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☆ Managers who use AI will replace managers who don't, says an IBM exec
▼ + stars: | 2023-05-09 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Managers who use AI will replace those who don't, Rob Thomas, an IBM exec, said during a press event. Last week, IBM announced the firm will pause hiring on roles that can be replaced by AI. Cutting-edge AI tools like ChatGPT isn't quite ready to replace managers — but those who don't learn how to use AI may be at-risk of losing their jobs. "AI may not replace managers, but the managers that use AI will replace the managers that do not," Rob Thomas, chief commercial officer at IBM, said during a recent press conference, TechCrunch reported. Thomas's thoughts on AI come a week after IBM announced it would pause hiring on jobs that could be replaced by AI.

OAKLAND, California, May 9 (Reuters) - International Business Machines Corp (IBM.N) on Tuesday launched watsonx, a new artificial intelligence and data platform to help companies integrate AI in their business. The new AI platform launch comes over a decade after IBM's software called Watson got attention for winning the game show Jeopardy. Fast forward a decade, chatbot ChatGPT's overnight success is making AI adoption at companies a focus, and IBM is looking to grab new business. This time, the lower cost of implementing the large language AI models means the chances of success are high, IBM CEO Arvind Krishna told Reuters ahead of the company's annual Think conference. IBM said companies can use the watsonx platform to train and deploy AI models, automatically generate code using natural language and use various large language models built for different purposes such as chemical creation or climate change modeling.

☆ IBM chief says employees' careers could suffer and promotions may be harder to achieve if they work from home
▼ + stars: | 2023-05-05 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

IBM CEO Arvind Krishna says employees' careers could suffer if they work from home, per Bloomberg. He said some remote workers may struggle to get promoted, especially to managerial roles. Krishna has encouraged IBM workers to return to the office for three days a week, per the outlet. He added that remote workers don't learn skills normally acquired in person, such as dealing with difficult clients, Bloomberg reported. A spokesperson previously told Insider that there was no blanket hiring "pause" and the company was being deliberate and thoughtful in its hiring.

And so whenever I get one of those notifications, I know I’m going to have a good time there. kevin roose[LAUGHS]: I actually don’t think I could’ve told you what IBM stood for. kevin rooseSo I’ve thought a lot and written a lot about how and when AI actually is a threat to jobs. The third category is just the jobs that I think are going to be protected, the jobs that we won’t let AI do. But I don’t actually think the speed of it matters at all.

☆ HDFC Bank to open more than 675 branches in semi-urban, rural areas in fiscal year 2024, bank official says
▼ + stars: | 2023-05-04 | by ( Siddhi Nayak | ) www.reuters.com time to read: +1 min

MUMBAI, May 4 (Reuters) - HDFC Bank (HDBK.NS), India's largest private lender, is planning to open more than 675 branches in the semi-urban and rural geographies across the country in 2023-24, a senior bank official said on Thursday. The move is part of the lender's new programme targeting customers in semi-urban and rural areas, helping the bank meet some of its Priority Sector Lending (PSL) targets. PSL requirements, which include lending to weaker segments of the economy, are linked to an organisation's loan book. Of this, around 52% of the bank's branches are in the semi-urban and rural areas. Going forward, HDFC Bank aims to double business in semi-urban and rural areas - both by assets and liabilities - in the next two-to-three years, Vohra said.

☆ Edtech Chegg slumps on revenue warning as ChatGPT threatens growth
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - What's the cost of students using ChatGPT for homework? For U.S. education services provider Chegg Inc (CHGG.N), it could be nearly $1 billion in market valuation. Chegg forecast current-quarter revenue below estimates and signaled that the usage of viral chatbot ChatGPT was pressuring customer growth, sending its shares 44% lower in premarket trading on Tuesday. We now believe it's having an impact on our new customer growth rate," said Chegg CEO Dan Rosensweig. "We fear Chegg could start to lose mind-share before CheggMate fully rolls out," Thill said.

☆ Who’s the next Chegg? A.I. could threaten the main revenue sources for these companies
▼ + stars: | 2023-05-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Tuesday's selloff in Chegg shares exposed some investors to the dark side of artificial intelligence, igniting concerns about how the latest technology craze may be putting some companies' revenue sources in danger. CHGG 1D mountain Chegg shares plummet on AI risks While Chegg may be the first shoe to drop, it's certainly not the last company set to showcase some of the risks posed by AI. Elsewhere, Deepwater Asset Management's Gene Munster sees potential risks ahead to some consulting companies known to outsource work for other businesses. Companies operating off of seat-based models, such as human resources companies, may face headwinds from declining headcount, but could benefit long term from optimizing AI, he added. To be sure, even the largest companies dominating the space and poised to prosper from AI face risks ahead.

☆ IBM halts hiring for 7,800 jobs that could be replaced by AI, Bloomberg reports
▼ + stars: | 2023-05-02 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +2 min

IBM will slow or suspend hiring for back-office roles that AI could replace. IBM's CEO told Bloomberg 7,800 jobs, roughly 30% of back-end roles, would be replaced over 5 years. Roles in human resources and non-customer-facing jobs will be impacted. IBM, the international computing giant headquartered in New York, is halting hiring in its non-customer-facing roles that could be replaced by artificial intelligence, Arvind Krishna, the company's CEO, told Bloomberg. "I could easily see 30% of that getting replaced by AI and automation over a five-year period," Krishna told Bloomberg — a figure which represents roughly 7,800 jobs.

☆ 10 Things in Tech: Free Apple AirTags, EV resistance, and ChatGPT Plus for all
▼ + stars: | 2023-05-02 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

I attended my first rodeo, woke up early for a farmers' market, visited different pickleball venues, and tried other new things. Researchers examined 1,600 conversations (850 hours and 7 million words total) and measured how people reacted to the interactions. Firstly, IRL conversations involve a degree of back-and-forth that is hard to replicate digitally because of lag and missed cues. Elon Musk pays $10,000 to settle a defamation lawsuit. Elon Musk has cut around 90% of the company within half a year of taking over.

☆ CEOs are getting closer to finally saying it — AI will wipe out more jobs than they can count
▼ + stars: | 2023-05-02 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Tech workers are finding out what it's like to be replaced by AI. It's the boldest statement yet from tech firms turning to AI to help them get efficient. Tech workers are about to find out. Here are five tech firms that have acted first with a big bet on AI. AmazonAmazon has been among the most bruised tech firms since the downturn of 2022 was kickstarted.

☆ IBM to pause hiring in plan to replace 7,800 jobs with AI - Bloomberg News
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - International Business Machines Corp (IBM.N) expects to pause hiring for roles as roughly 7,800 jobs could be replaced by Artificial Intelligence (AI) in the coming years, CEO Arvind Krishna told Bloomberg News on Monday. Hiring specifically in back-office functions such as human resources will be suspended or slowed, Krishna said, adding that 30% of non-customer-facing roles could be replaced by AI and automations in five years. The reduction could include not replacing roles vacated by attrition, the PC-maker told the publication. IBM did not immediately respond to a Reuters request for comment. Reporting by Mrinmay Dey in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Kochi, Kerala: Indian city reveals fleet of 'water metro' ferries
▼ + stars: | 2023-04-27 | by ( Lilit Marcus | ) edition.cnn.com time to read: +2 min

The “water metro” will connect Kochi, in Kerala state, with 10 nearby islands in the Arabian Sea. Upgrading roads, railways, and metro systems has been a big initiative for the prime minister ahead of the G20, which India will host in September. As it becomes the most populous country in the world, India has made no secret of its tourism ambitions. Kochi’s water metro system is just the latest in a string of big infrastructure and travel announcements in India. Then, Kolkata’s metro system – the oldest in the country – revealed its first ever underwater line, which travels under the Hooghly River.

☆ IBM earnings top estimates as margins expand
▼ + stars: | 2023-04-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

IBM Chairman and CEO Arvind Krishna appears on a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 17, 2023. IBM issued stronger-than-expected first-quarter earnings on Wednesday even as the technology and consulting company reported disappointing revenue. IBM's consulting unit delivered $4.96 billion in revenue, up almost 3% but lower than the StreetAccount consensus of $5.01 billion. During the quarter, IBM said its technology was powering artificial intelligence-powered commentary on videos in the Masters Tournament golf app. WATCH: Technology is a deflationary answer to today's macro struggles, says IBM CEO Arvind Krishna

☆ Piper Sandler calls generative A.I. the next $100 billion tech revolution, names stocks to play it
▼ + stars: | 2023-04-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

"We see Generative AI as the next major revolution in technology that could have far reaching implications across both consumer and enterprise sectors," wrote analyst Brent Bracelin in a Friday note to clients, calling generative AI the "next $100B+ technology revolution." Amazon Web Services is also launching Bedrock , a generative AI service that's geared toward developers. Given this setup for the industry, Piper Sandler named some of its top picks to play the growing field. Microsoft seemed to win the first marketing battle, but Piper Sandler sees Alphabet as well-positioned for AI given its yearslong use of AI and machine learning in its search products. Despite the run up in shares, Piper Sandler expects nearly 7% downside for the stock from Thursday's close.

☆ Pro Take: AI Boom Will Test Readiness of IBM, and Its Customers
▼ + stars: | 2023-04-08 | by ( Steven Rosenbush | ) www.wsj.com time to read: 1 min

IBM Chief Executive Arvind Krishna said the world is coming to believe that AI is a fundamentally transformative technology. ARMONK, N.Y.—International Business Machines Corp. researchers spent decades developing artificial intelligence when most of the world wasn’t ready to embrace it, and the company struggled at times to build a business around it. Now, as interest in AI booms amid new advances, IBM is tailoring the technology to address the individual business problems of customers that are prepared to use it. “I think we’ve all talked a lot about AI as a fundamentally transformative technology and I think maybe over the last few months, now, the world is coming to agree,” IBM Chief Executive Arvind Krishna said during an interview at company headquarters. “I think before that they might not have disagreed, but I’m not sure they fully believed.”

☆ It's really hard for foreign companies to break up with Russia — and there are 3 main reasons why
▼ + stars: | 2023-03-30 | by ( ) www.businessinsider.com time to read: +7 min

One year after Russia invaded Ukraine, just 520 firms have fully exited Russia, per a Yale study. Quite simply, it's just not that straightforward for a company to get out of Russia right now — and there are three main reasons why. Companies have been trying to exit Russia in an orderly fashionMany companies were quick to announce their intent to leave the Russian market after it invaded Ukraine. Thus, companies that want to exit Russia are pressed to find buyers for their Russian operations who would continue running the business under a different brand. Multinational companies face operation challenges in their exitsBecause many foreign companies operating in Russia are multinationals, shutting operations in the country can have a domino effect on their businesses elsewhere.

☆ Meet the 'methane man' with a mission: Using microbes to eat up the greenhouse gas
▼ + stars: | 2023-03-22 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

Most recently, he's zeroed in on the idea of using methane-eating microbes to combat climate change. The startup was founded in 2022 and sells methane-eating microbes, or methanotrophs, to its pilot customers, farmers. "If you only look at the long term, and you don't spend anything on short term, you end up tripping over your feet," Silverman told CNBC. Zoom In Icon Arrows pointing outwards Windfall’s propriety methane-eating microbes seen here under a microscope. First, they will move to other types of livestock farms, like cows, pigs and chickens, Silverman told CNBC.

☆ ChatGPT is the Myspace of AI: It's fun, but it's far from taking your white-collar job
▼ + stars: | 2023-03-18 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

Despite excitement around ChatGPT and GPT-4, there are concerns about AI tools taking jobs. "Artificial intelligence may have a role in displacing, or at least reducing, the need for less skilled workers," Lee said. Hope Bradford, senior director of digital transformation at Kelly, a staffing and workforce company, told Insider that AI tools help HR professionals screen candidates. Are white-collar workers' jobs at risk of being cut because of AI tools? While people have found success and the pros of AI tools, there's still uncertainty about their future and fears still loom.

☆ Even at its weirdest, most unhinged moments, Bing's chatbot is making Microsoft relevant again
▼ + stars: | 2023-03-01 | by ( Alex Kantrowitz | Big Technology | ) www.businessinsider.com time to read: +6 min

Screenshots of a maniacal, unhinged Bing chatbot have flooded the internet this week, showing the bot condescending, gaslighting, and trying to steal husbands. Even in its weirdest moments, Bing's chatbot has brought new relevance to Microsoft and its search division. "The fact that people are even writing about Microsoft Bing at all is a win," one Microsoft employee told me this week. Now, interest in Bing is soaringThe Bing app set its daily download record over the weekend, according to Apptopia. (Upon joining the waitlist for Bing's chatbot, Microsoft encourages downloading the app to get earlier access.)

☆ Fabindia shelves $482 mln IPO due to rough market conditions
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 27 (Reuters) - Apparel retailer Fabindia on Monday said it has withdrawn its 40 billion rupee ($482.4 million) initial public offering amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets. "The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing," a Fabindia spokesperson said in a statement. Fabindia had planned a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders' stock. The company may reconsider filing an IPO in the future, depending on its need for growth capital and the market conditions," the company said. Jewellery retailer Joyalukkas, e-commerce firm Snapdeal and wearable electronics company boAt have all pulled their IPOs due to uncertain market conditions.

☆ Top Delhi minister arrested in India liquor probe
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 27 (Reuters) - India's federal investigating agency arrested a top local minister in the capital territory of New Delhi late on Sunday in connection with alleged irregularities in a liquor policy, the most high-profile arrest in the case so far. Manish Sisodia, the deputy chief minister in the Delhi government was arrested by India's federal crime agency, the CBI (Central Bureau of Investigation) late Sunday night and will be produced in a local court on Monday. Sisodia was arrested in an ongoing investigation in "a case related to alleged irregularities in framing & implementation of the excise policy", the CBI said in a release. His arrest is dirty politics," Arvind Kejriwal, Delhi's chief minister and head of the Aam Aadmi Party said in a tweet hours after Sisodia's arrest. India's financial crime-fighting agency, the Enforcement Directorate is separately investigating French liquor major Pernod Ricard for allegedly violating the same liquor policy.

☆ Tesla owners reveal the best and worst features of their cars, and what they really think of Elon Musk
▼ + stars: | 2023-02-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

Insider spoke with more than a dozen Tesla owners to learn what they like most and least about their cars. We talked to more than a dozen Tesla owners to find out what they like most about their cars — and what they think needs improvement. Since electric cars don't experience the same acceleration lag as gas vehicles, Teslas jolt forward the instant you put your foot down. Con: Stiff rideSome Model 3 and Y owners told Insider their cars are too stiff and jittery over bumpy pavement. Tim Levin/InsiderOver and over, Tesla owners praised the company's extensive network of fast chargers, which is exclusive to Tesla owners in the US.

☆ Why Instagram Will Never Be Able to Compete With TikTok
▼ + stars: | 2023-02-02 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +9 min

TikTok's secret sauce is its ability to keep users on the platform, and without sacrificing its core, Instagram won't be able to compete. That's because on TikTok, every video a creator makes has to outperform every other TikTok video. Victim of its own successUnlike TikTok, Instagram has long been seen as a secure place on which to build a digital following. A year ago, when the researcher Valdovinos Kaye was interviewing TikTok creators for his book, he found that they desperately sought to transport their audiences over to Instagram. Rather than copying TikTok's success, Instagram might need to focus on what separates it from the pack.

☆ Princeton computer science professor says don't panic over 'bullshit generator' ChatGPT
▼ + stars: | 2023-01-30 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

A Princeton professor told The Markup that "bullshit generator" ChatGPT merely presents narratives. ChatGPT creator OpenAI will reportedly help Buzzfeed produce work like quizzes. Narayanan said this makes ChatGPT more of a "bullshit generator" that presents its response without considering the accuracy of its responses. He said that a more likely outcome of large language model tools would be industries changing in response to its use, rather than being fully replaced. "I don't think large language models are even on that scale.

☆ IBM layoffs: Company announces 3,900 job cuts as it reports Q4 earnings
▼ + stars: | 2023-01-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —IBM has become the latest tech giant to slash thousands of jobs, with 3,900 positions, or 1.5% of its global workforce, expected to be eliminated. The company announced the cuts Wednesday, saying they were related to the previously announced spinoff and sale of two business units. The move will cost IBM (IBM) about $300 million this quarter, a spokesperson confirmed. The units affected are Kyndryl, an IT infrastructure services business that was officially separated from IBM in November, and IBM’s healthcare analytics business, which an investment firm is in the process of acquiring. Last week, Google (GOOGL) parent Alphabet and Microsoft (MSFT) each announced layoffs of 12,000 and 10,000 workers, respectively.

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