Apple tests ‘Apple GPT,’ develops generative AI tools to catch OpenAI
Apple Inc. is working on AI tools that could challenge OpenAI, Google and others, but the company has yet to develop a clear strategy for releasing the technology to consumers.
The iPhone maker has created its own framework for building the artificial intelligence systems behind new offerings such as Google's ChatGPT and Bard. On that framework, known as "Ajax," Apple has also created a chatbot service that some engineers call "Apple GPT."
Artificial intelligence work has become a major challenge for Apple in recent months, with several groups collaborating on it.
Apple officials said the company's tool essentially replicates Bard, ChatGPT and Bing AI and contains no new features or technologies. The system is available as a web app and has a stripped-down design not intended for public use. Apple currently has no plans to release it to consumers, although it is actively working to improve the models behind it, Bloomberg.
Apple Inc. is working on AI tools that could challenge OpenAI, Google and others, but the company has yet to develop a clear strategy for releasing the technology to consumers.
The iPhone maker has created its own framework for building the artificial intelligence systems behind new offerings such as Google's ChatGPT and Bard. On that framework, known as "Ajax," Apple has also created a chatbot service that some engineers call "Apple GPT."
Artificial intelligence work has become a major challenge for Apple in recent months, with several groups collaborating on it.
Apple officials said the company's tool essentially replicates Bard, ChatGPT and Bing AI and contains no new features or technologies. The system is available as a web app and has a stripped-down design not intended for public use. Apple currently has no plans to release it to consumers, although it is actively working to improve the models behind it, Bloomberg.
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Tesla announced record Q2 revenue and a full launch of Cybertruck production in 2023
The company reported a 47% year-over-year increase in quarterly revenue to $24.93 billion and a 20% increase in net income to $2.7 billion. Refinitiv analysts expected $24.47 billion in revenue.
The decline in electric car prices did not affect profit growth as much as some Wall Street analysts had feared. However, Ilon Musk warned that the company may need to cut prices even more. According to him, it all depends on external factors: "If macroeconomic conditions are stable, I think prices will be stable as well. If not, we will have to reduce prices."
Tesla's global deliveries in the second quarter rose 83% to more than 466,000 vehicles. Musk said production will "drop a little bit" in the third quarter as the company updates its facilities. But that won't affect Tesla's goal of delivering 1.8 million electric cars in 2023. In 2022, the company delivered 1.31 million vehicles.
Tesla also plans to start full Cybertruck production later in 2023.
The company reported a 47% year-over-year increase in quarterly revenue to $24.93 billion and a 20% increase in net income to $2.7 billion. Refinitiv analysts expected $24.47 billion in revenue.
The decline in electric car prices did not affect profit growth as much as some Wall Street analysts had feared. However, Ilon Musk warned that the company may need to cut prices even more. According to him, it all depends on external factors: "If macroeconomic conditions are stable, I think prices will be stable as well. If not, we will have to reduce prices."
Tesla's global deliveries in the second quarter rose 83% to more than 466,000 vehicles. Musk said production will "drop a little bit" in the third quarter as the company updates its facilities. But that won't affect Tesla's goal of delivering 1.8 million electric cars in 2023. In 2022, the company delivered 1.31 million vehicles.
Tesla also plans to start full Cybertruck production later in 2023.
via.TITVNMusk says Tesla to spend over $1 billion on Dojo supercomputer
Tesla Inc. is sparing no expense to become a player in supercomputing, with Ilon Musk saying the automaker plans to invest more than $1 billion in the so-called Dojo project by the end of 2024.
The company's CEO told investors on Wednesday that the in-house developed supercomputer is designed to process massive amounts of data, including video footage from Tesla vehicles, needed to create software for autonomous driving.
The disclosure of such a large expense apparently spooked investors, which contributed to Tesla's share price falling more than 4% in the market. Zachary Kirkhorn, Tesla's CFO was quick to clarify that the investment is split between R&D and capital expenditures and is in line with the previously announced three-year spending forecast.
Musk said Tesla has a "staggering amount" of video footage at its disposal thanks to customers' use of a camera-based driver-assistance system called Autopilot and a related Full Self-Driving Beta feature that has collected more than 300 million miles of data, Bloomberg.
Tesla Inc. is sparing no expense to become a player in supercomputing, with Ilon Musk saying the automaker plans to invest more than $1 billion in the so-called Dojo project by the end of 2024.
The company's CEO told investors on Wednesday that the in-house developed supercomputer is designed to process massive amounts of data, including video footage from Tesla vehicles, needed to create software for autonomous driving.
The disclosure of such a large expense apparently spooked investors, which contributed to Tesla's share price falling more than 4% in the market. Zachary Kirkhorn, Tesla's CFO was quick to clarify that the investment is split between R&D and capital expenditures and is in line with the previously announced three-year spending forecast.
Musk said Tesla has a "staggering amount" of video footage at its disposal thanks to customers' use of a camera-based driver-assistance system called Autopilot and a related Full Self-Driving Beta feature that has collected more than 300 million miles of data, Bloomberg.
via.TITVN🏦Societe Generale unit gets France’s girst crypto license
🔍Netflix's quarterly revenue missed forecasts
🔋Japan's Nissan to adopt Tesla EV-charging design from 2025 in U.S., Canada
💸IBM fell short of second-quarter revenue expectations
📉TSMC cuts 2023 outlook ahead of delay to marquee US project
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🔍Netflix's quarterly revenue missed forecasts
🔋Japan's Nissan to adopt Tesla EV-charging design from 2025 in U.S., Canada
💸IBM fell short of second-quarter revenue expectations
📉TSMC cuts 2023 outlook ahead of delay to marquee US project
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Audi reaches deal with China’s SAIC to work together on EVs
Audi and SAIC Motor Corp Ltd, part of Volkswagen AG, have agreed to collaborate on electric vehicles as Audi seeks to stem its falling market share in China.
Audi has faced delays in developing a new platform for electric vehicles, preventing it from competing with European and Chinese manufacturers. The company, which replaced its CEO last month, is under pressure to boost sales, especially in China.
"All stakeholders agree that the Chinese auto market is undergoing the biggest transformation in its history, so we will work together on a strategic approach that guarantees our future success," SAIC said, without elaborating on the details of the agreement.
Audi's parent company Volkswagen is already partnering with SAIC to produce gasoline cars, Bloomberg.
Audi and SAIC Motor Corp Ltd, part of Volkswagen AG, have agreed to collaborate on electric vehicles as Audi seeks to stem its falling market share in China.
Audi has faced delays in developing a new platform for electric vehicles, preventing it from competing with European and Chinese manufacturers. The company, which replaced its CEO last month, is under pressure to boost sales, especially in China.
"All stakeholders agree that the Chinese auto market is undergoing the biggest transformation in its history, so we will work together on a strategic approach that guarantees our future success," SAIC said, without elaborating on the details of the agreement.
Audi's parent company Volkswagen is already partnering with SAIC to produce gasoline cars, Bloomberg.
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📈 Of the top 100 cryptocurrencies by market cap, XDC Network (XDC) showed the largest growth over the past 24 hours +21,22%.
📉 Rocket Pool (RPL) showed the biggest drop among the top 100 in the last 24 hours -11,22%
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Nasdaq beats profit estimates on steady demand for investment products
Exchange operator Nasdaq on Wednesday beat second-quarter profit forecasts thanks to robust demand for investment products and capital markets solutions such as financial crime software.
The company has overhauled its business model in recent years, shifting its focus from market-sensitive businesses to financial technology services.
Revenue in the company's software division rose 6% to $674 million in the quarter from a year earlier, while revenue in its trading services division fell 1% to $250 million.
Nasdaq earnings for the three months ended June 30 were 71 cents per share on an adjusted basis, beating analysts' forecasts of 66 cents per share.
Net revenue for the quarter rose 4% to $925 million.
Meanwhile, Nasdaq announced that it is suspending its efforts to launch a digital asset custody business in the U.S. and obtain the appropriate license, in part due to a lack of regulatory clarity, Reuters.
Exchange operator Nasdaq on Wednesday beat second-quarter profit forecasts thanks to robust demand for investment products and capital markets solutions such as financial crime software.
The company has overhauled its business model in recent years, shifting its focus from market-sensitive businesses to financial technology services.
Revenue in the company's software division rose 6% to $674 million in the quarter from a year earlier, while revenue in its trading services division fell 1% to $250 million.
Nasdaq earnings for the three months ended June 30 were 71 cents per share on an adjusted basis, beating analysts' forecasts of 66 cents per share.
Net revenue for the quarter rose 4% to $925 million.
Meanwhile, Nasdaq announced that it is suspending its efforts to launch a digital asset custody business in the U.S. and obtain the appropriate license, in part due to a lack of regulatory clarity, Reuters.
via.TITVNElon Musk’s wealth slumps $20 billion as Tesla shares tumble
Elon Musk's fortune shrank $20.3 billion on Thursday after Tesla Inc. warned that it may have to further cut prices on its electric cars, sending shares plunging 9.7%.
The drop in fortune to $234.4 billion is the seventh-largest decline among those in the Bloomberg Billionaires Index and further narrows the wealth gap between Musk and Bernard Arnault, the world's two richest people. Musk's fortune still exceeds that of Arnault, chairman of luxury goods company LVMH, by about $33 billion.
Musk wasn't the only American tech billionaire having a rough day. Jeff Bezos of Amazon com Inc, Larry Ellison of Oracle Corp, former CEO of Microsoft Corp. Steve Ballmer, Mark Zuckerberg of Meta Platforms Inc. and co-founders of Alphabet Inc. Larry Page and Sergey Brin lost a combined $20.8 billion, while the tech-focused Nasdaq 100 index fell 2.3%, Bloomberg.
Elon Musk's fortune shrank $20.3 billion on Thursday after Tesla Inc. warned that it may have to further cut prices on its electric cars, sending shares plunging 9.7%.
The drop in fortune to $234.4 billion is the seventh-largest decline among those in the Bloomberg Billionaires Index and further narrows the wealth gap between Musk and Bernard Arnault, the world's two richest people. Musk's fortune still exceeds that of Arnault, chairman of luxury goods company LVMH, by about $33 billion.
Musk wasn't the only American tech billionaire having a rough day. Jeff Bezos of Amazon com Inc, Larry Ellison of Oracle Corp, former CEO of Microsoft Corp. Steve Ballmer, Mark Zuckerberg of Meta Platforms Inc. and co-founders of Alphabet Inc. Larry Page and Sergey Brin lost a combined $20.8 billion, while the tech-focused Nasdaq 100 index fell 2.3%, Bloomberg.
via.TITVN🏦JPMorgan plans to expand Chase's online banking to Germany, EU
🌐LG unveils AI software for use across its units
🔍BofA bankers see slow IPO market revival, deal rush some way off
🏭Amazon plans Florida site in quest to sell internet from space
🚀Chinese startup beats Musk with launch of first methane rocket
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🌐LG unveils AI software for use across its units
🔍BofA bankers see slow IPO market revival, deal rush some way off
🏭Amazon plans Florida site in quest to sell internet from space
🚀Chinese startup beats Musk with launch of first methane rocket
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Assets under Blackstone management reached record $1 trillion
Blackstone Inc said Thursday it became the first alternative investment manager to reach $1 trillion in assets under management.
Blackstone reached its $1 trillion goal three years ahead of schedule after setting a target in 2018 to reach that level by 2026. Its biggest rival, Brookfield Asset Management Ltd, has $825 billion in assets.
Blackstone has agreed or is finalizing five partnerships with banks worth $6 billion that will involve lending areas such as home improvement, auto loans and renewable energy.
On a generally accepted accounting principles (GAAP) basis, Blackstone reported net income of $601.3 million compared to a net loss of $29.4 million, driven by growth in performance fee income and core investments.
In addition, Blackstone has about $195 billion in unspent capital and announced a quarterly dividend of 79 cents per share, Reuters.
Blackstone Inc said Thursday it became the first alternative investment manager to reach $1 trillion in assets under management.
Blackstone reached its $1 trillion goal three years ahead of schedule after setting a target in 2018 to reach that level by 2026. Its biggest rival, Brookfield Asset Management Ltd, has $825 billion in assets.
Blackstone has agreed or is finalizing five partnerships with banks worth $6 billion that will involve lending areas such as home improvement, auto loans and renewable energy.
On a generally accepted accounting principles (GAAP) basis, Blackstone reported net income of $601.3 million compared to a net loss of $29.4 million, driven by growth in performance fee income and core investments.
In addition, Blackstone has about $195 billion in unspent capital and announced a quarterly dividend of 79 cents per share, Reuters.
via.TITVNMicrosoft CEO payouts top $1 billion on 1 000% stock boom
Microsoft Corp.'s artificial intelligence-driven rally has driven the company's stock to new highs and allowed CEO Satya Nadella to earn more than $1 billion.
Nadella's profits include all the payments he received from Microsoft that can be parlayed into regulatory filings: stock grants, salary, bonuses, and dividends. Since his first day as head of the company, Microsoft stock is up more than 1 000%.
Nadella's most revolutionary move may be his multi-billion dollar investment in OpenAI and his ChatGPT bot. It has put Microsoft ahead of rivals such as Alphabet Inc. in artificial intelligence capabilities and has been a major reason for the company's 50% stock rise this year.
Nadella derived the bulk of his fortune from a series of stock grants he received over the years, with payouts tied to both his continued employment with the company and performance targets. Periodically, he sold some of the stock, Bloomberg.
Microsoft Corp.'s artificial intelligence-driven rally has driven the company's stock to new highs and allowed CEO Satya Nadella to earn more than $1 billion.
Nadella's profits include all the payments he received from Microsoft that can be parlayed into regulatory filings: stock grants, salary, bonuses, and dividends. Since his first day as head of the company, Microsoft stock is up more than 1 000%.
Nadella's most revolutionary move may be his multi-billion dollar investment in OpenAI and his ChatGPT bot. It has put Microsoft ahead of rivals such as Alphabet Inc. in artificial intelligence capabilities and has been a major reason for the company's 50% stock rise this year.
Nadella derived the bulk of his fortune from a series of stock grants he received over the years, with payouts tied to both his continued employment with the company and performance targets. Periodically, he sold some of the stock, Bloomberg.
via.TITVNWeb3 venture capital funding is down 76% this year
According to a new report from Crunchbase, venture capital funding for Web3 fell 76% in the second quarter compared to the same period last year.
If you compare the first half of 2023 to the same period in 2022, the numbers have only gotten worse. While Web3 startups raised nearly $16 billion in the first half of 2022, this year's fundraising totaled just $3.6 billion - a 78% drop.
Web3 includes cryptocurrency and blockchain startups that have been hit hard by the ongoing crypto winter. While VC funding in general has slowed, with an 18% drop across all sectors in the second quarter of 2023, cryptocurrency-related funding has fallen much more sharply.
At the same time, artificial intelligence (AI) startups have become a shiny new target for investors, with $25 billion in funding in the first half of 2023, Binance.
According to a new report from Crunchbase, venture capital funding for Web3 fell 76% in the second quarter compared to the same period last year.
If you compare the first half of 2023 to the same period in 2022, the numbers have only gotten worse. While Web3 startups raised nearly $16 billion in the first half of 2022, this year's fundraising totaled just $3.6 billion - a 78% drop.
Web3 includes cryptocurrency and blockchain startups that have been hit hard by the ongoing crypto winter. While VC funding in general has slowed, with an 18% drop across all sectors in the second quarter of 2023, cryptocurrency-related funding has fallen much more sharply.
At the same time, artificial intelligence (AI) startups have become a shiny new target for investors, with $25 billion in funding in the first half of 2023, Binance.
via.TITVN🔍BYD and Li Auto outperform their foreign rivals in price war
💼Temasek seeks partners to invest $5 billion a year in India
🤝OpenAI partners with American Journalism Project to support local news
📈Car sales in Europe continue to grow for 11 months in a row
🚫Australian regulator revokes FTX's local business license
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💼Temasek seeks partners to invest $5 billion a year in India
🤝OpenAI partners with American Journalism Project to support local news
📈Car sales in Europe continue to grow for 11 months in a row
🚫Australian regulator revokes FTX's local business license
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Developing Asia on track to grow faster in 2023
Developing Asia will grow faster in 2023 than a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said.
In an updated regional economic outlook, the ADB maintained its 2023 growth forecast for developing Asia at 4.8%, but slightly lowered its estimate for next year to 4.7% from 4.8% in April.
Developing Asia includes 46 countries in the Asia-Pacific region, excluding Japan, Australia and New Zealand.
ADB maintained growth forecasts for the East and South Asia subregions, where China and India are expected to grow 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but slightly lowered the forecast for Southeast Asia.
Growth in Southeast Asia is now expected to be 4.6% this year and 4.9% next year, down from the previous 4.7% and 5.0%, mainly due to weaker global demand for export products, Reuters.
Developing Asia will grow faster in 2023 than a year earlier as strong consumption and investment offset the impact of weak global demand, the Asian Development Bank (ADB) said.
In an updated regional economic outlook, the ADB maintained its 2023 growth forecast for developing Asia at 4.8%, but slightly lowered its estimate for next year to 4.7% from 4.8% in April.
Developing Asia includes 46 countries in the Asia-Pacific region, excluding Japan, Australia and New Zealand.
ADB maintained growth forecasts for the East and South Asia subregions, where China and India are expected to grow 5.0% and 6.4% this year, respectively, and 4.5% and 6.7% in 2024, but slightly lowered the forecast for Southeast Asia.
Growth in Southeast Asia is now expected to be 4.6% this year and 4.9% next year, down from the previous 4.7% and 5.0%, mainly due to weaker global demand for export products, Reuters.
via.TITVNAirbnb co-founder Joe Gebbia has sold $1 billion stake this year
Joe Gebbia, co-founder of Airbnb Inc. has sold more than $1 billion worth of shares this year amid a surge in the stock price of the vacation rental company he co-founded.
Gebbia last sold 516,666 Class A shares on July 13 for $71.7 million, bringing the total amount of shares sold since January to just over $1 billion.
According to the Bloomberg Billionnaires Index, Gebbia's fortune has increased by $2.9 billion this year, largely due to a 70% increase in Airbnb stock. He ranks 254th on the list of the 500 richest people in the world with a fortune of $8.8 billion.
Gebbia founded Airbnb in 2008 with Brian Chesky and Nathan Blecharczyk. Chesky has sold $7.3 million worth of shares this year, while Blecharczyk has sold none.
Chesky, 41, ranks 161st on Bloomberg's list with a fortune of $11.8 billion, while Blecharczyk ranks 206th with a fortune of $10.1 billion, Bloomberg.
Joe Gebbia, co-founder of Airbnb Inc. has sold more than $1 billion worth of shares this year amid a surge in the stock price of the vacation rental company he co-founded.
Gebbia last sold 516,666 Class A shares on July 13 for $71.7 million, bringing the total amount of shares sold since January to just over $1 billion.
According to the Bloomberg Billionnaires Index, Gebbia's fortune has increased by $2.9 billion this year, largely due to a 70% increase in Airbnb stock. He ranks 254th on the list of the 500 richest people in the world with a fortune of $8.8 billion.
Gebbia founded Airbnb in 2008 with Brian Chesky and Nathan Blecharczyk. Chesky has sold $7.3 million worth of shares this year, while Blecharczyk has sold none.
Chesky, 41, ranks 161st on Bloomberg's list with a fortune of $11.8 billion, while Blecharczyk ranks 206th with a fortune of $10.1 billion, Bloomberg.
via.TITVNBinance’s lead in offshore market share shrinks as rivals gain ground
Binance Holdings Ltd. is losing ground to other offshore platforms as the world's largest cryptocurrency exchange faces regulatory challenges and reduced incentives for users in the form of zero fees.
Binance's market share fell to 73% in mid-July from 90% at the start of the year, according to spot trading volume data from Kaiko. OKX's share, meanwhile, rose to 11%, nearly doubling from January. Huobi and Bybit also increased their market share, now accounting for 9% and 7% of global cryptocurrency spot trading volume, respectively.
Binance's dominance has been undermined by lawsuits filed by the Commodity Futures Trading Commission and the Securities and Exchange Commission, which claimed the platform failed to register with U.S. regulators. The discontinuation of zero commission trading programs also had a negative impact on its market share, analysts said. Binance still offers a zero commission trading pair between bitcoin and TrueUSD, Bloomberg.
Binance Holdings Ltd. is losing ground to other offshore platforms as the world's largest cryptocurrency exchange faces regulatory challenges and reduced incentives for users in the form of zero fees.
Binance's market share fell to 73% in mid-July from 90% at the start of the year, according to spot trading volume data from Kaiko. OKX's share, meanwhile, rose to 11%, nearly doubling from January. Huobi and Bybit also increased their market share, now accounting for 9% and 7% of global cryptocurrency spot trading volume, respectively.
Binance's dominance has been undermined by lawsuits filed by the Commodity Futures Trading Commission and the Securities and Exchange Commission, which claimed the platform failed to register with U.S. regulators. The discontinuation of zero commission trading programs also had a negative impact on its market share, analysts said. Binance still offers a zero commission trading pair between bitcoin and TrueUSD, Bloomberg.
via.TITVN💸Tech investors bet on AI, leave crypto behind
💼Indian stocks get $3 of ETF flows for each dollar chasing China
🏴☠️DeFi users lost $419 million to 386 exploits in 2023 H1
🔍Singapore passport is world’s most powerful, replacing Japan
💰China Evergrande's total losses for two years totaled $81 billion
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💼Indian stocks get $3 of ETF flows for each dollar chasing China
🏴☠️DeFi users lost $419 million to 386 exploits in 2023 H1
🔍Singapore passport is world’s most powerful, replacing Japan
💰China Evergrande's total losses for two years totaled $81 billion
#business_digest