- GRIT
- Posts
- EU Sets AI Benchmark
Good Morning! 👋
Happy Wednesday! The week is halfway done:
👉 European Union introduces AI regulation
👉 IBM cuts jobs
👉 Family Dollar, Dollar Tree store closures
AI: EU Regulation
The European Union has introduced a landmark AI Act to regulate the rapidly evolving field of artificial intelligence, aiming to set a global standard for AI safety and ethics. This groundbreaking legislation focuses on protecting privacy, preventing bias, and controlling AI's use in critical areas like employment and education. Despite its intentions, the Act has received mixed reactions, with some arguing it's too strict and others saying it doesn't go far enough.
Source: The Street
The law is nearly final, and only formal approval by EU member states and publication is needed. It introduces restrictions on AI, such as bans on emotional detection in schools and workplaces, and limits on AI in high-stakes decisions. Concerns have been raised about the Act's impact on innovation and the influence of big tech companies. The EU plans to enforce the new rules through an AI Office, highlighting ongoing efforts to manage AI's challenges and opportunities effectively.
🎯 GRIT TAKE: This is massive news for the entire...Upgrade to GRIT VIP to read the full GRIT Take!
Interested in learning how to invest in small-cap stocks? Sign up for our latest email course, Investing In Small Cap Stocks!
IBM: Job Cuts
IBM announced job cuts in its marketing and communications team on Tuesday. The move is part of IBM's ongoing shift towards AI, highlighted by CEO Arvind Krishna's efforts to upgrade employee AI skills significantly. This follows an earlier decision to replace nearly 8,000 jobs with AI and a reduction of 3,900 positions last year.
Source: IBM
These layoffs are part of a larger wave of job cuts across the tech industry, with over 200 companies laying off nearly 50,000 workers this year. Despite these cuts, IBM has seen some growth, with a 4% increase in fourth-quarter revenue and efforts to adapt to the growing AI market. The company introduced WatsonX, an AI development studio, to stay competitive in the AI field against major players like Microsoft, Google, and Amazon.
CLOSING: Family Dollar and Dollar Tree
Family Dollar is closing around 1,000 stores due to inflation affecting customer spending and profits. In 2024, 600 stores will close, with 370 more shutting down gradually as their leases end. Its parent company, Dollar Tree, will also close 30 stores. Dollar Tree bought Family Dollar in 2015 for $8.5 billion, hoping to save costs and compete with larger retailers.
Source: Dollar Tree
However, merging Family Dollar has been difficult, with many stores still in bad shape despite renovations. The discount retail sector has become tougher with more competition, inflation, and store closures. Family Dollar also faced a record $41.6 million fine this year for selling unsafe products from a rat-infested warehouse.
Headlines You Need To Know: 🎙
Petco CEO is out
Oil prices rise as US inventories fall
How TikTok was blindsided
The presidential rematch is set
Cancer clinics face a cash crunch
Chart of the Day
📊 Apple falls behind in China phone sales
Source: Statista
GRIT Meme of the Day 😂
Tag GRIT Capital on social media for a chance to be featured in our meme or Tweet of the day in our GRIT daily newsletter! 👇
Source: @wallstreetoasis
Do you have feedback to share? Click HERE.
Interested in being featured in our GRIT Newsletters? Click below!
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Grit is a publisher of financial information, not an investment advisor. Grit does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Grit does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Grit undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
Grit does not accept any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.
By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
Please read: Terms of Use, Privacy Policy, Disclosure Policy, State Disclosure Policy, and Disclaimer Policy
If you have any questions please contact us at help@gritcap.io
Join the conversation