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"Not only are these big banks not sitting around and waiting for the phone to ring, they are also being proactive." Amid the nation's most troubling turmoil in banking since the global financial crisis nearly 15 years ago, the big banks are flexing their collective muscle. The 2008 financial crisis humbled the banking behemoths; the 2023 crisis of regional banks has now only cemented their power. For an increasingly stretched financial system, the big banks provide a needed stability. The flight to safety that is benefiting the big banks will have a cost, however.

☆ US would destroy Taiwan's semiconductor factories rather than letting them fall into China's hands, a former national security adviser says
▼ + stars: | 2023-03-13 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +5 min

A former security adviser told Semafor the US would destroy Taiwan's semiconductor factories if China invaded. Robert O'Brien, who served as national security advisor under Donald Trump, said the US "and its allies are never going to let those factories fall into Chinese hands." Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest chipmaker, making up an estimated 90% of the market for advanced processors. O'Brien is not the first to raise the idea of destroying Taiwan's semiconductor factories if China invades. "This could be done most effectively by threatening to destroy facilities belonging to the Taiwan Semiconductor Manufacturing Company, the most important chipmaker in the world and China's most important supplier.

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

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

☆ Hedge funds offering to buy startup deposits stuck at Silicon Valley Bank -Semafor
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The main entrance of Silicon Valley Bank is seen in Menlo Park, California U.S. March 10, 2023. REUTERS/Michaela Vatcheva NO RESALESMarch 11 (Reuters) - Hedge funds are offering to buy startup deposits stranded at Silicon Valley Bank (SVB) for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter. Traders from investment firm Jefferies are also contacting startup founders with money stuck at the bank, offering to buy their deposit claims at a discount, The Information reported separately. Jefferies is offering at least 70 cents on the dollar for deposit claims, the report said, citing several people with direct knowledge of the matter. Silicon Valley Bank imploded after depositors, concerned about the lender's financial health, rushed to withdraw their deposits.

☆ GM explores using ChatGPT in vehicles
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - General Motors Co (GM.N) is exploring uses for ChatGPT as part of its broader collaboration with Microsoft Corp (MSFT.O), a company executive told Reuters. "ChatGPT is going to be in everything," GM Vice President Scott Miller said in an interview last week. GM in 2021 partnered with Microsoft to accelerate the commercialization of driverless vehicles. Shares of GM were down about 2% on Friday amid a broader drop. Reporting by Nathan Gomes in Bengaluru and Joseph White in Detroit; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ GM is teaming with Microsoft to develop a ChatGPT-like virtual assistant for future cars, report says
▼ + stars: | 2023-03-10 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

GM is reportedly working on a virtual assistant based on the AI behind ChatGPT, Semafor reported. The company plans to use its connections to Microsoft, which has helped improve self-driving technology. Microsoft has invested billions in OpenAI, the creator of ChatGPT, and already incorporated it into Bing. Microsoft, which has invested billions in OpenAI, also partnered with GM in 2021, as the automaker sought assistance with improving its self-driving technology. Miller confirmed to Semafor that GM is working on an AI assistant, and said it could be capable of more than simple voice commands that have been used in GM cars in the past.

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

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

☆ Fox News has implemented a 'soft ban' on Donald Trump and is avoiding putting him on air, report says
▼ + stars: | 2023-03-04 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +4 min

Members of Trump's inner circle claim that Fox News has put a "soft ban" on him, a report says. Trump has not appeared on Fox News once since he announced his presidential bid in November. "Everyone knows that there's this 'soft ban' or 'silent ban,'" one source close to the former president told the outlet. "It's certainly — however you want to say, quiet ban, soft ban, whatever it is — indicative of how the Murdochs feel about Trump in this particular moment." One unnamed Trump aide told Semafor that they've heard about the "soft ban" directly from people at Fox.

☆ Fox News election fraud revelations could take down the network’s embattled chief
▼ + stars: | 2023-03-02 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

New York CNN —Who will Rupert Murdoch exile from the Fox kingdom? The stunning levels of misconduct exposed in recent weeks raise questions about the future of Suzanne Scott, the embattled chief executive of Fox News. “They’re leading a trail of crumbs that lead back to her office,” added David Folkenflik, the NPR media correspondent and Murdoch biographer. In each case, Murdoch made the decision to sever ties with top personnel. “They should be reprimanded, maybe got rid of.”As Folkenflik noted, “If you’re Rupert, you can’t fire Rupert.

☆ There are whispers on Capitol Hill of a rare bipartisan effort to overhaul Social Security as the program is set to go broke in less than 10 years
▼ + stars: | 2023-03-01 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

A group of senators is considering a sovereign wealth fund (SWF) to prevent Social Security insolvency, Semafor reported. A SWF is a government-backed investment fund, and its profits would be used to pay Social Security benefits. In this case, such investments would be used to fund Social Security payments. The goal is, members of the group told Semafor, for Social Security to be solvent for 75 more years, at least. "Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan.

☆ Ozy CEO Watson's fraud case: What you need to know
▼ + stars: | 2023-02-24 | 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 EmailOzy CEO Watson's fraud case: What you need to knowBen Smith, Semafor co-founder and editor-in-chief, joins 'Squawk Box' to react to the arrest of Ozy Media CEO Carlos Watson on fraud charges on Thursday. Watson, however, pleaded not guilty at his arraignment and was released after posting a $1 million bond.

☆ Ozy Media founder Carlos Watson arrested and charged with fraud
▼ + stars: | 2023-02-23 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

CNN —Carlos Watson, the founder and chief executive of the embattled Ozy Media, was arrested and charged with fraud this week, according to federal court records. Watson was accused in a federal indictment of having “engaged in a scheme to defraud OZY’s investors, potential investors, potential acquirers, lenders and potential lenders.”The charges said that Watson committed the fraud “through material misrepresentations and omissions” about Ozy Media, including the company’s finances, investors, business partners, contracts, and potential acquisitions. A spokesperson for Ozy Media did not immediately respond to a request for comment Thursday morning. The charges come after The New York Times published an exposé in 2021 pulling back the curtain on some of the alleged deceptive practices Ozy Media engaged in. Semafor reported earlier this month that Ozy Media was attempting a comeback.

☆ Ozy Media CEO Carlos Watson charged with fraud in alleged fundraising scheme
▼ + stars: | 2023-02-23 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Ozy Media CEO Carlos Watson was charged with two federal criminal counts of fraud and one count of identity theft, according to court documents released Thursday. The news came after former operating chief Samir Rao and chief of staff Suzee Han pleaded guilty in the case. The Securities and Exchange Commission also accused Watson and Ozy of widespread fraud. For example, Sharon Osbourne told CNBC that Ozy Media had lied about the Osbourne family investing in the startup. CNBC was the media partner for Ozy Media's Ozy Fest 2019, which was canceled due to extreme heat.

☆ Ron DeSantis backed deep cuts to Social Security and Medicare while in Congress. Trump is ready to hammer him for it ahead of 2024.
▼ + stars: | 2023-02-12 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +8 min

Trump has made it clear that he will attack DeSantis' past support for changes to Social Security and Medicare. It would have also increased the full retirement age for Social Security to 70 as well. The AARP tore into Ryan's proposal at the time, particularly for its proposed changes to social security. Trump has made it clear that he would not propose cuts to Social Security and Medicare and is ready to attack 2024 nomination challengers who have in the past. Insider couldn't find any comments he made at the time, but he was far from the only Republican or even the only Florida Republican to vote against the bill.

☆ Rep. George Santos adds to the chorus of insults by describing himself as 'simple-minded' in Newsmax interview
▼ + stars: | 2023-02-10 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +2 min

George Santos referred to himself as "simple-minded" in an interview with Newsmax's Greg Kelly. The self-own comes shortly after Mitt Romney described him as a "sick puppy" at the SOTU address. He also referenced a tense exchange with Sen. Mitt Romney during Tuesday's State of the Union address. Santos told Semafor's Kadia Goba that Romney called him an "ass," although CNN reported that Romney simply told Santos: "You don't belong here." "When Mitt Romney told me I didn't belong here, this isn't the first or will it be the last time when somebody told me I didn't belong," Santos told Newsmax.

☆ Forbes deal scrutiny shows how aggressive U.S. regulators are, says Semafor's Hoffman
▼ + stars: | 2023-02-10 | 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 EmailForbes deal scrutiny shows how aggressive U.S. regulators are, says Semafor's HoffmanLiz Hoffman, Semafor business and finance editor, joins 'Squawk Box' to discuss the scrutiny behind the Forbes deal, how Washington thinks about foreign investors, and more.

☆ C-SPAN captured a tense back-and-forth between George Santos and Mitt Romney at the State of the Union
▼ + stars: | 2023-02-08 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

George Santos and Mitt Romney had what appeared to be a tense exchange at the State of the Union. Following the speech, Santos tweeted that Romney "will NEVER be PRESIDENT!" C-SPAN cameras captured the tense interaction between Santos — the scandal-plagued Long Island congressman — and Romney, the party's 2012 presidential nominee. And according to CNN, Romney simply told Santos: "You don't belong here." Following the speech, Santos tweeted that Romney "will NEVER be PRESIDENT!"

☆ All you need to know about ChatGPT, the A.I. chatbot that's got the world talking and tech giants clashing
▼ + stars: | 2023-02-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

ChatGPT is an AI chatbot developed by San Francisco-based startup OpenAI. These are tools that allow users to enter written prompts and receive new human-like text or images and videos generated by the AI. With a whopping 175 billion parameters, GPT-3 is one of the largest and most powerful language processing AI models to date. watch nowWhat makes ChatGPT so impressive is its ability to produce human-like responses, thanks in no small part to the vast amounts of data it is trained on. No generative AI application has quite managed to achieve the kind of influence and virality that ChatGPT has.

☆ OpenAI makes a ChatGPT-like tool called Codex that can write software. Here's why Codex won't replace developers and will instead create more demand for their skills.
▼ + stars: | 2023-02-05 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +6 min

The same company is also behind Codex, a tool that automates the writing of software code. Codex is similar, except that instead of writing English sentences, it writes software code. Tell Codex what type of software problem you're trying to solve, and Codex will suggest a solution with a string of code. Similarly, Codex further simplifies certain software engineering tasks. "Then we'll have more engineers, and more software engineering.

☆ Rep. George Santos accused of sexual harassment by prospective staffer who alleges he touched his groin
▼ + stars: | 2023-02-05 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +4 min

A prospective staffer has alleged that Rep. George Santos sexually harassed him and touched his groin. Myers also claims that he was made to work as an unpaid volunteer despite being promised employment. Santos said on Thursday that Myers was let go because he is facing wiretapping charges in Ohio. "The Congressman proceeded to take his hand and move it down my leg into my inner thigh and proceeded to touch my groin," Myers said. Insider reached out to Santos' office for comment.

☆ The FBI is investigating if George Santos scammed a military veteran by taking funds that were raised for his dying dog: report
▼ + stars: | 2023-02-02 | by ( Kelsey Vlamis | Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Military veteran Rich Osthoff told Politico he was contacted by two FBI agents on Wednesday. Osthoff in January accused Santos of taking over $3,000 from a fundraiser meant for a dying dog. "I'm glad to get the ball rolling with the big-wigs," Osthoff told Politico. Osthoff told Patch Sapphire died in January 2017 after he could not afford to pay for her surgery. Santos told Steakin he has "no clue" about the DBI investigation, and has "never met" Osthoff.

☆ The end of superstar bankers: The changing face of Wall Street
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe end of superstar bankers: The changing face of Wall StreetLiz Hoffman, Semafor business and finance editor, joins 'Squawk Box' to discuss why the era of the super star banker may be no longer, the changing economic landscape for bankers and more.

☆ ChatGPT creator OpenAI might be training its AI technology to replace some software engineers, report says
▼ + stars: | 2023-01-27 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

OpenAI has quietly hired hundreds of international contractors to help train its AI tech, according to Semafor. Some are teaching software engineering to AI, potentially paving the way to replace some human coders. The engineer told Semafor he thinks the company wants to feed the training data into its AI technology. OpenAI is also the owner of the buzzy AI chatbot, ChatGPT. Software engineering might be added to the list next.

☆ Microsoft's AI push has some analysts raving about the stock even after lackluster earnings
▼ + stars: | 2023-01-26 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Microsoft 's earnings report earlier this week was largely considered dissatisfying to analysts. The company beat analyst expectations on per-share earnings while missing analysts' revenue estimate in its fiscal second quarter , Refinitiv data shows. But analysts who cover the stock weren't entirely beating up on it, pointing to AI as a bright spot in the earnings report. Analysts and company management have argued AI will improve existing products such as Azure and Bing. He said AI company Nvidia will have "derivative focus," while Arista Networks is well positioned as AI's fabric gets expanded.

Rep. George Santos, R-N.Y., made a significant revision to his 2022 campaign filings Tuesday by specifying that a $500,000 loan he made to the campaign didn't come from his personal funds. The initial filing in September included a checked box saying the hefty loan came from the "personal funds of the candidate." About $150,000 in loans is still marked as having come from his personal funds. A separate filing shows a new $125,000 loan that came from Santos in October but was not from his personal funds. A spokesperson for Santos’ congressional office said it does "not comment on campaign or personal matters."

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