OpenAI CEO Altman says he has spoken with Microsoft CEO Nadella, NYT reports
June 24 (Reuters) - OpenAI chief executive Sam Altman had a call with Microsoft (MSFT.O), opens new tab CEO Satya Nadella on Monday and discussed their future working partnership, Altman said in a New York Times podcast on Tuesday.
Altman also said that he had productive talks with U.S. President Donald Trump on artificial intelligence and credited him with understanding the geopolitical and economic importance of the technology.
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Reuters
27 minutes ago
- Reuters
Exclusive: US exchanges, SEC in talks to ease public company regulations
NEW YORK, June 25 (Reuters) - U.S. exchange operators are in talks with the Securities and Exchanges Commission on easing regulatory burdens for public companies, as they seek to encourage more richly valued startups to list, according to four people familiar with the matter. These deliberations, the details of which are reported here for the first time, involve the SEC, Nasdaq and the New York Stock Exchange. The reforms under discussion range from reducing the quantum of disclosures and the costs of going public to making it harder for minority investors to agitate, the sources said, requesting anonymity as they were not authorized to speak publicly. The talks, which the sources said have been ongoing for several months, come amid a renewed push to ease regulations under President Donald Trump, whose administration has said, opens new tab it wants to do so to spur economic growth. Taken together, some market experts said these discussions could mark the most significant push to introduce regulatory reform for companies since the Jumpstart Our Business Startups Act was signed into law by former President Barack Obama in 2012, and build on efforts seen during Trump's first term. "The numbers are very clear that companies are staying private longer," Nasdaq President Nelson Griggs told Reuters. Griggs said the exchange operator has discussed making public markets more attractive with regulators in Washington but did not specify which agencies. "We need to make the public markets attractive because that is really how you democratize access to these companies. So it's a big focus of ours," Griggs said. Nasdaq has publicly made the case, opens new tab for easing burdens by using remedies such as the modernization of the process for proxy filings. In a statement to Reuters, Jaime Klima, general counsel of NYSE Group, said the exchange will "continue to advocate for our listed companies with regulators and policymakers.' "We strongly believe that effective and efficient regulation is key to maintaining the attractiveness of our markets," Klima said, without specifying any specific discussions ongoing. The SEC, led by new chairman Paul Atkins, said it is looking to ease rules that can impede capital formation. "The SEC is considering addressing regulatory burdens that undermine capital formation, including (ensuring) that initial public offerings are again something companies are eager to do," a spokesperson for the agency said. The SEC did not comment on specific discussions it has held with exchanges and other stakeholders. However, relaxing rules around disclosure requirements and reducing costs of going public or remaining listed often come at the expense of investors, who face heightened risk of loss when regulations are cut, experts say. 'Historically, investors and issuers have viewed the U.S. capital markets as the best in the world. That's because of the regulatory system,' said Jill Fisch, a University of Pennsylvania professor of business law. 'It's because if there's full information markets function better. Securities are priced more accurately. That's good for everyone." The discussions zero in on regulations that make it harder for companies to list and then stay public, according to the sources. One area in focus is an overhaul of current proxy processes, which involves information that companies have to provide shareholders to allow them to vote on various matters. The reform would make it harder for activist shareholders with small stakes to launch proxy contests and curb repetitive proxy proposals from minority investors, the sources said. It would also lead to less onerous disclosure requirements in preliminary proxy filings, according to the sources. Another effort involves making it less expensive for companies to list on exchanges and remain public by reducing fees associated with listing, the sources said. The conversations also include making it easier for companies that went public through deals with special purpose acquisition companies (SPACs) to raise capital, the sources said. In recent years, the SEC had cracked down on SPACs, in which a firm goes public by selling itself to a listed shell company, as a work around listing regulations. The rollbacks would also make it easier for public companies to raise capital by selling additional shares through follow-on offerings, they said. Public companies have witnessed a buildup in disclosure requirements since the landmark 2002 Sarbanes-Oxley law. Periods of market stress, such as the 2008 global financial crisis, the SPAC boom and meme stock trading in the aftermath of the COVID-19 pandemic, led to heightened regulatory oversight of corporate behavior. The SEC has over the years increased disclosure requirements on a variety of issues, including climate, cybersecurity, risk factors, and proxy reporting, according to capital markets experts. For instance, when Apple (AAPL.O), opens new tab went public in 1980, its IPO prospectus was 47 pages, according to a copy of the prospectus. That compares with a current typical IPO prospectus of 250 pages, including significant generic language around risk factors, said Jay Ritter, a finance professor at the University of Florida. There have been previous efforts to roll back regulation for public companies. The JOBS Act helped facilitate confidential IPO filings that allow companies to submit their registration paperwork privately to the SEC, away from the scrutiny of investors. Rollbacks also happened during President Trump's first term when then SEC chair Jay Clayton pushed for a lighter touch on regulation, including curbing some provisions of major laws such as the Dodd-Frank Act. Since 2000, the number of public companies listed on U.S. exchanges has declined 36% to 4,500, according to figures compiled by Nasdaq. The increase in regulations and decrease in public companies has been criticized by leading Wall Street executives such as JPMorgan Chase CEO Jamie Dimon, opens new tab and Citadel Securities founder Ken Griffin, opens new tab. Some companies have chosen to stay away from IPOs to avoid what they see as onerous disclosure requirements, additional regulatory scrutiny, and the costs associated with going public, said two people familiar with the matter, citing Elon Musk's SpaceX as being reluctant to list. SpaceX did not immediately respond to requests for comment. However, easing regulatory burdens may not result in an overnight change. "Do I think there's going to be a bull rush to the door for IPOs because of the rulemaking (from the SEC)? Probably not," said Dave Peinsipp, co-chair of the global capital markets group at law firm Cooley. He said it would be heavily dependent on returns and valuations companies can get.
The Independent
27 minutes ago
- The Independent
Best cloud storage platforms that make backing up your data a doddle
There are a few things to look for in a good cloud storage platform. For some, it's convenience. That might mean sticking with the service that comes bundled with your phone, laptop or broadband plan. For others, it's about reliability. You might want something that quietly backs up everything on your computer without needing to press a button. Most platforms give you a bit of free space to get started, with the option to upgrade if you need more. You can back up specific folders, sync files across your devices or upload things manually when it suits you. Some services come with handy extras like file sharing or real-time collaboration tools. Others focus more on privacy and encryption. One of the biggest benefits of going with a household name like Google or Microsoft is that you often get access to their full online Office suites as part of the package. But lesser-known services can be cheaper or offer better privacy tools. We've tested the best cloud storage platforms for 2025 to help you decide which one is right for you. How we tested We set up an account with eight of the top cloud storage platforms and tried them out across different devices, including laptops, smartphones and tablets. We looked at how easy each one was to use day to day, how quickly files uploaded and downloaded, and whether the mobile and desktop apps were up to scratch. We also explored what kind of features were included on each plan — things like version history, file sharing, collaborative tools and encryption settings. We moved large and small files between devices, tested syncing speeds and tried backing up folders in bulk. In most cases, it wasn't the storage platform that slowed us down, but our own internet connection. We also took into account things like how much storage you get for free, how simple it is to upgrade, and whether any extra perks like office tools or family plans were useful additions. Why you can trust us Ian Evenden has been testing cloud storage platforms for years, comparing everything from file syncing and sharing features to security and ease of use. With a background in computing and tech journalism, he's reviewed everything from Chromebooks to antivirus software for IndyBest since 2021, so he knows what makes a service stand out. The best cloud storage platforms for 2025 are:
Reuters
29 minutes ago
- Reuters
Palantir's surge to leave its mark on Russell reshuffle
NEW YORK, June 25 (Reuters) - A meteoric rally in shares of Palantir Technologies (PLTR.O), opens new tab is likely to leave its imprint on the final reconstitution by FTSE Russell of its benchmark indexes on Friday, when investors can expect a crush of trading volume heading into the closing bell. Every year, FTSE Russell reconstitutes, or refreshes, the components in its range of indexes, such as the Russell 2000 (.RUT), opens new tab index of small-cap stocks and Russell 1000 (.RUI), opens new tab index of large-cap names. Together they make up the Russell 3000 (.RUA), opens new tab index. There are also style indexes such as the Russell 1000 growth (.RLG), opens new tab and Russell 2000 value (.RUJ), opens new tab. Friday will be the last time the indexes are reconstituted by FTSE Russell once per year - other than when initial public offerings were added on a quarterly basis. The reshuffle forces fund managers to adjust their portfolios to reflect the new weightings and components. "We do pay attention to it because we own a lot of companies that are on that borderline between being in or out of the Russell 2000," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. "It does seem to be a positive, obviously, for the companies going into the index and a negative when they're coming out." As Palantir has skyrocketed more than 460% since last year's reconstitution, it is expected to move into the top 200 large-caps names in the Russell 1000, creating a void among the mid cap tech sector. Steven DeSanctis, small- and mid-cap equity strategist at Jefferies Financial Group in New York, anticipates that will create a drop of more than 11.1% for the technology sector in the Russell midcap growth index (.RMCCGB), opens new tab. In addition, he expects Palantir to see the most selling pressure by dollars from passive managers for the reconstitution. With about $10.6 trillion benchmarked to Russell US indexes, according to FTSE Russell, the final moments before the reconstitution is finalized leads to heightened volume as some investors attempt to take advantage of additional liquidity to exploit any price dislocations. "The fact that we now have non-traditional investors in the small-cap space for a couple of months does provide additional liquidity," said DeSanctis. "So if you wanted to make changes to your portfolio, you have more of an opportunity to do so in the reconstitution's time frame." At last year's reconstitution, Nasdaq said nearly 2.9 billion shares, representing a record $95.257 billion, were executed in its "Closing Cross" in 0.878 seconds across Nasdaq-listed securities, topping the prior record of $80.898 billion in 2021. Melissa Roberts, analyst at Stephens Inc in New York, is estimating a $150 billion net trade this year. While FTSE Russell occasionally makes changes to its methodology for inclusion into its indexes, this year saw little in the way of rule changes, although Russell issued a clarification on its domicile rule. "Companies are starting to have dual headquarters," said Catherine Yoshimoto, director of product management at FTSE Russell. "It's a more recent phenomenon... it's been happening over the years, but it really boils down to needing a clarification because there were enough questions around it." Companies that are now expected to be included in the Russell indexes through a change in their headquarters are Brookfield Asset Management ( opens new tab and Restaurant Brands ( opens new tab. Companies that are being added to the indexes usually see an increase in demand, but that does not always translate to a rise in prices, or what is known as the "wrong way" when the stock falls. Roberts notes that while the additions to the Russell 1000 are generally seeing a climb in price, the small-cap inclusions to the Russell 2000 have declined. "If everyone kind of has the same idea - there's this liquidity event, I have these liquidity suppliers who are picking up shares to facilitate the Russell trade in the market, I want to force back my position or I want to exit a position," Roberts said. "If everyone starts doing that, that's kind of what crowds the trade," she added.
