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.
Business
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.
Federal Reserve Hikes Interest Rates for 10th Consecutive Time and Considers Potential Pause Amidst Economic Uncertainty MarketWatch
The Federal Reserve has raised interest rates for the 10th consecutive time amidst economic uncertainty, according to a report by MarketWatch. However, the Fed has also signaled a potential pause in tightening monetary policy, stating that further tightening would depend on how the economy responds to higher rates. The Fed’s decision-making process has been influenced by factors such as cumulative tightening of monetary policy, policy lags, and economic and financial developments. The recent dovish tone of the Fed’s language suggests a more finely tuned approach at future meetings. While concerns about the growth of the economy have been the main talking points among officials, there were no dissents. This suggests that even those who have been more concerned about inflation, like Fed Gov. Christopher Waller, can work with it for now. The Fed remains determined to tame high inflation despite its softer language, leaving open the possibility of further rate hikes if necessary.
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.”
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 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.
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.
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”.
