David Solomon, CEO of Goldman Sachs, on the economic impact of AI: “We are doing very little where we need pioneering models”
David Solomon spent Thursday announcing a $500 million AI initiative alongside four of the companies building the world’s most powerful models. Then he told the room that most of the economy doesn’t need these models. “Border models and how…
Amex to cut 5% of global workforce as cost pressure mounts
(Bloomberg) — American Express Co. is cutting 5% of its global workforce as CEO Steve Squeri seeks to contain the company’s rising costs. Most read on Bloomberg Squeri told Bloomberg TV that the company has 78,000 employees, meaning the move…
U.S. business activity grows, prices rise the most since 2022
(Bloomberg) — U.S. business activity grew at a slightly slower pace in October but remained near a multi-year high as robust demand led to higher new orders, employment and prices. Most read on Bloomberg The S&P Global flash composite index…
How many billions would it take to hold Meta accountable?
Earlier this week, a New Mexico judge ordered Meta to pay a $25 billion fine for violating consumer protection laws dating back to the Cambridge Analytica scandal. $25 billion is a huge fine, the biggest fine Meta has ever faced, but we, the folks at…
Patient dies in Bristol Myers Squibb’s experimental CAR-T therapy trial
Elaine’s stories explore the rise of new obesity treatments, new drug payment models, how businesses are affected by FDA changes, and the emerging psychedelic drug sector. She co-writes The Readout newsletter and co-hosts STAT’s weekly…
OpenAI says it will no longer train its AI models over the live internet, citing ‘significant risks’
On Friday, OpenAI announced that it would train its models using cached copies and simulated versions of the Internet instead of the live web, because the models are too unpredictable to trust live Internet access. The border lab announced its new policy…
Intermountain Announces $150 Million Horowitz Gift for Las Vegas Children’s Hospital Project
LAS VEGAS (KSNV) — Nevada’s first freestanding children’s hospital will be called Intermountain Health Felicia and Ben Horowitz Children’s Hospital after the couple committed $150 million to the project, the Intermountain Foundation…
Telecom stocks fall as SpaceX eyes 80,000 cell sites: T-Mobile falls 5%, AT&T falls 4%, Verizon slips 3%
Quick reading T-Mobile fell 5% and AT&T fell 4% after Bloomberg reported that SpaceX was negotiating access to 80,000 U.S. cell sites to build a fourth national carrier. SpaceX is combining 13.6 million Starlink subscribers and newly acquired 800…
Argentina drops investigation into President Milei over crypto fraud – BBC
Argentina drops investigation into President Milei for crypto fraud BBCSee more headlines and insights on Google News Gn bussni
Why Western Digital shares fell despite rising profits
Western Digital (WDC) stock fell Friday despite the hard drive maker reporting first-quarter financial results that beat estimates. The company’s previously red-hot shares have been mired in a nearly four-month decline. Western Digital’s…