Historical Backdrop The 2008 Financial Crisis as the Catalyst Centralized System Failures: The 2008 crisis exposed deep flaws in traditional finance, where banks tightened credit access and engaged in predatory lending—leaving millions in foreclosure. Community-Driven Credit: In response, John Coates championed a method called “credit piggybacking,” enabling those with weaker credit to improve their scores […]
Artificial Intelligence
South Korean Telcos Fined for False 5G Advertising Claims
The South Korean government has fined the country’s three mobile network operators for making exaggerated claims about the capabilities of their 5G services. The Korean Fair Trade Commission found that SK Telecom, KT Corp, and LG U+ had falsely advertised the speed of their 5G services, including their own offerings. The telcos had claimed to offer 20 Gbps services, although such speeds are not achievable in real-world environments. The fines, totaling 33.6 billion won (US$25.5 million), are the second-highest ever imposed by the FTC for illegal advertising. While the fines may not be significant for the telecoms operators, they demonstrate that even leading 5G markets are not immune to overplaying new services to attract customers. This case is the first time telcos have been held to account for illegally advertising network speeds.
Google Turns Defensive to Protect Its AI Leadership and Future Amidst ChatGPTs Rise
Google, a tech giant and leader in artificial intelligence (AI), has recently adopted a defensive stance to protect its AI leadership and future amidst the rise of OpenAI’s ChatGPT. Google’s research teams have played a crucial role in the AI revolution, sharing their knowledge and creating the latest technologies. However, ChatGPT’s advances have prompted a policy shift within Google, with Jeff Dean, Head of AI, announcing that researchers must hold off sharing their work with the outside world. The change is part of a larger shift inside Google, as the company seeks to protect its core search business, stock price, and future by focusing on AI. Google CEO, Sundar Pichai, has warned about the potential harm of AI on a societal scale, stressing the importance of caution. This shift in policy marks a significant development in the company’s strategy, as it seeks to retain its position as a leader in AI.
Nordstrom Closes All San Francisco Stores Due to Citys Soaring Crime Rates and Changing Dynamics
Nordstrom has made the decision to close all of its San Francisco stores due to the city’s “changed dynamics” and soaring crime rates. The Westfield Mall location will close by the end of August, while the Nordstrom Rack across the street will close by July 1. Other major retailers, including Whole Foods and Office Depot, have also closed their San Francisco locations due to the deteriorating situation in the downtown area. In response to the rampant crime, Target has implemented security measures, such as locking up their entire stock behind glass, in an effort to deter shoplifters. Nordstrom’s chief stores officer, Jamie Nordstrom, attributed the reduced foot traffic and inability to operate successfully in San Francisco as reasons for the closures. The decision to close all San Francisco stores will undoubtedly have a significant impact on the city’s retail industry.
Texas Regulators Crack Down on Fake Elon Musk Coin and AI Investment Scam
The Lone Star State is taking action against scammers who are targeting unsuspecting investors with fake Elon Musk coins and AI scams. In a bid to crack down on fraudulent activity, Texas regulators have filed an emergency cease and desist order against Horatiu Charlie Caragaceanu, The Shark of Wall Street, and Hedge4.ai, demanding the termination of an “Artificial intelligence investment scam” that promotes TruthGPT Coin using fake animated avatars and images of Tesla and Twitter CEO Elon Musk. The Texas State Securities Board is proactively investigating trendy offerings that may pose a threat to the public, and TruthGPT Coin and its creator came to their attention during routine market surveillance looking into various artificial intelligence offerings. The TruthGPT Coin and Elon Musk AI Token were launched in March as a new digital asset investment campaign, and the tokens are being marketed online through avatars portraying Elon Musk endorsing TruthGPT Coin and comparing it to ChatGPT, with the claim that purchasers can earn up to 1,000 times their investment. Texas regulators are raising the alarm over scammers capitalizing on the massive popularity of AI tools, and are taking every step possible to protect investors from fraudulent activities.
Unlocking the Power of UltraFICO A Guide to the New Credit Scoring Model
The UltraFICO Score is a new credit scoring model that takes into account your banking activity when calculating your credit score. This innovative scoring model is designed to help people with limited credit history or those who want to boost their credit score. By including information from your deposit accounts, such as savings accounts, checking accounts, and money market accounts, UltraFICO can give you a higher credit score and increase your chances of getting approved for credit or qualifying for a better interest rate. However, UltraFICO is only available for your Experian credit report and is in the pilot phase, so it may not be an option for everyone. To use UltraFICO, you’ll need to apply for credit with a lender and agree to share additional information needed to generate an UltraFICO Score. Additionally, there are other tools and tips you can use to maintain a healthy credit history and boost your credit score.
Chegg Shares Plummet 40 Following ChatGPTs Effect on Business Growth
Chegg shares drop 40% after company says ChatGPT is killing its business
Chegg beat first-quarter expectations on the top and bottom lines but issued a weak second-quarter revenue outlook. Chegg shares tumbled after the online education company said ChatGPT is hurting its growth. “In the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on new sign-ups,” CEO Dan Rosensweig said during the earnings call Monday evening. “However, since March we saw a significant spike in student interest in ChatGPT. We now believe it’s having an impact on our new customer growth rate.”
PACW Plummets Over 50 on News of Strategic Options Consideration by Bank
PacWest Bancorp is currently weighing strategic options, including a possible sale, which has caused the bank’s shares to plummet more than 50% in after-hours trading. According to sources, Piper Sandler and Stephens have been brought in to evaluate longer-term plans for the business. Many West Coast regional banks have been hit hard since the collapse of Silicon Valley Bank in March due to concerns that their customer bases are similar. First Republic Bank was also recently seized by regulators and sold to JPMorgan Chase. PacWest’s market cap is roughly $750 million and the stock is down by 72% this year. The bank’s shares declined nearly 2% during the regular session on Wednesday, marking their fifth straight losing day.
Patrick BetDavid Offers Tucker Carlson 100 Million to Join Valuetainment A Noble and Necessary Effort to Redefine the Future of Media
Patrick BetDavid, the founder of Valuetainment, has made a bold move to redefine the future of media. He has offered Tucker Carlson, the popular Fox News host, $100 million and a board seat to join Valuetainment in an effort for truth and liberty. Valuetainment’s vision for the future of media is to create a place for fair debate, commentary, and accessible truth. BetDavid believes that a partnership with Carlson is a noble and necessary effort to achieve this goal. The importance of Valuetainment’s offer to Tucker Carlson and the future of American media cannot be overstated. This short clip shows BetDavid making the offer to Carlson on the Megyn Kelly show and tweeting the details. BetDavid’s convictions about freedom, liberty, and truth run deep, and he believes that Valuetainment is the perfect fit for Carlson in America. While Valuetainment may not be the biggest media company, it is a new media leader driving into the future to make truth, fair debate, and commentary more accessible, consumable, and protected. BetDavid’s offer is 100% serious, and he respectfully awaits Carlson’s response.
AI Software ChatGPT Could Create a New Religion with its Own Sacred Texts Warns Historian
According to historian Yuval Noah Harari, AI software ChatGPT has the potential to create a new religion with its own sacred texts. Harari, known for his bestselling book Sapiens, suggests that the software’s mastery of language could attract worshippers by crafting its own revered texts. Speaking at a science conference, Harari emphasized the need for regulation in the AI sector, which is currently embroiled in a “dangerous” arms race. He warns that we may soon see the first cults and religions in history whose texts were written by non-human intelligence. As AI continues to evolve and shape human culture, the future of religion may become a non-human intelligence faith.
AI Pioneer Geoffrey Hinton Quits Google and Warns of Growing Dangers in the Field
Artificial intelligence pioneer, Geoffrey Hinton, has resigned from Google and issued a warning to the tech industry about the growing dangers of AI. Dr. Hinton, widely considered as the godfather of AI, expressed regret about his work and cited chatbots as a potential threat. He explained that current AI systems like ChatGPT, which were built on his pioneering research on neural networks and deep learning, could soon overtake human intelligence in terms of general knowledge. Although reasoning is not yet as advanced, the rate of progress is expected to be rapid, raising concerns about the potential risks. In his statement to the New York Times, Dr. Hinton highlighted the need for caution and mitigation of these threats. His resignation, at the age of 75, was also influenced by his desire to retire.
Revolutionizing the Cinema Industry How ElevenLabs Generative AI Technology is Transforming Audio Dubbing
ElevenLabs has emerged as a pioneering force in audio AI technology, with a focus on transforming audio dubbing in the cinema industry. The company’s generative AI technology is breaking down barriers in the industry, offering a new approach to achieving high-quality audio dubbing that is both faster and more cost-effective. With the ability to generate high-quality audio tracks in multiple languages, ElevenLabs’ AI technology is revolutionizing audio dubbing in film, enabling the creation of localized content that meets the demands of international audiences. As the cinema industry looks towards the future, ElevenLabs’ generative AI for audio dubbing promises to elevate the cinema experience, offering a new level of quality and efficiency that will transform the way we watch movies.
Introducing Call Annie ChatGPTs AIPowered Digital Avatar for Video Chat on iPhone
If you’re an iPhone user looking for a virtual assistant with a little more personality, the Call Annie app might be just what you need. Developed by ChatGPT, this free app features a female digital avatar who can chat with you about anything from the weather to your upcoming schedule. Powered by artificial intelligence (AI), Annie can also act as a tutor, problem-solver, or companion, depending on your needs. With its realistic facial motions and speedy responses, the app gives Annie a surprisingly human presence — although you won’t mistake her for a real person. To use the video call mode, you’ll need an iPhone 12 or later model, but audio calls will work on older devices as well. If you’re looking for a new virtual friend to chat with, why not give Call Annie a try?
Regional Bank Stocks Plummet as First Republic Failure Sparks Investor Concerns
Regional Bank Stocks Plummet as First Republic Failure Sparks Investor Concerns
PacWest falls more than 20% as regional bank stocks slide to new lows
Regional bank stocks saw their losses for the week deepen as investors digest the failure of First Republic. The California-based bank was not the only regional lender under pressure. Shares of Western Alliance dropped 15%. The SPDR S&P Regional Banking ETF (KRE) sank 6.3%. The steep declines deepened losses in the sector from Monday. Over the weekend, regulators seized troubled regional bank First Republic and sold it to JPMorgan Chase. First Republic is the third failure of a large regional bank this year, following Silicon Valley Bank and Signature Bank in March.
The reasons for Tuesday’s declines were not immediately clear. JPMorgan Chase CEO Jamie Dimon said Monday that the initial phase of the regional bank crisis was “over,” and there was cautious optimism among Wall Street analysts that the deposit flight issues had been contained. First Republic reported a decline in deposits of about 40% during the first quarter, raising questions about how the bank could survive on its own. Most other regional banks reported smaller deposit declines, however, and some, such as PacWest, reported that deposits began rebounding in late March.
First Republic Bank Failure Sparks Concerns for US Banking System and Economy
The recent collapse of First Republic Bank has sparked concerns about the stability of the U.S. banking system and its impact on the broader economy. With nearly $230 billion in assets, the bank’s failure marks the second-largest bank collapse in the nation’s history, highlighting vulnerabilities in the banking industry. Moreover, U.S. banks are facing unrealized losses of up to $1.7 trillion due to economic uncertainty. The commercial real estate industry poses a significant risk to regional banks, with small and regional banks accounting for 80 percent of the $3.1 trillion in commercial mortgages. As remote work gains popularity, office buildings have lost value, leading to an increased likelihood of defaults. Market selloffs and bank runs could further threaten the stability of the U.S. banking system, as evidenced by the 2.4 percent dip in the exchange-traded fund for regional banks such as First Republic. Meanwhile, JPMorgan’s stock rose 2.3 percent on Monday.
Elon Musk Warns of Looming Recession Based on Data from His Companies
Elon Musk, the serial entrepreneur and CEO of companies like Tesla and SpaceX, has issued a dire warning about the state of the U.S. economy. According to Musk, data from his various companies indicates that the country is already in a “mild recession,” with the potential for things to worsen in the near future. While some may argue that Musk’s lack of formal economic training disqualifies him from making such predictions, he maintains that his unique position as a business leader allows him to accurately gauge the pulse of the economy. In particular, he has been critical of the Federal Reserve’s monetary policy, which he believes is weakening the economy and risking a potential recession. Despite the uncertainty surrounding the economy and its future, Musk believes that entrepreneurs like himself can serve as compasses for both consumers and policy makers, helping to guide the country through these challenging times.
First Republic Bank Reports 100B in Deposits Pulled During Crisis as Large Banks Step in to Save the Day
First Republic Bank Reports $100B in Deposits Pulled During Crisis as Large Banks Step in to Save the Day
Depositors at First Republic Bank pulled more than $100 billion in deposits out of the bank during last month’s crisis, according to the bank’s first quarter results. Fears swirled that it could be the third bank to fail in the wake of the collapse of Silicon Valley Bank and Signature Bank. However, a group of large banks stepped in to save the day by depositing $30 billion in uninsured deposits in First Republic. The bank’s profits fell 33% from a year earlier and revenues were down 13%, signaling the impact of the crisis. Nevertheless, with the help of other large banks, First Republic was able to prevent further damage and look to the future of the banking industry in the midst of uncertain times.
Enhancing ChatGPT Performance Effective Prompt Engineering Techniques
Enhancing ChatGPT Performance Effective Prompt Engineering Techniques
Many users struggle to use ChatGPT effectively due to poor prompts. To improve results, employ prompt engineering techniques such as few-shot standard prompts, role prompting, adding personality, and chain of thought prompting.
- Introduction: The Challenge of Using ChatGPT Effectively Due to Poor Prompts
- Boosting ChatGPT Performance: The Power of Prompt Engineering Techniques
- Few-Shot Standard Prompts: A Guide for Guiding ChatGPT
- Role Prompting: How to Instruct ChatGPT to Assume Specific Roles
- Enhancing ChatGPT Performance with Personality and Chain of Thought Prompts
Few-shot standard prompts involve providing examples of the desired task, helping guide the model to the correct output. Including random labels from the label space can also help improve results. Role prompting instructs the model to assume a specific role, such as a hiring manager or language tutor. Start prompts with “Act as a…” and provide sufficient detail for the model to adopt the desired role. Adding personality to prompts involves incorporating style and descriptors to adjust the tone and formality of the output. This can result in a more engaging and unique text. Chain of thought prompting encourages the model to provide intermediate reasoning steps before giving the final answer. This can lead to more accurate results, especially for arithmetic, commonsense, and symbolic reasoning tasks.
Elon Musk Plans to Create Maximum TruthSeeking AI with Chatbot TruthGPT to Counter OpenAI and Google
Elon Musk has announced his intention to create a chatbot called TruthGPT, which he describes as a “maximum truth-seeking AI”. Musk plans to counter the offerings from OpenAI and Google, and to create an AI that is more focused on “understanding the universe” than on manipulating public opinion or causing “civilizational destruction”. Musk has previously been critical of OpenAI, accusing them of training AI models to be politically correct and becoming “closed sourced”. He has also expressed concerns about the power of AI and the potential dangers it poses to humanity. While it’s not clear what Musk’s exact plans are for TruthGPT, he has recruited former DeepMind employee Igor Babuschkin to work on the project. As TechCrunch notes, Musk doesn’t need to create a cutting-edge product to make an impact, as he has billions of dollars at his disposal. It is also worth noting that TruthGPT may be a temporary project name, as OpenAI has applied for a trademark for the term “GPT”.
The Week in AI ChatBots Multiply and the Quest for Maximum TruthSeeking Continues
The world of AI is fast-moving and constantly evolving, with new developments and technologies emerging every day. This week saw multiple stories that caught the attention of industry experts and observers alike. One such story involved ChatBots multiplying at an alarming rate, with new models and iterations being released regularly. However, not all of these models are equal in accuracy or reliability, as evidenced by the recent report on ChatGPT’s inaccuracies in Chinese dialects compared to English. Another example of the technical flaws that are still present in generative AI can be seen in Hugging Face’s conversational AI, HuggingChat, which has been found to give inconsistent and even bizarre answers to basic questions. Despite these challenges, there are renewed efforts to improve text-generating AI, such as Nvidia’s NeMo Guardrails, which aims to make AI safer and more reliable through open-source code and documentation. As the quest for maximum truth-seeking in AI continues, it is important to remain vigilant and aware of the limitations and biases that still exist in these systems.
Hackers Target ATT Email Accounts to Steal Cryptocurrency What You Need to Know
Hackers are targeting AT&T email accounts with the intention of stealing cryptocurrency, and it’s important for users to be aware of this threat. The attack involves accessing the victim’s email account and then using that access to hack into their cryptocurrency exchange’s account. According to an anonymous source, the hackers are able to do this because they have access to a part of AT&T’s internal network, which allows them to create mail keys for any user. AT&T email users are at risk for cryptocurrency theft, and it’s crucial to take steps to protect your cryptocurrency. This article covers the mechanics of the attack, the reasons AT&T email users are vulnerable, and offers advice on how to secure your email account and recover your cryptocurrency if it has been stolen.
