By Max A. Cherney SAN FRANCISCO (Reuters) – Google on Tuesday revealed the details of a new version of its data center artificial intelligence chips and announced an Arm-based based central processor. WHY IT’S IMPORTANT Google’s tensor processing units (TPUs) are one of the few viable alternatives to the advanced AI chips made by Nvidia,…
By Manya Saini and Nupur Anand (Reuters) -JPMorgan Chase’s board identified potential successors to CEO Jamie Dimon, paving the way for a leadership transition at the largest U.S. bank. The board is “spending significant time on developing operating committee members who are well-known to shareholders as strong potential CEO candidates” in the medium term, it…
(Reuters) -Tesla CEO Elon Musk on Monday predicted development of artificial intelligence that was smarter than the smartest human probably by next year, or by 2026. In a wide-ranging interview on X spaces that suffered multiple technology glitches, Musk also told Norway wealth fund CEO Nicolai Tangen that AI was constrained by the availability of…
By Dietrich Knauth NEW YORK (Reuters) – Budget retailer 99 Cents Only filed for Chapter 11 bankruptcy protection in Delaware on Sunday, saying that it intended to close all of its 371 stores in the U.S. and sell off its real estate and remaining inventory. The company operates under the business names “99¢ Only Stores”…
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon hailed U.S. leadership and economic power in an annual letter to shareholders on Monday that invoked “liberty and justice for all.” Dimon, who runs the largest U.S. bank, celebrated American exceptionalism in his yearly message, which is widely read by investors. In it, he…
(Reuters) – Over 42 million customers have used Bank of America’s virtual financial assistant more than 2 billion times since its launch in 2018, the lender said on Monday. The assistant, Erica, helps users with money transfers, bill payments and other mobile banking operations. It can also help customers of the bank’s Merrill Lynch arm…
By Liz Hampton (Reuters) – U.S. crude oil prices last week climbed to their highest this year, but a weak natural gas market, steeper costs and a focus on shareholder returns over new production are keeping shale drillers from big output increases in the world’s top oil and gas producer. The global Brent oil benchmark…
By David Shepardson and Stephanie Kelly WASHINGTON (Reuters) -The U.S. Commerce Department said on Monday it would award Taiwan Semiconductor Manufacturing Co’s (TSMC) U.S. unit a $6.6 billion subsidy for advanced semiconductor production in Phoenix, Arizona and up to $5 billion in low-cost government loans. TSMC agreed to expand its planned investment by $25 billion…
By David Lawder BEIJING (Reuters) -U.S. Treasury Secretary Janet Yellen on Sunday raised her concerns about China’s excess industrial capacity with Chinese Premier Li Qiang, telling him that bilateral relations were now more stable because the two sides can have “tough” discussions. As they began a meeting in Beijing that ran 80 minutes, Li responded…
BEIJING (Reuters) – China’s central bank will set up a 500 billion yuan ($70 billion) re-lending programme to support the country’s science and technology sectors, according to a statement released on Sunday. The programme will offer loans via 21 banks to small and midsize technology companies at an interest rate of 1.75%. The one-year loans…
