Apple supplier Foxconn cautious despite beating earnings forecasts August 14, 2023 Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector – but the firm retained a cautious outlook for this year due to global economic uncertainties. The world’s largest contract electronics maker downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat as it [...]
Anthropic secures $100m boost from SK Telecom for new AI venture August 14, 2023 Anthropic, the US artificial intelligence startup founded by ex-OpenAI luminaries, is set to receive $100m (£78.7m) in backing from South Korean telecoms company SK Telecom (SKT). The cash injection will fund the creation of a multilingual large language model (LLM), jointly developed by Anthropic and SKT, according to an announcement made by the telecoms giant [...]
Amazon rolling out generative AI feature targetting product reviews August 14, 2023 Amazon is rolling out a new generative AI feature that summarises product reviews for customers. The feature, which the company began testing earlier this year, is designed to help shoppers determine at a glance what other customers have said about a product before they spend time reading through individual reviews. It will pick out common themes [...]
SoftBank aiming to buy back Arm stake ahead of high-stakes New York IPO August 14, 2023 SoftBank is reportedly in talks to buy back the remaining 25 per cent stake in Cambridge-based chip designer Arm its own investment unit established in 2017. In a strategic move ahead of Arm’s impending float in New York, Japanese tech company SoftBank is looking to regain Vision Fund’s quarter stake in order to fully own [...]
Profit not process: How our banks grew too bureaucratic for their own good August 11, 2023 Judgement is being impaired by bureaucratic process, write two of the City's foremost lawyers
Biden declares ‘national emergency’ as he bans US investment in Chinese tech August 10, 2023 President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies like computer chips and require government notification in other tech sectors. The long-awaited order authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies [...]
As social media gives way to biotech, an era of ultra young billionaires might be over August 10, 2023 From Larry Page to Jeff Bezos, the billionaires of yesteryear were masters of timing. For the new generation it's harder to make that kind of money, but easier to make an impact, writes Leon Emirali
AI helps airlines reduce contrails by 50 per cent, new study reveals August 9, 2023 An exciting new study has shown that artificial intelligence can help airlines reduce contrails - the white vapour trails seen behind planes - by as much as 50 per cent.
John Lewis hires Google Cloud to supercharge digital revamp in £100m deal August 9, 2023 John Lewis is trying to get back on its feet by partnering with Google to drive its digital revamp, and shift away from high-street reliance. Valued at £100m, the partnership aims to improve the efficiency of John Lewis and Waitrose employees, enabling them to provide a better customer experience. Struggling high street favourite John Lewis [...]
Softbank reports mixed quarter as it ‘timidly’ restarts investment August 8, 2023 Japan’s Softbank Group posted a surprise loss but said it was dipping its toes back into new investments after its Vision Fund unit returned to the black for the first time in six quarters. The Vision Fund unit booked an investment gain of about 160 billion yen ($1.1 billion) for the April-June period, helped by [...]