Latest news with #MenloPark
Globe and Mail
2 hours ago
- Business
- Globe and Mail
Beyond Free Trades: 3 Ways Robinhood Continues to Innovate
Founded a little over a decade ago, Robinhood Markets Inc. ( HOOD ) broke into an industry filled with dominant, legacy players such as Charles Schwab ( SCHW ), Interactive Brokers ( IBKR ), and even JP Morgan Chase ( JPM ). How did an obscure Menlo Park, California, start-up rise from obscurity to dominance? Founder and CEO Vladimir Tenev had a simple but revolutionary idea to disrupt a financial services industry ripe for disruption. Tenev needed a way to gain a foothold with young investors who had heard horror stories from their parents about the pitfalls of investing, including the dot com bust and the Global Financial Crisis (which had occurred 5 years before Robinhood's founding). As the name 'Robinhood' implies, Tenev set off on a mission to 'democratize' investing by offering commission-free stock trading (where the company would earn revenue from Payment for Order Flow (PFOF) & margin & securities lending). As a result, HOOD has broken into the younger demographic (with an average user of 35 years old), turned the profit spigot on, and has grown sales each year since 2022, achieving full-year revenue of nearly #3 billion in 2024. Despite Robinhood's monumental success thus far, Tenev and his team continue to innovate better than anyone else in the industry. Below are three of Robinhood's most exciting innovations. Invest America: Democratizing Capitalism 'Compound interest is the eighth wonder of the world.' ~ Albert Einstein Yesterday, Vlad Tenev, along with several Fortune 500 CEOs, including Dell Technologies ( DELL ) CEO Michael Dell, Goldman Sachs ( GS ) CEO David Solomon, and Uber ( UBER ) CEO Dara Khosrowshahi, joined President Trump in the White House to announce the 'Invest America' plan. As part of Trump's 'Big Beautiful Bill,' Invest America will fund $1,000 accounts for every child born in America that will track a stock market index. According to the White House website, the plan 'will afford a generation of children the chance to experience the miracle of compounded growth and set them on a course for prosperity from the very beginning.' While the plan will undoubtedly help America's youth, HOOD stands to benefit dramatically. Because the meeting of the minds was spearheaded by Brad Gerstner, whose Altimeter Capital Management added $120 million worth of HOOD stock in Q1, Robinhood has the clear advantage of benefitting from the Invest America Plan. Not only does HOOD cater to a younger demographic, but the firm has already revealed a UI for the proposed 'Trump Accounts.' Robinhood 'Gold Card' Amasses Massive Waiting List In March 2024, Robinhood entered the credit card market with its 'Gold Card.' The Gold Card has amassed a massive following a waitlist due to its generous rewards rate, which offers 3% cash back on all purchases and 5% back on travel purchases through Robinhood's travel offering. Beyond Investing: Robinhood Adds Crypto & Betting Markets If you think about what made companies like Apple ( AAPL ) such magnificent stocks over the years, the genius is in the ecosystem. For instance, AAPL started with computers, later branching out to MP3s, iPhones, AirPods, music, apps, and much more. Robinhood is mimicking the ecosystem idea in markets. In addition to stocks, Robinhood users can bet on political contracts and invest in cryptocurrencies like Bitcoin and Ethereum. Bottom Line Through genius innovations like commission-free trading, Invest America, Gold Card, and crypto and betting markets, Robinhood is becoming a juggernaut in the highly competitive fintech space. With its one-stop shop approach, the company is acquiring users rapidly, making the stock a good long-term bet. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Dell Technologies Inc. (DELL): Free Stock Analysis Report The Charles Schwab Corporation (SCHW): Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report Uber Technologies, Inc. (UBER): Free Stock Analysis Report Robinhood Markets, Inc. (HOOD): Free Stock Analysis Report
Russia Today
3 hours ago
- Business
- Russia Today
Zuckerberg goes all in on ‘superintelligence' lab
Meta CEO Mark Zuckerberg is setting up a secretive 'superintelligence' lab as part of a push to lead the race toward human-level artificial intelligence, Bloomberg reported on Tuesday. People familiar with the plan told the outlet that Zuckerberg is personally recruiting from a trusted circle of AI researchers and engineers. He's looking to hire around 50 people, including a new head of AI research, and has rearranged desks at Meta's Menlo Park headquarters so the team can work close to him, the sources said. The goal, according to the report, is to help Meta outperform other tech companies in achieving artificial general intelligence (AGI) – the idea that machines can match human performance across a wide range of tasks. The move comes amid internal dissatisfaction over Meta's latest large language model, Llama 4, which reportedly failed to meet Zuckerberg's expectations. Sources say he has demanded a top-tier AI product by the end of the year, prompting teams to work long hours to meet the target. Plans to release Meta's most powerful model yet, dubbed 'Behemoth,' were reportedly also put on hold after company leadership concluded that it did not significantly improve on earlier versions, despite earlier claims that it would surpass offerings from OpenAI, Anthropic, and Google. Zuckerberg's deeper involvement marks what insiders describe as a return to 'founder mode' – a more hands-on approach to decision making. He even created a WhatsApp group called 'Recruiting Party' to coordinate talent outreach, the report said. The new lab is being formed alongside a planned multi-billion-dollar investment in Scale AI, a data infrastructure firm that helps train AI models. Its CEO, Alexandr Wang, is expected to join the team once the deal is finalized. If completed, it would be Meta's largest external investment to date. At recruitment meetings, Zuckerberg reportedly pitched Meta's strong ad revenues as a key advantage, saying the company could fund AI development without outside capital. He also mentioned plans for a massive new data center to support future models. In a memo to employees earlier this year, Zuckerberg warned that thousands more jobs could be cut in 2025 as part of wider performance-based layoffs. With AI now at the core of his strategy, the superintelligence lab marks a major shift in Meta's post-layoff direction.
CTV News
7 hours ago
- Business
- CTV News
Mark Zuckerberg is reportedly recruiting a team to build a ‘superintelligence'
Meta CEO Mark Zuckerberg is personally assembling a team to achieve a 'superintelligence,' machines that are capable of surpassing human capabilities, according to a Bloomberg report. Zuckerberg is reportedly so frustrated with Meta's efforts in the artificial intelligence space that he has taken it upon himself to meet with experts in the field at his homes in Lake Tahoe and Palo Alto, California. Meta and Zuckerberg did not immediately respond to a request for comment. Meta has created AI tools that are woven into Facebook, WhatsApp and other Meta-owned apps, as well as its Ray-Ban glasses and chatbots. But the extremely competitive AI landscape continues to be led by ChatGPT-maker OpenAI, and Meta's Llama AI model has faced some recent setbacks. Zuckerberg plans to hire about 50 people and has shifted the layout of the company's Menlo Park headquarters to put the new AI team near his office, Bloomberg reported Tuesday, citing people that asked to remain anonymous. Zuckerberg has personally taken on this task because he's frustrated with the progress of Llama 4, Meta's latest large language model, according to Bloomberg. The New York Times, which separately confirmed many details of the report, also said that Alexandr Wang, the 28-year-old founder and CEO of startup Scale AI, is part of the project with Meta mulling a billions in investment in his company. Zuckerberg has reportedly told people that the initiative would be funded by Meta's massive advertising business. It's unclear how the new team would work with Meta's existing AI team, Bloomberg said. Over the past few years, Zuckerberg has pushed increasingly further into repositioning Meta into an AI powerhouse with mixed success. His intensity in the area has sharpened following the leaps in advancement from OpenAI, a rival that raised tens of billions of dollars in funding. Zuckerberg's superintelligence goal is extremely lofty. Before AI can achieve capabilities that outmatch humans' brains, the technology first needs to become capable of accomplishing anything a human can do – a so-called artificial general intelligence. AI researchers debate how close we are to that AGI goal, with some saying we're years away and other saying we're nowhere close and we have no path to achieving it. Nevertheless, the AI race is as competitive as any tech battle in recent memory. Meta is facing off with Microsoft-backed OpenAI and Alphabet, as well as a host of other major upstarts with serious funding, including Elon Musk's xAI and Anthropic. Apple has gotten a slow start but announced some of its own AI developments this week. Many tech leaders like Zuckerberg believe AI represents an existential threat to their businesses. Meta has been trying to differentiate itself with Llama by making it open source, a free-to-use AI model that seeks to become the basis for the majority of the world's AI (think Android for artificial intelligence). Google believes AI poses a significant threat to its search business: If people can just ask an AI model for the answer, why search for anything? Apple understands that AI may ultimately make apps moot, potentially undermining its smartphone dominance. And OpenAI may have gotten a massive head start with ChatGPT, but competitors are quickly catching up.
CNN
7 hours ago
- Business
- CNN
Mark Zuckerberg is reportedly recruiting a team to build a ‘superintelligence'
Meta CEO Mark Zuckerberg is personally assembling a team to achieve a 'superintelligence,' machines that are capable of surpassing human capabilities, according to a Bloomberg report. Zuckerberg is reportedly so frustrated with Meta's efforts in the artificial intelligence space that he has taken it upon himself to meet with experts in the field at his homes in Lake Tahoe and Palo Alto, California. Meta and Zuckerberg did not immediately respond to a request for comment. Meta has created AI tools that are woven into Facebook, WhatsApp and other Meta-owned apps, as well as its Ray-Ban glasses and chatbots. But the extremely competitive AI landscape continues to be led by ChatGPT-maker OpenAI, and Meta's Llama AI model has faced some recent setbacks. Zuckerberg plans to hire about 50 people and has shifted the layout of the company's Menlo Park headquarters to put the new AI team near his office, Bloomberg reported Tuesday, citing people that asked to remain anonymous. Zuckerberg has personally taken on this task because he's frustrated with the progress of Llama 4, Meta's latest large language model, according to Bloomberg. The New York Times, which separately confirmed many details of the report, also said that Alexandr Wang, the 28-year-old founder and CEO of startup Scale AI, is part of the project with Meta mulling a billions in investment in his company. Zuckerberg has reportedly told people that the initiative would be funded by Meta's massive advertising business. It's unclear how the new team would work with Meta's existing AI team, Bloomberg said. Over the past few years, Zuckerberg has pushed increasingly further into repositioning Meta into an AI powerhouse with mixed success. His intensity in the area has sharpened following the leaps in advancement from OpenAI, a rival that raised tens of billions of dollars in funding. Zuckerberg's superintelligence goal is extremely lofty. Before AI can achieve capabilities that outmatch humans' brains, the technology first needs to become capable of accomplishing anything a human can do – a so-called artificial general intelligence. AI researchers debate how close we are to that AGI goal, with some saying we're years away and other saying we're nowhere close and we have no path to achieving it. Nevertheless, the AI race is as competitive as any tech battle in recent memory. Meta is facing off with Microsoft-backed OpenAI and Alphabet, as well as a host of other major upstarts with serious funding, including Elon Musk's xAI and Anthropic. Apple has gotten a slow start but announced some of its own AI developments this week. Many tech leaders like Zuckerberg believe AI represents an existential threat to their businesses. Meta has been trying to differentiate itself with Llama by making it open source, a free-to-use AI model that seeks to become the basis for the majority of the world's AI (think Android for artificial intelligence). Google believes AI poses a significant threat to its search business: If people can just ask an AI model for the answer, why search for anything? Apple understands that AI may ultimately make apps moot, potentially undermining its smartphone dominance. And OpenAI may have gotten a massive head start with ChatGPT, but competitors are quickly catching up. CNN's David Goldman contributed to this report.
CNN
7 hours ago
- Business
- CNN
Mark Zuckerberg is reportedly recruiting a team to build a ‘superintelligence'
Meta CEO Mark Zuckerberg is personally assembling a team to achieve a 'superintelligence,' machines that are capable of surpassing human capabilities, according to a Bloomberg report. Zuckerberg is reportedly so frustrated with Meta's efforts in the artificial intelligence space that he has taken it upon himself to meet with experts in the field at his homes in Lake Tahoe and Palo Alto, California. Meta and Zuckerberg did not immediately respond to a request for comment. Meta has created AI tools that are woven into Facebook, WhatsApp and other Meta-owned apps, as well as its Ray-Ban glasses and chatbots. But the extremely competitive AI landscape continues to be led by ChatGPT-maker OpenAI, and Meta's Llama AI model has faced some recent setbacks. Zuckerberg plans to hire about 50 people and has shifted the layout of the company's Menlo Park headquarters to put the new AI team near his office, Bloomberg reported Tuesday, citing people that asked to remain anonymous. Zuckerberg has personally taken on this task because he's frustrated with the progress of Llama 4, Meta's latest large language model, according to Bloomberg. The New York Times, which separately confirmed many details of the report, also said that Alexandr Wang, the 28-year-old founder and CEO of startup Scale AI, is part of the project with Meta mulling a billions in investment in his company. Zuckerberg has reportedly told people that the initiative would be funded by Meta's massive advertising business. It's unclear how the new team would work with Meta's existing AI team, Bloomberg said. Over the past few years, Zuckerberg has pushed increasingly further into repositioning Meta into an AI powerhouse with mixed success. His intensity in the area has sharpened following the leaps in advancement from OpenAI, a rival that raised tens of billions of dollars in funding. Zuckerberg's superintelligence goal is extremely lofty. Before AI can achieve capabilities that outmatch humans' brains, the technology first needs to become capable of accomplishing anything a human can do – a so-called artificial general intelligence. AI researchers debate how close we are to that AGI goal, with some saying we're years away and other saying we're nowhere close and we have no path to achieving it. Nevertheless, the AI race is as competitive as any tech battle in recent memory. Meta is facing off with Microsoft-backed OpenAI and Alphabet, as well as a host of other major upstarts with serious funding, including Elon Musk's xAI and Anthropic. Apple has gotten a slow start but announced some of its own AI developments this week. Many tech leaders like Zuckerberg believe AI represents an existential threat to their businesses. Meta has been trying to differentiate itself with Llama by making it open source, a free-to-use AI model that seeks to become the basis for the majority of the world's AI (think Android for artificial intelligence). Google believes AI poses a significant threat to its search business: If people can just ask an AI model for the answer, why search for anything? Apple understands that AI may ultimately make apps moot, potentially undermining its smartphone dominance. And OpenAI may have gotten a massive head start with ChatGPT, but competitors are quickly catching up. CNN's David Goldman contributed to this report.
