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CEO Sam Altman has made the acquisition of more AI chips a top priority for the company. Meta's (META.O) custom chip effort has been beset with issues, leading the company to scrap some of its AI chips, according to a Reuters report. OpenAI's main backer, Microsoft (MSFT.O), is also developing a custom AI chip that OpenAI is testing, The Information has reported. Demand for specialized AI chips has soared since the launch of ChatGPT last year. Nvidia is one of the few chipmakers that produces useful AI chips and dominates the market.

Persons: Dado Ruvic, OpenAI, Sam Altman, Altman, Bernstein, Stacy Rasgon, Anna Tong, Stephen Nellis, Max A, Kenneth Li, Stephen Coates 私 Organizations: REUTERS, FRANCISCO, Reuters, Nvidia, Microsoft, Google, Amazon.com, Annapurna Labs, Devices Locations: WASHINGTON, San Francisco

☆ Inside the consulting industry's race to become AI rainmakers
▼ + stars: | 2023-10-04 | by ( Tim Paradis | ) www.businessinsider.com time to read: +9 min

Big consulting companies are racing to add to their offerings around artificial intelligence. That's the bet consulting companies have been making as they rush to build out their generative AI offerings. To help companies figure out how to use AI, the consulting giants are racing to scoop up companies that specialize in the technology. Consulting firms' push to bulk up on AI comes as many workers are worried that AI bots will snatch their jobs . That same month, Deloitte introduced a set of services called Quartz AI to help clients use technology like GenAI.

Persons: —, they're, OpenAI's ChatGPT, They're, Sawhney, ChatGPT, Steve Chase, he's, Chase, EY EY, EY, PwC PwC, PwC, Shannon Schuyler, Bain, BCG Organizations: Service, Accenture, McKinsey, PriceWaterhouseCoopers, Northwestern University's Kellogg School of Management, Deloitte, LinkedIn, Fortune, KPMG, Microsoft, KPMG US, Bain Bain & Company, Boston Consulting, OpenAI, Deloitte Deloitte, Nvidia, QuantumBlack, QuantumBlack Labs Locations: Mexico

☆ Meta and Salesforce are looking to re-hire some workers they just laid off. It's putting those people in an awkward spot.
▼ + stars: | 2023-09-24 | by ( Tim Paradis | ) www.businessinsider.com time to read: +7 min

Companies like Meta, the parent of Facebook, and Salesforce are bringing back some of the workers they let go . In some cases where the layoffs were conducted reasonably well, a return might be something former workers would consider. Whether to return is a question some former Salesforce workers are likely asking. She said workers considering returning to a former employer might ask themselves questions such as: Why was I laid off? Now it's tech workers' turn.

Persons: Sandra Sucher, Harvard Business School who's, Sucher, they'd, Salesforce, Marc Benioff, —, Salesforce execs, What's, who'd, lockdowns, it's, ChatGPT Organizations: Big Tech, Service, Companies, Meta, Facebook, Harvard Business School, Bloomberg, Workers, LinkedIn Locations: Wall, Silicon

☆ DeepMind's cofounder has a simple solution to make sure AI doesn't kill us all
▼ + stars: | 2023-09-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

DeepMind's Mustafa Suleyman recently talked about setting boundaries on AI with the MIT Tech Review. "You wouldn't want to let your little AI go off and update its own code without you having oversight," he told the MIT Technology Review. Last year, Suleyman cofounded AI startup, Inflection AI, whose chatbot Pi is designed to be a neutral listener and provide emotional support. Suleyman told the MIT Technology Review that though Pi is not "as spicy" as other chatbots it is "unbelievably controllable." And while Suleyman told the MIT Technology Review he's "optimistic" that AI can be effectively regulated, he doesn't seem to be worried about a singular doomsday event.

Persons: DeepMind's Mustafa Suleyman, Mustafa Suleyman, Suleyman, there's, Sam Altman, Elon Musk, Mark Zuckerberg, — Suleyman, Pi, Hassabis, Satya Nadella, Geoffrey Hinton, Yoshua Organizations: MIT Tech, Service, MIT Technology, AIs, Life Institute Locations: Wall, Silicon, Washington

☆ Bernie Sanders backs UAW call for a 4-day workweek: 'People in America are stressed out'
▼ + stars: | 2023-09-17 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

Bernie Sanders on Sunday voiced support for a 4-day workweek, a demand of striking auto workers. "People in America are stressed out for a dozen different reasons," Sanders said. "As a nation, we should begin a serious discussion — and UAW is doing that — about substantially lowering the workweek," Sanders, an independent who caucuses with the Democrats, told CNN's Jake Tapper. AdvertisementAdvertisement"People in America are stressed out for a dozen different reasons, and that's one of the reasons why life expectancy in our country is actually in decline," he said. Sanders argued that cutting time at work would also be a just reward for gains in worker productivity, particularly with the advent of AI.

Persons: Bernie Sanders, Sanders, Vermont Sen, —, Stellantis, it's, CNN's Jake Tapper, They've, They're Organizations: CNN, Service, United Auto Workers, Ford, GM, UAW, CDC, Studies Locations: Vermont, America, Wall, Silicon

"I think the potential for unintended harm from the use of AI exists in any federal agency and in any use of AI," said DHS Chief Information Officer Eric Hysen. And when we interact with people, it can be during some of the most critical times of their lives." Historically, academics have flagged the dangers of AI regarding racial profiling and because it can still make errors while identifying relationships in complex data. The guidelines will also require that facial recognition matches discovered using AI technology be manually reviewed by human analysts to ensure their accuracy, according to a new directive that the agency plans to release alongside the AI memo later on Thursday. Another area where DHS has already uses AI technology extensively is on the southern border, where the agency has deployed more than 200 surveillance cameras, said Hysen.

Persons: Marco Bello, Alejandro Mayorkas, Eric Hysen, Hysen, Alexandra Alper, Christopher Bing, Chizu Organizations: U.S . Department of Homeland Security, REUTERS, Rights, Department of Homeland Security, Customs, Border Patrol, DHS, Thomson Locations: Mexico, U.S, Del Rio , Texas, California's San Isidro Port

☆ Investors would have made more money buying the S&P 500 instead of following 'Big Short' investor Michael Burry's tweet warnings, an expert says
▼ + stars: | 2023-09-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Investors would have made more money buying the S&P 500 than following Michael Burry's stock-market warnings, said Charlie Bilello, chief market strategist at Creative Planning. "Simply buying the S&P 500 instead of following Michael Burry's stock market warnings would have made an investor money each time with an average 6-month annualized gain of 34%. He was referring to gains delivered by the benchmark index in the periods that immediately followed a selection of Burry's tweets between 2019 and 2023. AdvertisementAdvertisementThe S&P 500 share index has climbed more than 16% so far in 2023, thanks in no small part to investor excitement over the rise of artificial-intelligence technologies. He's warned of an economic downturn since the first half of 2022, leading him to place a bet with a notional value of $1.6 billion against the S&P 500 and Nasdaq-100 last quarter.

Persons: Michael Burry's, Charlie Bilello, Burry, Morgan Stanley's Mike Wilson, David Rosenberg, OpenAI's ChatGPT, Burry hasn't, He's Organizations: Creative Planning, Service, Asset Management, Federal Reserve, Nvidia, Apple, Microsoft, Nasdaq Locations: Wall, Silicon

☆ A.I. startup founder charged with defrauding investors, manipulating documents
▼ + stars: | 2023-08-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The fraud ground to a halt, prosecutors alleged, after Brackett was unable to attract further investors and simply ran out of funds. It shopped documents claiming $3.7 million in annual revenue around to investors and various short-term lenders, prosecutors allege. Brackett allegedly "transferred Firm-1's funds out of the account," and the company soon collapsed. Centricity's tale echoes the fraud allegedly perpetrated by Charlie Javice, the troubled startup founder of the fintech Frank. Similar to the allegations against Brackett, Javice allegedly manipulated her metrics to convince JPMorgan to acquire her startup.

Persons: Damian Williams, Martin Luther King Jr, Michael Brackett, Brackett, Centricity, Charlie Javice, Frank, Javice Organizations: Attorney, Southern, of, National Action Network House, Justice, Wall Street, JPMorgan, Vision Fund Locations: Manhattan, U.S, Switzerland, Maine

☆ China's Geely unveils auto robotics brand JI YUE
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maxim Shemetov/File PhotoBEIJING, Aug 14 (Reuters) - Chinese automaker Geely Holding Group (0175.HK) on Monday unveiled a premium intelligent technology brand JI YUE, which stems from Geely's cooperation with Baidu Inc (9888.HK) on "automotive robotics", and introduced its first model. JI YUE 01, the flagship model under the new brand will be produced by Geely and is expected to debut in the last quarter of this year, the company said. Baidu will provide its know-how in smart cockpits, autonomous driving and artificial intelligence technologies, which will be applied in JI YUE cars, Geely added. Also on Monday, China's industry ministry website showed three electric vehicles under the JI YUE brand were seeking regulatory approvals. Geely had co-funded an electric vehicle venture Jidu with Baidu.

Persons: Maxim, YUE, Geely, Zhang Yan, Ella Cao, Meg Shen, Tomasz Janowski Organizations: REUTERS, Geely Holding, HK, Baidu Inc, Baidu, JI, Thomson Locations: Moscow, Russia, BEIJING, China, Beijing, Hong Kong

☆ Buy tech stocks now as solid 2nd-quarter earnings will power a 15% rally into year-end, Wedbush says
▼ + stars: | 2023-08-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Investors should buy technology stocks ahead of a year-end rally, according to Wedbush's Dan Ives. Ives said Friday that the combination of solid second-quarter earnings and a less hawkish Fed should boost stock prices. "With the Fed waving the white flag on rate hikes, we see a green light risk-on environment into year-end," Ives said. "We firmly stick with our bullish call that a 12% to 15% [rally] in tech stocks will be in the cards heading into year-end as the new tech bull market has begun," Ives said. That strength in AI should help boost technology stocks, as should a less hawkish Fed.

Persons: Wedbush's Dan Ives, Ives, Dan Ives, headwinds Organizations: Service, Nasdaq, Microsoft, Apple, Fed Locations: Wall, Silicon, Rome

☆ Relx, the owner of LexisNexis, tries to keep the AI bots from plundering its valuable legal data
▼ + stars: | 2023-08-10 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

The generative AI boom has sparked a race to collect data for model training. Relx, the owner of LexisNexis, recently warned customers about sharing its legal data with AI bots. I reached out to Relx and a LexisNexis spokespeople to ask whether LexisNexis has seen its legal data being scraped by bots or otherwise collected by outside companies for use in AI model training. Another AI legal startup called Casetext was recently acquired for $650 million by Thomson Reuters, the owner of Westlaw, an established legal data service that competes with LexisNexis. This offering uses AI models trained on the company's exclusive legal content, according to LexisNexis.

Persons: That's, Sean Fitzpatrick, Julie Chapman, LexisNexis spokespeople, Relx Organizations: LexisNexis, Elsevier, Ireland, Thomson Reuters Locations: North America, Sequoia

☆ Alexander Karp of Palantir on A.I. Weapons Development - The New York Times
▼ + stars: | 2023-07-25 | by ( Alexander C. Karp | ) www.nytimes.com time to read: +2 min

The United States is far from perfect. Our company, Palantir Technologies, has a stake in this debate. At Palantir, we are fortunate that our interests as a company and those of the country in which we are based are fundamentally aligned. It was the raw power and strategic potential of the bomb that prompted their call to action then. It is the far less visible but equally significant capabilities of these newest artificial intelligence technologies that should prompt swift action now.

Persons: Albert Einstein, Leo Szilard, Franklin Roosevelt, Einstein, Szilard, “, ” Organizations: Palantir Technologies Locations: United States, Palantir, Ukraine, Russia, Long

☆ Earnings playbook: Alphabet and General Motors lead off a busy week of reports
▼ + stars: | 2023-07-23 | by ( Fred Imbert | ) www.cnbc.com time to read: +12 min

Tuesday General Motors is set to report earnings before the bell, followed by a call at 8:30 a.m. What history shows: GM earnings beat earnings expectations 86% of the time, according to Bespoke. Alphabet is set to report earnings after the bell, with management slated to hold a call at 5 p.m. This quarter: Earnings for the tech giant are expected to have grown by 10% from the year-earlier period, per Refinitiv. What history shows: Bespoke data shows Alphabet earnings beat expectations 68% of the time, and the stock rises more than 1% on earnings day.

Persons: Michael Wayland, GM's EVs, GOOGL, Jennifer Elias, Goldman Sachs, Kash Rangan, Rangan, Peter Grom, Leslie Josephs, Max, Wells, Zachary Fadem, Jonathan Vanian, Meta, Refinitiv, Jefferies, Andy Barish, LUV, — CNBC's Michael Bloom Organizations: General Motors, Microsoft, Refinitiv, CNBC, company's, Silverado, United Auto Workers union, Investors, Management, PepsiCo, UBS, Boeing, Corporate, Twitter, Meta, Southwest Airlines, U.S, Southwest Locations: U.S, FactSet

The Wall Street Journal on Tuesday reported that the Biden administration was considering new restrictions on exporting AI chips to China. The possible rule tightening would hardest hit Nvidia, whose strong position in the AI chip market helped make it worth $1 trillion earlier this year. The current rule around AI chips involves two restrictions. One restriction focuses on how fast chips can communicate with each other, which is important because AI systems such as ChatGPT require thousands of chips to be chained together. The other restriction focuses on how much computing power the chip can have.

Persons: Florence Lo, Biden, Colette Kress, Nvidia's Kress, Stephen Nellis, Karen Freifeld, Kenneth Li, Chris Sanders, Nick Zieminski Organizations: REUTERS, U.S . Commerce, Nvidia, Nvidia Corp, Devices Inc, Intel Corp, Reuters, Tencent Holdings, Intel, AMD, Thomson Locations: of China, U.S, China, HK, San Francisco, New York

☆ Women are seeing historic labor market gains. AI could disrupt that
▼ + stars: | 2023-06-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +11 min

Minneapolis CNN —More prime working age women are employed in the United States now than ever before. The labor force participation rate for women between 25 and 54 years old set a record high in April and then again in May, rebounding from the pandemic “she-cession” and returning to its pre-pandemic form of making progressively historic labor market gains. Estimates that nearly eight out of 10 women workers could be affected “are just staggering,” said Julia Pollak, chief economist with online job marketplace ZipRecruiter. “Some of these things are becoming more prevalent, and that’s supportive of more women in the labor market,” she said. On the other hand, AI could prove harmful and threatening for any role that is highly “automatable,” Peterson said.

Persons: Goldman Sachs, University of North Carolina’s, ”, Julia Pollak, it’s, Mark McNeilly, Flagler, “ It’s, ‘ I’m, ’ ” McNeilly, “, Pollak, didn’t, Dana Peterson, that’s, ” Peterson, Ben Zweig, Jobs, Peterson, we’ve, Sara Mannheimer, Kathrin Ziegler, ” Meredith Nudo, you’re, Nudo Organizations: Minneapolis CNN —, University of North, University of North Carolina’s Kenan, Flagler Business School, Kenan, Flagler, UNC Kenan, CNN, of Labor Statistics, Conference Board, Baby Boomers, Labs, Montana State University, Institute of Museum and Library Services, Librarians, Digital, National Association of Voice Locations: Minneapolis, United States, Houston

☆ Google Cloud is partnering with Mayo Clinic as it tries to expand use of generative A.I. in health care
▼ + stars: | 2023-06-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

On Wednesday, Google Cloud said Mayo Clinic is using a new service called Enterprise Search on Generative AI App Builder, which was introduced Tuesday. Google Cloud and Mayo Clinic signed a 10-year partnership in 2019. Mayo said at the time it selected Google Cloud to be the "cornerstone of its digital transformation." The partnership announced Wednesday is the first step in an expanded agreement between the two companies to work together on AI applications in health care. WATCH: CNBC's interview with Google Cloud CEO Thomas Kurian

Persons: Thomas Kurian, OpenAI, Mayo Organizations: Mayo Clinic, Google Cloud, Mayo, Google, Microsoft, Health Locations: U.S, Mayo

☆ Nvidia's founders came up their trillion-dollar idea while spending hours drinking Denny's coffee and eating Grand Slam breakfasts: 'We were not good customers'
▼ + stars: | 2023-06-01 | by ( Grace Mayer | ) www.businessinsider.com time to read: +2 min

Nvidia's cofounders told WSJ they came up with the idea for the company over breakfast at Denny's. The company, worth $1 trillion, makes graphics cards for gaming and chips that power AI tech. Nvidia with well-positioned to profit off the AI arms race, Insider previously reported. "We were not good customers," Nvidia cofounder Chris Malachowsky told the Journal. You can read more about Nvidia's founding over at The Wall Street Journal.

Persons: Nvidia's cofounders, Nvidia cofounders Jensen Huang, Chris Malachowsky, Curtis Priem, Huang, Alan Diaz, Bard, Matthew Fox, Mark Zuckerberg's, Steve Jobs, Steve Wozniak Organizations: Nvidia, Morning, Wall Street, WPP, Facebook, Mark Zuckerberg's Harvard, Apple, Jobs Locations: San Jose , California

CNN —World leaders gathered in Japan will attempt to project unity on China during meetings Saturday, even as differences persist between the United States and Europe in how to confront Beijing’s growing military and economic aggression. His attendance underscores the pressing need to maintain western unity in the face of Russian aggression. For example, French President Emmanuel Macron said last month that Europe should not follow the United States into war with China. Climate change will also factor into Saturday’s meetings, with a joint statement expected from the G7 leaders on accelerating a clean energy transition. Biden is balancing his world leader talks with updates from Washington on negotiations over raising the US debt ceiling.

☆ Nvidia's stock could rise fivefold in 10 years on A.I. trend, says fund manager
▼ + stars: | 2023-05-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of the Silicon Valley-headquartered firm have doubled since the start of this year over positive investor sentiment toward A.I. Despite the gains, the stock is still down by 12% from its all-time high on Nov. 29, 2021, according to FactSet data. "But I think Nvidia has a good track record of demonstrating that they can." Ripman added that he could see a scenario where Nvidia could grow five-fold due to the market size and demand. "What this really comes down to is, I think we're just scraping the surface really of what A.I.

☆ China's BYD beefs up autonomous driving credentials with new unit, hiring spree
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Current BYD recruiting advertisements for engineers specialising in autonomous driving that target top Chinese universities such as Zhejiang University, indicate that the hiring is ongoing. BYD set up an intelligent driving research division in Shanghai last year, according to three sources with direct knowledge of the matter. The automaker, which is 9.87% owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and had some 660,000 employees as of April, declined to elaborate on its autonomous driving strategy. BYD has also this year teamed up with autonomous driving chip technology firms Nvidia (NVDA.O) and Horizon Robotics (RBOT.TO), saying it wanted to develop more intelligent vehicles. Both are high-volume models and further advances in BYD autonomous driving features would popularise the technology within China.

☆ Hedge fund billionaire Steve Cohen tells investors to ride the 'big wave' of artificial intelligence and stop focusing on recession odds
▼ + stars: | 2023-05-17 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Hedge fund billionaire Steve Cohen told investors to ride the "big wave" of artificial intelligence. Focusing too much about a recession may cause investors to miss AI opportunities, he added. Cohen's upbeat comments on artificial intelligence come as other big investors revealed big bets on AI stocks. For example, Stanley Druckenmiller's family office loaded up on Nvidia shares and made a new Microsoft investment last quarter. Meanwhile, Bill Ackman's hedge fund revealed it bought Alphabet shares worth over $1 billion as the company ramps up its foray into artificial-intelligence technologies.

☆ Education stocks plummeted after Chegg's CEO warned about ChatGPT – but don't write off entire sectors just yet
▼ + stars: | 2023-05-10 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Chegg's stock price crashed last week after the education company's CEO said ChatGPT was impacting customer growth. But investors shouldn't write off entire sectors just yet, according to analysts. Chegg shares plunged 49% on May 2 following Rosensweig's warning – and other major education stocks sold off as well. Don't write off the whole sector just yetIt can be tempting for investors to see disruptive technology like ChatGPT as a threat to entire industries – hence the broad and deep sell-off for education stocks Tuesday. Read more: Chegg crashes 49% after the education company says the rise of ChatGPT among students is impacting customer growth

☆ You're right to be scared of A.I., says Ivy League expert and White House advisor—these 5 guardrails can protect 'against harm'
▼ + stars: | 2023-05-06 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

On Monday, researcher Geoffrey Hinton, known as "The Godfather of AI," said he'd left his post at Google, citing concerns over potential threats from AI development. Google CEO Sundar Pichai talked last month about AI's "black box" problem, where even its developers don't always understand how the technology actually works. Among the other concerns: AI systems, left unchecked, can spread disinformation, allow companies to hoard users personal data without their knowledge, exhibit discriminatory bias or cede countless human jobs to machines. In the "Blueprint for an AI Bill of Rights," Venkatasubramanian helped lay out proposals for "ethical guardrails" that could safely govern and regulate the AI industry. With them in place, most people would barely notice the difference while using AI systems, he says.

The logo of German software group SAP is pictured at the headquarters of SAP (Schweiz) AG in Regensdorf, Switzerland January 22, 2021. Revenue from SAP's lucrative cloud business grew 24% year-on-year, broadly in line with consensus. For the year, SAP expects non-IFRS operating profit in the range of 8.6-8.9 billion euros, 200 million euros less than before. Cloud revenue forecast is seen down by 1.3 billion euros to between 14 and 14.4 billion euros. "Underlying guidance is essentially unchanged, although updated to reflect the disposal of Qualtrics," Jefferies analysts wrote in a client note.

☆ From making parts with A.I. to digitally cloning cars: What factories will look like in the future
▼ + stars: | 2023-04-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

RittalConversational artificial intelligence that can be used to communicate with equipment and generate machine parts. These are just a few of the technologies that will power the factories of the future, according to technologists and industry experts who spoke with CNBC. Floyd said that Google is already working to achieve this with natural language processing capabilities in its AI tools. "In the future, there is potential to generate content from and for many types of manufacturing equipment, ranging from specific repair instructions to software code that is tailored to a specific asset." Many manufacturers see potential in the "industrial metaverse," a version of the metaverse tailored to the manufacturing, construction and engineering industries.

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