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Elon Musk says he will move companies out of California over trans law

Elon Musk announced plans to relocate the headquarters of SpaceX and X (formerly Twitter) from California to Texas in response to a new California law that prevents schools from requiring teachers to notify parents when their child changes their gender identity. Musk criticized the law, stating it attacks families and companies, and cited previous warnings to California Governor Gavin Newsom. Musk, who has a transgender daughter, also mentioned safety concerns in San Francisco as a reason for moving X to Austin. This move follows Musk's earlier decision to shift Tesla's headquarters to Texas, a state with no corporate or income tax and conservative politics.

#USA #Economy #FinancialMarkets #Aljazeera

Bitcoin surges as traders bet on Donald Trump election win after shooting

Bitcoin surged over 10% to USD63,595 after an assassination attempt on Donald Trump, as traders bet on his increased chances of winning the US presidential election. Trump, seen as pro-crypto, has accepted cryptocurrency payments for his campaign and hosted industry executives, raising hopes for a regulatory shift. The incident also boosted shares in Trump's Truth Social media company and prison operators, while gun stocks saw volatility. The S&P 500 closed slightly higher, and US Treasury yields edged up, reflecting investor expectations of Trump's tax-cutting policies driving deficits and inflation.

#Crypto & DigitalCurrency #FinancialMarkets #USA #Financial Times

UK green taxes on electricity bills deter EV take-up, say energy suppliers

Green taxes on UK household electricity bills are discouraging families from adopting electric cars and heat pumps, according to EDF Energy and Octopus Energy. They suggest shifting eco levies from electricity to gas bills to make cleaner technologies more affordable. Currently, electricity costs four times more than gas partly due to these levies, which make up 17% of a typical annual bill. The previous government had plans to move these levies but did not implement them. Labour aims to make the UK a "clean energy superpower" and ban new petrol and diesel cars by 2030. EDF and Octopus have launched the "Electrify Britain" campaign to promote cleaner heating solutions. Shifting the levies could slightly increase gas bills but significantly reduce electricity costs for non-gas users.

#Economy #FinancialMarkets #UK #Financial Times

Signs of household optimism as spending on holidays and entertainment increases

Spending on holidays and entertainment surged in the first half of this year, with TSB noting a 9.2% rise in travel-related expenses and a 5.1% increase in entertainment activities like concerts and theme parks. However, households cut back on home renovations and DIY projects, with spending in these areas dropping by 15.5%. Clothing purchases also saw a decline, while supermarket spending rose by 3.4%, reflecting ongoing food price pressures. Despite these mixed spending habits, over half of the surveyed individuals feel confident about their finances for the next six months, and a potential interest rate cut by the Bank of England could further boost consumer spending.

#Economy #FinancialMarkets #UK. #Independent

Major mortgage lenders chopping rates as competition heats up

Britain's major banks, including Halifax, HSBC UK, Barclays, Santander, and NatWest, are reducing mortgage rates to attract borrowers amid rising competition. This move offers some relief to those seeking better deals, although rates remain higher than previous years due to the current high-interest environment. With 1.6 million mortgages coming off fixed rates this year, banks like Barclays and HSBC are cutting rates across various mortgage products, including residential and buy-to-let. Yorkshire Building Society and Halifax have also reduced rates, with Halifax offering a five-year fixed-rate mortgage at 4.26% for those with a 40% deposit. The Bank of England's base rate remains at 5.25%, but with inflation hitting its 2% target, a base rate cut is anticipated. The housing market shows signs of recovery, with UK house sales increasing for the fifth consecutive month in May.

#FinancialMarkets #Economy #UK. #Independent

Hopes of interest rate cut dashed by Bank of England economist

Households hoping for a cut in interest rates faced disappointment as Huw Pill, the Bank of England's chief economist, indicated that inflation measures remain "uncomfortably high." Pill suggested he would vote to maintain the current borrowing rate of 5.25%, citing persistent wage growth and inflation in the services sector. His comments shifted market expectations, reducing the likelihood of a rate cut in the upcoming Monetary Policy Committee (MPC) meeting. Despite a recent drop in headline inflation, Pill emphasized the importance of monitoring labor market tightness, pay growth, and services price inflation. He warned that inflation could rise again due to a strong labor market and resilient wage growth, even as energy prices cool. Pill stressed the need for the Bank to remain vigilant in achieving its 2% inflation target over time.

#Economy #FinancialMarkets #UK. #The Guardian

How Elon Musk blindsided Narendra Modi with a cancelled India trip

Elon Musk's planned visit to India in April, aimed at scouting a location for Tesla's new USD3bn gigafactory and enjoying a family holiday, was abruptly canceled due to "very heavy Tesla obligations." This decision, seems to be influenced by a significant opportunity in China, left Indian officials and the public speculating about Tesla's commitment to India. Despite the cancellation, Musk's interest in India remains strong, with plans for a USD2bn-USD3bn investment and a potential plant producing 500,000 cars annually. Meanwhile, Musk's focus on China has yielded immediate benefits, including trials of Tesla's full self-driving technology and inclusion in a Chinese government procurement list. Indian officials remain hopeful for future Tesla investments, despite the recent setbacks.

#Investing #Economy #FinancialMarkets #Financial Times

UK holiday let owners move to business rates system as council tax soars

In response to escalating council tax bills, an increasing number of holiday homeowners in the UK are registering their properties for business rates, with the total rising from 63,000 in 2020 to 78,000 by March 2024. This shift allows property owners to avoid council tax premiums of up to 100% imposed on second or empty homes by claiming small business rates relief for properties with a rateable value under £12,000. Consequently, 96% of holiday lets qualify for this relief. Although this strategy reduces individual tax burdens and keeps the number of second homes steady at 263,000, it exacerbates local housing affordability issues by reducing council tax revenue. Furthermore, a survey indicates that only 4% of holiday let owners believe their properties would be sold to local residents, suggesting limited impact on improving local housing access despite the tax modifications.

#Economy #UK #Investing #Financial Times

In Australia, energy crunch prompts a heated debate on going nuclear

Australia's opposition leader Peter Dutton has proposed building the country's first nuclear power plants to meet emission reduction targets, arguing that renewables alone won't suffice. This plan has sparked a heated debate, especially in regions like Lithgow, where opinions are divided between economic benefits and environmental concerns. Critics highlight the lack of consultation, high costs, and unresolved issues like nuclear waste management. Despite some support in conservative circles, the proposal faces significant hurdles, including state bans on nuclear facilities and private land commitments to renewables. The Australian Energy Market Operator's report suggests accelerating renewable energy rollout as a more viable solution.

#Economy #World #Aljazeera

Collapse of UK firm Small World means vital money transfers are not arriving

The collapse of the Small World money transfer service has left thousands in developing countries without vital payments they depend on. Part of LCC Trans-Sending, the service stopped trading on June 10, affecting those who used it to send money to over 170 countries. Customers now face uncertainty about whether they will get their money back. The UK Financial Conduct Authority (FCA) placed the company in special administration, with accountants from Grant Thornton working to identify owed amounts. This disruption is particularly severe for individuals and families in West Africa and the Philippines. Recovery of funds will include administrative costs, prolonging the wait for many affected customers

#Economy #FinancialMarkets #World. #The Guardian

Boeing will plead guilty to criminal fraud over 737 Max crashes, justice department says

Boeing will plead guilty to criminal fraud over the two fatal 737 Max crashes that killed 346 people, after breaching a three-year agreement protecting it from prosecution. The deal includes a USD243.6 million fine and a commitment to invest USD455 million in safety and compliance over the next three years, with a third-party monitor overseeing the progress. This plea deal, pending judicial approval, could jeopardize Boeing's ability to secure government contracts but avoids a potentially damaging public trial. The deal only covers pre-crash misconduct and does not protect current or former officials. The judge may accept or reject the plea, potentially leading to further negotiations.

#FinancialMarkets #USA #Economy. #The Guardian

US economy adds 206,000 jobs but unemployment rises

The US labour market is showing signs of cooling, with the unemployment rate rising to 4.1% in June, the highest since November 2021, and job growth in recent months being lower than initially reported. The economy added 206,000 jobs in June, exceeding forecasts, but revisions to April and May data revealed 111,000 fewer jobs than previously thought. This cooling trend, highlighted by downward revisions, a high proportion of healthcare and government jobs, and cuts to temporary workers, is prompting the Federal Reserve to consider potential rate cuts later this year. Treasury yields dropped, and the S&P 500 saw gains, reflecting market expectations of rate cuts. Despite the softer data, experts like Eric Winograd believe the labour market is not in a severe decline.

#Economy #FinancialMarkets #USA #BBC

UK housebuilder stocks rally after Labour election landslide

UK housebuilding stocks surged after Labour's landslide election victory, driven by promises to boost housebuilding and implement pro-development reforms. Major builders like Persimmon, Vistry, Barratt Developments, and Taylor Wimpey saw significant stock increases. Labour's plans include building 1.5 million new homes over five years, reinstating strict housing targets, and reviewing greenbelt boundaries to facilitate development. Despite industry support, achieving these targets is challenging, given historical underdelivery and current high interest rates. Labour may need to offer additional support for first-time buyers to meet its ambitious goals.

#UK #Economy #FinancialMarkets #Financial Times

The EU should be the world’s heat-pump pioneer

In the run-up to the European Parliament elections, Ursula von der Leyen, head of the European Commission, has been cautious with green policies to secure her reappointment. She blocked a law reducing pesticide use and delayed a crucial heat-pump plan, causing concern among EU policymakers. Heating, a major contributor to greenhouse emissions, remains reliant on fossil fuels. The EU aims to decarbonize heating, but heat pumps, although effective, are costly and disruptive to install. Missteps in Germany and Italy have further complicated public perception and policy implementation. Consistent and clear policies are needed for the EU to meet its 2050 net-zero goal.

#Economy #FinancialMarkets #World #Economist

BlackRock throws support behind effort to move pensions beyond ESG

BlackRock is backing a coalition of US police and firefighter labor groups called the Alliance for Prosperity and a Secure Retirement, aiming to keep politics out of pension investments. This move comes as BlackRock faces criticism for its stance on environmental, social, and governance (ESG) investing. BlackRock's support for the alliance is part of its effort to navigate the backlash against environmental, social, and governance (ESG) investing, which has been criticized by some as "woke capitalism." The Alliance emphasizes letting investment professionals manage funds without political interference. In 2023, forty-four state legislatures considered 162 bills, with 76 more proposals this year; about 80% sought to ban sustainability factors in investments. Despite past advocacy for sustainable investing, BlackRock has shifted focus to prioritize investor choice and pensions. This group, backed mostly by public safety unions, seeks broader industry support to protect pension funds from political agendas.

#FinancialMarkets #USA #Economy #https://www.ft.com

£235m expected to be withdrawn from ATMs as voters go to polls on Thursday

On Thursday, around £235 million is predicted to be withdrawn from ATMs as people fit trips to cash machines around voting in the General Election, according to Link. This forecast is lower than previous elections, where £322 million was withdrawn in December 2019 and £356 million in June 2017. Link attributes this decline to a general decrease in cash use, with more people opting for cards and mobile payments. Despite this trend, the average UK adult still withdrew about £1,500 from ATMs last year. Additionally, new banknotes featuring the King’s portrait began circulating in June.

#UK #FinancialMarkets #Economy #Independent

Twice as many Britons want tax rises as want cuts, survey finds

A new report by abrdn Financial Fairness Trust reveals that most Britons support tax increases to fund public services, even if it means they won't personally benefit, as they prioritize the country's overall well-being over their own finances. Despite 39% of households facing serious financial difficulties, a third of the 5,572 surveyed people are willing to pay higher taxes for policies like free childcare, cheaper energy tariffs, and increased child benefits. This contrasts with Labour and Conservative parties' promises to avoid tax rises, with experts warning that the next government will need to implement significant cuts or raise taxes to address the country's debt.

#Economy #FinancialMarkets #UK #The Guardian

Eurozone inflation eases but ECB likely to keep interest rates on hold

Inflation in the eurozone slowed to 2.5% in June, down from 2.6% in May, aligning with market expectations. However, core inflation, which excludes volatile items like food and energy, stayed at 2.9%, indicating persistent inflationary pressures. This scenario makes it unlikely for the European Central Bank (ECB) to cut interest rates at its upcoming meeting on July 18. The ECB, having recently reduced rates in June, will likely wait for more data over the summer. Analysts believe the ECB will be cautious, especially with stable service inflation and political uncertainties such as the French elections.

#Economy #FinancialMarkets #Eurozone. #The Guardian

Households urged to submit energy meter readings ahead of price drop

Around 10 million households are urged to submit energy meter readings this weekend to avoid overpaying when prices drop on July 1. Ofgem is reducing the energy price cap by £122 to £1,568 annually for typical dual-fuel households. Missing meter readings may lead to bills based on higher previous rates. Uswitch estimates average July bills will be £83, down from £127 in June. Consumers should consider fixed tariffs to avoid future price hikes. Meanwhile, consumer groups and energy firms are urging Ofgem not to allow firms to shut out existing customers from their cheapest deals, citing concerns over "loyalty penalties".

#Economy #FinancialMarkets #UK #https://www.independent.co.uk

US retailer cuts diversity jobs and climate pledges after activist campaign

Tractor Supply, a US farming retailer, has announced plans to eliminate its diversity roles and scale back its climate commitments following a social media campaign by conservative influencers, which knocked 5% off its share price. The company, valued at nearly USD30 billion, will "retire" its current diversity and inclusion goals, stop sponsoring Pride festivals and voting campaigns, and refocus on "animal welfare, veteran causes, and being a good neighbour". The move comes as US companies face political pressure over so-called "wokeness", with several scaling back Pride month displays and diversity goals after backlash from rightwing activists.

#USA #Economy #FinancialMarkets #Financial Times

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Can AI outperform a wealth manager at picking investments?

Technology entrepreneur Edward Morris leveraged AI for a profitable USD5bn IPO investment in chip designer Arm. Using ChatGPT for due diligence, Morris achieved a 30% return, far surpassing his usual 10%. Instead of costly human advisers, he relies on AI to understand finance, identify investments, and spot bank statement discrepancies. AI simplifies due diligence by summarizing company data and rating stock performance. Wealth managers can also benefit from AI for tasks like client risk profiling and estate management. Despite concerns about AI's potential for poor advice and cyber risks, the technology's ability to mimic successful strategies hints at a promising future.

#AI #FinancialMarkets #Investing #Financial Times

Banking-as-a-Service Upheaval Will Stabilize

The Banking-as-a-Service (BaaS) sector is currently facing turbulence, with Synapse declaring bankruptcy and Evolve Bank and Trust facing regulatory issues. Despite these challenges, experts like Lydia Inboden from Ingo Payments believe BaaS has lasting potential. The industry's evolution is exposing vulnerabilities and prompting stricter regulatory frameworks. Inboden suggests a shift towards direct relationships between FinTechs and financial institutions for better oversight and compliance. This upheaval might affect open banking by making large banks wary of data-sharing with riskier FinTechs. Clear communication and transparency will be crucial for consumer trust moving forward.

#Economy #PYMNTS

Apple kills off its buy now, pay later service barely a year after launch

Apple is discontinuing its buy now, pay later service, Apple Pay Later, just a year after its launch, due to the challenges of building a financial services business from scratch. Launched in March 2023, Apple Pay Later allowed users to split purchases into four payments without fees or interest. However, its availability was limited to where Apple Pay was accepted, unlike competitors Klarna and Affirm, which are integrated with many merchant websites. Apple will now allow banks to offer installment loans through Apple Pay and Apple Wallet, with Affirm directly integrated into Apple Wallet. Existing Apple Pay Later loans can still be managed via Apple Pay.

#USA #Yahoo Finance

Digital bank Monzo expands fundraising to £500m in deal with top tech investor

Monzo, a leading UK digital bank, is finalizing an expanded £500m fundraising with new investors like Hedosophia and Singapore's GIC, setting the stage for a future public listing. Hedosophia, known for backing major tech firms such as Airbnb and Uber, joins other prominent backers in this funding round, highlighting Monzo's substantial growth and valuation over £4bn. This move, led by Capital G, Google's growth fund, positions Monzo for sustained expansion without further capital needs, signaling its readiness for an IPO in the near future. This development marks a significant recovery for Monzo, which had previously faced regulatory scrutiny but is now on track to profitability and expanding globally.

#DigitalBanking #TechInvestment #MonzoExpansion #Sky News

Will software ease the pain of filing tax returns?

Absolutely! Dive into the digital age of tax filing where 97% of taxpayers are already surfing the web to tackle their returns. By 2026, if you're playing the game of business or rental properties, you'll need to join the party and use software to keep the tax man happy quarterly. It's like having a smart friend who nudges you about the deductions you might miss and keeps tax season from turning into a horror movie. Plus, this shift aims to patch up the tax system's leaks, promising a smoother sail for everyone. Think of it as the tax world's leap into the future—less mess, less stress.

#FinTech #Finance #Tech #FT

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Amazon AI chatbot Rufus is now live for all US customers

Amazon has launched its AI-powered shopping assistant, Rufus, for all U.S. customers on the Amazon mobile app. Rufus, located in the app's main navigation bar, helps users find products, compare items, and get recommendations. Initially available in beta, Rufus has been trained on Amazon's product catalog, customer reviews, and other public data. It can answer questions about product features, comparisons, and customer reviews, and even provide suggestions for specific tasks like starting an indoor garden. While Rufus generally performs well, it sometimes struggles with accuracy and is limited to Amazon's catalog. Amazon plans to continue improving Rufus over time.

#AI #USA #FinancialMarkets. #Tech Crunch

AT&T says criminals stole phone records of ‘nearly all’ customers in new data breach

AT&T has revealed a significant data breach affecting approximately 110 million customers, where phone records from May to October 2022 were stolen. This includes call and text metadata, though not the content. The breach also impacted users of other carriers using AT&T’s network. The incident, tied to a compromise at cloud provider Snowflake, occurred after AT&T data stored there was accessed by hackers. Snowflake blamed customers for not using multi-factor authentication. The FBI and DOJ delayed public notification due to national security concerns, and at least one individual has been arrested.

#Cybersecurity #USA #FinancialMarkets. #Tech Crunch

Chinese developers scramble as OpenAI blocks access in China

At the World AI Conference in Shanghai, SenseTime unveiled its latest AI model, SenseNova 5.5, which rivals OpenAI's GPT-4o in capabilities. SenseTime is enticing users with 50 million free tokens and free migration services from OpenAI, which has blocked its tools in China starting July 9. This move, driven by rising US-China tensions and semiconductor export restrictions, has created opportunities for Chinese AI firms like Baidu, Zhipu AI, and Tencent Cloud, all offering free tokens and migration services. While OpenAI's exit may initially disrupt China's AI market, it could accelerate the growth and testing of domestic AI models. Chinese commentators view this as a push for technological self-reliance, despite challenges like chip shortages affecting companies like Kuaishou.

#AI #Economy #FinancialMarkets. #The Guardian

Microsoft quits OpenAI board seat as antitrust scrutiny of AI partnerships intensifies

Microsoft has stepped down from its observer role on OpenAI's board, citing improved governance and significant progress by the AI company's new board. This move comes amid increased scrutiny from antitrust regulators in the EU and UK, who are examining the USD13 billion partnership between Microsoft and OpenAI. The decision follows a tumultuous period where OpenAI's CEO Sam Altman was briefly ousted and then reinstated, leading to a board reshuffle. Microsoft expressed confidence in OpenAI's direction and plans to maintain a strong partnership through regular updates and collaboration on safety and security.

#AI #FinancialMarkets #Investing #World #Yahoo Finance

ChatGPT might rule the AI chatbots — but it can't beat Google Search

ChatGPT, since its launch in 2022, has made AI a household name, prompting similar chatbots like Claude, Gemini, and CoPilot from various tech giants. Despite fears that AI would undermine Google Search, the opposite has happened. Google Search's ad revenue surged, boosting profits by nearly 60% in Q1, with a global market share of 91.1% in June. Analysts credit AI integration, particularly Google's Gemini, for this growth, enhancing search performance and monetization. However, this dominance raises antitrust concerns. The DOJ recently concluded a historic case against Google for monopolizing the search market, with a ruling expected in late 2024, alongside another ongoing antitrust suit.

#AI #FinancialMarkets #USA #QZ

What happened to the artificial-intelligence revolution?

San Francisco is abuzz with excitement over artificial intelligence (AI), with major tech firms like Alphabet, Amazon, Apple, Meta, and Microsoft investing an estimated USD400 billion this year in AI-related hardware and research. Investors have boosted the market value of these firms by over USD2 trillion, anticipating significant future revenues. However, even optimistic projections suggest modest returns, such as Microsoft's expected USD10 billion from generative AI sales this year. Despite high adoption rates reported by surveys, actual business integration of AI remains niche, with only 5% of American businesses using AI recently. Concerns about data security, biased algorithms, and rapid technological changes are slowing adoption. Companies using AI focus on narrow tasks like customer service and marketing, with little evidence of significant productivity gains or economic impact. Overall, AI's transformative potential is yet to be realized, and substantial economic benefits may not materialize until after 2032.

#AI #FinancialMarkets #Economy. #Economist

Financial services shun AI over job and regulatory fears

European fintech leaders argue that financial services are slow to adopt AI despite its potential to boost productivity and reduce costs. Job loss fears, regulatory issues, and institutional resistance hinder AI integration. While only 6% of retail banks are ready to implement AI at scale, it could add USD340bn yearly to the global banking sector. AI’s ability to rapidly analyze data could significantly cut costs, yet fears of job losses persist. Banks need to balance AI adoption with regulatory compliance and sensitive customer service. Successful examples include NatWest and Klarna, which use AI to handle customer service efficiently, saving millions in costs.

#AI #FinancialMarkets #Startups #https://www.ft.com

Brussels accuses Apple of breaking EU ‘gatekeeper’ rules

The European Commission has accused Apple of stifling competition on its App Store, marking a significant move under the new Digital Markets Act (DMA). The DMA, designed to foster competition by regulating "online gatekeepers", targets tech giants, mainly US-based. Preliminary findings indicate concerns over Apple's restrictions on developers directing customers to promotions outside the App Store. If found guilty, Apple could face fines up to 10% of its global revenue, potentially tens of billions of dollars, with repeat offenses incurring up to 20%. The Commission is also investigating Apple's developer fees and restrictions on alternative app stores. Apple insists it complies with the DMA.

#Financial Times

The Chef Is Human. The Reviewer Isn’t

A recent study revealed that people can't distinguish between real and AI-generated restaurant reviews. Yale professor Balazs Kovacs used GPT-4 to mimic Yelp reviews, and test subjects often believed the AI-written ones were genuine. This phenomenon, known as AI hyperrealism, shows AI's ability to convincingly imitate human writing. The study raises concerns about the trustworthiness of online reviews, which significantly impact consumer decisions. As AI continues to improve, detecting fake reviews will become increasingly challenging, potentially undermining trust in online content.

#AI #The New York Times

IMF warns of massive labour disruption from AI

The IMF has warned that generative AI could cause significant labor disruptions and exacerbate inequality. Unlike past technologies, AI threatens higher-skilled jobs, prompting calls for better workforce preparation, such as enhanced unemployment insurance. The rise of AI, highlighted by the launch of ChatGPT, has spurred regulatory actions, with the EU's AI Act and California’s AI safety bill leading the charge. Concerns also exist over AI's market concentration among a few big tech firms. Countries like India and Argentina are offering incentives to attract AI investments. The IMF estimates AI could impact 40% of global jobs, stressing the need for international cooperation and agile government responses to manage these changes.

#AI #Economy #World #Financial Times

US bank Wells Fargo fires employees for ‘simulating’ being at their keyboards

Wells Fargo has terminated over a dozen employees for simulating keyboard activity to appear productive. This move comes amid broader scrutiny of work-from-home practices and the use of devices like mouse movers to avoid detection. The issue highlights ongoing debates about remote work monitoring, with some firms taking stringent stances against remote flexibility. Major banks like Bank of America and Goldman Sachs emphasize in-office work, reflecting concerns over productivity and surveillance ethics, particularly heightened since the pandemic.

#USA #World #The Guardian

Meet Seen, a new app for friends to record reactions to TikToks and other content

Seen is a new social app designed to enhance the way friends interact by requiring live video reactions to shared content. Co-founded by entrepreneur Faheem Kajee and actress Karen Gillan, the app aims to foster authentic connections through real-time video responses. Available on iOS, Seen allows users to send and receive private or group video messages, ensuring a more engaging interaction than typical text-based replies. The app integrates with TikTok and plans future integrations with YouTube Shorts and Instagram Reels. Despite past failures of similar apps, Seen's unique features and strong backing, including USD1 million in funding from notable investors, position it to meet the demand for genuine online interactions.

#World #Startups #TechCrunch

The ‘boring phone’ stressed-out gen Z ditch smartphones for dumbphones

In a twist that seems straight out of the '90s, the Boring Phone is making Gen Z ditch their fancy smartphones for simpler, feature-free "dumbphones." Launched at Milan design week, this device rides the Newtro wave, tapping into young folks' worries about privacy and over-stimulation from tech. So, instead of waking up to a flood of notifications, you're now grabbing a coffee and actually enjoying your morning peace. The trend, sparked by nostalgia and a desire for digital detox, hasn't made much of a dent in the smartphone market yet, but it's a sign that some are ready to dial back to simpler times. However, full off-lining is tough—try accessing online services without a smartphone!

#DigitalDetox #PrivacyConcerns #TechTrends #The Guardian

Microsoft and Alphabet enjoy AI-powered gains from cloud divisions

Microsoft and Alphabet, the tech overlords, are laughing all the way to the bank thanks to their cloud divisions pumping out double-digit revenue growth, mainly due to the AI frenzy. While we were all eyeing their spending sprees on AI with a bit of a side-eye, turns out, it's paying off big time. These tech titans saw their market value jump by a whopping USD250 billion—yeah, that’s billion with a ‘B’—following their earnings reports that smashed expectations. It’s like every cloud (service) has a silver lining, right? Even other big tech firms like Amazon and Nvidia are riding the AI wave, seeing their shares go up. The message here is clear: if you're not already on the AI train, you might want to buy a ticket, or you'll be left at the station!

#TechGiants #AIRevolution #CloudComputing #Financial Times

OpenAI on track to hit $2bn revenue milestone as growth rockets

Imagine this: OpenAI, the brain behind the super-smart ChatGPT, is now rolling in dough, with its cash register ringing up to a cool USD2 billion a year. It's like watching a rocket take off, with OpenAI zooming up to join the elite club of tech giants like Google and Meta, who've hit the billion-dollar revenue mark in less than ten years. Since flipping the switch from a non-profit to a money-making machine in 2020, OpenAI's wallet has gotten fatter, faster. Despite a little drama last November with their CEO playing a game of musical chairs, they're still leading the pack in the AI gold rush, with big plans to double their treasure by 2025. But here's the kicker: despite the cash flood, OpenAI is still spending more than it's saving, mainly because teaching AI to be brilliant is as pricey as feeding a small country. But with deep-pocketed Microsoft by its side, they're not sweating it. They're even selling their smarts to big names, making OpenAI not just a brainiac in the lab but also a hotshot in the market. So, while they're out there spending big on brainpower, the future's looking shiny, with a sprinkle of silicon chip magic to keep costs down.

#Tech #FT

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