher Cushing Organizations: Keio University, REUTERS, Microsoft Corp, Regulators, European, Thomson Locations: Tokyo, Japan, United States, Singapore, Indonesia, Australia

The Federal Trade Commission on Monday applied for a temporary restraining order and preliminary injunction seeking to block Microsoft's acquisition of Activision Blizzard before the deal's July 18 deadline. If the deal falls apart, Microsoft might wind up owing Activision Blizzard a termination fee worth up to $3 billion. The FTC sued to block the acquisition in December 2022, choosing to bring the case before its internal administrative law judge. A hearing on the FTC's case will begin on Aug. 2, the agency said in Monday's filing. Regulators had originally felt that Microsoft might be able to prevent other companies from distributing Activision Blizzard games on other consoles other than Microsoft's Xbox.

Persons: Satya Nadella, it's, Brad Smith, Bobby Kotick, Smith, Jeremy Hunt, Jim Ryan, Lulu Cheng Meservey Organizations: Microsoft Corp, Bloomberg, Economic, Federal Trade Commission, Activision Blizzard, CNBC, FTC, Microsoft, Activision, Sony, Xbox, Competition, Markets Authority, Regulators, Sony PlayStation, Sony Interactive Locations: Davos, Switzerland, U.S

☆ US FTC seeks court order to block Microsoft acquisition of Activision -source
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - The U.S. Federal Trade Commission will seek a court order to block Microsoft Corp's (MSFT.O) acquisition of Activision Blizzard (ATVI.O), a source familiar with a planned court filing said on Monday. Shares in Microsoft rose 0.8% Monday, while Activision fell 0.5%. The FTC plans to make the filing seeking the order in the Northern District of California, the source said. "We welcome the opportunity to present our case in federal court," said Microsoft president Brad Smith in a statement. But antitrust experts say the FTC faces an uphill battle to convince a judge to block the deal because of the voluntary concessions offered by Microsoft to allay fears it could dominate the gaming market.

Persons: Brad Smith, Joe Biden, Rami Ayyub, David Shepardson, Doina Chiacu, Nick Zieminski, Conor Humphries Organizations: U.S . Federal Trade Commission, Microsoft, Activision Blizzard, FTC, Activision, Nintendo, Sony Group, EU, Northern District of, Sony, U.S, Thomson Locations: Northern District, Northern District of California, Washington

☆ Wall Street Week Ahead: Investors rethink recession plays, boosting U.S. stock market laggards
▼ + stars: | 2023-06-09 | by ( David Randall | ) www.reuters.com time to read: +5 min

"There's reason to believe that the pessimism we saw at the start of the year is giving way to a stronger-than-expected market." Murray has increased his allocation to small-cap stocks, which tend to be among the most direct beneficiaries of economic growth. Other rebounding segments in June include the S&P 500 energy sector, which has gained 6% this month and S&P 500 industrials, up 5.7%. Ten of the 11 S&P 500 sectors are firmer for the month to date, compared to only six for the year. Stronger-than-expected jobs growth and robust consumer spending have been among the data points that have bolstered investors' economic outlook.

Persons: Tim Murray, T Rowe Price's, Murray, Russell, Dow, Howard Silverblatt, Goldman Sachs, Saira Malik, Max Wasserman, David Randall, Saqib Iqbal Ahmed, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Energy, Reuters, Apple Inc, Microsoft Corp, Inc, Amazon.com Inc, Nvidia Corp, Tesla Inc, Dow Jones, Capital Economics, Miramar Capital, Starbucks Corp, Target Corp, Thomson Locations: U.S

☆ Futures dip after Wall St rally, focus on Fed
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

The S&P 500 (.SPX) has risen 20% from its Oct. 12 closing low, heralding the start of a new bull market, as defined by some market participants. The Nasdaq and S&P 500 have notched new year-to-date highs in recent sessions, boosted by an AI-driven rally in megacap stocks, a better-than-expected earnings season and expectations that the Fed is nearing the end of its rate-hiking cycle. Fed fund futures are pricing in a 76% chance that the U.S. central bank will hold interest rates at the current 5%-5.25% range at its June 13-14 policy meeting, according to CMEGroup's Fedwatch tool. Signs of a resilient U.S. economy and hopes of the Fed pausing its aggressive monetary tightening have pushed volatility gauges tumbling. ET, Dow e-minis were down 75 points, or 0.22%, S&P 500 e-minis were down 6.25 points, or 0.15%, and Nasdaq 100 e-minis were down 5.75 points, or 0.04%.

Persons: Jerome Powell, Sruthi Shankar, Vinay Dwivedi Organizations: Dow, Nasdaq, BNP Paribas, Apple Inc, Amazon.com Inc, Microsoft Corp, Tesla Inc, General Motors, Tesla, GM, Dow e, Target Corp, Citi, Thomson Locations: megacap, U.S, Bengaluru

☆ OpenAI CEO visits South Korea as country seeks to encourage AI development
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

SEOUL, June 9 (Reuters) - Open AI Chief Executive Sam Altman is set to meet with South Korean President Yoon Suk Yeol and about 100 local startups on Friday, as the country seeks to encourage domestic competitiveness in artificial intelligence. After crisscrossing Europe last month meeting lawmakers and national leaders to discuss the prospects and threats of AI, Altman has travelled to Israel, Jordan, Qatar, United Arab Emirates, India and South Korea - all this week. The European Union is moving ahead with its draft AI Act, which is expected to become law later this year, while the United States is leaning toward adapting existing laws for AI rather than creating whole new legislation. South Korea has new AI regulation awaiting full parliament approval, which is seen as less restrictive than the EU's version. South Korea's Ministry of Science and ICT announced in April plans focused on fostering local AI development, such as measures to provide datasets for training hyperscale AI, while continuing discussions in AI ethics and regulations.

Persons: Sam Altman, Yoon Suk, Altman, Naver, OpenAI, ChatGPT, Joyce Lee, Heekyong Yang, Deepa Babington Organizations: South Korean, crisscrossing, LG, Financial Times, Microsoft Corp, European, South Korea's Ministry of Science, ICT, Thomson Locations: SEOUL, crisscrossing Europe, Israel, Jordan, Qatar, United Arab Emirates, India, South Korea, Korea, United States, China, Kakao, Spain, Mexico, South

☆ Futures muted as bond yields rise on rate jitters
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.01%, S&P 0.06%, Nasdaq 0.09%June 8 (Reuters) - U.S. stock index futures were largely flat on Thursday as government bond yields hovered near recent highs on worries that major central banks could keep raising interest rates. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) closed lower on Wednesday, with megacap stocks leading declines as U.S. bond yields rose after the Bank of Canada (BoC) surprised markets with an interest rate hike. The 2-year Treasury yield , which tends to move in step with short-term rate expectations, rose for a third day to 4.56%, as investors await the Federal Reserve meet next week. Eventually we don't think the Fed will hike in July," Jefferies strategist Mohit Kumar said. They see a 50% chance of a rate hike in July.

Persons: Jefferies, Mohit Kumar, Russell, Thierry Breton, Ryan Cohen, Zhu Jiang, Sruthi Shankar, Vinay Dwivedi Organizations: Dow, Nasdaq, Bank of Canada, BoC, Microsoft Corp, Apple Inc, Amazon.com Inc, Treasury, Reserve, Traders, U.S . Labor Department, Dow e, Meta, Inc, GameStop Corp, Thomson Locations: U.S, KBW, China, Bengaluru

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