Chat GPT: the AI-powered chatbot makes headlines this week.
1. ChatGPT, fix my Excel sheet
Microsoft is reportedly considering investing $10 billion in language model provider OpenAI, the company behind ChatGPT, a cutting-edge AI language model. The investment would give Microsoft a significant stake in the company and provide OpenAI with the resources to further develop and improve ChatGPT.
The move would also place Microsoft in a strong position to compete with other tech giants such as Google and Amazon, who are also investing heavily in AI language models. The Seattle company is reportedly planning to expand its AI research and development efforts, with the potential integration of the AI-bot into MS Office in the near future.
2. Bed, Bath and Beyond Expectations
Retail traders have sent shares of Bed Bath & Beyond Inc. soaring, with the stock almost quadrupling in value in the last few days. The surge is being driven by a group of retail traders who have been buying shares of the struggling home goods retailer on social media platforms and online forums, and encouraging others to do the same.
The move has led to a frenzy of buying activity, with shares of the company rising from around $7 to more than $20 in just a few days. It’s unclear how long the surge in stock prices will last, but the retail traders behind the movement are showing no signs of slowing down.
3. Subway’s $10 billion sandwich sale
Fast-food chain Subway is exploring a potential sale of its business, valuing the company at over $10 billion. The process is said to be in its early stages, but the company has already begun reaching out to potential buyers.
The company was hit hard by the pandemic, but has since recovered strongly and is looking to adapt to the new changes in the industry and the new normal. However, the financing required for a business valued at around $10 billion may rule out some bidders in the private equity space.
4. Goldman Sachs rings the recession sirens
Goldman Sachs, one of the most prestigious banks on Wall Street, has announced that it will be laying off as many as 3,200 employees, as the bank faces a difficult economic environment. This comes as several other major U.S. companies such as Amazon, Salesforce and McDonald’s have also announced layoffs this year.
The job cuts at Goldman Sachs illustrate how the challenging economic climate is affecting not only employees at big corporations but also those working at one of Wall Street’s largest banks.
5. Ferrari unfriends Velas
Ferrari has ended its partnership with Swiss firm Velas, a blockchain company, as the relationship between the two companies have soured. The Italian luxury car maker had announced in September 2020 that it was joining forces with Velas to develop digital collectibles for fans.
However, the partnership has now seemed to have come to an end and Velas will no longer be working with Ferrari. The reason for the end of the partnership is unclear, but it’s suggested that the two companies have had some sort of falling out and the possibility of litigation is near.
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