Author: Will Daniel

Larry Summers thinks AI could replace ‘almost all’ forms of labor. Just don’t expect a ‘productivity miracle’ soon

Finances

[ad_1] Ever since OpenAI launched its generative AI chatbot ChatGPT in November 2022, traders have flocked to firms with hyperlinks to AI to attempt to revenue from the world-changing expertise. The hype has been so excessive that it sparked a debate on Wall Avenue over whether or not traders are justified of their AI enthusiasm—or in the event that they’re getting too excited. Former Treasury Secretary Larry Summers, who joined ChatGPT developer OpenAI’s board of administrators late final yr, weighed in on this debate on the Fortune Innovation Discussion board in Hong Kong on Thursday. “The best normal rule with…

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‘Imagine no recession, it’s easy if you try,’ BofA says

Finances

[ad_1] That was the title of Financial institution of America Analysis’s newest U.S. Financial Viewpoint analysis word, which particulars chief U.S. economist Michael Gapen’s outlook for the financial system. It was fairly the departure from the constant recession predictions Gapen has put ahead since final summer season. Simply over a 12 months in the past, the previous Barclays exec took the reins of BofA’s financial analysis crew and rapidly added his title to a rising refrain of Wall Road leaders forecasting a recession. Rising rates of interest and cussed inflation have been weighing on customers, and would in the end…

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ECB chief: Bank must do more to fight inflation ‘monster’

Finances

[ad_1] Inflation has been much more cussed than central financial institution officers—or most people—would have favored, not simply within the U.S., however worldwide. The most recent instance of that truth got here final week, when Eurozone inflation stunned economists, sinking lower than forecast regardless of falling power costs. Christine Lagarde, president of the European Central Financial institution (ECB), mentioned over the weekend that the most recent knowledge means the ECB should hold elevating rates of interest to make sure value stability, including {that a} 50 foundation level price hike in March is “very seemingly.” “We’ll do no matter is required…

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Falling home prices shouldn’t collapse the financial system, says hedge funder who made $4 billion betting on the 2008 housing crash

Finances

[ad_1] The U.S. housing market is experiencing some of the speedy and dramatic shifts in its historical past. The reason being fairly easy: Spiked mortgage charges are sidelining patrons throughout the nation.  And it’s removed from over. Final week, Fed Chair Jerome Powell even went so far as to name it a “troublesome correction.” Whereas the pace and breadth of the slowdown have some People fearful a couple of repeat of the 2008 housing bust and subsequent international monetary disaster, others aren’t as involved. John Paulson, the hedge funder who famously pocketed $4 billion betting in opposition to the U.S.…

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