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☆ Bank crisis 'a simpler fix' than last time in '08: Semafor's Hoffman
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank crisis 'a simpler fix' than last time in '08: Semafor's HoffmanLiz Hoffman, Semafor business and finance editor, joins 'Squawk Box' to discuss Jamie Dimon's annual letter, how to ensure the banks are investible, and more.

☆ These are the 12 best books to get up to speed on the hot new world of generative AI, according to experts
▼ + stars: | 2023-04-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Impromptu: Amplifying Our Humanity Through AIScreenshot from Impromptubook.comAuthor: Reid Hoffman, LinkedIn cofounder, investor at venture firm Greylock Partners, and former board member of OpenAI. Publish Date: March 15, 2023Why it's good: As a former board member of OpenAI — one of the startups leading the generative AI charge — Hoffman has seen up close how the large language models behind generative AI tools like ChatGPT work. His book, available as a free pdf, was written with GPT-4, the newer, more powerful version of ChatGPT. The book is the first to be written by GPT-4, Hoffman said in a LinkedIn post announcing his work earlier this month. Learn more about Impromptu: Amplifying Our Humanity Through AI

☆ There are the 9 best books to get up to speed on the hot new world of generative AI, according to experts
▼ + stars: | 2023-04-02 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ Elon Musk and Sam Altman founded OpenAI together, but now they're publicly trading barbs. Here's the history of their relationship and feuds.
▼ + stars: | 2023-03-30 | by ( Sarah Jackson | Grace Kay | ) www.businessinsider.com time to read: 1 min

Musk and Altman cofounded OpenAI, the creator of ChatGPT, in 2015, alongside other Silicon Valley figures, including Peter Thiel, LinkedIn cofounder Reid Hoffman, and Y Combinator cofounder Jessica Livingston. OpenAI CEO Sam Altman and Elon Musk have a long history. GettyThe group aimed to create a nonprofit focused on developing artificial intelligence "in the way that is most likely to benefit humanity as a whole," according to a statement on OpenAI's website from December 11, 2015. Source: Insider

☆ Bank carnage rages on: President Biden calls for stricter regulation
▼ + stars: | 2023-03-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank carnage rages on: President Biden calls for stricter regulationHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Herb Greenberg, Empire Financial Research; Richard Bove, Odeon Capital Group; Liz Hoffman, Semafor, join the show to discuss whether the bank crisis is over.

☆ How age-old retailers like Foot Locker are boosting sales for new brands like Hoka and On
▼ + stars: | 2023-03-27 | by ( Danni Santana | ) www.businessinsider.com time to read: +4 min

Foot Locker and other sneaker retailers have learned their lesson about depending too much on Nike. Foot Locker has allocated more wall space to emerging performance running brands like On and Hoka. Foot Locker and other sneaker retailers have learned their lesson from Nike's shifting strategy. Although Nike still sells at some retailers like Foot Locker, Nike is committed to putting its own direct-to-consumer sales first. "Acquiring a 21-year-old in New Jersey is more expensive for us to do than Foot Locker because Foot Locker has kept that relationship with that consumer," On co-CEO Marc Maurer told Insider in an interview.

☆ NHL roundup: Bruins lock down Atlantic Division title
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +11 min

Hathaway has scored three goals since joining the Bruins in late February, two of which have been go-ahead tallies. Linus Ullmark made 11 of his 26 saves in the third period, improving to 11-1-0 in his last 12 starts. For the Lightning, Victor Hedman scored the lone goal and Andrei Vasilevskiy was credited with 32 saves. Leon Draisaitl had a goal and an assist, and Zach Hyman and Warren Foegele also scored for Edmonton. Ottawa captain Brady Tkachuk scored his seventh goal in seven games and Mark Kastelic and defenseman Thomas Chabot also tallied.

☆ AI storytelling startup Tome records fast user growth, to launch paid tier soon
▼ + stars: | 2023-03-23 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

March 23 (Reuters) - Artificial intelligence storytelling startup Tome has seen its user numbers triple in a month to 3 million and is planning to launch a paid subscription in the coming weeks, Chief Executive Keith Peiris told Reuters, as AI products grow in popularity. Tome is also adding a document-to-presentation feature powered by GPT-4, the latest foundation model released by Microsoft-backed OpenAI. The feature enables users to turn a document of up to 25 pages into AI-generated slides with text and soon photos, competing head-to-head with Microsoft's (MSFT.O) AI "Copilot". "It's a push into work and enterprise use cases for us after all the demand we've seen," said Peiris, co-founder of Tome. Tome's product is currently free to use, while it will soon launch a paid tier that costs about $10 a month to guarantee unlimited access for users, Peiris said.

☆ Google's AI teams are experiencing a brain drain. Here's where its top researchers are now.
▼ + stars: | 2023-03-23 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +12 min

Top AI researchers have been leaving for startups where their work can have more impact. That frustration over Google's slow movement has been corroborated by other former Google researchers who spoke to Insider. Niki Parmar left Google Brain after five years to serve as a co-founder and CTO of Adept, though like Vaswani she recently left for a stealth startup. Lukasz Kaiser left Google Brain after over seven years to join OpenAI in 2021. Sharan Narang, another contributor to the T5 paper, left Google Brain in 2022 after four years.

☆ Cramer thinks On Holding is one of the best growth stories out there and here's why
▼ + stars: | 2023-03-22 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer thinks On Holding is one of the best growth stories out there and here's whyMad Money host Jim Cramer talks to On Holding co-CEOs Martin Hoffman and Marc Maurer about the footwear company's growth and very bullish forecast for both the current quarter and the full year.

☆ Reid Hoffman, LinkedIn cofounder, said he talks to his friend Peter Thiel less to avoid political discussion and feuding over Donald Trump
▼ + stars: | 2023-03-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Reid Hoffman said he talks to his friend Peter Thiel less now on an episode of "On with Kara Swisher." Hoffman wants to avoid arguing with Thiel over former President Donald Trump. When Swisher asked Hoffman if Thiel hears him, Hoffman said, "I don't know." When they met as sophomores at Stanford in the mid-1990s, Hoffman heard Thiel was a "libertarian wacko," while Thiel was told Hoffman was a "pinko commie," Hoffman said on his podcast "Masters of Scale." Hoffman told Swisher he will "spend as much as I possibly can" to avoid another Trump presidency, saying it would be "destructive to our society."

☆ The 4-day workweek may not be the answer to workplace productivity and flexibility
▼ + stars: | 2023-03-21 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

The four-day workweek was also discussed in a panel at the World Economic Forum earlier this year. "We have had a static, for many countries, five-day week for about a century," Grant said Thursday at his panel discussion called "The Four-Day Week." While a four-day workweek seems like an obvious answer, there are some key factors to consider before making the change, they agreed. But there are productivity benefits to giving employees more time to invest in themselves, which could come through the four-day workweek or other rescheduling methods. Flexibility through reorganizationWhether it be a four-day workweek or another method of schedule restructuring, a focus on both flexibility and productivity also benefits companies, van 't Noordende said.

☆ We're in the middle of the banking crisis, says Odeon's Dick Bove
▼ + stars: | 2023-03-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're in the middle of the banking crisis, says Odeon's Dick BoveDick Bove of Odeon Capital, Herb Greenberg of Empire Financial Research and Liz Hoffman, Semafor business and finance editor, join CNBC's Brian Sullivan and 'Last Call' to discuss the recent banking crisis and how it could impact the Fed's rate decision next week.

Greg Becker, who was the longtime CEO of Silicon Valley Bank, pictured last year. "Looks like Silicon Valley Bank is in some deep shit," Uncommon Capital general partner Jamie Quint tweeted. Startup founders scrambled to get their funds out of Silicon Valley Bank after its collapse. Andreessen Horowitz announced this week that it will continue banking with Silicon Valley Bank "for the foreseeable future" but is crafting a longer-term plan to diversify. Even so, he added, "I think we'd be supportive, as they stabilize, for them to be one of many partners that our founders bank with."

☆ SVB fallout: What this means for regional banks
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSVB fallout: What this means for regional banksLiz Hoffman, Semafor business and finance editor, joins 'Squawk Box' to discuss whether the Federal Reserve's intervention has stopped things from happening in the SVB case, the venture capital community's social media response to SVB's fallout, and more.

☆ AI might revolutionize how we borrow money. But is that a good thing?
▼ + stars: | 2023-03-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But a recent report by Credit Suisse on the use cases for both ChatGPT and AI in finance caught my eye. AI models are only as good as the data they receive, which leaves them susceptible to bias, just like humans. A top-performing hedge fund is looking to team up with one of the hottest tech tools. Izzy Englander's Millennium Management told clients that it'll expect to get paid regardless of whether the hedge fund actually makes money for its investors, according to Bloomberg. The billionaire hedge fund manager believes all signs are pointing towards a recession.

☆ Inside the germy, sneeze-filled meeting between Morgan Stanley's CEO and the Saudi crown prince at the onset of COVID-19
▼ + stars: | 2023-03-08 | by ( Liz Hoffman | ) www.businessinsider.com time to read: +8 min

James Gorman, CEO of Morgan Stanley, met with the Saudi crown prince at the onset of the pandemic. The young royal kept sneezing during the meeting — and Gorman's fear of a deadly pathogen began to grow. He was in the royal palace in Riyadh, Saudi Arabia, seated to the right of the country's crown prince, Mohammed bin Salman. Given their recent experience with a deadly virus, Gorman took the caution of his Kuwaiti hosts as a sign that the West was underestimating the dangers of this one. And now, as Gorman chatted with the controversial 34-year-old crown prince about ways Saudi Arabia could diversify its economy and reduce its reliance on oil, the young royal kept sneezing.

☆ Inside story of a 'Crash Landing': How companies survived the pandemic
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside story of a 'Crash Landing': How companies survived the pandemicLiz Hoffman, Semafor business and finance editor, joins 'Squawk Box' to discuss her new book 'Crash Landing' and how companies managed to survive the pandemic.

☆ NHL roundup: Ivan Barbashev nets pair as Knights edge Canadiens
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +4 min

[1/3] Mar 5, 2023; Las Vegas, Nevada, USA; Vegas Golden Knights center Ivan Barbashev (49) celebrates after scoring a goal against the Montreal Canadiens during the first period at T-Mobile Arena. The Lightning didn't register a second-period shot on goal, going to the third period with just four for the game. It marked the sixth time in Carolina franchise history that an opponent went an entire period without a shot on goal. Flyers 3, Red Wings 1Nicolas Deslauriers, Noah Cates and Scott Laughton each scored one goal to lift host Philadelphia past Detroit. Laughton scored an empty-net goal at 18:12 of the third period in his 500th career game to seal the victory.

☆ Reid Hoffman steps down from OpenAI board to avoid potential conflicts of interest
▼ + stars: | 2023-03-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

LinkedIn founder and Greylock partner Reid Hoffman is leaving the nonprofit board of OpenAI, he announced in a post on Friday. Hoffman cited a desire to invest in companies using OpenAI's software, which could cause a conflict of interest, he said in the post. To be clear, since the start, OpenAI and its board has been very careful to monitor and avoid any conflicts to date," Hoffman wrote. Earlier this week, it said it would charge companies using its AI about one-fifth of one cent to produce about 750 words. Previously, Tesla CEO Elon Musk left OpenAI's board in 2018.

☆ OpenAI's long-time backer Reid Hoffman leaves board
▼ + stars: | 2023-03-03 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +1 min

March 3 (Reuters) - LinkedIn co-founder Reid Hoffman is leaving OpenAI's board to avoid conflicts of interest as he backs more artificial intelligence companies, he said in an online post. Hoffman also co-founded Inflection AI, one of the highest profile startups working on technology similar to OpenAI's. At the same time, Hoffman said he remained OpenAI's "ally" and wanted to work toward "elevating humanity" through technology including cross-industry partnerships if desired. Sam Altman, OpenAI's chief executive, said in a Twitter post responding to Hoffman that he looks forward "to much more collaboration in the future!" Hoffman remains on the board of Microsoft Corp (MSFT.O), itself a major partner to and investor in OpenAI.

☆ US labor market stays resilient; Q4 labor costs revised higher
▼ + stars: | 2023-03-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Those worries were further heightened by another report from the Labor Department on Thursday showing labor costs grew much faster than previously estimated in the fourth quarter. The labor market remains tight despite rising risks of a recession, contributing to keeping inflation elevated via solid wage gains. But even using alternative seasonal adjustments, economists say the labor market still is exhibiting tightness. A second report from the Labor Department showed unit labor costs - the price of labor per single unit of output - grew at a 3.2% annualized rate last quarter. Labor costs accelerated at a 6.9% rate in the third quarter, and notched hefty gains in the prior two quarters.

☆ The clock is ticking on economic damage, Citi says
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe clock is ticking on economic damage, Citi saysRobert Hoffman of Citi Private Bank says "the further the Fed has to go up from here, probably the more likely we are to see an actual U.S. recession in the second half of this year."

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