ChatGPT's Improved Memory Points Toward a More Personal AI
Welcome to Tech In Depth, our daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Austin Carr reports on the improvements recently announced to the major consumer chatbots that have made it easier for them to know more about their users.
OpenAI expansion: The artificial intelligence company has established a legal entity in South Korea and plans to open an office in Seoul as it seeks to propel further adoption of its products.
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22 minutes ago
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Investors don't think the safest bonds of all are a sure thing anymore
With deficit concerns swirling, the market for the safest government bonds has been volatile. Bloomberg reported on Monday that top fixed income firms are staging a "buyers' strike." Investors are hesitant to buy bonds with long maturities amid doubts about the US fiscal position. A corner of the ultra-safe US Treasury market is losing its shine amid concerns about America's long-term fiscal health. It's an increasingly worrisome situation given the importance of Treasurys as a component of long-term portfolios for millions of Americans, as well as their role as an investment safe haven during times of turbulence. The market for US bonds with the longest maturities has seen a pronounced slowdown in the last few weeks. Bloomberg wrote on Monday that top fixed income firms, including Pimco and Jeffrey Gundlach's DoubleLine Capital, have been staging a "buyers' strike" of 30-year debt in favor of shorter-dated bonds. It continues a trend of investors balking at the idea of essentially lending the US government money for decades. A weak auction of 20-year bonds last month saw tepid demand, resulting in the highest yield on the bond since 2020. Pimco was already whittling its exposure to longer-dated bonds, it wrote at the end of 2024. "We have been reducing allocations to longer-dated bonds, which we find relatively less attractive. Over time, and at scale, that's the kind of investor behavior that can fulfill the bond vigilante role of disciplining governments by demanding more compensation," the bond firm wrote at the time, adding it was seeing better risk-reward in bonds with shorter maturities. Indeed, the bond vigilantes that Pimco hinted at have been credited with sending yields higher this year amid trade war and deficit angst. And more recently, KKR warned that investors shouldn't count on government debt to be the "shock absorbers" that they've relied on to shield them from volatility in the past. In fact, the market for the debt has been so volatile that it's possible the US Treasury could reduce or even cancel future sales of 30-year bonds to stabilize yields, JPMorgan Asset Management's fixed income head, Bob Michele, said in a TV interview last week. Michele added that the 10-year and 30-year bonds are trading more like risk assets. "I'm concerned it's going to get worse before it gets better," Michele said of the bond market volatility. The next auction of 30-year bonds is scheduled for June 12. The 30-year yield is back below 5% this week after climbing above that threshold to the highest level since 2008 in May. However, the concerns that drove yields up haven't abated. America's fiscal position is still an issue, and the GOP budget bill that passed through the House of Representatives in May could add trillions to the national deficit. Meanwhile, the US is now without a top-tier credit rating after Moody's downgraded its government debt in May. "We have witnessed what can happen with interest rates if investors are concerned about the fiscal health of an economy," Verdence Capital Advisors CIO, Megan Horneman, said in a recent note. "It is important to remember that long-term rates are tied to net interest costs and many loans, especially mortgages." She added that the coming 30-year auction would be highly important. But it's not just the US that's seeing investors demand more compensation to hold long-term debt. Governments around the world are seeing yields spiral higher while investors protest heavy government spending and a rapid pace of borrowing. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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22 minutes ago
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Gromutual Berhad's (KLSE:GMUTUAL) Solid Earnings May Rest On Weak Foundations
Gromutual Berhad's (KLSE:GMUTUAL) robust recent earnings didn't do much to move the stock. We think this is due to investors looking beyond the statutory profits and being concerned with what they see. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. To properly understand Gromutual Berhad's profit results, we need to consider the RM989k gain attributed to unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is). Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Gromutual Berhad. We'd posit that Gromutual Berhad's statutory earnings aren't a clean read on ongoing productivity, due to the large unusual item. Because of this, we think that it may be that Gromutual Berhad's statutory profits are better than its underlying earnings power. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So while earnings quality is important, it's equally important to consider the risks facing Gromutual Berhad at this point in time. For example, we've discovered 1 warning sign that you should run your eye over to get a better picture of Gromutual Berhad. This note has only looked at a single factor that sheds light on the nature of Gromutual Berhad's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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32 minutes ago
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Nintendo denies Switch 2 report claiming that Japanese retailers are getting a bigger cut of each sale following a timely drop in stocks and shares
When you buy through links on our articles, Future and its syndication partners may earn a commission. Nintendo has publicly debunked a report claiming that the company is allowing Japanese retailers to earn more from each Nintendo Switch 2 console sold. While the Nintendo Switch 2 looks poised to be a success no matter how you shake it, Nintendo has taken some unconventional approaches to the launch of its new console. For example, a Japanese-only version of the console which is selling for 20,000 Yen less than the multi-language version. Even the Mario Kart World bundle is a bit of an unconventional choice, since the last Nintendo console to come bundled with a game at launch was the Wii back in 2006 (and even then, Wii Sports was only a pack-in after Reggie Fils-Amié fought for it). Just ahead of the Nintendo Switch 2 launching later this week, Bloomberg reported that Nintendo would be giving a bigger cut of every Nintendo Switch 2 sold to retailers. "Store operators will be able to make a gross margin of about 5% on each Switch 2 sold, higher than the informal industry standard of roughly 2%" the report said, adding "The decision will help bolster domestic retailers and ensure the new console is given prominent placement at outlets across the country." Around four hours later, Nintendo took to Twitter to debunk the rumour: "A news report related to the wholesale price of Nintendo Switch 2 in the Japanese market was published. We want to clarify that this report is not true. Nintendo does not disclose any information regarding business conditions with distribution and retail partners."While Nintendo is well known for not commenting on rumours, on Monday (when this report was published) Nintendo shares dropped which likely led the publisher to make a public statement about the report. The list of Nintendo Switch 2 launch games is pretty packed, huh? Sign in to access your portfolio
