Business | Edition 3 June 2023
Increase in Nvidia at the share price pushed it briefly past $1trn in stock market value. The American company makes high-performance chips used in artificial intelligence and has seen its stock double in value since Chat was released.GPT, a chatbot, last November. This week’s jump in the share price was prompted by Nvidia forecasting a big increase in quarterly sales and confirming to markets that it could increase supply. H. is100 chips, used in a large language AI models. Nvidia is getting orders from a wide range of companies, from cloud computing providers to online shopping websites, as they rush to adopt genes AI.
Benefits of doom
A group of heavyweights who work there AI, including the heads of Google DeepMind and OpenAI, signed a statement that warned that “discounting the risk of extinction from AI become a global priority”, on the same scale as pandemics and nuclear war. Many scientists believe that they are afraid AI the annihilation of humanity is overblown, and points to less apocalyptic problems with the technology, such as generating false images.
Sales force reported a strong set of quarterly earnings and higher net profit proving that its turnaround, after a run-in with activist investors over spiraling costs, is working. The business software company’s share price is up 68% this year.
The US Supreme Court has refused to hear a case claiming that Reddit, an online platform, is responsible for child pornography images hosted on the site. The court’s rejection of the case is another indication that the judges are not prepared to deal with liability issues under the law Communications Decency Act, leaving the matter to Congress. In Twitter v Taamneh, the court recently ruled that charges against Twitter for hosting tweets from Islamic State were inadmissible. And it was rejected Gonzalez vs. Googleanother issue based on reducing terrorist content.
Export Hong Kong fell again in April, decreasing by 13%, year on year. In March exports had decreased by 1.5%, an improvement on the 9% fall in February and a 37% fall in January. Exports to mainland China were down 13% in April, to America 20% and Germany 16%. South Korean exports fell sharply again, 15% in May.
Chinese media announced the first commercial flight of the C919a passenger jet built by Comac, a state-owned aircraft. The C919 touched by the Chinese government as a possible competitor of Airbus and Boeing in the Chinese aviation market, emphasizing the technological independence of the country in the face of some American sanctions. The first flight was operated by China Eastern from Shanghai to Beijing. Comac already has 1,000 orders for the plane, according to state media.
House prices in America increased again in March, as measured by the S&P The Case-Shiller CoreLogic Index, rising 0.4% over February. S&P He said the slump in house prices that started last June may now be over, but high interest rates and mortgages remained a “challenge”.
Elizabeth Holmes began her 11-year prison sentence, 18 months after being convicted of defrauding investors in Theranos, the Silicon Valley blood-testing startup she ran. Ms Holmes’ application for bail while she appeals against the verdict was recently refused. She is serving her sentence at a minimum security women’s prison in Texas.
Suggestions by climate change activist investors at annual shareholder meetings at Chevron and ExxonMobil received less support than in previous years. The proposals call for the energy giants to set higher emissions targets and were supported by around 10% of shareholders. In contrast, there is a similar proposal at the Annual Meeting of TotalEnergies backed by 30% of investors. Police fired pepper spray and tear gas at protesters as they tried to block entry to the meeting in Paris. Total chief executive Patrick Pouyanné defended the French company’s climate change plan, describing the reporters as “grumps”.
Hundreds of workers are leaving Credit Suisse each week before it is taken over by UBS, according to reports. In the latest humiliation for the Swiss bank a court has ordered them to pay $926m to Bidzina Ivanishvili, the former prime minister of Georgia, in a fraud case. The company is appealing against the judgment.
ChatGPT in the dock
Amidst all the hoopla about it generations AI it became clear that ChatGPT has created more than half a dozen legal precedents when a lawyer used it for research in a lawsuit against an airline. The lawyer presented the brief to the court when he argued the case. When the judge discovered that he had used ChatGPT, The lawyer pleaded for mercy: his source “has shown himself to be unreliable”, he said.