DIRS.INFO The most relevant business & tech news

☆ Tech's Divorced Dad Energy: Silicon Valley Is Letting Down Customers
▼ + stars: | 2024-08-06 | by ( Ed Zitron | ) www.businessinsider.com time to read: +15 min

Big Tech companies became less known for one particular product. Instead, Big Tech became obsessed with a series of half-baked boondoggles that seemed revolutionary, yet in practice, were either not reliable enough to be trusted or simply not that useful. Big Tech has become sullen, entitled, and lazy, believing that nobody else could snatch away its precious customers. Related storiesEven when tech companies aren't trying to shove AI down our throats, they fall into a similar trap. AdvertisementWhen the public eventually walks out, I don't believe Big Tech is even capable of making the adjustments necessary to win them back.

Persons: Smart, surly, Apple, Meta, Tesla, Elon Musk, Musk, —, Goldman Sachs, Jim Covello, Sundar Pichai, it's, Tech's, Satya Nadella Organizations: Google, Microsoft, Apple, Big Tech, Siri, Amazon, Meta, Tech, Facebook, cryptocurrency, Porsche, Microsoft Windows Locations: America

☆ Tech stock sell-off may herald the long-awaited AI reckoning
▼ + stars: | 2024-08-05 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe tech slide follows a dramatic sell-off in Asia, with Japan's main stock market index, the Nikkei 225, ending 12.4% lower and other AI heavyweights such as SoftBank slid hard. By the end of the year, the company expects to spend up to $40 billion on AI research and product development. That's because AI's been touted as a technology as revolutionary as the internet and smartphones by tech luminaries like Bill Gates. If others really start to believe that's the case, it could mark the beginning of the end for the AI rally.

Persons: —, Jensen, Warren Buffett's Berkshire Hathaway, SoftBank, Sundar Pichai, Susan Li, AI's, Bill Gates, Goldman Sachs, Jim Covello, Daron Acemoglu, it's, Blackwell, Elliott, Dan Ives Organizations: Service, Tech, Business, Nvidia, Apple, Microsoft, Nikkei, Google, Big, Investors, Meta, Elliott Management, Financial Times Locations: Asia

☆ Wall Street to Big Tech: Is AI ever going to make money?
▼ + stars: | 2024-08-02 | by ( Clare Duffy | ) edition.cnn.com time to read: +7 min

New York CNN —There’s been one big question on the minds of Wall Streeters this tech earnings season: When will anyone start making actual money from artificial intelligence? But Big Tech still has relatively little to show for all their billions spent in terms of significant revenue gains from AI or profitable new products, and investors are starting to get antsy. Shares of both Google and Microsoft dipped following their earnings reports, a sign of investors’ discontent that their huge AI investments hadn’t led to far-better-than-expected results. She added: “Gen AI is where we’re much earlier … We don’t expect our gen AI products to be a meaningful driver of revenue in ’24. As an example of just how long it can take AI products to come to fruition, take Tesla’s AI-based “full self-driving” technology.

Persons: New York CNN — There’s, ChatGPT, ’, Morgan Stanley, Keith Weiss, Steven Ju, Sundar Pichai, Goldman Sachs, —, ” D.A, Davidson, Gil Luria, Meta, Amy Hood, “, Susan Li, that’s, ” Luria, we’re, Jim Covello, Tesla, FSD, Google’s Pichai, Mark Zuckerberg, — Luria Organizations: New, New York CNN, Big Tech, UBS, Google, Microsoft, CNN, Meta Locations: New York, Silicon Valley

☆ Why workers who lose their jobs to AI will be better off than the Midwest manufacturing employees of two decades ago
▼ + stars: | 2024-08-02 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Similar to US manufacturing workers who lost their jobs in recent decades to advancements like automation, those displaced by AI could find themselves without the skills needed for the modern workforce. It comes down to when — and where — AI job losses are likely to materialize. Davis said there are several reasons workers who are displaced by AI should have an easier time finding work than many manufacturing workers of the past. Impacted workers in cities would be more likely to have job opportunities than workers where manufacturing jobs were concentrated, which often were in the Midwest. Widespread AI job displacement won't happen for at least a decadeWhile Davis is uncertain about the timing and scale of AI job displacement, he said he doesn't expect AI to drive major job losses over the next decade.

Persons: —, Goldman Sachs, It's, Steven Davis, Hoover Institute —, Davis, it's, — Davis, they've, they're, Joe Biden, there's, Jim Covello, that's Organizations: Service, Business, Hoover Institute, Stanford University —, Bureau of Labor Statistics —

☆ A big cloud hangs over Big Tech earnings: Is all this AI spending worth it?
▼ + stars: | 2024-07-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

In his Sunday column , Jim Cramer wrote that these earnings reports will test that rotation narrative. Another way to help "take the sting away" is management teams providing a rationale behind the spending, Jim also wrote Sunday. Alphabet's second-quarter capex of $13.2 billion was up 91% year over year and higher sequentially from $12 billion in the first quarter. Alphabet's full-year capex spending is expected to total nearly $50 billion, according to estimates compiled by FactSet. Investors fretting about AI spending is not entirely new.

Persons: –, Jim Cramer, Jeff Marks, Jim, Alphabet's, Sundar Pichai, FactSet, Apple, Meta's, Goldman Sachs, Jim Covello, Covello, Jim Cramer's Organizations: Big Tech, Microsoft, Apple, KeyBanc, Markets, Google, Meta, stoke, Wall Street, Wedbush Securities, CNBC, Bloomberg, Getty Locations: capex

☆ Goldman's global head of equity research shares 2 fundamental issues with the AI craze — and how to prepare for a bubble pop
▼ + stars: | 2024-07-19 | by ( Christine Ji | ) www.businessinsider.com time to read: +10 min

And to him, AI doesn't exhibit the signs of a truly groundbreaking innovation like the ones he's seen before. AdvertisementAI comes with a trillion-dollar price tagIt's no secret that AI technology isn't cheap. Advertisement"A lot of people say, 'Well, we'll be able to replace call centers with AI,'" Covello said. However, once it encounters unfamiliar situations outside its training set, AI doesn't have the ability to reason like humans do. If AI doesn't actually have the ability to conduct higher-order reasoning, it won't leave a trillion-dollar impact on the economy.

Persons: —, Goldman Sachs's Jim Covello, Covello, Goldman Sachs, it's, buildout, we'll, Tesla, who've Organizations: Service, Business, Investors, Nvidia, Amazon, CVS, Big Tech Locations: Netherlands

☆ ‘The Schoolmistress’ painting stolen by mobsters returned after more than 50 years, the FBI says
▼ + stars: | 2024-01-29 | by ( Andy Rose | ) edition.cnn.com time to read: +1 min

CNN —A painting older than the US Constitution was returned to its rightful owner this month – more than 50 years after being stolen by mobsters, the FBI said in a news release. “The Schoolmistress,” by English painter John Opie, was found among items in a 2021 estate sale. The FBI returned the painting to the family of Dr. Earl Leroy Wood earlier this month. “It was a well-done painting.”It took more than two years for Wood’s family to find the documentation proving the painting belonged to them. The FBI delivered the work of art to Wood’s son, 96-year-old Dr. Francis Wood, on January 11.

Persons: John Opie, Gerald Festa, Dr, Earl Leroy Wood, Joseph Covello, “, Emily Stauffer, Francis Wood, ”, Gary France Organizations: CNN, FBI, KUTV Locations: Lake City, Covello’s Florida

Search resuls for: "Covello"

7 mentions found