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☆ The bosses of rival chip giants Nvidia and AMD are cousins, researcher says
▼ + stars: | 2023-11-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Nvidia CEO Jensen Huang and AMD CEO Lisa Su are first cousins once removed. It has recently emerged that Nvidia CEO Jensen Huang and AMD CEO Lisa Su are first cousins once removed, with 60-year-old Huang being the older cousin. Nvidia and AMD did not immediately respond to requests for comment from Insider sent outside regular business hours. The genealogist — a person who traces lines of family descent — published a condensed family tree on her Facebook account in June. Wu also interviewed a close family member of the two while putting together the family tree, per CNN.

Persons: Jensen Huang, Lisa Su, Su's, —, Huang, Su, Huang's, Jean Wu, It's, Wu, Jensen Organizations: Nvidia, Service, AMD, CNN, Consumer Technology Association webinar, Oneida Baptist Institute, Oregon State University, Massachusetts Institute of Technology, Devices, IBM, Freescale Semiconductor Locations: Taiwan, Taiwanese, Taipei, Thailand, Washington, Kentucky, Tainan, New York

☆ Nvidia and AMD CEOs: Two of the world’s most powerful tech execs come from the same Taiwanese family
▼ + stars: | 2023-11-05 | by ( Michelle Toh | Wayne Chang | ) edition.cnn.com time to read: +10 min

The chief executives of Nvidia (NVDA) and AMD (AMD) aren’t just two of the most powerful people in the global AI chip industry, they’re also family. “For almost half a century now, Taiwan’s economy has been centered on electronics production, chip assembly, chip manufacturing, chip design, everything semiconductors. According to Nvidia, Huang was born in 1963 in Taipei before moving to the southern city of Tainan. “I would say anyone who logs on the internet is likely touching not just one, but dozens and hundreds of Nvidia and AMD chips,” said Miller. I would say anyone who logs on the internet is likely touching not just one, but dozens and hundreds of Nvidia and AMD chips.

Persons: Taipei CNN — Jensen Huang, Lisa Su, they’re, Su, Jean Wu, Wu, Huang, ” Su, ” Wu, ” Christopher Miller, ”, it’s, there’s, Hwa Cheng, Edith Yeung, Miller, Robyn Beck, AMD’s, Florence Lo, “, Christopher Miller Organizations: Taipei CNN, Nvidia, AMD, CNN, Consumer Technology Association, rockstar, Technology, Bloomberg, Getty, Race Capital, ASUS, Consumer, Massachusetts Institute of Technology, Oregon State University, Stanford University, McKinsey, Associated Press, CTA Locations: Hong Kong, Taipei, Taiwan, United States, China, Silicon Valley, Silicon, Tainan, Thailand, Washington, Kentucky, New York City, Las Vegas, AFP, Santa Clara , California

☆ Sam Bankman-Fried faces over 100 years in prison at sentencing. Experts weigh in on how much time he'll actually get
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

A jury of twelve found FTX founder Sam Bankman-Fried guilty of all seven criminal charges brought against him. The question of how long he'll remain in prison, however, is one that Judge Lewis Kaplan will spend the next few months deliberating by himself. "So I should preface this by saying I'm not a lawyer," Bankman-Fried began one answer. After several dozen of these instances, the government often presented evidence that would either directly refute the defendant's testimony or offer an answer to the question Bankman-Fried had dodged. So now, the question of prison time goes to Judge Kaplan.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Judge Kaplan, I'm, Fried, FTX, Danielle Sassoon, wasn't Organizations: Southern, of, Massachusetts Institute of Technology, CNBC Locations: of New York, Manhattan, Alameda, FTX

☆ A timeline of Sam Bankman-Fried trial: Key moments leading up to FTX founder's conviction
▼ + stars: | 2023-11-03 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Bankman-Fried debuts on the Forbes billionaires list, which estimates his net worth at $22.5 billion. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Fried, Amr Alfiky, Gary Wang, Larry David, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York City, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California, New York

☆ Jurors in Sam Bankman-Fried criminal trial begin deliberations
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Indicted FTX founder Sam Bankman-Fried arrives at the U.S. Twelve jurors in a lower Manhattan courtroom have begun to deliberate the fate of FTX founder Sam Bankman-Fried following a month of testimony from nearly 20 witnesses. The case was handed to the jury around 3:15 p.m. on Thursday, after U.S. District Judge Lewis Kaplan finished reading aloud 60 pages worth of instructions. A verdict could come as early as Thursday afternoon, and Judge Kaplan previously ordered the jury to stay until 8:15 p.m, offering free pizza and Uber rides home. Judge Kaplan has encouraged the expedited timeline, holding jurors until 6:30 p.m. on Wednesday in order to finish closing arguments.

Persons: Sam Bankman, Fried, District Judge Lewis Kaplan, Judge Kaplan, he's, — Organizations: U.S, District, Alameda Research, Massachusetts Institute of Technology, Stanford Locations: New York City, Manhattan

☆ Sam Bankman-Fried found guilty on all seven criminal fraud counts
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. Both pleaded guilty in December to multiple charges and cooperated as witnesses for the prosecution. The issue, he said, is whether Bankman-Fried knew that taking the money was wrong. Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense.

Persons: Sam Bankman, Caroline Ellison, Bankman, FTX, Gary Wang, Fried, Nicolas Roos, Roos, Elizabeth Holmes, Holmes, —, Dawn Giel Organizations: Stanford, Massachusetts Institute of Technology, Alameda Research, Alameda ., U.S Locations: Alameda, FTX, Theranos, Bryan , Texas

After Kaplan left the courtroom, Cohen put his arm around Bankman-Fried as they spoke at the defense table. He testified that while he made mistakes running FTX, such as not formulating a risk-management team, he did not steal customer funds. "We thought that we might be able to build the best product on the market," Bankman-Fried testified. The defense argued the three, who have not yet been sentenced, falsely implicated Bankman-Fried in a bid to win leniency at sentencing. Bankman-Fried has been jailed since August after Kaplan revoked his bail, having concluded he likely tampered with witnesses.

Persons: Sam Bankman, Fried, Bankman, FTX, Damian Williams, Williams, Bernie Madoff, Jordan Belfort, District Judge Lewis Kaplan, Mark Cohen, Kaplan, Cohen, nodded, Joseph Bankman, Barbara Fried, Fried's, Danielle Sassoon, Caroline Ellison, Gary Wang, Nishad Singh, Luc Cohen, Jody Godoy, Will Dunham, Daniel Wallis Organizations: U.S . Justice, U.S, District, Massachusetts Institute of Technology, Marshals, Stanford Law, Prosecutors, Alameda Research, Former Alameda, Thomson Locations: Manhattan, Bankman, New York City, U.S, FTX, Alameda, New York, Lincoln

The witnesses painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia, FTX, ” Caroline Ellison Ms, Ellison, Ms, Gary Wang Mr, Wang, ”, coder, Nishad Singh Mr, Singh, Gabe, Gabe Bankman, ” Mr, Prosecutors, Barbara Fried, Nishad Singh, Sun, ’ Organizations: Alameda Research, Massachusetts Institute of Technology, Stanford, Mr, Prosecutors, America Locations: Bahamas, Alameda, Binance, Pandemics

☆ Sam Bankman-Fried built crypto empire on 'pyramid of deceit,' prosecutors say in closing
▼ + stars: | 2023-11-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. The main thing the jury has to decide, Roos said, is whether Bankman-Fried knew that taking the money was wrong. "It was uncomfortable to hear," Roos said, adding that Bankman-Fried said "I can't recall" over 140 times during questioning by the government. Roos said Bankman-Fried is the one who gave special privileges to Alameda, which he started before founding FTX, allowing it to siphon customer money. In referencing the Super Bowl picture with Katy Perry and others, Roos called Bankman-Fried a "celebrity chaser."

Persons: Sam Bankman, Michael M, they've, FTX, Nicolas Roos, Roos, there's, Fried, Caroline Ellison, Bankman, Gary Wang, Danielle Sassoon, Jane Rosenberg, Mark Cohen, he'd, Judge Lewis Kaplan, Ellison, didn't, Singh, Katy Perry, —, Dawn Giel Organizations: Santiago, Getty, Prosecutors, Stanford, Massachusetts Institute of Technology, Alameda Research, Reuters, Miami Heat, MIT, FTX, Skybridge Locations: Manhattan, New York City, Alameda, U.S, California, Hong Kong, Roos's, Bahamas, Bankman

☆ NASA’s Lucy mission will closely fly by the asteroid Dinkinesh
▼ + stars: | 2023-11-01 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CNN —The NASA Lucy mission is about to have its first encounter with a space rock. The spacecraft, launched in October 2021, will fly by the small asteroid Dinkinesh on Wednesday. Dinkinesh is about half a mile (1 kilometer) wide and is situated in the main asteroid belt between the orbits of Mars and Jupiter. Each of the asteroids Lucy will fly by differ in size and color. These are some of the asteroids that the Lucy mission will fly by over the next 12 years.

Persons: NASA Lucy, Lucy, ”, Hal Levison, Dinkinesh, REx — Lucy, Mark Effertz, Amy Mainzer, — Organizations: CNN, NASA, Lincoln, Asteroid Research, US Air Force, Massachusetts Institute of Technology, Southwest Research Institute, Dinkinesh, JPL, Caltech, Lockheed Martin, University of Arizona, Trojans Locations: LINEAR, San Antonio, Jupiter, Littleton , Colorado, Ethiopia

☆ Jewish students are planning to sue elite universities like Cornell and Harvard, accusing them of not doing enough to stop 'explosion' of antisemitism on campus
▼ + stars: | 2023-10-31 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +5 min

Jewish students are planning to sue colleges like Cornell and Harvard for doing enough to stop antisemitism on campuses. "There has been an explosion of antisemitism on college campuses," attorney Mark Ressler told Insider. Harvard, New York University, Massachusetts Institute of Technology and Stanford University did not immediately respond to requests for comment. The plaintiffs in the planned lawsuits will be "students who have been victimized by on-campus bigotry and hatred directed at them because they are Jewish," Ressler said. "And yet when it comes to Jewish students, university administrators have a double standard and they have put their head in the sand and allowed this problem to become out of control," he said.

Persons: Mark Ressler, Ressler, —, Kasowitz Benson Torres, City's, Hitler, Israel Organizations: Cornell, Harvard, Civil, Service, New, Cornell , New York University , Massachusetts Institute of Technology, Stanford University, Fox Business, . Harvard, . Harvard , New York University , Massachusetts Institute of Technology, Jewish, City's Cooper Union, Defamation League, Hamas, ADL Locations: United States, New York City, Israel, Cornell ,, . Harvard ,, Jewish, Palestinian, Gaza

(AP) — As the United States injects hundreds of billions of dollars into clean energy through its signature climate law, known as the Inflation Reduction Act, criticism is growing louder about where, how and whether new development should be allowed. MIT is offering a first-of-its-kind course that trains students to be mediators in conflicts over clean energy projects. Students get academic credit and hands-on experience addressing real-world dilemmas, while the community and developer get free help resolving conflict. In one recent Friday afternoon class, students debated everything from environmental justice concerns to misinformation to oil companies. He hopes to create a similar national consortium of universities serving communities and projects in their respective regions regarding clean energy.

Persons: ”, Larry Susskind, Susskind, stokes, ” Susskind, ” Leyla Uysal, “ It’s, “ We’re, ” It’s, Abraham Silverman, he’s “, Silverman, Larry, Patrick Field, ” Chaudhuri, Sarah Mills Organizations: Massachusetts Institute of Technology, MIT, Cipher News, Associated Press, Washington D.C, Cell, MIT Renewable Energy Clinic, Harvard University, Power, Google, Columbia University, New, New Jersey Board of Public Utilities, Consensus, “, ”, University of Michigan, AP Locations: CAMBRIDGE, United States, Washington, New York, California, Chicago, Michigan, New Jersey, Cambridge, loggerheads

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

FTX founder Sam Bankman-Fried testifies in his fraud trial over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 27, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowOct 30 (Reuters) - FTX founder Sam Bankman-Fried is set on Monday to resume testifying at his fraud trial on charges related to the cryptocurrency exchange's collapse last year. Here are five key moments from Bankman-Fried's testimony so far. HIGH-END HOUSING AND ENDORSEMENT DEALSBankman-Fried testified that FTX corporate cash paid for high-end housing for employees in the Bahamas and endorsement deals. "We didn't care if a user withdrew funds and used them to buy muffins, to pay business expenses, to invest or anything else," Bankman-Fried testified.

Persons: Sam Bankman, Fried, Jane Rosenberg, Jody Godoy, Luc Cohen, Noeleen Walder, Will Dunham Organizations: REUTERS, PEOPLE, Alameda Research, Prosecutors, Massachusetts Institute of Technology, Thomson Locations: New York City, U.S, FTX's, Bahamas, Alameda, ALAMEDA, New York

"The majority of my friends who are single and living alone are stressed about the cost of living," Kaishon Holloway, a single man living in New York City, tells CNBC. On top of being solely responsible for living costs that couples can split, single people are excluded from several financial benefits reserved for married couples. Kaishon Holloway says he and his single friends are stressed about the cost of living. Single people often have to choose between getting a roommate or covering the entire cost of a house or apartment on their own. In some cases, married couples have advantages that simply don't exist for single individuals, such as with income taxes.

Persons: Kaishon Holloway, it's, Juhohn Lee, Mark Licea, Bella DePaulo, Monique Morrissey, that's, Holloway Organizations: Census, CNBC, U.S, Missouri Economic Research, Information, Massachusetts Institute of Technology, Economic Policy, Tax Locations: U.S, New York City, South Carolina, Missouri, New York

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. Elizabeth Holmes took the stand at her criminal trial, testifying over several days that she did not intend to defraud investors in her blood-testing startup, Theranos. For Bankman-Fried to be convicted of fraud, prosecutors must show beyond a reasonable doubt that he intended to defraud FTX customers or investors. Taking the stand carries the risk that he will be confronted with those media appearances as well as his use of social media. But Bankman-Fried has a lower-than-average fear of risk, according to trial testimony.

Persons: Sam Bankman, Fried, Amr Alfiky, Willkie Farr, Gallagher, Ilene Jaroslaw, Elizabeth Holmes, Holmes, Caroline Ellison, Ellison, Mike Schachter, Schachter, Tom Barrack, Donald Trump, Jean Boustani, District Judge Lewis Kaplan, Bankman, Jody Godoy, Tom Hals, Noeleen Walder, Jonathan Oatis Organizations: United, REUTERS, Prosecutors, Alameda Research, Massachusetts Institute of Technology, Detention, U.S, District, Thomson Locations: New York City, U.S, Alameda, Lebanese, Brooklyn's, New York

DETROIT (AP) — The United Auto Workers union turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. The additional plants further escalate a labor dispute that's in its sixth week and now has about 46,000 union workers off the job. “It’s time GM workers, and the whole working class, get their fair share,” Fain said. Barra said GM’s record offer rewards employees but doesn’t put the company or UAW jobs at risk. Last week GM made an offer that increased its previous offer by about 25% in total value, the company said.

Persons: Cadillac Escalade, Shawn Fain, “, ” Fain, Mary Barra, Fain, GM’s, Barra, doesn’t, ”, it's, walkouts, haven't, Thomas Kochan, ” Kochan Organizations: DETROIT, United Auto Workers, General Motors, GMC Yukon, Cadillac, GM, Ford, Arlington, General Motors Co, Massachusetts Institute of Technology Locations: Arlington , Texas, Sterling Heights , Michigan, Detroit, Arlington

NEW YORK (AP) — Palestinian artist Nida Sinnokrot, one of 18 artists receiving the 2023 Soros Arts Fellowships from the Open Society Foundations on Tuesday, says that art provides hope and resilience, even in the midst of war. This year's class of Soros Arts Fellows is the largest since the program launched in 2018. This is the launchpad of something new — a new realm of direct action in the arts.”Molemo Moiloa also plans to incorporate community action in her art project in Johannesburg, South Africa, for her Soros Arts fellowship. “One of the reasons I still feel hope is that there is powerful solidarity around the world that embraces this ethos,” he said. “And that’s what’s so amazing about this year’s (Soros Arts Fellows) and their communities.

Persons: Nida Sinnokrot, “, ”, Sinnokrot, Tatiana Mouarbes, George Soros, Alex — Mouarbes, Jordan Weber, ” “, Weber, ” Molemo Moiloa, Moiloa, Nelson Mandela's, we’ve, it’s, Fellows, Cannupa Hanska Luger, Carolina Caycedo, Chemi, Dalton Paula, Deborah Jack, Kenan Darwich, Sami Rustom, Ixchel Tonāntzin, Martha Atienza, Molemo Moiloa, Mónica de Miranda, Omar Berrada, Rijin Sahakian, Sari Dennise, Yto Barrada Organizations: Open, Massachusetts Institute, Technology’s, Technology, Soros Arts Fellows, Open Society, Culture, Society, Soros Arts, South, Soros, Fehras, Associated, Lilly Endowment Inc, AP Locations: Palestinian, York, ”, Detroit, Johannesburg, South Africa, Israel, Palestine, Guinea, Hidatsa, Lakota, United States, Carolina, Colombia, Puerto Rico, Brazil, St, Maarten, Syria, Germany, Philippines, Portugal, Morocco, Iraq, Mexico

☆ Big University Endowments Hampered by Startup Write-Downs
▼ + stars: | 2023-10-23 | by ( Juliet Chung | Eliot Brown | ) www.wsj.com time to read: 1 min

Yale University’s endowment gained 1.8% for the fiscal year ending June 30. Photo: Tim Tai for The Wall Street JournalThe hangover from the bursting of the startup bubble is weighing on big U.S. university endowments, with write-downs in their growth and venture-capital investments driving a second straight year of weak returns. The Massachusetts Institute of Technology reported a loss of 2.9% and Duke University, a loss of 1% for the fiscal year ending June 30, while endowments at Yale and Stanford gained 1.8% and 4.4%, respectively. The median return for endowments and foundations of more than $1 billion was 5.6%, according to a preliminary estimate from Cambridge Associates.

Persons: Tim Tai Organizations: Yale, Wall Street, Massachusetts Institute of Technology, Duke University, Stanford, Cambridge Associates

☆ Harvard posts investment gain in fiscal 2023, endowment stands at $50.7 billion
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

BOSTON, Oct 19 (Reuters) - Harvard University's endowment fund, the world's largest university endowment, posted a small investment gain that bested several other top U.S. universities' returns but saw the value of the fund shrink as more was paid to university operations. Harvard Management Co said on Thursday that it earned a 2.9% return in the fiscal year that ended June 30, leaving the total endowment at $50.7 billion. A year earlier it lost 1.8% amid tumbling markets but the endowment ended at $50.9 billion. Returns from these schools are watched closely because they pioneered putting money into hedge and private equity funds. Rival Yale University returned 1.8% while the University of Pennsylvania returned 1.3%.

Persons: N.P, Narvekar, Svea Herbst, Bayliss, Diane Craft Organizations: BOSTON, Harvard, Harvard Management, Harvard Management's, Private, Rival Yale University, University of Pennsylvania, Massachusetts Institute of Technology, Columbia University, Stanford, Svea, Thomson

☆ Read the secret Signal messages that could help put Sam Bankman-Fried behind bars
▼ + stars: | 2023-10-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Sam Bankman-Fried appears at federal court in New York on Oct. 4, 2023, in this courtroom sketch. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. In a direct appeal to Bankman-Fried, Singh wrote on Nov. 6, 2022, "one thing that'd seriously help me is if I didn't have debts." Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.

Persons: Sam Bankman, Fried, Claudia Johnson, Caroline Ellison, Gary Wang, Nishad Singh, Ryan Salame, Damian Williams, Yuki Iwamura, Ellison, Bankman, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Singh, Wang, reassurances, FTX, Changpeng Zhao, he'd, Um, Sam, Binance, Zhao, it's, Sam Trabucco, Ben Xie, Michael Lewis, Lewis, Adam Yedidia, Yedidia, chares, SDNY Singh, Gabe, Salame, Michael Sadowsky, Sadowsky, FTX's, Dawn Giel Organizations: Alameda Research, Stanford, Bloomberg, Getty, Massachusetts Institute of Technology, alameda, Prime Trust Bank Locations: New York, Alameda, Manhattan, U.S, FTX, Sequoia, Alameda's, Bahamas

☆ This is the best university in the U.S, according to global rankings—it isn't an Ivy League
▼ + stars: | 2023-10-18 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Princeton University earned the top spot on both The Wall Street Journal's and U.S. News and World Report's rankings for 2024. The University of Oxford in the United Kingdom was named the best university in the world for the eighth year in a row, according to Times Higher Education's ranking of over 1,900 universities worldwide. Oxford, the world's second-oldest university, continues to be a global leader in academic research and instruction nine centuries after its conception. Times Higher Education uses metrics across five areas — teaching, research environment, research quality, industry innovations and international outlook — to rank universities around the world. Though the U.S. doesn't hold the top spot, the next three best-ranked universities are American — but the two highest-ranked ones aren't Ivy League schools.

Persons: United Kingdom Stanford University —, Berkeley — Organizations: Ivy League, U.S, Princeton University, U.S . News, University of Oxford, Oxford, university, Higher Education, doesn't, aren't Ivy League, Stanford University and Massachusetts Institute of Technology, Harvard, Princeton, Oxford University, The University of Oxford —, United Kingdom Stanford University, United Kingdom Stanford University — Stanford, United States Massachusetts Institute of Technology, United States Harvard University — Cambridge, United States University of Cambridge —, United Kingdom Princeton University — Princeton, United States California Institute of Technology, United States Imperial College London —, United Kingdom University of California, United States Yale University — New, United States ETH Zurich —, Switzerland Tsinghua University — Beijing, University of Chicago, United States Peking University — Beijing, China Johns Hopkins University — Baltimore, United States University of Pennsylvania, United States Columbia University —, United States University of California, Los Angeles —, United States National University of Singapore — Singapore Cornell University — Ithaca, United States Times Higher Education, CNBC, Global Locations: U.S, United Kingdom, The University of Oxford — Oxford, California, United, United States Massachusetts Institute of Technology — Boston, United States Harvard University — Cambridge , Massachusetts, United States University of Cambridge — Cambridge, United Kingdom Princeton University — Princeton , New Jersey, United States California Institute of Technology — Pasadena , California, United States Imperial College London — London, Berkeley, Berkeley — Berkeley , California, United States Yale University — New Haven , Connecticut, United States, United States ETH Zurich — Zurich, Switzerland, China, University of Chicago — Chicago, Philadelphia, York, Los Angeles, Los Angeles — Los Angeles, New York

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