BREAKING NEWS by FT >>>
Microsoft has hired Sam Altman and Greg Brockman to lead a team conducting artificial intelligence research, days after the pair were pushed out of OpenAI, the company they co-founded. Writing on X on Monday, Microsoft chief executive Satya Nadella said that Altman and Brockman, “together with colleagues, will be joining Microsoft to lead a new advanced AI research team”. “We look forward to moving quickly to provide them with the resources needed for their success,” he added. Altman retweeted Nadella’s post on Monday, adding: “the mission continues”. Source: FT
US Commercial Bank deposits fell 2.5% over the last 2 years, the largest 2-year decline on record
Source: Charlie Bilello
BREAKING >>> Sam Altman will NOT be returning as CEO of OpenAI after drama-full weekend for the AI space
Negotiations to get Altman back in the company started less than 24 hours after he was fired. Investors including Microsoft attempted many rounds of negotiations. Staff at OpenAI have also threatened to quit if Altman does not return. But according to CNBC and Bloomberg, the board of OpenAI is bringing in former Twitch CEO Emmett Shear to run the artificial intelligence company, two days after the sudden ouster of Sam Altman, CNBC has confirmed. The Information and Bloomberg both reported on the hiring of Shear earlier. The news was confirmed to CNBC by a person familiar with the matter who asked not to be named because the discussions were confidential. Source: CNBC
US stocks (Russell 3000) less the Mag 7 is up only +2.95% this year. It is thus underperforming cash for the second straight year.
Source: Jim Bianco
HARD ASSETS ARE AT THEIR LOWEST vs. FINANCIAL ASSETS SINCE 1925
Source: BofA
Copper hits widest contango in AT LEAST 29 years
Source: Barchart, Bloomberg
Wine production reached 16.1 billion (bn) litres in the EU in 2022. Top producers:
1) Italy (5.0 bn litres) 2) Spain (5.0 bn litres) 3) France (3.4 bn litres) Source: EU Eurostat
In the weeks leading up to his shocking ouster from OpenAI, Sam Altman was actively working to raise billions from some of the world’s largest investors for a new chip venture
(according to people familiar with the matter) Code-named Tigris, Sam planned to spin up an AI-focused chip company that could produce semiconductors that compete against those from $NVDA The goal is to provide lower-cost competition to market incumbent Nvidia and aid OpenAI by lowering the ongoing costs of running its own services like ChatGPT and Dall-E - Bloomberg Source: Cheddar Flow
