Artificial intelligence has delivered “zero financial payoff” to corporate America outside the tech sector. That is the finding of Torsten Slok, chief economist at Apollo Global Management, in a note on Saturday. Slok compared the Magnificent Seven, th…
American Express is cutting about 5% of its global workforce and taking a $336M restructuring charge. Chief executive Stephen Squeri told analysts about the cuts on Friday, CNBC’s Hugh Son reported. The company had almost 77,000 employees at the end of…
Goldman Sachs is putting $500M into the next phase of its 10,000 Small Businesses programme, including a new AI institute built with Anthropic, Google, Meta and OpenAI. At the launch, its chief executive said there is very little that needs the frontie…
Texas has taken OpenAI and its chief executive, Sam Altman, to court. The state accuses them of misleading Texans about ChatGPT and of failing to protect the young people who use it. Attorney General Ken Paxton filed the 67-page petition in Collin Coun…
Instacart is exploring a sale and has held at least preliminary talks with DoorDash and Uber. Valida Pau, Jessica E. Lessin and Cory Weinberg reported this for The Information on 23 October, citing people familiar with the matter. The grocery delivery …
SpaceX wants access to at least 80,000 US cell sites for its planned mobile network. Kelcee Griffis reported this for Bloomberg on 22 October. The company is in talks with at least one big tower owner, Crown Castle, Bloomberg said, citing people famili…
Amazon has settled its lawsuit against two former Amazon Web Services real estate managers it accused of taking kickbacks on data centre deals, GeekWire reported. Amazon told the court on 20 October, less than two weeks before trial. The two men, Carl …
“I was told that there was a breach of trust because I interacted with a third party through unsanctioned channels,” Tomek Korbak said. Korbak is one of three OpenAI safety researchers fired last month. He spoke to The Wall Street Journal for a story b…
“The proposed regulations would strengthen the existing Outbound Investment Security Program to prevent our adversaries from using U.S. investment to develop critical technologies that threaten U.S. national security,” Treasury Secretary Scott Bessent …
“I would not doubt for a minute that before very long you’re going to see an announcement,” cable billionaire John Malone said on Tuesday. Two days later, Semafor reported that Elon Musk had invested roughly $1bn in Skydance, the media group David Elli…