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☆ LinkedIn cofounder says Elon Musk has an 'it's only great if I do it' mentality when it comes to ChatGPT
  + stars: | 2023-04-05 | by ( Grace Kay | ) www.businessinsider.com   time to read: +3 min
LinkedIn cofounder Reid Hoffman told CNBC the call for an AI slow down is a "mistaken effort." He said Elon Musk has an "it's only great if I do it" mentality when it comes to ChatGPT. Both Musk and Hoffman helped found OpenAI in 2015, but Musk left the company's board of directors in 2018 and has been critical of the company ever since. Despite his longtime friendship with Musk, Hoffman said he's "much more on the path that OpenAI has gone" when it comes to developing the technology. Spokespeople for Musk, Hoffman, and OpenAI did not respond to a request for comment ahead of publication.
☆ Jeff Bezos was the biggest net-worth loser in the last year, with his fortune dropping $57 billion, according to Forbes
  + stars: | 2023-04-04 | by ( Sarah Jackson | ) www.businessinsider.com   time to read: +2 min
Jeff Bezos' net worth dropped more than anyone else, down $57 billion from March 2022. But he's still the third-richest person in the world, with a $114 billion fortune, per Forbes. Bezos' net worth is down $57 billion from last March but still sits at a cool $114 billion, making him the world's third-richest person, according to Forbes. This year's list included 313 tech billionaires worth a collective $1.9 trillion, down from 332 tech industry titans worth $2.1 trillion last year, per Forbes. In 2021, a red-hot year for the industry, Forbes identified 365 tech billionaires worth a record $2.5 trillion.
☆ Leaders like Elon Musk want to pause AI development, but the power of the free market means it's impossible to stop
  + stars: | 2023-04-03 | by ( Emilia David | ) www.businessinsider.com   time to read: +5 min
Elon Musk and other business leaders signed a letter urging a six-month pause in AI development. From the moment the public was allowed to start testing OpenAI's GPT-3 in November, there was no stopping the bullet train of generative AI development. And the power of market forces means that there's no stopping the pace of AI development, even if companies like OpenAI wanted to. The train has left the station, and there's no going backSince November, and arguably even before, generative AI has been the technology on everyone's lips. Even if we wanted to pause AI development, there's not a clear way to enforce itThere's also the problem of enforcement.
☆ New Zealand's Williamson ruled out of IPL after knee injury
  + stars: | 2023-04-02 | by ( ) www.reuters.com   time to read: +1 min
April 2 (Reuters) - New Zealand's white-ball skipper Kane Williamson has been ruled out of this season's Indian Premier League (IPL) after sustaining an injury in Gujarat Titans' opening match against Chennai Super Kings, the team announced on Sunday. Williamson injured his right knee in Friday's match while fielding near the boundary when he leapt to stop a six. He saved two runs as he palmed the ball into the field but landed awkwardly, falling to the ground clutching his knee. New Zealand Cricket said Williamson would return home to have the injury further assessed. Reporting by Manasi Pathak in Bengaluru; Editing by Christopher Cushing and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.
☆ After a more than $1 trillion rout, Beijing appears to be warming to Chinese tech giants
  + stars: | 2023-03-30 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +3 min
In this article BABA Follow your favorite stocks CREATE FREE ACCOUNTwatch nowBeijing's regulatory crackdown on the Chinese tech sector began in late 2020, wiping off more than a combined $1 trillion from the country's biggest companies. There are now signs that the central government is softening its stance towards internet titans like Alibaba , in a move that could prove positive for Chinese tech stocks. Jean Chung | Bloomberg | Getty ImagesIn addition to warming to the domestic tech sector, China is also courting foreign business. To achieve that, it will need the help of private businesses — including the tech sector. Is China tech out of the woods yet?
☆ Alibaba’s restructuring and Jack Ma’s homecoming are all part of China’s plan
  + stars: | 2023-03-29 | by ( Laura He | ) edition.cnn.com   time to read: +6 min
Ma is seen as a symbol of China’s tech industry and a barometer of the Chinese government’s support for private business. Alibaba’s restructuring is “part of [Beijing’s] strategy to shore up confidence in the private sector,” said Hong Hao, chief economist for Grow Investment Group. “[Alibaba’s restructuring plan] offers a way to limit monopoly power and platform sway,” Hong said. Unlocking valueInvestors and analysts have cheered Alibaba’s restructuring. Alibaba’s business will be split into six units: domestic e-commerce, international e-commerce, cloud computing, local services, logistics, and media and entertainment.
☆ A portfolio manager at a $41 billion investment firm explains why US stocks aren't as attractive as their international counterparts — and shares 5 recession-resistant stocks to buy now
  + stars: | 2023-03-29 | by ( Lisa Kailai Han | ) www.businessinsider.com   time to read: +8 min
Portfolio manager Emily Leveille shared 7 international stocks investors should consider buying now. After lagging behind their American counterparts for years, international equities may finally give US stocks a run for their money in 2023. Leveille is a portfolio manager who oversees the international growth strategy at Thornburg Investment Management, a firm with $41 billion in assets under management. As growth becomes more scarce during an economic slowdown, she believes that companies with resilient growth characteristics are best positioned to outperform. Another luxury brand Leveille owns is LVMH (LVMHF), which is known for its signature Louis Vuitton handbags.
☆ Tech Companies Are Ruining Their Apps, Websites, Internet
  + stars: | 2023-03-27 | by ( Ed Zitron | ) www.businessinsider.com   time to read: +13 min
Google, Amazon, Meta, and other tech companies have monetized confusion, constantly testing how much they can interfere with and manipulate users. Abandoning the core productIn the 2000s and early 2010s, tech companies actually produced new, interesting products. This fueled Silicon Valley's explosive growth: Companies saw their valuations soar, revenue growth was exponential, and new users were joining by the boatload. There are ways to integrate new technology into a core product that doesn't end in disaster. Netflix was able to iterate on their core product — letting people watch movies — in a way that actually made that experience better.
☆ Warren Buffett missed out on a monster return by not investing in Tesla early on, Elon Musk says
  + stars: | 2023-03-27 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +3 min
Warren Buffett missed out on a monster return by not betting on Tesla early on, Elon Musk says. The famed investor and Berkshire Hathaway CEO could have achieved a similar result by simply betting on Tesla early on, Elon Musk says. He was commenting on a video clip showing how Berkshire's stock portfolio has changed over the last three decades or so. Buffett won't be kicking himself too hard, given Berkshire's stock portfolio ballooned in value by more than 20-fold between 1994 and the end of 2022. Buffett and Munger might have made more money on Tesla stock, but they were never likely to join the ranks of Musk's shareholders.
☆ NBA roundup: Nuggets belt Bucks in matchup of titans
  + stars: | 2023-03-26 | by ( ) www.reuters.com   time to read: +4 min
Antetokounmpo was aggressive from the start, with 13 points in the first quarter and 24 at halftime. But the Bucks went 4:10 without a point in the fourth period as the Nuggets built a 20-point lead. Booker led six Suns scoring at least 13 points. Biyombo also grabbed a game-high 13 rebounds. Tyrese Haliburton added 19 points and 13 assists.
☆ RBC: Buy these 17 future AI winners as the technology begins to transform the world
  + stars: | 2023-03-26 | by ( Marley Jay | ) www.businessinsider.com   time to read: +3 min
RBC says that AI is one of the most transformative developments in tech in the last 20 years. The firm's tech analysts explained which stocks they think will benefit the most from generative AI. They added that in many cases, the "rising tide" of AI will benefit broad swaths of the market. But it's not just the established tech titans that can profit from the advent of AI technology. Those companies are below, along with their tickers and commentary about each provided by the RBC analysts.
☆ U.S. and China wage war beneath the waves – over internet cables
  + stars: | 2023-03-24 | by ( ) www.reuters.com   time to read: +28 min
Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.
☆ Multi-strat hedge funds like Citadel and Millennium are the new big banks
  + stars: | 2023-03-22 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
There's an old saying on Wall Street: You can only leave Goldman Sachs once. Insider's Alex Morrell has a fascinating look at how Goldman Sachs' top executives have headed to some of the top hedge funds in the world in recent years. Poaching talent is a longstanding tradition on Wall Street, and the path from the investment banks to the buy side is a well-worn one. It's an indication of the shifting tides on Wall Street between the firms that traditionally held all the power (big banks) and the ones usurping them (multi-strat hedge funds). Click here to read more about how Goldman Sachs alumni are getting poached by the world's biggest hedge funds.
☆ DBS Bank discusses Sea Limited, Grab and GoTo
  + stars: | 2023-03-21 | 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 EmailUncertain if Southeast Asia's top 3 tech titans have enough capital to absorb small players: DBSSachin Mittal of the Singapore bank says it remains uncertain if Southeast Asia's top three tech "titans" — Sea Limited, Grab and GoTo — will have "enough capital to absorb these small players."
☆ Premarket stocks: The banking meltdown put the Fed in a bind
  + stars: | 2023-03-17 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
In prior years, the Fed was able to respond “unswervingly” to financial risks by loosening policy without worrying about price stability, he said. The reputation play: The question isn’t about what the Fed should do, it’s about what the Fed will do, said Daco. The central bank has the tools if needed to respond to a liquidity crisis “but this is not what we are seeing,” she told reporters on Thursday. Prior to the current stress in the banking sector, Fed officials were hinting that they would hike rates by half a point. “Every central bank tightening cycle in history has induced some sort of financial strains,” she wrote Thursday.
☆ The collapse of Silicon Valley Bank foreshadows a bigger reckoning for the tech industry
  + stars: | 2023-03-15 | by ( Linette Lopez | ) www.businessinsider.com   time to read: +12 min
In the days since the stunning collapse of Silicon Valley Bank, I've seen the tech world point a lot of fingers. Silicon Valley Bank imploded in part because it was a repository for the riskiest behaviors of the industry it serviced. In spite of this reality, there has been little self-reflection on the part of the industry that was so closely tied to Silicon Valley Bank. Silicon Valley Bank thrived on these trends. But to grow at the breakneck speed of its clients, Silicon Valley Bank executives had to change things in Washington.
☆ SVB is still looking for a buyer. Here is what we know so far.
  + stars: | 2023-03-13 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +5 min
The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.
☆ A 24-year-old Black tattoo artist explains why she and many others are fleeing Austin: 'The soul of the city has changed'
  + stars: | 2023-03-12 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +5 min
Imani Tatum is leaving Austin after living there for the past three years. "I wanted to create a place where specifically marginalized people could be tattooed, while being safe and enjoying themselves," Tatum told Insider. Tatum said she's done: she's closing Nana's Prayers, packing her bags and heading to a new city in May. But affordable housing remains scarce in the city, and that's driving out many minority residents, like Tatum. While price growth has slowed in Austin, the city's median home price still sits at a staggering $525,000, $140,000 above the US median sale price, according to real estate brokerage Redfin.
☆ Bank of America CEO says 'we are capitalists' as anti-ESG critics gain steam
  + stars: | 2023-03-07 | by ( Lananh Nguyen Nupur Anand | Lananh Nguyen | Nupur Anand | ) www.reuters.com   time to read: +3 min
NEW YORK , March 7 (Reuters) - Bank of America Corp's (BAC.N) Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: "We are capitalists." The proclamation from the head of the second-largest U.S. lender might seem obvious, but comes at a time when Wall Street titans face more criticism for embracing environmental, social and governance (ESG) considerations. The word "capitalism" is mentioned 22 times in BofA's latest annual report spanning 222 pages, rising from 16 times a year earlier. Still, the CEO acknowledged there are concerns about whether companies share profits or pay people fairly and equitably. The lender outlined its ESG goals in the report, including a pledge to achieve net zero greenhouse gas emissions by 2050 and deploy $1.5 trillion in sustainable finance by 2030.
☆ Radio company SiriusXM cuts workforce by 8%
  + stars: | 2023-03-06 | by ( ) www.reuters.com   time to read: +1 min
March 6 (Reuters) - SiriusXM Holdings Inc (SIRI.O) on Monday said it would lay off 8% of its workforce, or about 475 employees, as the satellite radio firm takes a hit from slow subscriber growth. Weak auto sales are also expected to hurt the radio operator's subscriber base. "Today's decision to reduce our workforce was required for us to maintain a sustainably profitable company," Chief executive Jennifer Witz said in a letter to staff. SiriusXM joins tech titans such as Microsoft Corp (MSFT.O) and Google-parent Alphabet Inc (GOOGL.O) that cut headcount by the thousands to weather a tough economy. In January, music streaming platform Spotify Technology (SPOT.N) also cut its workforce by 6%.
☆ BTS mastermind on K-pop deal: We’re not ‘trying to take over the whole industry’
  + stars: | 2023-03-03 | by ( Michelle Toh Richard Quest | Michelle Toh | Richard Quest | ) edition.cnn.com   time to read: +6 min
Hong Kong/Seoul CNN —The billionaire mastermind behind some of the world’s biggest K-pop stars is pushing back on accusations that he’s trying to monopolize the Korean music industry. “It wouldn’t be correct to say that we’re trying to take over the whole industry,” Bang told CNN in an exclusive interview in Seoul. Bang Si-Hyuk, who chairs the HYBE management agency, spoke with CNN's Richard Quest on Tuesday. “When the two companies are combined, a monopoly and oligopolistic group of companies that account for approximately 66% of total market sales will be created,” it told CNN. The company would then announce the outcome and next steps, it told CNN on Friday.
☆ Goldman Sachs' head of digital assets says there's still 'a little bit more pain' to come for crypto startups. Here's how he's looking for the silver lining in the industry.
  + stars: | 2023-03-03 | by ( Bianca Chan | Dakin Campbell | ) www.businessinsider.com   time to read: +5 min
Mathew McDermott oversees Goldman Sachs' crypto and blockchain efforts. He says the worst isn't over for crypto startups. The worst isn't over yet for the crypto industry, according to Goldman Sachs' global head of digital assets. "We're going to see a little bit more pain this year as we see more people struggle" in the crypto industry, Matthew McDermott, global head of digital assets at Goldman Sachs, told Insider. But there may be a silver lining to the crypto carnage: startups running out of runway may be looking for an exit.
☆ K-Pop’s Corporate Battle Royale Is Just Getting Started
  + stars: | 2023-03-02 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
South Korea’s Hybe, the agency behind boy band BTS, is seeking to gain control of SM Entertainment. The Korean pop music industry’s corporate-takeover drama is getting juicier—and the plot twists more outrageous. But shareholders in one of K-pop’s corporate titans will likely end up with a fat payoff when the dust finally settles. South Korea’s Hybe, the agency behind boy band BTS, is attempting to gain control of one of its biggest rivals, SM Entertainment. On Thursday, it upped the ante ahead of SM’s shareholder meeting at the end of March with a bespoke website featuring an open letter to SM investors.
☆ Elon Musk accuses Ralph Nader of 'lying' over claims he took 'taxpayers to the cleaners' with Tesla
  + stars: | 2023-02-25 | by ( Sam Tabahriti | ) www.businessinsider.com   time to read: +3 min
Elon Musk accused Ralph Nader of lying after claiming he took "taxpayers to the cleaners" with Tesla. Nader, 88, accused Musk of taking "taxpayers to the cleaners for his factories and for Starlink. Musk responded: "Ralph Nader, you are lying – shame on you! I personally provided almost all Tesla funding, based on my proceeds from PayPal." Musk added in his tweet to Nader that the "first meaningful government funding" Tesla received was in the second quarter of 2010.
☆ China appears to be pulling another U-turn, saying it'll promote the use of AI in daily life just days after reports it blocked ChatGPT
  + stars: | 2023-02-24 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
China said it sees broad potential in the use of AI tech and wants to integrate it into daily life. But that's amid reports China — which controls information tightly — blocked access to ChatGPT. It now wants to integrate the tech into daily life, just days after reports emerged that it had blocked its citizens from accessing viral AI chatbot ChatGPT. Search engine giant Baidu — China's answer to Google — said on Wednesday it plans to launch its own AI chatbot Ernie Bot in March. "AI technology has reached a tipping point and all industries will inevitably go through transformation," Li said in the memo.
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