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For retail investors, jumping on Arm’s blockbuster IPO is a risky business
Business

For retail investors, jumping on Arm’s blockbuster IPO is a risky business

Sept 11 (Reuters) - Retail traders getting their first bite at Arm Holdings' highly anticipated public offering when the British chip designer begins trading this week should beware: individual investors often get burned when they jump on hot listings.Arm's goal of raising around $5 billion in New York in what might be the biggest IPO of 2023 follows other major listings in recent years whose returns have mostly disappointed.Since Arm, owned by Japan's SoftBank Group's (9984.T), is not well-known among consumers, it is focusing its IPO marketing efforts on institutional investors, people familiar with the deal said.That leaves most Main Street investors to buy Arm shares at potentially higher prices once they begin trading. With retail investors holding individual stocks for less than a...
AI pioneer says its threat to world may be ‘more urgent’ than climate change
Technology

AI pioneer says its threat to world may be ‘more urgent’ than climate change

LONDON, May 5 (Reuters) - Artificial intelligence could pose a "more urgent" threat to humanity than climate change, AI pioneer Geoffrey Hinton told Reuters in an interview on Friday.Geoffrey Hinton, widely known as one of the "godfathers of AI", recently announced he had quit Alphabet (GOOGL.O) after a decade at the firm, saying he wanted to speak out on the risks of the technology without it affecting his former employer.Hinton's work is considered essential to the development of contemporary AI systems. In 1986, he co-authored the seminal paper "Learning representations by back-propagating errors", a milestone in the development of the neural networks undergirding AI technology. In 2018, he was awarded the Turing Award in recognition of his research breakthroughs.But he is now among ...
Shares of China’s SenseTime jump after it unveils new AI products
Technology

Shares of China’s SenseTime jump after it unveils new AI products

HONG KONG, April 11 (Reuters) - Shares of Chinese artificial intelligence (AI) company SenseTime (0020.HK) surged as much as 11% on Tuesday, a day after it unveiled a series of new AI-powered products as it joins a global race to dominate the sector.China's Alibaba Group Holdings (9988.HK) and Japan's Softbank Group Corp (9984.T) are both invested in the Chinese AI company.SenseTime's shares rose to as high HK$3.70, up 11.1% from its previous close but below its initial public offering price of HK$3.85 in December 2021. Alibaba's shares rose as much as 3.8%, while Softbank climbed 0.5%.On Monday, SenseTime CEO and co-founder Xu Li showed a live demonstration of the chatbot they called "SenseChat" writing an email and telling a story about a cat catching a fish when prompted by questions...
Alibaba considers yielding control of some businesses in overhaul
Business

Alibaba considers yielding control of some businesses in overhaul

SHANGHAI/HONG KONG, March 30 (Reuters) - Alibaba Group (9988.HK) said on Thursday it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares.Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually launch their own initial public offerings (IPO).His comments come two days after Alibaba announced the largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs."Alibaba will be more of the nature of an asset and capital operator than a business operator, in relation to th...
As AI booms, EU lawmakers wrangle over new rules
Technology

As AI booms, EU lawmakers wrangle over new rules

STOCKHOLM/LONDON, March 22 (Reuters) - Rapid technological advances such as the ChatGPT generative artificial intelligence (AI) app are complicating efforts by European Union lawmakers to agree on landmark AI laws, sources with direct knowledge of the matter have told Reuters.The European Commission proposed the draft rules nearly two years ago in a bid to protect citizens from the dangers of the emerging technology, which has experienced a boom in investment and consumer popularity in recent months.The draft needs to be thrashed out between EU countries and EU lawmakers, called a trilogue, before the rules can become law.Several lawmakers had expected to reach a consensus on the 108-page bill last month in a meeting in Strasbourg, France and proceed to a trilogue in the next few months...
Nvidia turns to AI cloud rental to spread new technology
Technology

Nvidia turns to AI cloud rental to spread new technology

March 21 (Reuters) - Nvidia Corp (NVDA.O) Chief Executive Jensen Huang on Tuesday laid out the company's plans to make the powerful and expensive supercomputers used to develop AI technologies like ChatGPT available for rent to nearly any business.While that access will not come cheap - at $37,000 a month for eight of Nvidia's flagship A100 or H100 chips strung together - offering it to a wider swath of business customers could accelerate an AI boom that has driven Nvidia shares up 77% this year, making it about five times more valuable than longtime rival Intel Corp (INTC.O).The Santa Clara, California-based company already dominates the field for artificial intelligence chips and has helped partners like Microsoft Corp (MSFT.O) build huge systems for ChatGPT creator OpenAI's services ...
SVB is largest bank failure since 2008 financial crisis
Business

SVB is largest bank failure since 2008 financial crisis

California regulator closes SVB, appoints FDIC as receiverSVB focused on lending to start-ups; branches to reopen MondayFDIC to sell bank assets; 'chaos' reported amid withdrawalsBank shares fall in U.S., Europe, but well off lowsCrisis exposes banking 'vulnerabilities' amid rising ratesMarch 10 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets.Based in Santa Clara, the lend...