Estes Express Submits USD 1.3 Bln Bid For Shipment Centers
Trucking firm Estes Express has submitted a USD 1.3 billion bid to acquire bankrupt Yellow Corp’s shipment centers, attorneys said yesterday at a U.S. bankruptcy court hearing.
China State Banks Spotted Selling Dollars For Yuan
China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan’s depreciation.
7-Win Streak For Oil On China Woes
Oil prices looked set to snap a seven-week winning streak today as concerns about demand growth in China as its economy slows, and the possibility of higher for longer U.S. rates triggered losses.
Today’s News
Back in 1995, Microsoft Corp. co-founder Bill Gates labelled the internet a “tidal wave” that would be crucial to every part of the company’s business. His bold predictions were spot on as the internet quickly became an essential aspect of our lives today. Now, nearly two decades later, Microsoft’s current leader, Satya Nadella, said he believes the impact of artificial intelligence (A.I.) will be just as profound as the founding of the internet.
The latest attempt to transform Microsoft is OpenAI Inc., a startup whose generative A.I. technology has created so much buzz upon its founding that it has snagged a whopping USD 13 billion commitment from the software giant.
“We have a great relationship,” OpenAI Chief Executive Officer Sam Altman said on The Circuit. “These big, major partnerships between tech companies usually don’t work. This is an example of it working really well. We’re super grateful for it.”
As the shift towards A.I. becomes more imminent and obvious, we are also undoubtedly experiencing a few speed bumps in that integration with a myriad of underlying issues that could hamper its progress and transition, such as raw materials, safety protocols and more.
Other related news include:
Microsoft Set To Launch Databricks A.I. Service
Microsoft (MSFT.O) is planning to start selling a new version of Databricks software that helps customers make A.I. apps for their businesses, The Information reported yesterday, citing people with direct knowledge of the plan.
Databricks is a data analytics platform that uses A.I., which Microsoft would sell through its Azure cloud-server unit. This would help companies make A.I. models from scratch or repurpose open-source models as an alternative to licensing OpenAI’s proprietary ones, the report added.
A.I. Fueled Campaigns On The Rise But Impact Limited
Google-owned U.S. cybersecurity firm Mandiant said yesterday that it had seen an increasing use of A.I. to conduct manipulative information campaigns online in recent years, though the technology’s use in other digital intrusions have been limited so far.
Researchers at the Virginia-based company found “numerous instances” since 2019 in which A.I.-generated content, such as fabricated profile pictures, had been used in political online influence campaigns.
Chip Tool Maker Applied Materials Surge After Strong Forecast
Semiconductor equipment maker Applied Materials (AMAT.O) forecast its fourth-quarter profit yesterday, claiming that it would be substantially higher than initial estimates as chip demand picks up and governments are spending billions on subsidies.
Shares hiked by 1.9% in extended trading after the company also posted better-than-expected third-quarter earnings. Governments across the globe have given billions of dollars in subsidies in the past year to boost domestic semiconductor production, which benefited Applied Materials and rivals such as Lam Research (LRCX.O) and KLA (KLAC.O) whose tools are essential in chip making as well.
