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☆ I left Silicon Valley for a dream job in Chicago. I wasn't prepared for how crushing the loneliness could be.
▼ + stars: | 2024-04-12 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +6 min

I interned for a company called Bridge Money during my MBA at Stanford. I wanted to work at a fintech company, and this opportunity with Bridge Money was the exact type of role I wanted. AdvertisementI'd heard that Chicago was becoming more of a startup hub but not on the same level as Silicon Valley. Bridge Money offered me the possibility of an equity grant — if all went well at the company, my equity would increase in value. At Bridge Money, I was one of the first 10 full-time hires.

Persons: Jaime Muñoz, —, I'd, Stanford, Muñoz, Jaime Muñoz I'd, I've, I'm, Everyone's, It's Organizations: Stanford, Service, Chicago, Accenture, San Locations: Chicago, California, Bay, Silicon, San Francisco

☆ Oakland airport is adding 'San Francisco' to its name. SF is appalled.
▼ + stars: | 2024-04-12 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +1 min

Oakland officials voted to add "San Francisco" to their city's airport name. San Francisco is not having it. Oakland officials say the name change would bring more travelers to their airport, bolstering the city's economy. AdvertisementOakland Airport wants what San Francisco has — its name. The Port of Oakland's Board of Commissioners decided in a unanimous vote on Thursday to change the name of their airport from "Metropolitan Oakland International Airport" to "San Francisco Bay Oakland International Airport."

Persons: — Organizations: Oakland, Service, Oakland's, Metropolitan Oakland International, Francisco Bay, International, Business Locations: Francisco, San Francisco Bay

☆ Opinion: What we may never understand about O.J. Simpson
▼ + stars: | 2024-04-11 | by ( Gene | Opinion Gene Seymour | ) edition.cnn.com time to read: +13 min

Walter Iooss Jr./Sports Illustrated via Getty Images Simpson competes during a track event at the University of Southern California in 1967. Focus On Sport via Getty Images Simpson gets ice applied to his bandaged right foot from his wife Marguerite in 1967. Bettmann Archive/Getty Images Simpson poses with the Heisman Memorial Trophy after receiving the award in 1968. Bettmann Archive/Getty Images Simpson is brought down by another football player during the Hula Bowl in 1969. ABC Photo Archives/Disney General Entertainment Content via Getty Images Simpson acts in a scene from the 1978 film "Capricorn One."

Persons: Gene Seymour, Orenthal James Simpson, Gene Seymour Jeremy Freeman, we’ve, We’ll, Simpson, Jim Brown, Muhammad Ali, Bill Russell, “ I’m, acclimate, Simpson’s, Nicole Brown Simpson, Ronald Goldman, O.J, Bundy, Vince Bucci, Malcolm W, Emmons, Walter Iooss Jr, Marguerite, Arnelle, Tony Tomsic, Jason, Michael Ochs, Lola Falana, Richard Burton, Everett, George Gojkovich, Bruce Bennett, Jim Ringo, LeVar Burton, Gilda Radner, Jane Curtin, Joe Namath, Frank Gifford, Mickey Pfleger, Nicole, Adam, PhotoQuest, Vinnie Zuffante, Leslie Nielsen, George Kennedy, Al Cowlings, Ford Bronco, Simpson's, Ronald Lyle Goldman, Allen J, Simpon, Cowling, Ron Galella, Chris O'Meara, Robert Kardashian, Alvin Michelson, Kardashian, Barbara Alper, Johnnie Cochran , Jr, Myung J, Chun, Reuters Simpson, Wilfredo Lee, Colin Braley, Christy Prody, Frazer Harrison, Jason Bean, Brooke Keast, AP Simpson, Jeffrey T, Barnes, Brown, O.J . Simpson, Mark Fuhrman Organizations: The New York Times, Newsday, Entertainment, The Washington, CNN, University of Southern, LA Coliseum, Fame, Getty, Sporting, USC, Bettmann, UCLA, Buffalo Bills, USA, Michael Ochs Archives, New York Jets, NFL, ABC, Disney, Warner Bros, San Francisco 49ers, AP, United, Paramount, Everett, Ford, Los Angeles Times, Los Angeles Police, New York Daily News, Los Angeles Daily, AP Simpson, Reuters, Lovelock Correctional, Nevada Department of Corrections, Goldman, Los Angeles Police Department Locations: University of Southern California, San Francisco, O.J, Los Angeles, Simpson, AFP, Hollywood, California, Cowlings, Simpson's Brentwood , California, Tampa , Florida, Los, Surrey, England, Miami, Dade County, Lovelock , Nevada, Las Vegas, Lovelock, Nevada

☆ The race for ever-cooler workplaces is leaving employees the winners
▼ + stars: | 2024-04-10 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKat Hunt never wanted to work from home. Hunt, whose job is in finance in Portland, Oregon, needed a place for some team members to gather in New York City. Hunt wanted a spot that wasn't your typical WeWork or similar. Courtesy Kat Hunt and Radious"I was allowed to work from home, but I never wanted to," Hunt said.

Persons: —, Kat Hunt, Hunt, Radious, Amina Moreau, Moreau, Combinator, Ryan Masiello, That's, Googlers, Clelia Warburg Peters, It's Organizations: Google, JPMorgan, Service, Earth Finance, San, Francisco's Pier, Ventures Locations: luxe, Portland , Oregon, New York City, Portland, Brooklyn, San Francisco, Portland , Milwaukee, San Francisco Bay, New York, Mountain View , California, Francisco's

This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees. Imagine a world where computers solve problems billions of times faster than today's machines can, ushering in a new era of scientific discovery. That's the promise of quantum technology — and a fierce race is underway to unlock its potential. In the shadow of the Rocky Mountains, the Denver-Boulder region is emerging as a global leader in this revolution. … We've built two of the largest quantum computers on the planet," Hays said in CNBC's primetime special "Cities of Success: Denver & Boulder," which airs April 11 at 10 p.m.

Persons: Rob Hays, We've, Hays, we've Organizations: Computing, CNBC, Denver & Locations: CNBC's, Rocky, Denver, Boulder, San Francisco, Success, Denver & Boulder, Antarctica

General Motors' Cruise self-driving vehicle unit will redeploy cars on U.S. roadways for the first time since October, beginning with a small fleet of human-driven vehicles in Phoenix, the company said Tuesday. Cruise said its "goal is to resume driverless operations," however it did not provide a timeline for doing so. The probe also investigated allegations of a coverup by Cruise leadership, but did not find any evidence to support those claims. Prior to the accident, Cruise was planning an aggressive expansion of robotaxis outside its home market, where the majority of its vehicles operated. In addition to the ceasing of operations, Cruise leadership has been gutted: Its cofounders, including CEO and cofounder Kyle Vogt, resigned and nine other leaders were ousted.

Persons: Cruise, We've, Kyle Vogt Organizations: Motors, GM, Cruise, California DMV, California Public Utilities Commission, Traffic Safety Administration, U.S . Department of Justice, U.S . Securities, Exchange Commission Locations: Phoenix, San Francisco, California

☆ Jamie Dimon says in shareholder letter AI could be as consequential to the economy as electricity
▼ + stars: | 2024-04-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

JPMorgan, the world’s largest bank by market capitalization, is exploring the potential of generative AI within its own ecosystem, said Dimon. “Over time,” wrote Dimon, “we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition. First Republic purchaseJPMorgan acquired most of First Republic’s assets last May after the San Francisco-based regional bank was seized by the government. Dimon wrote those odds are far too optimistic. “Small changes in interest rates today may have less impact on inflation in the future than many people believe,” he said.

Persons: Jamie Dimon, ”, Dimon, JPMorgan Chase, ” Dimon, “ Organizations: New, New York CNN, JPMorgan Chase, International Monetary Fund, Industries, Nvidia, Microsoft, JPMorgan, Software, San, First Republic, Silicon Valley Bank, Signature Bank, Markets, Traders, Federal Reserve Locations: New York, Republic, San Francisco, Silicon

☆ China's Nio to expand battery swap services to gain an edge on EV infrastructure
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Pictured here is a Nio battery swapping station in Haikou, Hainan province, China, on May 9, 2023. Bloomberg | Bloomberg | Getty ImagesBEIJING — Chinese electric car company Nio has been expanding its battery swap partnerships in a bid to gain an edge on the infrastructure side of the EV ecosystem. Nio also announced agreements earlier this year to work with two local battery companies on battery swap services. While having a large network of battery charging stations helps address those concerns, battery swapping is a faster method as it takes only a few minutes. CLSA's Luo said businesses also prefer to invest in normal charging stations than swap stations because they make a higher return.

Persons: Nio, —, JAC —, Ding Luo, Shen Fei, Shen, it's, Le, William Li, Shay Natarajan, Luo, Ford Organizations: Bloomberg, Getty, Chery, CNBC, Battery, Nissan, Sino Auto, Mobility Impact Partners, General Motors Locations: Haikou, Hainan province, China, BEIJING, U.S, San Francisco, Kyoto, Japan, Madrid, Spain, Europe, North America

☆ Here's who Treasury Secretary Janet Yellen is going to meet in China
▼ + stars: | 2024-04-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen, center, waits with others to receive Chinese President Xi Jinping at the San Francisco International Airport on Nov. 14, 2023, ahead of Xi's meeting with U.S. President Joe Biden. BEIJING — U.S. Treasury Secretary Janet Yellen was scheduled to arrive in China on Thursday ahead of four full days of meetings with Chinese officials. It's her second trip to the country since the summer, as the U.S. and China seek to increase high-level communication in an otherwise tense relationship. U.S. Secretary of State Antony Blinken is also due to visit China again later this year. We went for too long with too little communication, and misunderstandings developed," Yellen told reporters ahead of her arrival in China.

Persons: Janet Yellen, Xi Jinping, Joe Biden, It's, Antony Blinken, Yellen, Here's Organizations: Treasury, San Francisco International Airport, U.S Locations: BEIJING — U.S, China, Guangzhou, China's, Guangdong —, Beijing

☆ Apple lays off over 600 California employees after shuttering car project
▼ + stars: | 2024-04-04 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Tim Cook, CEO of Apple, during an event at Apple Park campus in Cupertino, California, Sept. 12, 2023. Apple is laying off 614 workers in California, according to a new state filing, the company's first significant round of job cuts since the pandemic. The affected Apple employees worked at eight different facilities in Santa Clara, according to the WARN notice posted by California. The filing comes weeks after Apple canceled a long-running project to build an electric, self-driving car in a team called the Special Projects Group. Positions that were cut include machine shop managers, hardware engineers and product design engineers, according to the San Francisco Chronicle.

Persons: Tim Cook, Apple hasn't Organizations: Apple, San Francisco Chronicle Locations: Cupertino , California, California, Santa Clara, Cupertino

☆ Progressive Candidate Could Upend the San Francisco Mayor’s Race
▼ + stars: | 2024-04-04 | by ( Heather Knight | ) www.nytimes.com time to read: +1 min

San Francisco residents have repeatedly told pollsters they don’t support Mayor London Breed. But as those mayoral contenders try to outmaneuver one another from the middle, they may have left an opening for a candidate on the left. Into that void has stepped Aaron Peskin, president of the San Francisco Board of Supervisors. Mr. Peskin, 59, confirmed in an interview that he will file papers on Friday to run for mayor. Breed might be ousted by someone to her right, Mr. Peskin could win the race if enough liberals coalesce around him in a city known for its left-wing politics.

Persons: pollsters, Aaron Peskin, Peskin Organizations: London, San Francisco, of Supervisors Locations: Francisco

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ I once dissed Journey in a concert review. Man, was I wrong
▼ + stars: | 2024-04-03 | by ( Brandon Griggs | ) edition.cnn.com time to read: +7 min

This last scene in the June 2007 finale of "The Sopranos" featured almost the entirety of Journey's "Don't Stop Believin'." For such a massive hit, “Don’t Stop Believin’” is sort of a curious tune. A scene from the pilot episode of "Glee," where the singers did an a capella version of "Don't Stop Believin'." ‘Don’t stop believing, Jon.’”Over the past 15 years “Don’t Stop Believin’” has become a karaoke staple and a sing-along favorite. What I wrote in that review wasn’t fairIs “Don’t Stop Believin’” a good song?

Persons: CNN —, ”, Journey “, ” Oof, … Def Leppard, hadn’t, Steve Perry, David Chase, Journey’s, Tony Soprano, Carmela, Anthony Jr, Tony glanced, James Gandolfini, Edie Falco, Robert Iler, “, Fox’s, Glee ”, Chris Colfer, Lea Michele, Amber Riley, Cory Monteith, Jenna Ushkowitz, Carin Baer, Jonathan Cain, ” Cain, ‘, Jon, ’, I’ve, It’s, it’s, Def Leppard, what’s, Neal Schon, Jeff Scott Soto, Tim Mosenfelder, Journey, Arnel Pineda, Forbes Organizations: CNN, HBO, Everett, Chicago White Sox, Century Fox, CBS News, Salt Lake Tribune, Def, Roll Hall of Fame, YouTube Locations: Salt Lake City, British, Europe, San Francisco, Meadow, Detroit, ”, Canada, Jersey, Los Angeles, Chicago, New York City, I’m, Salt, Mountain View California, Philippines

☆ Inside Y Combinator's 60,000-square-foot, San Francisco college town
▼ + stars: | 2024-04-03 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

The full-blown mania in artificial intelligence is bringing tech workers and startups back to San Francisco. Last June, the startup accelerator moved its headquarters from Mountain View into its new digs at the Pier 70 shipyard. Y Combinator partners record an episode of the Lightcone podcast in a production studio complete with professional cameras and lighting fixtures. Y CombinatorRemoving 'friction'For 17 years, Y Combinator set its base in Mountain View. The new San Francisco outpost was born from a desire to get founders in person again post-pandemic.

Persons: —, Jared Friedman, hasn't, Y Combinator Friedman, Y, Friedman, Carlos Avila Gonzalez, Bart, Lindsay Amos Organizations: Service, Volkswagen, Business, Chase, San, Rail, San Francisco Chronicle, Bay Area, YC Locations: San Francisco, Mountain View, San, bayside, View, Mission Bay, Bay, North Beach

☆ Dow falls more than 440 points to continue second quarter’s weak start
▼ + stars: | 2024-04-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

The Dow Jones Industrial Average dropped 418 points, or 1.1%, on Tuesday after declining more than 500 points at its lows. That means the blue-chip index has sunk roughly 800 points during the first two days of the second quarter. On Tuesday morning, the S&P 500 fell 1.1% and the Nasdaq Composite lost 1.5%. The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.5% for the 12 months that ended in February, a faster clip than January’s price increase. Traders pulled back their expectations for a rate cut in June to about 62% from more than 70% a week earlier, according to the CME FedWatch Tool.

Persons: New York CNN — Stocks, Jerome Powell, ” Organizations: New, New York CNN, Federal, Dow Jones, Nasdaq, San Francisco Fed, Traders Locations: New York

☆ Half a million California fast food workers will now earn $20 per hour
▼ + stars: | 2024-04-01 | by ( Natasha Chen | ) edition.cnn.com time to read: +7 min

CNN —As of Monday, about half a million fast food workers in California are making at least $20 per hour, $4 higher than the overall state minimum wage. This council can also recommend standards for fast-food worker safety and work with existing state agencies to investigate issues like wage theft. Mendelsohn, who owns six El Pollo Loco locations, has long championed workers’ rights, including helping trans workers connect with jobs. “I just wish it was being done over a longer period of time and it wasn’t just fast food,” Mendelsohn said. Additionally, they hope the council can discus fair working conditions, including wage theft, excessive heat and violence at work.

Persons: “, ”, Jaylene Loubet, We’re, Michaela Mendelsohn, Scott Rodrick, Rodrick, ” Rodrick, it’s, I’ve, Mendelsohn, you’re, ” Mendelsohn, Loubet, ” Loubet, isn’t Organizations: CNN, El, Workers, ” Locations: California, San Francisco Bay, “, Los Angeles

☆ One of the largest FTX creditors is trying to recoup millions for victims
▼ + stars: | 2024-04-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Bruch is one of the largest individual FTX creditors and has been tapped by the US Department of Justice to serve as one of nine on the FTX Creditors’ Committee, where he is working to recoup the funds lost by customers. DOJ-appointed creditor committees ordinarily consist of people and companies who hold the seven largest unsecured claims against the debtor (in this case, FTX), according to the agency. Before the Bell spoke with Bruch about Sam Bankman-Fried, FTX, MyPrize and the future of crypto. I feel for all of the creditors and am doing everything I can to help recoup what was taken from us. I’ve worked at some of the largest crypto trading desks in the world and then also started trading my own book of capital and grew to become one of the largest individual crypto traders.

Persons: Sam Bankman, Fried, Zach Bruch, Bruch, MyPrize, Bell, Sam Bankman Fried, —, ”, Sam Bankman Fried’s, Bitcoin, I’ve, Elisabeth Buchwald, Jerome Powell wasn’t, ” Powell, Powell, Christopher Waller, Evan Gershkovich, Evan Gershkovich’s, Radina Gigova, Anna Chernova, Antonina Favorskaya, Alexey Navalny, Favorskaya, Gershkovich Organizations: CNN Business, Bell, New York CNN, US Department of Justice, ’, DOJ, Arrington Capital, Department of Justice, Federal, Commerce Department, San Francisco Fed, ” Fed, CNN, Wall Street Locations: New York, Russia, Yekaterinburg

Fast food was her full-time job until last year. “Because I would not have been looking for so many other jobs in different places.”The law was supported by the trade association representing fast food franchise owners. For many fast food restaurants, this means the jump to $20 per hour will be smaller. At first, it appeared the bread exemption applied to Panera Bread restaurants. Also, Flynn has announced he would pay his workers at least $20 per hour.

Persons: Ingrid Vilorio, ” Vilorio, Alex Johnson, Anne's Pretzels, Johnson, “, ” Johnson, ”, Michael Reich, ” Reich, Reich, Greg Flynn, Newsom, Flynn, ___ Organizations: San Francisco Bay Area, University of California, Bloomberg News Locations: LIVERMORE, Calif, California, United States, San Francisco Bay, Berkeley, Sacramento , California

☆ This California lawmaker wants to help you ignore your boss when they call you after hours
▼ + stars: | 2024-03-31 | by ( Katie Balevic | ) www.businessinsider.com time to read: +2 min

A lawmaker wants to pass a bill allowing employees to ignore after-hours calls from their boss. 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 . AdvertisementIt's a universal headache: Your phone rings after work hours, and it's your boss. Related storiesIn California, one Democratic lawmaker wants to solve that by codifying a worker's right to ignore communications from their boss after work hours.

Persons: Bill, —, it's, codifying, Assemblymember Matt Haney, Haney Organizations: Service, Democratic, New York Times, Times, Labor, Employment, State Senate Locations: California, San Francisco, State

☆ Detroit is getting ready to host the NFL draft a decade after going bankrupt
▼ + stars: | 2024-03-31 | by ( George Glover | ) www.businessinsider.com time to read: +7 min

Detroit is set to host the NFL draft next month, a decade after it went bankrupt. Mayor Mike Duggan told BI that he hopes the event will reintroduce the city to the rest of the US. AdvertisementThe new DetroitApril's NFL draft — one of the biggest weekends on the sporting calendar — is set to bring eyeballs back to Detroit. AdvertisementDowntown Detroit will host the 2024 NFL draft. "No matter where you went in southeastern Michigan, everyone was smiling and talking to each other about the Lions," Duggan added.

Persons: Mike Duggan, —, Duggan, Axios, Joshua Lott, Bill Pugliano, it'll, we've, Kirby Lee, Dan Gilbert, who's, Jared Goff, Dan Campbell, Gilbert, Kyusung Gong, it's Organizations: Detroit, NFL, Lions, Service, Ford, GM, Detroit Free Press, Reuters, Economic, KC, Sports, Vegas and Kansas City, Getty, Cleveland Cavaliers NBA, Tampa Bay Buccaneers, Los Angeles Rams, San Francisco 49ers, The Lions, NCAA College Locations: Detroit, Midwest, Korean, Michigan, America, Motor City, Reuters Detroit, Detroit ., Kansas City, Vegas and Kansas

☆ Fed Chair Jerome Powell signals rate cuts aren’t imminent
▼ + stars: | 2024-03-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet. That’s the message Fed Chair Jerome Powell delivered on Friday. Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.”Why wait to cut then? “This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said. Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo.

Persons: Jerome Powell, “, ”, Powell, Powell wasn’t, there’s, ” Powell, Raphael Bostic, Powell’s, Donald Trump, he’s, Joe Biden —, Powell — Organizations: New, New York CNN, Federal Reserve, San Francisco Fed, Atlanta Fed, Republican Locations: New York

☆ Sam Bankman-Fried could go to a low-security prison and get out early if he plays his cards right, prison consultants say
▼ + stars: | 2024-03-29 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

A court sentenced Sam Bankman-Fried, the fallen king of crypto, to 25 years in prison on Thursday. Advertisement"In my opinion, he's going to a low-security facility, not to a medium. It would be a PR disaster if he went to a medium and got hurt," prison consultant Sam Mangel told BI. I don't think he's going to have a problem with physical harm or rape or anything like that. "He's going to want to do things to pass the time."

Persons: Sam Bankman, he'll, SBF's, Lewis Kaplan, he's, Sam Mangel, Mangel, Fried, Maureen Baird, Baird Perdue, Baird, Judge Kaplan, Jane Street, Kaplan Organizations: Service, Business, Federal Bureau of Prisons, San Francisco Bay Area, Prisons, Baird Perdue & Associates, Jane, Capital Locations: Manhattan, San Francisco Bay, New York, California

☆ What to know about the AI company Amazon is betting billions on
▼ + stars: | 2024-03-28 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Earlier this week, Amazon said it'd commit a further $2.75 billion to the San Francisco-based company as part of its efforts to get ahead of other Big Tech competitors in the AI arms race. AdvertisementSo, what's the deal behind the company Amazon is betting billions on? Related storiesDuring its early days, Anthropic focused on research, training, and testing efforts to ensure its AI model acted in a way that aligned with human values. Since the initial launch, Anthropic has released a slate of new AI models. Moving forward, Anthropic plans to release more updates to its Claude 3 model family and make its AI more suitable for companies.

Persons: —, Amazon, Claude, OpenAI's ChatGPT, it'd, Anthropic, Dario Amodei, Daniela Amodei, OpenAI, Amodei, Face's, Sam Bankman, what's, Swami Sivasubramanian, Anthropic didn't Organizations: Service, San, Big Tech, Business, New York Times, Google, CNBC Locations: Anthropic, San Francisco

☆ Sam Bankman-Fried sentenced to 25 years in federal prison
▼ + stars: | 2024-03-28 | by ( Lauren Del Valle | Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday. In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court on March 28, 2024. There is no parole in federal cases, but Bankman-Fried may still be able to shave years off his term. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. In addition to the prison sentence, Kaplan also ordered a forfeiture of $11.02 billion.

Persons: Sam Bankman, Fried, Lewis Kaplan, it’s, ” Kaplan, Fried “, Bernard Madoff, Elizabeth Holmes, Elizabeth Williams, ” Mitchell Epner, Epner, ” Epner, Jordan Estes, Kramer Levin, “, ” Estes, Kaplan, Joe Bankman, Barbara Fried, ” Organizations: New, New York CNN, CNN, Federal, of Prisons Locations: New York, Manhattan, San Francisco

☆ 4 takeaways from Sam Bankman-Fried’s sentencing
▼ + stars: | 2024-03-28 | by ( Allison Morrow | Lauren Del Valle | ) edition.cnn.com time to read: +3 min

25 years … with caveatsBankman-Fried’s 25-year sentence is about half of the 40 to 50 years prosecutors had sought. Judge Kaplan said he weighed a number of factors, including the brazenness of the crimes and Bankman-Fried’s potential to commit crimes in the future. “It haunts me every day.”Judge Kaplan appeared unmoved by parts of Bankman-Fried’s apology about customers being hurt. FTX victims are waitingJudge Kaplan roundly rejected Bankman-Fried’s argument that there was no loss to former customers of FTX because the bankruptcy estate indicated those victims are poised to recoup most of their funds. To say that FTX customers and creditors will be paid in full “is misleading, it is logically flawed, it is speculative,” Kaplan said.

Persons: Sam Bankman, Fried, Judge Lewis Kaplan, Judge Kaplan, ” Kaplan, ” Mitchell Epner, Gary Wang, Caroline Ellison, ”, ” Judge Kaplan, Kaplan, “, ” Epner, FTX, John J, Ray III, Ray Organizations: New, New York CNN, Prisons, CNN, Enron Locations: New York, San Francisco, Bankman, ”

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