The 'Halftime' Investment Committee weigh in on if stocks can hit new highs
The Investment Committee debate whether stocks can hit new highs following the Fed meeting and uncertainty over Iran weighing heavily over the market. CNBC's Steve Liesman joins 'Halftime Report' to discuss the latest from Powell's Fed speech.
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Meta CTO Bosworth says OpenAI countered lucrative job offers to AI startup's employees
OpenAI CEO Sam Altman said on a podcast this week that Meta has dangled $100 million signing bonuses in front of the startup's employees, but that his company's best people have opted to stay. According to Meta technology chief Andrew Bosworth, OpenAI countered Meta's offers. "The market is setting a rate here for a level of talent which is really incredible and kind of unprecedented in my 20-year career as a technology executive," Bosworth, who joined Meta in 2006 and has been CTO since 2022, told CNBC's "Closing Bell Overtime" on Friday. The AI hiring war heated up dramatically last week, when Alexandr Wang, co-founder of Scale AI, said he will join Meta to work on superintelligence, a term for technology that exceeds human capability. Meta will invest over $14 billion in Scale AI in exchange for a 49% stake, in a deal that was targeted at luring Wang and a few of his top staffers. On Thursday, CNBC reported that Meta had sought to buy former OpenAI co-founder Ilya Sutskever's new startup Safe Superintelligence but is now hiring its CEO, Daniel Gross, and former GitHub CEO Nat Friedman. The two have a position in Safe Superintelligence through their venture firm NFDG. And earlier on Friday, CNBC confirmed that Meta reached out to startup Perplexity AI about a possible acquisition, but the deal never materialized. "We really believe in a future where a superintelligent AI is going to be helping humans at every step of the way," Bosworth said. "Wherever they could use an extra helping hand, it's there for them. And so we've been lucky to have this kind of team rally around, both external now and increasingly internal, with people like Alex Wang, this idea of superintelligence and doing what it takes to pursue that vision." In the first quarter, Meta's capital expenditures and principal payments on finance leases approached $14 billion. "Now," Bosworth said, "we're meeting that investment in personnel, and the compute and the people together are what makes it happen." Altman said on this week's podcast, hosted by his brother, that Meta had promised the bonuses on top of more than $100 million in annual compensation. OpenAI didn't respond to a request for comment. Earlier this month OpenAI said it had reached $10 billion in annualized revenue, but the company continues to rack up hefty losses.
CNBC
an hour ago
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San Francisco Fed Pres. Mary Daly: Without tariffs, Fed would be considering rate normalization
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Business Insider
2 hours ago
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Accenture is giving consulting a new name as it doubles down on AI: 'reinvention services'
After more than 35 years in the business, Accenture is giving consulting a new name: "reinvention services." The global consulting firm reported its earnings on Friday, highlighting a generally positive performance for the third fiscal quarter of 2025. The firm reported revenue of $17.7 billion, an 8% increase from this time last year. While new bookings were down 6% compared to the third quarter in 2024, Accenture CEO Julie Sweet told CNBC on Friday that the firm was "really pleased" with its bookings and that demand for its services could be seen in its revenue. Sweet said on the earnings call that AI is the firm's strongest bet for creating new demand and that to maximize AI's potential, the firm is consolidating its strategy, consulting, song, technology, and operations services into a single unit known as "reinvention services," starting September 1. "What we're going to do now is make it even easier to bring those solutions, embed data and AI, so we can really scale across our client base and into new markets using our reinvention services," Sweet told CNBC. What consultants do sometimes needs to be explained, and "reinvention services" is no exception. In both her CNBC interview and the earnings call on Friday, Sweet shared several examples of the company's AI-powered reinvention work, which — following its reorganization — the firm will be able to execute more efficiently, she said. In one example, she said Accenture is working with Italian shipbuilding company Fincantieri to launch the first AI-powered ship in 2025. Sweet told CNBC that the ship will be able to "predict its maintenance, manage its energy use on its own, and talk to the dock" before it arrives at its destination. She said Accenture's work to modernize the manufacturing process for Bel, maker of Laughing Cow cheese, would also fall under this new department, as would its collaboration with Brazilian mining company Vale to expedite environmental licensing and permits. She also said the firm is creating AI-generated 3D avatars of physical products for coffee brands like Nescafé, Dolce Gusto, and Nespresso to reduce the time and cost of developing marketing campaigns, which would also fall under the new reinvention services department. Sweet told CNBC that AI can be a "tool" to help companies navigate the future, but to reap the benefits, it will also need to be "disruptive."
