Fed's Williams calls for strong response if inflation deviates from target
New York Federal Reserve President John Williams speaks at an event in New York, U.S., November 6, 2019. REUTERS
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South China Morning Post
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For Silicon Valley venture capitalists, the world has split into two camps: those with deep enough pockets to invest in artificial intelligence (AI) behemoths, and everyone else waiting to see where the AI revolution leads. The generative AI frenzy unleashed by ChatGPT in 2022 has propelled a handful of venture-backed companies to eye-watering valuations. Leading the pack is OpenAI, which raised US$40 billion in its latest funding round at a US$300 billion valuation – unprecedented largesse in Silicon Valley's history. Other AI giants are following suit. Anthropic now commands a US$61.5 billion valuation, while Elon Musk's xAI is reportedly in talks to raise US$20 billion at a US$120 billion price tag. The stakes have grown so high that even major venture capital firms – the same ones that helped birth the internet revolution – can no longer compete. OpenAI CEO Sam Altman. Photo: AFP/Getty Images/TNS Mostly, only the deepest pockets remain in the game: Big Tech companies, Japan's SoftBank Group and Middle Eastern investment funds betting big on a post-fossil fuel future.
South China Morning Post
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Several injured with burns in ‘targeted terror attack' in Colorado, suspect in custody
Police said a male suspect was taken into custody on Sunday after an attack that left multiple people with burns in Boulder, Colorado, in what the FBI director described as a 'targeted' act of terror. Information on the attack, which occurred near a demonstration to remember the Israeli hostages who remain in Gaza, was 'very preliminary', Boulder Police Chief Stephen Redfearn said. But he noted the man was apprehended following calls to police dispatch of someone with a weapon who was 'setting people on fire'. FBI Director Kash Patel described the incident as a 'targeted terror attack', and Colorado Attorney General Phil Weiser said it appeared to be 'a hate crime given the group that was targeted'. But Redfearn stressed it was too soon to speculate about a motive. 'We are not calling it a terror attack at this moment,' Redfearn said, noting that victims sustained burns. Police at the scene. Photo: KMGH via Reuters 'This was a beautiful Sunday afternoon in downtown Boulder on Pearl Street and this act was unacceptable,' he said. 'I ask that you join me in thinking about the victims, the families of those victims, and everyone involved in this tragedy.' The incident comes amid heightened tensions in the United States over Israel's war in Gaza, which has spurred both an increase in antisemitic hate crime as well as moves by conservative supporters of Israel led by President Donald Trump to brand pro-Palestinian protests as antisemitic.
South China Morning Post
7 hours ago
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XPrize founder Peter Diamandis projects hope for AI, biotech amid US-China tech war
Peter Diamandis, the entrepreneur behind the XPrize Foundation, has long championed a future of technological promise, building a career on innovation competitions meant to solve grand challenges. But in a recent conversation in Hong Kong, a subtle shift in tone emerged as he addressed the current complexities of global scientific collaboration, clouded by geopolitical tensions and the looming threat of technological decoupling. Advertisement 'One of the things that is important to realise is that human biology is conserved across 8 billion people, as is math and physics and chemistry,' he said. 'So a breakthrough by a brilliant entrepreneur or scientist in Beijing is fully usable and accessible by a brilliant scientist in Boston. That elevates humanity as a whole.' His cosmopolitan vision of scientific progress stands in contrast to the current political climate, in which the US, under the administration of President Donald Trump, has sought to curb international student visas and made drastic cuts to scientific funding and universities. 'There's a huge amount of concern,' Diamandis said, pointing specifically to the cuts at the National Institutes of Health. 'Unless it gets corrected and changed back, I think that the cuts being made … will have long-term implications to the speed of scientific discoveries.' Diamandis spoke with the Post on May 28 while visiting Hong Kong for the UBS Asian Investment Conference. He is perhaps best known for incentivising breakthroughs through his XPrize competitions, which served as an early catalyst for the private space flight industry that spawned companies such as Elon Musk's SpaceX and Jeff Bezos' Blue Origin. Discussing the more positive aspects of technological progress is clearly where he feels most comfortable. Advertisement 'Our brains are wired for fear and scarcity, and my job through my work is to help people see the world in a different fashion,' he said.
