Bill Gates has said he thinks artificial intelligence is the most revolutionary technology he’s seen in decades, on par with computers, cellphones and the internet. “The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet and the mobile phone,” he wrote in a blog post on Tuesday. … Read more
Modern Inc. mRNA -0.78% will cost its Covid-19 vaccine about $130 a dose when it transitions to commercial vaccine distribution later this year, far more than the federal government has paid. The plans have fueled criticism of the company from lawmakers who explored the cost of the shootings during a Senate hearing on Wednesday. The … Read more
Office drama is brewing when employees — and their bosses — are allowed to use ChatGPT at work. Generative artificial intelligence technology from OpenAI – a billion-dollar-backed startup from Microsoft Corp. – was launched at the end of November and was immediately adopted by many workers to create professional-looking emails and PowerPoint presentations, as well … Read more
First Republic Bank worked overtime on Sunday to reassure customers it was safe to operate after the collapse of Silicon Valley Bank last week sparked fears of contagion in the banking sector. But its stock plunged nearly 50% ahead of Monday’s open despite attempts to reassure customers of the strength of its business. Early Sunday … Read more
First Republic Bank was under pressure following the collapse of Silicon Valley Bank. Photo: Devin Blaskovich for The Wall Street Journal Updated March 12, 2023 9:00 PM ET Bank of the First Republic FRC -14.84% said it strengthened its finances with additional funding from the Federal Reserve and JPMorgan Chase JPM 2.54% & What. The … Read more
Investors feared the fastest interest rate increases in decades meant something in the economy could snap. Last week it was. Now investors are wondering: what else could crack? Silicon Valley Bank was shut down on Friday after being hit by a run on its deposits, the second-largest bank failure in US history. The fallout rocked … Read more
March 12, 2023 5:39 pm ET When Silicon Valley Bank collapsed following a run on deposits, many of its customers rushed to make up for it after being starved of funds. The severity of the exposure of the companies concerned depends on the share of their money trapped in uninsured deposits and the share of … Read more
Saudi Arabia’s national oil company posted a record $161 billion annual profit for 2022, the largest ever by an energy company, bolstering the kingdom’s coffers as it seeks to showcase its trade and foreign policy ambitions global markets and to limit its heavy dependence on oil. Saudi oil Co. 2222 1.23% known as Aramco, said … Read more