Banks battle big tech for top mbas

Share to Twitter Share to Linkedin Topline The stock market fell on Tuesday—reversing a comeback rally a day earlier—as the months-long selloff on Wall Street persists with investors continuing to offload shares amid a gloomy profit outlook from Snap, which sent tech stocks plummeting and led to rising recession fears. Key Facts The Dow Jones Industrial Average was down 0.5%, nearly 200 points, while the S&P 500 lost 1.3% and the tech-heavy Nasdaq Composite 2.6%. The relentless market selloff resumed on Tuesday—despite a rebound led by financial stocks a day earlier, with seven straight weeks of losses briefly pushing the S&P 500 into bear market territory last Friday. “Stocks are getting hit hard” and the “main culprit is the Snap warning” from Monday evening, says Vital Knowledge founder Adam Crisafulli, after the social media company warned that it expects both quarterly sales and profit to fall short of its own estimates. … [Read more...] about Stock Market Selloff Resumes As Snap’s 40% Plunge Drags Tech Shares Lower

By Rachel Metz , CNN Business Updated 1124 GMT (1924 HKT) May 24, 2022 (CNN Business) Cher Scarlett, a software engineer, has a history of being misidentified by face-scanning technology, including one instance that may have surfaced a distant ancestor in a photo. So when she was introduced to an online facial-recognition tool she hadn't heard of, she wanted to see whether it would mistake photos of her mom or daughter for her. On February 1, Scarlett uploaded some images of her teenage daughter and her mom to PimEyes , a facial-recognition website meant to be used to find pictures of yourself from around the web — ostensibly to help stamp out issues such as revenge porn and identity theft. She didn't get any images of herself in return — pictures of her daughter yielded other kids, she said, while one of her mom led to some pictures of her mother, plus images of other, similar-looking women. Anyone can use this powerful facial-recognition tool — and … [Read more...] about She thought a dark moment in her past was forgotten. Then she scanned her face online

(CNN Business) Since launching in five US cities in 2007, Google's Street View cars have been circling the globe, using roof-mounted cameras to map more than 10 million miles of imagery — pictures that have been stitched together to build a visual map of much of the world. Yet while these cameras have made it possible for Google to capture many far-flung places, they tend to be bulky, heavy, and require a bunch of computing power that has to be added on inside Street View cars. On Tuesday, Google unveiled a new Street View camera it thinks will make it a lot easier to take pictures of the world, particularly in remote spots such as small islands and mountain tops. The camera weighs 15 pounds (about a tenth the weight of the current camera plus all the electronics the existing one requires); is modular so it can be customized with different sensors such as lidar when needed; and can quickly be connected to the top of a car's roof rack without needing the car to be … [Read more...] about Google’s new Street View camera is more portable (and looks weirdly cute)

[JOONGANG PHOTO] AI chips are the key to future semiconductor market dominance for Korean companies, academics and others argue. Despite the country's strong position in memory chips and its growing presence in custom non-memory chips, they say that tomorrow belongs to companies that are best at designing and manufacturing high-performance processors, commonly called AI chips. "Global chip companies are going full throttle on developing AI semiconductors," said Kim Hyung-jun, head of the Post-Silicon Semiconductor Institute under the Korea Institute of Science and Technology. "AI chips will play a crucial role in chip competitiveness in future." AI chips are purposely built to perform very specific calculations as fast as possible. They are distinct from general-purpose processors, which are designed for a wider variety of functions, and are better suited for very specific, predetermined tasks that require impressive calculation capabilities and low energy consumption, such as … [Read more...] about Korea bets tomorrow belongs to AI chip leaders

Share to Twitter Share to Linkedin Topline Fresh off the S&P 500's brief plunge into bear-market territory, financial stocks led a staggering market rally on Monday after bullish news from the nation's largest lender, but with uncertainty around interest rate hikes still posing a risk to stocks, experts aren't breathing a sigh of relief just yet. Key Facts The Dow Jones Industrial Average soared 633 points, or 2%, to 31,896 by 3:30 p.m. ET Monday, while the S&P jumped 1.85% and the tech-heavy Nasdaq, 1.4%—setting the market up for its first daily increase in a week. Heading up the Dow and S&P's gains, shares of JPMorgan—though still down 22% this year—surged 7% after the bank raised its outlook for net interest income this year to $56 billion, up from guidance of $50 billion in January, due to expectations that the Federal Reserve will raise rates to 3% this year. "Strong economy, big storm clouds," JPMorgan CEO Jamie Dimon said … [Read more...] about Dow Soars 600 Points As JPMorgan Rallies—But ‘Vicious’ Bear Market Risks Keep Experts On Edge

A local woman looks at an apartment building damaged by a Russian military strike, as Russia's attack on Ukraine continues, in the town of Vuhledar, in Donetsk region, Ukraine May 22, 2022. Picture taken May 22, 2022. - A + A KYIV/SLOVYANSK, Ukraine (May 24): Russian forces were launching an all-out assault to encircle Ukrainian troops in twin cities straddling a river in eastern Ukraine on Tuesday, a battle which could determine the success or failure of Moscow's main campaign in the east. Exactly three months after Russian President Vladimir Putin invaded Ukraine, authorities in the second-largest city Kharkiv were expected to open the underground metro, where thousands of civilians had sheltered for months under relentless bombardment. The reopening is a symbol of Ukraine's biggest military success over the past few weeks: pushing Russian forces largely out of artillery range of Kharkiv, as they did from the capital Kyiv in March. But the decisive battles … [Read more...] about Russia launches all-out assault to encircle Ukraine troops in east

Written and reported by Raquel “Rocky” Harris , with reporting from Jared Council T wo years after George Floyd’s tragic murder forced corporate America to confront its role in perpetuating racism, Black Americans were asked which institutions they trusted to push for change. They named nonprofit organizations, small businesses and even the government. Big business ranked dead last. Part of the reason is that expectations were set so high. Companies promised a lot in the wake of Floyd’s senseless killing by a white police officer and the national soul-searching that followed. Real change, however, came much more slowly than the promises. “In terms of scope of impact, companies and the U.S. government could do so much,” says Tyrance Billingsley II, founder and executive director of Black Tech Street , a national initiative that seeks to build tech ecosystems in Black communities by bridging resources and Black-owned tech companies. “I think it says something that … [Read more...] about We Asked Black Americans: How Safe Do You Feel Two Years After George Floyd’s Murder? Here Are Their Answers

Share to Twitter Share to Linkedin The American whiskey category has been growing exponentially over the last decade. Rye whiskey has seen an amazing resurgence, while American malt whiskey has emerged as an important new category in the American whiskey universe. Additionally, the emergence of American blended whiskeys and the rise of independent blenders and bottlers have significantly expanded the range of available aroma and taste profiles. Add to that the presence of around 2,000 craft distillers, many of which are devising new mash bills and developing innovative distillation and maturation techniques, and you can’t help but conclude that we are in a golden age of American whiskey. This year the San Francisco World Spirits Competition (SFWSC) judged hundreds of American whiskey expressions across more than a dozen different categories. Today we look at the finalists in the rye, American single malt, Tennessee, wheat, American blended, Special Barrel … [Read more...] about The Very Best American Whiskeys 2022 San Francisco World Spirits Competition

London (CNN Business) One of the many buzzwords percolating around Davos this week is "fragmentation," the force economists there warned could have "devastating human consequences." By "fragmentation," they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that's defined the global economic order over the past three decades. It is a form of deglobalization — rebuilding fences around national or regional fiefdoms. "Fragmentation is the sense that we may be having economies protect themselves a little more domestically, and that could slow things down," Josh Lipsky, director of the Atlantic Council's GeoEconomics Center, told me. "And then it may make things more expensive in return." It's not a new issue, of course — supply-chain upheaval was turbocharged by the start of the pandemic more than two years ago — but the war in Ukraine, growing political divides and lingering trade disputes are renewing concerns … [Read more...] about Here’s another troubling reason inflation will be hard to fight

On May 25, 2020, George Floyd died before our eyes as a police officer knelt on his neck for approximately 9 minutes on a street in Minneapolis. Had Darnella Frazier, then 17, not captured the murder on her cell phone and posted it to Facebook, Floyd would have been yet another Black man to die in police custody – a statistic. Instead, George Floyd became a powerful symbol of persistent inequality and systemic injustice against Black Americans and a wake-up call for all. The response was historic – from the scores of leaders making forceful statements every day about racial justice to the $50 billion that U.S. companies pledged (but not necessarily paid) to support Black communities. To understand the complexities of where we stand as a nation, though, look no further than the racially motivated mass murder at a Buffalo grocery store on May 14. In an effort to capture the reality of being Black in America, we decided that we wanted to hear from leaders in the community. Here are … [Read more...] about Two Years After George Floyd, Black Leaders Reflect On Change