Good morning. US stock futures inched higher in Monday morning trading as investors gear up for earnings of major players in the artificial intelligence space against the backdrop of a shortened Thanksgiving week.
🤖 An AI saga for the ages!
📝 Our report: OpenAI, the brains behind super chatbot ChatGPT is in the news for something other than artificial intelligence — the company finds itself in the midst of a strange management kerfuffle! Company CEO Sam Altman was effectively fired after OpenAI’s board said they “no longer had confidence in his ability to continue leading OpenAI”.
The plot twist doesn’t end with Altman being fired as less than 48 hours later, the former CEO was summoned to the company’s headquarters to discuss the possibility of returning to lead the hottest tech startup in the world.
Just last month, reports surfaced that OpenAI was in talks with investors to sell employee shares at an astonishing $86 billion valuation.
The biggest plot twist however comes as major OpenAI investor Microsoft announced that it was hiring Altman as head of its artificial intelligence research unit.
💡 So what: The firing of Sam Altman — and subsequent hiring by Microsoft — has sent shockwaves through the artificial intelligence and broader tech community as Altman has been seen as the face of generative AI in recent times. In the mean time AI continues to face the watchful eye of regulators and governments around the world who fixate on keeping the fast-growing technology safe and wholesome for public use.
Monday - Richmond Fed President Barkin Speaks
Tuesday - FOMC October Meeting Minutes
Wednesday - No Major Economic News
Thursday - No Major Economic News
Friday - No Major Economic News
📈 Investing legend Charlie Munger shares his keys to investing success and life
✈️ Airlines gear up for record Thanksgiving travel
WHY: The year-end holidays are a crucial time for airlines to drum up revenue. Outside of peak holiday or other high-demand periods, carriers have turned to discounting fares or scaling back growth as consumers’ frenetic post-pandemic travel settles back to historical norms.
🤖 EU powers reach agreement on AI regulation
WHY: In June, the European Parliament presented an "AI Act" designed to contain the risks of AI applications and avoid discriminatory effects, while harnessing the innovative power of AI.
🏢 No office time, no promotion says Amazon
WHY: Like much of the broader business world, Amazon has faced some employee resistance to this mandate. At the end of May, some corporate workers staged a walkout at Amazon’s Seattle headquarters, citing multiple grievances, including the push to get workers back in the office at least three days a week.
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