Author: Advanced AI Editor

Financial behemoth JPMorgan launched an AI tool called Cash Flow Intelligence for its corporate customers last year. The company said this proprietary AI algorithm — which analyzes cash flows and creates a custom forecast in seconds — has cut human manual work by upwards of 90%. “What used to take hours now takes a few minutes,” the bank claimed in a video about the tool. Find Out: Fidelity Says This Is a Surprising Risk of Holding Too Much Cash — Do You Have Too Much? For You: 8 Common Mistakes Retirees Make With Their Social Security Checks Cash Flow Intelligence…

credit should read CFOTO/Future Publishing via Getty Images CoreWeave stock market debut got a lukewarm reception from investors. Its IPO raised $1.5 billion, valuing the AI company at $23 billion. The company’s reliance on Microsoft and its founders’ stock sales raised concerns. CoreWeave isn’t making much of a splash in its first day as a publicly traded company. The stock opened at $39 per share, falling as much as 6% before reversing to rise about 4% to $41.59. Investors had been eyeing the IPO as a barometer for the broader AI trade, which has struggled since DeepSeek made waves in…

This photo illustration shows the X icon on a smartphone screen in Los Angeles, California, on July 31, 2023. – Chris Delmas/AFP/Getty Images/File Elon Musk on Friday evening announced he has sold his social media company, X, to xAI, his artificial intelligence company. xAI will pay $45 billion for X, slightly more than Musk paid for it in 2022, but the new deal includes $12 billion of debt. Musk wrote on his X account that the deal gives X a valuation of $33 billion. “xAI and X’s futures are intertwined,” Musk said in a post on X. “Today, we officially…

Elon Musk at Tesla’s design studio in Hawthorne, Calif., on March 14, 2019. Elon Musk said Friday that his artificial intelligence startup, xAI, had acquired his social media platform, X. He said that the deal was an all-stock transaction that valued X at $33 billion. “xAI and X’s futures are intertwined. Today, we officially take the step to combine the data, models, compute, distribution and talent,” Musk wrote in a post on X. The deal combines two of Musk’s most high-profile companies, but because they are not publicly traded, no details about the deal were made public outside of Musk’s…

(Bloomberg) — Wrtn Technologies Inc. has raised 83 billion won ($56 million) from investors including Goodwater Capital, one of a growing number of South Korean AI startups to score financing in the post-ChatGPT era. Most Read from Bloomberg Existing backers BRV Capital Management and Capstone Partners participated in the so-called extension round, bringing the total capital raised for that round to 108 billion won, the Seoul-based startup said on Monday. Wrtn, pronounced “written,” was founded in 2021 by Lee Seyoung and five friends. They created a free-to-use AI platform for more than 5 million mostly younger users in Korea by…

The U.S. innovates, China iterates. That aphorism—or its less flattering version, “China imitates”—dominates many conversations about the relative strengths of the world’s largest and second-largest economies. The U.S., the narrative goes, sits on the technological frontier, creating groundbreaking products and services that chart the course of the world economy. China takes those ideas and builds on them, spitting out cheaper—and perhaps inferior—versions. In AI, that cliché seemed for years to be based in fact, as Chinese companies struggled to keep up with free-spending, talent-rich U.S. tech giants. But this January, a Chinese startup undercut that narrative. Hangzhou-based DeepSeek—not even a…

(Bloomberg) — Gains in Chinese stocks have typically filtered through to bolster their emerging-market counterparts — not this time. Most Read from Bloomberg Mainland equities have surged over the past six months, breaking free of a multi-year slump, while broader developing-nation equities have largely flat-lined. The divergence is being put down to the fact Chinese gains are being driven by a tech frenzy, rather than an improving economy that would filter through to other economies via the nation’s extensive trade links. China’s outperformance is “driven by a specific tech-driven boost to spending more towards the consumer away from investment, and…

HOLLY RIDGE, La.—Manufacturers have passed over this patch of farmland for nearly two decades, a string of setbacks that left this one of the poorest corners of Louisiana. A quarter of the 20,000 residents in Richland Parish live in poverty. Farm jobs dwindled when agriculture became more efficient, forcing people to move away for work. Hopes for an auto manufacturing plant later went bust. Now, the community is hoping for a new savior: AI. Meta Platforms scooped up 2,700 acres of farmland last year for what would be its largest-ever data center, built over flat rice fields 45 minutes west…

(Bloomberg) — Samsung Electronics Co.’s customers who used to rely on their Galaxy Watches to find misplaced phones, can now also locate the devices with the company’s latest fridges. Most Read from Bloomberg The latest Bespoke AI-powered refrigerator lineup features a 9-inch home screen that allows users to simply say, “Hi Bixby, find my phone,” and the enhanced assistant, capable of recognizing the voice of individual family members, will ring the correct device. Customers can also activate the home air conditioners or window blinds with voice commands, while the system will automatically make adjustments using real-time weather data. These are…

MENLO PARK, Calif. (AP) — The head of Meta’s artificial intelligence research division said she plans to step down, vacating a high-profile position at a time of intense competition in the development of AI technology. Joelle Pineau, Meta’s vice president for AI research, said Tuesday she is leaving at the end of May after eight years with the company. “Today, as the world undergoes significant change, as the race for AI accelerates, and as Meta prepares for its next chapter, it is time to create space for others to pursue the work,” she wrote in a social media post. Meta…