Citi prepares for tokenised future as stablecoins gain ground
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
3 minutes ago
- CNA
Meta names ChatGPT co-creator as chief scientist of Superintelligence Lab
NEW YORK :Meta Platforms has appointed Shengjia Zhao, co-creator of ChatGPT, as chief scientist of its Superintelligence Lab, CEO Mark Zuckerberg said on Friday, as the company accelerates its push into advanced AI. "In this role, Shengjia will set the research agenda and scientific direction for our new lab working directly with me and Alex," Zuckerberg wrote in a Threads post, referring to Meta's Chief AI Officer Alexandr Wang, who Zuckerberg hired from startup Scale AI when Meta took a big stake in it. Zhao, a former research scientist at OpenAI, co-created ChatGPT, GPT-4 and several of OpenAI's mini models, including 4.1 and o3. He is among several researchers who have moved from OpenAI to Meta in recent weeks, part of a broader talent arms race as Zuckerberg aggressively hires from rivals to close the gap in advanced AI. Meta has been offering some of Silicon Valley's most lucrative pay packages and striking startup deals to attract top researchers, a strategy that follows the underwhelming performance of its Llama 4 model. Meta launched the Superintelligence Lab recently to consolidate work on its Llama models and long‑term artificial general intelligence ambitions. Zhao is a co-founder of the lab, according to the Threads post, which operates separately from FAIR, Meta's established AI research division led by deep learning pioneer Yann LeCun. Zuckerberg has said Meta aims to build 'full general intelligence' and release its work as open source — a strategy that has drawn both praise and concern within the AI community.
CNA
3 minutes ago
- CNA
Tesla gets multiple shareholder proposals related to investment in xAI
Tesla said on Friday it has received a number of shareholder proposals regarding the automaker investing in CEO Elon Musk's artificial intelligence startup xAI. Musk earlier in July ruled out a merger between Tesla and xAI but said he plans to hold a shareholder vote on investment in the startup by the automaker. Tesla, which will hold its annual shareholder meeting on November 6, said it will only include one proposal on each topic in its proxy statement, in accordance with SEC rules. Earlier this month, the board set July 31 as the deadline for the submission of shareholder proposals to be included in the proxy statement.
CNA
2 hours ago
- CNA
Wall Street ends higher, dollar firms ahead of a big week for market risk
NEW YORK :U.S. stocks advanced and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and U.S. President Donald Trump's August 1 deadline for negotiating trade deals. "There's increasing confidence that the economy won't be derailed by tariffs," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "In the meantime, companies are reporting good earnings, the economic numbers are coming in within the range and people want to own stocks. They don't want to miss out." All three indexes closed in positive territory and notched weekly gains. The S&P 500 and the Nasdaq logged fresh record closing highs and the blue-chip Dow ended 0.25 per cent shy of its all-time closing level reached on December 24, 2024. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. With Trump's negotiating deadline just a week away, the U.S. and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday. Intel's shares INTC.O dropped 8.5 per cent after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the U.S. and Europe. More than a third of the companies in the S&P 500 have posted results, 80 per cent of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7 per cent, compared with the 5.8 per cent estimate as of July 1. Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks - Amazon, Apple, Meta and Microsoft are on next week's earnings docket, and market participants will scrutinize the companies' conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance. U.S. economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks. The Fed is expected to convene next week for a two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25 per cent to 4.50 per cent range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates. "The Fed is going to do what it's going to do and Powell is going to stay in his job," Martin added. "The economy is doing great, so they really don't need to lower short-term interest rates." "Inflation is still a question, so they're better off not lowering rates if they don't have to," Martin said. The Dow Jones Industrial Average rose 208.01 points, or 0.47 per cent, to 44,901.92, the S&P 500 rose 25.30 points, or 0.40 per cent, to 6,388.65 and the Nasdaq Composite rose 50.36 points, or 0.24 per cent, to 21,108.32. European shares settled lower as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. MSCI's gauge of stocks across the globe rose 0.47 points, or 0.05 per cent, to 941.82. MSCI's gauge of stocks across the globe rose 0.01 points, or 0.00 per cent, to 941.36. The pan-European STOXX 600 index fell 0.29 per cent, while Europe's broad FTSEurofirst 300 index fell 5.79 points, or 0.27 per cent Emerging market stocks fell 10.29 points, or 0.81 per cent, to 1,257.00. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.93 per cent, to 661.17, while Japan's Nikkei fell 370.11 points, or 0.88 per cent, to 41,456.23. The yield on benchmark U.S. 10-year notes fell 2.4 basis points to 4.384 per cent, from 4.408 per cent late on Thursday. The U.S. dollar gained strength but remained on course for its biggest drop in a month as investors focused on economic data, tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.23 per cent to 97.68, with the euro down 0.11 per cent at $1.1741. Against the Japanese yen, the dollar strengthened 0.44 per cent to 147.65. In cryptocurrencies, bitcoin fell 1.66 per cent to $116,805.28. Ethereum declined 2.52 per cent to $3,645.63. Oil prices softened as investors mulled downbeat economic news and signs of growing supply, despite optimism that U.S. trade deals could boost global economic growth. U.S. crude fell 1.32 per cent to $65.16 per barrel, while Brent fell to $68.44 per barrel, down 1.07 per cent on the day. Gold prices dropped in opposition to the firming dollar, amid signs of progress in U.S.-EU trade talks. Spot gold fell 0.9 per cent to $3,337.66 an ounce. U.S. gold futures fell 1.24 per cent to $3,329.10 an ounce.
