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👉 Elon is suing ChatGPT
👉 NYCB reports more problems
👉 China’s rational consumer
ELON: Suing ChatGPT
Elon Musk is suing OpenAI and its CEO, Sam Altman. He says they stopped working on their original goal, which was to make artificial intelligence (AI) that helps everyone. The lawsuit, filed in San Francisco, argues that OpenAI has focused too much on making money for Microsoft instead of benefiting humanity. Musk, who helped start OpenAI and left in 2018, wants the company to go back to its mission of developing AI for the public good.
Source: India Today
This lawsuit comes at a time when AI, especially OpenAI's ChatGPT, is getting a lot of attention worldwide. Musk and Altman are two big names in technology, and their legal battle is happening when AI is very popular. Meanwhile, Microsoft, which has invested a lot of money in OpenAI, is working with other AI companies to grow its business. This situation highlights the ongoing debates about how AI should be developed and used.
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NYCB: Reports More Problems
New York Community Bancorp reported significant issues with its loan risk management. This led to leadership changes and a substantial write-down of previously acquired companies' value. The company announced Alessandro DiNello as the new CEO, replacing Thomas Cangemi.
Source: WSJ
This news comes amidst a delay in the annual report filing due to the need for enhanced controls, which is attributed to weak oversight and risk management. The firm also recognized a $2.4 billion goodwill impairment from past acquisitions, which doesn't impact its regulatory capital. The stock price fell sharply, continuing a 53% decline through the year, exacerbated by concerns over loan coverage and the impact of stricter rent controls in New York on its primary business of apartment lending.
CHINA: Rational Consumers
Yum China's CEO, Joey Wat, sees Chinese consumers being smarter with their money even as the economy slows. Yum China's stock dropped 27%, but its sales have recently grown by 19%, thanks to new stores and better sales in existing ones.
Source: Watcher.Guru
Despite high living costs in big cities reducing people's spending power, Yum China is doing well in smaller cities where people have more money to spend. The company, mainly known for KFC, also manages Pizza Hut and Lavazza coffee shops and attracts customers by offering both affordable and premium options. This strategy helps them cater to everyone, from those looking for deals to those wanting to splurge.
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