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European private equity firm Hg expressed interest in buying a majority stake in the enterprise software company. For startups, private equity represents a deep-pocketed buyer willing to move quickly, pay a premium, and potentially help the business by tapping into complementary companies in their portfolio. AuditBoard is the kind of startup that private equity goes gaga over. Bidding warArnold then delivered the pitch deck that he had shown to public market investors just weeks before. Here's the 19-slide pitch deck that AuditBoard used to court a $3 billion buyout from private equity.
Persons: , Scott Arnold, Morgan Stanley, Arnold, AuditBoard, Corporates, Daniel Kim, Jay Lee, It's, Fortune, Alex Johnson, Johnson, Morgan Stanley's, Roxanne Oulman's, Nic, Humphries — Hg's, Goldman Sachs, Humphries, he's Organizations: Service, Business, Battery Ventures, Tiger Global, Morgan Locations: Silicon Valley, San Francisco, Shutterfly, Paris
Eugenicists used photographs and IQ tests to determine which people were "inferior," and sterilized those who didn't measure up — which usually turned out to be anyone who wasn't white and rich. Before he worked with photographs, Kosinski was interested in Facebook. It's just picking up on the way gay people present themselves on dating sites — which, not surprisingly, is often very different from the way straight people present themselves to potential partners. Kosinski thinks AI's ability to make the kind of personality judgments he studies will only get better. That is the future Kosinski fears — even as he continues to tinker with the very models that prove it will come to pass.
Persons: Michal Kosinski, Kosinski, I'm, they'd, isn't, Oppenheimer, David Stillwell, Stillwell, aren't, Brian Stauffer, Aleksandr Kogan, Donald Trump, , Kosinski isn't, MAGA, Bernie bros, Alexander Todorov, It's, they've, — Francis Galton, Ronald Fisher, Karl Pearson —, Aubrey Clayton, Hitler, Trump, They're, Adam Rogers Organizations: Stanford University, Kosinski, Facebook, Cambridge, Cambridge Psychometrics, National Academy of Sciences, Psychometrics, BI, intuit, Guardian, Rights, GLAAD, Stanford, HRC, University of Chicago, US Supreme, tinker, Business Locations: California, Stanford, Kosinski, Russia
Arrowpoint, a $1 billion multi-strategy fund from former Millennium exec Jonathan Xiong, launched Monday. AdvertisementSome of the world's biggest hedge fund investors are backing former Millennium executive Jonathan Xiong's new Arrowpoint Investment Partners. The Asia-based multistrategy fund is launching with $1 billion and has secured big-name allocators, including Blackstone, Canada's largest pension, and Singapore's sovereign wealth fund Temasek. Globally, the biggest multistrategy managers like Citadel and Xiong's old firm Millennium continue to crowd out smaller competitors by poaching talent and hoovering up assets. Locally, the Asian hedge fund market has newcomers entering the fray and longtime players beefing up their rosters.
Persons: Jonathan Xiong, , Jonathan Xiong's, beefing Organizations: Service, Arrowpoint Investment Partners, Blackstone, Temasek, Citadel, Business Locations: Singapore, Hong Kong, Asia
Leading tech companies like Google, Meta, OpenAI, Anthropic, and Microsoft are all scrambling to find new sources of data. Part of the problem is that publishers are increasingly accusing these companies of hoovering up copyrighted data. One solution is synthetic data, which is artificially generated rather than collected from the real world, and can easily be generated by machine learning algorithms. OpenAI has considered synthetic data as an option to train its models, but CEO Sam Altman has raised concerns about producing quality data. "As long as you can get over the synthetic data event horizon, where the model is smart enough to make good synthetic data, everything will be fine," Altman said at a tech conference in May 2023.
Persons: , Simon, Schuster, OpenAI, they'll, Mother Jones, Monika Bauerlein, Axel Springer, Sam Altman, Altman Organizations: Service, Google, Microsoft, Meta, Business, US Copyright, Investigative, Center, Author's, New York Times, Guild, Associated Press, The, Street, New, New York Post, Prisa Media, Le Monde, Financial Times Locations: New York, The
Nic Coury | AFP | Getty ImagesApple fully embraced artificial intelligence on Monday, as company executives explained the features and reasoning behind Apple Intelligence, the company's new AI software suite. Much of the AI development that has captured investor and technological interest has focused on building or securing ever-more powerful supercomputers equipped with Nvidia chips to develop even more power-hungry AI models. Apple's AI is mostly on your deviceApple Intelligence unveiled during Apple's WWDC2024 in Cupertino, Calif. on June 10th. Apple executives don't refer to this strategy as using one or multiple models, just "Apple Intelligence." Apple's AI can summarize and rewrite documents, generate small images, and translate conversations in real-time.
Persons: Tim Cook, John Giannandrea, Craig Federighi, Nic Coury, Apple, Federighi, Siri, Giannandrea, We're, we're, Apple's Organizations: Developers, AFP, Getty, Apple, Apple Intelligence, Microsoft, Google, Software, Nvidia, Apple Inc Locations: Cupertino , California, Cupertino , Calif
Big TV used to have a monopoly on our attention — and our wallets. This mirrors the pitch big TV companies are making this week in New York to advertisers. AdvertisementThe Big TV guys are screwed, right? AdvertisementAnd here to make that argument is Nielsen, which has a new way of tracking attention among media companies — including digital upstarts. And in this version, the TV guys are still sticking around.
Persons: aren't, , They're, Nielsen, It's, it's Organizations: Service, NFL, Business, Netflix, Disney, ABC, ESPN, Hulu, Paramount, CBS, NBC Universal, YouTube, Nielsen Locations: New York
AI skeptics — who are legion, and not necessarily part of the fringe tin foil hat crowd — are begging Silicon Valley to take a beat before unleashing AI to the world. Then, the big reveal: It’s all contained in Apple’s new iPad, its thinnest and most powerful ever, thanks to its brand new AI chip. Meanwhile, is anyone else getting inundated with Google’s Pixel ads, which show people giddily using the smartphone’s AI photo-editing software to deceive their online followers? Apple is expected to announce its own ChatGPT-like tools that could be a game changer for your internet searches. The Jeff Goldblums of the AI debate — who include some of the industry’s own pioneers — are not necessarily saying we have to smother AI and pretend it never existed.
Persons: CNN Business ’, Jeff Goldblum’s, , John, that’s, , Cher’s, Asif Kapadia, , Luke Barnett, Apple, Tim Cook, Apple’s, Siri, I’ll, We’re, Jeff Goldblums, weren’t Organizations: CNN Business, New York CNN, Google, Apple, Space Invaders Locations: New York
DisparityThanks to its multi-billion-dollar TV deals, the Premier League is often celebrated as a UK Inc. success story. Andrew Powell/Liverpool FC/Getty ImagesBy targeting talents from lower-league academies, Premier League clubs don’t have to pay inflated transfer fees. The mooted introduction of an independent regulator comes against the backdrop of some Premier League clubs falling foul of the Premier League’s Profitability and Sustainability Rules (PSR). Earlier this month, Everton were handed a further two-point deduction for allegedly breaching Premier League financial rules. Relegated from the Premier League in 2023, Leicester denies any wrongdoing and opened legal proceedings against the Premier League and the EFL, but could face a points deduction if found guilty.
Persons: Abu, , Kieran Maguire, Marie Antoinette ”, Marie Antoinette, – James McConnell –, Gabriele Biancheri, James McConnell, Bobby Clark, Andrew Powell, Caroline Dinenage, Maguire, Richard Masters, ” Maguire, , , ” Masters, Phil Noble, we’ve, It’s, Mike Egerton, they’ve Organizations: CNN —, Manchester City, League, Reading FC –, Reading, English Football League, CNN, British, Premier League, Inc, Sunderland, Manchester United, Cardiff City, Liverpool, Chelsea, Liverpool FC, Getty, Premier League clubs, Culture , Media, Sport Committee, Premier League clubs “, Premier League’s, ” CNN, The Times, European Super League, National League, Everton, Nottingham Forest, Manchester City –, Reuters, Nottingham, “ Premier League, Leicester City, Leicester Locations: Istanbul, Manchester, Abu Dhabi, France, Europe, England’s, Britain's
Drone swarms use cutting-edge technology derived from studying bird flocks and fish shoals to coordinate their movements across a potentially vast area. Advertisement"Autonomous, armed drone swarms should have restrictions on their use, especially drone swarms targeting humans. Ochmanek stressed that targeting decisions for drone swarms should still be made by humans, with AI only synthesizing the data. AdvertisementCountering the swarmsAs well as developing plans to deploy drone swarms, defense companies are working on a playbook for countering them. Another possibility, said Ochmanek, is that drone swarms could be programmed to target other drone swarms.
Persons: , Zak Kallenborn, David Ochmanek, Ochmanek Organizations: Service, RAND Corporation, Business, Center for Strategic, International Studies, Iraq, United Nations Locations: China, US, Israel, Europe, Ukraine
That's not to say predictions of a commercial real estate rebound are a sure bet. Here are four signs that support Gray's prediction that the commercial real estate market may be bottoming. (New York Community Bank had previously purchased $2.7 billion in Signature's loans and deposits, but not the real estate loans.) According to David Seifert, partner at private equity real estate firm Velocis, there are some sweet deals to be had in secondary sales of private-equity funds tied to real estate. The road aheadWhere Gray sees signs of bottoming, others think commercial real estate has much further to fall.
Persons: Warren Buffett, Buffett, Paul Getty, Getty, Steve Mnuchin —, Blackstone, Mnuchin, Donald Trump's, George Soros, John Paulson, It's, Jonathan Gray, Jim Garman, That's, Barry Sternlicht, Gray, Tracy Chen, Chen, BGO, secondaries There's, Ares, Brian King, King, David Seifert, Seifert, Velocis, Goldman Sachs, Dan McNamara, McNamara, Scott Rechler, wallop, Janet Yellen, Rechler, there's Organizations: Business, Goldman, Reuters, Starwood, Brandywine Global, Federal Reserve, . Bank, New York Community Bank, FDIC, Signature Bank, Community Bank, Fund Management, Community Preservation, New, Commercial Observer, Blackstone, Homes, Digital Realty, Polpo, RXR Locations: Blackstone, , New York, New York, BREIT, Real, Velocis
London CNN —European consumer rights groups have accused Meta, the owner of Facebook and Instagram, of carrying out a “massive” and “illegal” operation of collecting data from hundreds of millions of users in the region. The European Consumer Organisation (BEUC), an umbrella body for 45 consumer groups, said eight of the groups were filing complaints with their respective national data protection authorities Thursday. The company’s practices, the groups argue, breach parts of the European Union’s signature data privacy law, the General Data Protection Regulation or GDPR. Several days later, Meta launched a subscription service allowing its European users to pay up to €12.99 ($14) a month to use ad-free versions of Facebook and Instagram. The organization filed a complaint with European consumer protection authorities in November, arguing that this “pay-or-consent” approach was an example of an unfair and “aggressive” commercial practice prohibited under EU law.
Persons: Meta, , Ursula Pachl, Brian Fung Organizations: London CNN, Facebook, European Consumer Organisation, General Data, CNN, Meta Locations: Europe, United States
[1/5] Volunteers gather at the Donald Trump 2024 campaign headquarters in Iowa ahead of a door-knocking event in Urbandale, Iowa, U.S., October 14, 2023. Reuters interviews with nearly 40 party leaders, Trump staff and campaign volunteers in Iowa show how the former president has learned from his past mistakes. In 2016, Trump, thinking he had little chance of winning Iowa, kept his operation in the state threadbare. "I don't think people realize in 2016 how shoestring that was," said Jeff Kaufmann, chairman of the Iowa Republican Party, referring to the Trump campaign. In 2016 Trump didn't have the staffing or digital infrastructure to follow up on such leads, meaning many Trump supporters like Jones and her husband stayed home on caucus night.
Persons: Donald Trump, Nathan Layne, Trump, Ted Cruz, Jeff Kaufmann, Rachel Paine Caufield, Trump's, Ron Desantis, Alex Latcham, we've, Ann Jones, Jones, Marshall Moreau, Cris Christenson, DeSantis, he's, Jonah Jones, Adel, Ross Colvin, Daniel Wallis Organizations: Volunteers, REUTERS, DES, Trump, Iowa Republican Party, Sunday Trump, Drake University, Reuters, DeSantis, Hawkeye State, Ipsos, Iowa, Christian, Republican, Thomson Locations: Iowa, Urbandale , Iowa, U.S, , Iowa, Sioux City, Florida, Cruz, Adel, Des Moines, Clive , Iowa, Adel , Iowa
The AI boom has triggered a surge in spending on data centers. The AI boom has supercharged a wave of spending on data centers. AdvertisementAdvertisementThe data center boom is set to double or triple the amount of energy consumed by these data centers. A recent Cowen research report estimated that AI data centers could require more than five times the power of traditional facilities. Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume.
Persons: , ChatGPT, it's, Jonathan Gray, Cowen, Marc Ganzi, Shaolei Ren, Tom Keane, Keane, Bernstein, Mark Moerdler, Jahi, Matt McCollister, Pena Popo, Blackstone, Karla Moran, Moran Organizations: Service, McKinsey, Nvidia, UC Riverside, Microsoft, Washington, Getty, Lincoln Property Company, Harrison Street, Google, Meta, Amazon, Blackstone, Income Trust, QTS Realty Trust, Amazon Web Services, AP, Phoenix Locations: America, Rural America, Loudoun Meadows, Aldie , VA, Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Washington, DC, Virginia, New York City, Salt
FTC sues Texas anesthesiology provider to bust monopoly
  + stars: | 2023-09-21 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
Federal Trade Commission (FTC) Chair Lina Khan testifies before a House Judiciary Committee hearing on "Oversight of the Federal Trade Commission," on Capitol Hill in Washington, July 13, 2023. The Federal Trade Commission on Thursday sued the largest anesthesiology provider in Texas, claiming the company has wielded monopoly power to drive up prices for patients and boost its profits. The FTC asked a federal judge in Houston, Texas, to break up U.S. Anesthesia Partners alleged monopoly power and permanently bar the company from engaging in anticompetitive practices. The agency claims that New York-based private equity firm Welsh, Carson and Stowe founded U.S. Anesthesia Partners in 2012 to pursue an aggressive consolidation strategy that exploited Texas' fragmented market for anesthesiology providers. The FTC complaint says that Welsh Carson sought to make USAP the dominant provider in Texas by hoovering up the numerous independent practices that previously competed against each other, keeping prices lower.
Persons: Lina Khan, Stowe, Welsh Carson, hoovering Organizations: Federal Trade Commission, FTC, Anesthesia Partners Locations: Washington, Texas, Houston , Texas, New York, Carson
Saudi binge is fiscal free kick for European clubs
  + stars: | 2023-08-18 | by ( Streisand Neto | ) www.reuters.com   time to read: +3 min
The Saudi binge may help European teams raise funds and meet tough new financial rules. The Roshn Saudi League is a top scorer in the football transfer market. UEFA, the governing body for European football, has introduced new rules limiting clubs’ spending on wages, transfers and agent fees to 70% of revenue. European clubs should take the money before the referee's whistle blows. Saudi clubs have spent over 550 million euros buying players from European clubs in the 2023/2024 transfer season, according to Transfermarkt.
Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Neymar da Silva Santos Júnior, Germain, Rúben Neves, Prince Mohammed bin Salman, Len Blavatnik, China’s, Oscar, Marouane, Hilal, Cristiano Ronaldo, Karim Benzema, Neil Unmack, Thomas Shum, Pranav Kiran Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Reuters, Paris Saint, Saudi, Saudi Public Investment Fund, Britain’s Premier League, Premier League, Deloitte’s Sports Business, UEFA, Deloitte, Reuters Graphics Reuters, Bloomberg, BBC, Thomson Locations: Al Hilal, Paris, France, Saudi, Hilal, Saudi League, Al, Ittihad, Saudi Arabia, Riyadh, Kingdom, Saudi Arabian
But the way Shein uses data and determines demand has been a point of contention. Just as TikTok or Instagram tracks what you search or how long you engage with a particular video, Shein gathers similar data from its shoppers. This is a common practice in retail — many other brands track similar data on their sites. To measure demand, Shein's site then conducts statistical sampling to understand what sequence of steps led a customer to any given purchase. Kristy Sparow/GettyThe 'secret sauce' behind Shein's on-demand fashionThe technology Shein uses to determine trends isn't new — many online retailers collect similar data to track customer behaviors.
Persons: Shein, Peter Pernot, Shein's, Kristy Sparow, Hailey Bieber Organizations: Service, International Labour Locations: Wall, Silicon, Guangdong province, China, Brazil, Turkey
Money is pouring into the hedge fund business, adding to a war for talent. Maybe a bunch of NBA or NFL players end up on a trading floor for charity. The war for talent is partly a reflection of hedge-fund performance. My colleague Alex Morrell wrote recently:After years of relative quiet, macro strategies at hedge funds surged back to life in 2022 amid rising interest rates, inflation, and geopolitical convulsions. Writing for Insider recently, hedge-fund recruiter John Pierson said that "the competition for investment talent is escalating, and finding top portfolio managers is no longer a contact sport — it's an all-out war."
Persons: Bloomberg's Nishant Kumar, Maureen Farrell, Rob Copeland, Tom Brady, Steph Curry, Lamar Jackson's, Alex Morrell, Brevan Howard, Rokos, John Pierson Organizations: Millennium, Citadel, Morning, NBA, New York Times, Times, Golden State Warriors, ESPN, NFL, Baltimore Ravens, Premier League
BERLIN, April 26 (Reuters) - Germany's domestic spy agency on Wednesday classified the youth organisation of far-right party the Alternative for Germany (AfD) as an extremist entity that threatens democracy, as authorities seek to combat a widespread rise in extremism. Germany's spy agency on Wednesday classified two other organisations, the Institute for State Policy and "One Percent", as extremist entities pursuing aims against the constitution. The spy agency said that the Young Alternatives wanted a society that was as ethnoculturally homogeneous as possible, designated migrants of non-European origins as fundamentally impossible to integrate and warned of the destruction of "organically grown European peoples". It is now Germany's most successful far-right party since World War Two and is currently polling just a few percentage points behind the Greens and the ruling Social Democrats (SPD). "We have seen that the whole discussion about extreme right tendencies has not hurt the AfD," said Guellner.
Red alert recession signals
  + stars: | 2023-03-26 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com   time to read: +4 min
On the agenda today:But first: Everyone is back to talking about a recession. This week's dispatchFed Chair Jerome Powell Joshua Roberts/Reuters2023 started with fresh hope that the US could avoid a recession. That has big name investors and market signals predicting a recession, and soon. "Red alert recession signals," Gundlach said. Even Powell's preferred bond-market indicator says a recession is on the way this year.
Data Deluge: Businesses Struggle With TMI
  + stars: | 2023-03-21 | by ( Isabelle Bousquette | ) www.wsj.com   time to read: 1 min
According to a global survey by Salesforce last year, 33% of business leaders said they can’t generate meaningful insights from their data and 30% said they were overwhelmed by the volume. Companies are hoovering up more data than ever before, with the goal of leveraging it for insights and efficiency. But in many cases, the amount of data is leaving them lost—drowning in a sea of terabytes they don’t know how to make sense of. “In some instances, it is overwhelming,” said Sam Jaddi , chief information officer for security company ADT Inc. The company collects three to four terabytes of data everyday—“a significant amount of data to sift through,” he added.
It enrages me," Tucker Carlson wrote in a text message to his producer Alex Pfeiffer. "Not a single Fox witness testified that they believe any of the allegations about Dominion are true," Dominion lawyers wrote. Imho they need to address but wtf do I know," Hannity wrote in a text message, referring to Newsmax. That email, Dominion's lawyers write, came from an unnamed author who claimed to be a beheaded ghost who talks to the wind. President Trump not only was the sitting President, he was the key figure that day," Dominion's lawyers wrote.
If this continues, liquidity from Japan will continue to support global markets," he adds. The BOJ flow in January outstripped the combined liquidity drain from the Fed, European Central Bank and Bank of England, resulting in a G4 net liquidity provision of $115.3 billion. Operations from the ECB and, most notably, the PBOC, have helped pour around $1 trillion of liquidity into the global financial system in recent months. As Citi's King says, when changes in even the least significant line items on central bank balance sheets are measured in the hundreds of billions of dollars, "they should command investors' respect." Related columns:- U.S. debt ceiling saga softens Fed's QT- Bank of Japan shock raises 2023 global liquidity risksBy Jamie McGeever; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.
Fire still burning, Djokovic and GOAT debate move on to Paris
  + stars: | 2023-01-30 | by ( ) www.reuters.com   time to read: +3 min
While the blue courts of Melbourne Park are undoubtedly Djokovic's domain, the red clay courts of Roland Garros are the preserve of Spaniard Nadal, the other open-era GOAT contender along with 20-times Grand Slam champion Roger Federer. Federer is now retired and sent his congratulations to Djokovic on Instagram - "Incredible effort, again!" The 36-year-old is confident he will recover from the hip flexor issue he sustained at the Australian Open in time to drag his battered body to Paris in May in a bid for a 15th French Open title. And, despite a hamstring issue that hindered him throughout the year's first Grand Slam, Djokovic left little doubt that he would also be there trying to win major number 23. I know that when I'm feeling good physically, mentally present, I have a chance to win any slam against anybody.
The amount of new public-sector debt investors will have to absorb in 2023 will be twice as much as the previous record a decade ago, BofA notes. As early as November, the ECB's bond market contact group cited the high amount of debt private investors would have to buy as the most frequently mentioned concern. JPMorgan, the leader for euro government debt sales, expects a fall. The biggest challenge for governments will be timing, Dutch debt office head Saskia van Dun told Reuters last week. They will also have to be careful when picking maturities to issue and compensate investors enough to buy the debt, investors said.
Regasification ships are critical in Europe’s energy war with Russia. That is hard luck for other regions that were counting on them for their own power needs. Europe has been hoovering up floating storage and regasification units, known as FSRUs, since the Kremlin cut flows of Russian pipeline gas to the continent this summer. These ships can help countries to quickly boost their ability to import liquefied natural gas but there are only 50 in the world.
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