Anti-Clickbait News Summaries for November 5, 2024
Ex-OpenAI researcher predicts rapid advancement of AGI by 2030
Hi, it’s Jack again with your daily news summaries 😇
The Markets:
Futures Market
Crude Oil: 71.94 (+0.47, +0.66%)
Natural Gas: 2.7650 (-0.0160, -0.58%)
Gold: 2749.00 (+2.80, +0.10%)
Dow: 41981.00 (+25.00, +0.06%)
S&P 500: 5750.75 (+7.50, +0.13%)
Nasdaq 100: 20137.00 (+51.00, +0.25%)
Russell 2000: 2233.10 (+2.00, +0.09%)
Futures are mixed today, with Crude Oil up by 0.66% and Nasdaq 100 leading U.S. indices with a 0.25% gain.
Forex & Bonds
EUR/USD: 1.0897 (+0.0020, +0.18%)
USD/JPY: 152.24 (+0.11, +0.08%)
GBP/USD: 1.2987 (+0.0029, +0.23%)
BTC/USD: 68800.00 (+595.00, +0.87%)
5-Year Treasury: 4.167 (-0.042, -1.00%)
10-Year Treasury: 4.309 (-0.052, -1.19%)
30-Year Treasury: 4.494 (-0.064, -1.40%)
The dollar shows mixed performance, while Bitcoin climbs by nearly 1%. Treasury yields are seeing declines across all terms.
Major Stock Changes
NVDA: +0.48%
PLTR: -1.22%
AMZN: -1.09%
GOOG: -1.14%
AAPL: -0.40%
GOOGL: -1.20%
META: -1.14%
TSLA: -2.47%
SMCI: -0.08%
MSFT: -0.47%
BNTX: -2.25%
MQ: +1.71%
DD: -0.79%
KO: +0.15%
FRPT: +12.63%
AVGO: -0.22%
Tech giants mostly underperform, with Tesla down 2.47%. Meanwhile, Freshpet (FRPT) jumps over 12% on positive momentum.
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Nintendo confirms plans to announce Switch 2 by March 2025
Nintendo plans to announce its next console, the 'Switch 2', by the end of March 2025. President Shuntaro Furukawa confirmed that there are no changes to this timeline despite the current sales decline of the existing Switch.
Analysts suggest that announcing the new console in 2024 is unlikely, as it could distract from holiday sales. Nintendo's share price may remain under pressure as investors adjust expectations for a reveal this year.
The Nintendo Switch has sold over 146 million units, but the company has lowered its sales forecast for the current financial year. Nintendo is preparing for a strong lineup of software releases leading into 2025.
Economy remains key issue for voters as polls open
As voters head to the polls, the economy remains a top concern. A recent Gallup poll shows 21% of voters prioritize the economy, with 35% of Republicans and 7% of Democrats emphasizing its importance in their candidate choice.
While inflation has eased, food and housing costs are still high. Experts caution that a president's influence on the economy is indirect, relying on Congress for fiscal policy decisions. Tax proposals from candidates may not deliver the promised relief.
Cryptocurrency voters are also gaining attention, with many seeking clear policies from candidates. Nearly half prioritize pro-crypto stances, reflecting a growing influence in the election.
Source: https://www.salon.com/2024/11/05/economy-top-of-mind-as-head-to-polls/
Trump plans radical agenda if elected in 2024
If Donald Trump wins the 2024 election, he plans to pursue a radical agenda without moderating his approach. His focus will be on consolidating power in the presidency and implementing policies through executive actions, including mass deportations and tariffs on imports.
Trump aims to reshape U.S. foreign policy, potentially withdrawing from NATO and reducing support for Ukraine. He intends to appoint loyalists to key positions and may issue pardons for supporters involved in the January 6 Capitol attack.
His administration would likely face legal challenges to its actions, but Trump believes a conservative Supreme Court will support him. He is not focused on passing new legislation but rather on using executive power to achieve his goals.
Source: https://time.com/7172137/how-trump-would-change-washington-if-elected-president-second-term/
Ex-OpenAI researcher predicts rapid advancement of AGI by 2030
A former OpenAI researcher, Leopold Aschenbrenner, warns that artificial general intelligence (AGI) development is accelerating. He predicts that by 2027 or 2028, advanced AGI will be in full development, aiming for superintelligence by 2030.
Aschenbrenner states that AI systems will soon be capable of conducting their own research, leading to improved designs and more advanced AI. He estimates that by 2025 or 2026, these systems could surpass the intelligence of college graduates.
He also highlights concerns about the energy consumption of AI, predicting it will account for 20% of U.S. electricity by 2029. Aschenbrenner emphasizes the potential risks of AGI, which could reshape global dynamics if not managed properly.
Study warns Trump's proposed tariffs could cut U.S. consumer spending by $78 billion
A new study by the National Retail Federation (NRF) warns that Donald Trump's proposed tariffs could reduce American consumer spending by $78 billion annually. The tariffs would likely raise prices on imported goods, especially from China.
The NRF report indicates that essential items like clothing, toys, and appliances could see significant price increases. This could particularly affect low-income families as retailers pass on costs to consumers.
Additionally, the NRF forecasts a modest growth in holiday sales, expecting a 3.5% increase to $989 billion, the slowest growth in six years. The proposed tariffs have faced backlash, with many voters opposing the plan.
Tesla celebrates production of 10,000th Megapack at California factory
Tesla has announced that its Megafactory in Lathrop, California, has produced its 10,000th Megapack. This milestone highlights the company's growth in the energy storage sector. Each Megapack can store enough energy to power about 3,600 homes for an hour.
In the third quarter of 2024, Tesla's energy generation and storage revenue reached $2.38 billion, a 52% increase from the previous year. The energy segment also achieved a record gross margin of 30.5%.
Currently, Tesla operates only one Megafactory in Lathrop but plans to open another in Shanghai, expected to start shipping Megapacks in early 2025. The company aims to double its energy storage deployments in 2024, targeting around 29.4 GWh.
Fission Uranium releases first sustainability report outlining commitment to responsible development
Fission Uranium Corp. has released its first Sustainability Report, covering activities up to 2023. The report outlines the company's commitment to responsible resource development and its strategy for improving Environmental, Social, and Governance performance.
Key highlights include the completion of a strategic materiality assessment and the establishment of a framework for future sustainability goals. The report emphasizes Fission's dedication to operational excellence and community investment.
Fission aims to advance its Patterson Lake South project in Saskatchewan, positioning itself as a significant player in uranium production. The company plans to work closely with stakeholders to ensure sustainable development and economic benefits for local communities.
Oprah Winfrey names Meta's Ray-Ban smart glasses as top holiday gift
Oprah Winfrey has named Meta's Ray-Ban smart glasses "The Gift of the Season" in her holiday gift guide. She praised their AI features, which include language translation, landmark recognition, and music playback.
Meta's CEO Mark Zuckerberg noted the glasses' unexpected popularity, with demand driving resale prices above $1,000 for limited editions. The company is adjusting its product strategy to capitalize on this consumer interest.
Recent updates to the glasses include new AI capabilities, allowing users to gather information about their surroundings and receive notifications about parked vehicles. Meta clarified that user-generated images and videos may be used for AI training only if submitted by the user.
General Motors surpasses 300,000 electric vehicle sales in the US since 2016
General Motors announced it has sold over 300,000 electric vehicles (EVs) in the U.S. since 2016. This milestone was reached in October, with GM planning to release more models, including the Cadillac OPTIQ and ESCALADE IQ.
Despite this achievement, GM's sales remain significantly lower than Tesla's. Tesla sold 471,374 EVs in the U.S. through September 2024, highlighting a gap of over 40% compared to GM's total.
In the third quarter, GM became the second best-selling EV brand in the U.S., delivering over 32,000 vehicles, primarily the Chevrolet Equinox EV. The company reported strong financial results, exceeding earnings expectations and raising its 2024 profit guidance.
Apple explores smart glasses development with internal study
Apple is reportedly studying the development of smart glasses, according to a Bloomberg report. The company is gathering feedback from employees and examining existing products as it considers entering a market where competitors like Meta and Snap have made recent advancements.
The initiative, named 'Atlas,' aims to create a more user-friendly product compared to Apple's Vision Pro headset, which is bulky and expensive. The Vision Pro retails for $3,499, significantly higher than Meta's Quest 3, priced at $499.99.
Apple is looking to incorporate technology from its AirPods to improve battery life in the potential smart glasses. While no official launch plans have been announced, Apple's competitors are also working on their own smart glasses, but these may not be available soon.
Source: https://www.gadgets360.com/wearables/news/apple-smart-glasses-project-atlas-internal-study-6947166
Bill Gates predicts future workplaces will feature AI agents to enhance productivity
Bill Gates discussed the future of work and AI in a recent podcast, stating that everyone will have a "utilitarian AI agent" to assist with tasks. He noted that AI is already transforming white-collar jobs faster than blue-collar roles.
Gates predicts that AI will handle complex tasks and streamline software applications, allowing for more efficient business operations. He envisions natural language as the main programming language, making coding accessible to everyone.
This conversation reflects broader trends in AI's impact on the workforce. Gates highlighted that many companies have already replaced staff with AI, and significant changes in job structures are expected in the coming years.
Elon Musk calls Twitter purchase vital for democracy in Joe Rogan podcast
Elon Musk defended his purchase of Twitter, now called X, during a podcast with Joe Rogan. He described the acquisition as essential for protecting free speech and American democracy, citing concerns over censorship and the banning of Donald Trump.
Musk criticized mainstream media, claiming it acts as a biased entity for the Democratic Party. He pointed to coordinated messaging and a lack of balanced reporting, particularly regarding the coverage of political events and figures.
He expressed worries about potential government actions against X under a Kamala Harris administration, fearing politically motivated lawsuits. Musk emphasized the need for platforms like X to ensure open dialogue and free speech amid concerns about government overreach.
Deeproute partners with Nvidia to enhance driver-assist technology with new chip
Deeproute.ai, a Chinese startup focused on autonomous driving, announced a $100 million funding round led by Great Wall Motor. The company is collaborating closely with Nvidia and is among the first in China to receive Nvidia's new Thor chip, set for release next year.
Currently using Nvidia's Orin chip, Deeproute plans to enhance its driver-assist system with the Thor chip, which will improve its ability to handle complex driving scenarios. The startup has over 20,000 cars on the road and aims to significantly increase that number next year.
Deeproute is also looking to expand internationally, with plans to participate in Japan's auto show. The company emphasizes its AI-driven approach, which does not rely on high-definition maps, similar to strategies used by Tesla and other competitors.
Source: https://www.cnbc.com/2024/11/05/deeproute-claims-deep-cooperation-with-nvidia-on-driver-assist.html
Meta partners with Amazon and Microsoft to provide AI models for U.S. defense initiatives
Meta Platforms Inc. will provide its open-source Llama AI models to U.S. government agencies for national security and defense. This marks a significant expansion in the use of this technology, previously limited to commercial applications.
Meta is collaborating with major firms like Amazon, Microsoft, and Lockheed Martin to implement Llama in various defense initiatives. Early applications include improving aircraft maintenance and enhancing national security operations.
The move aligns with U.S. interests in the global AI landscape, especially as other nations, like China, invest in similar technologies. Meta also sees potential benefits for public sector services, including education and energy.
Meta extends ban on new political ads beyond Election Day in the U.S
Meta has extended its ban on new political ads on Facebook and Instagram beyond Election Day. The restriction, originally set to end on Tuesday, will continue "until later this week," though no specific date was provided for when it will be lifted.
Previously, Meta allowed political ads that had run before October 29 to continue during the final week before the election. Organizations with eligible ads can still make limited changes to scheduling and budgeting while the ban is in effect.
This policy mirrors a similar approach taken in 2020. Google-parent Alphabet has also paused election-related ads in the U.S. after polls close, with plans to notify advertisers when the pause ends.
Source: https://www.cnbc.com/2024/11/04/meta-extends-ban-on-new-political-ads-past-election-day.html
Meta's former hardware chief joins OpenAI to lead robotics and consumer products
Caitlin Kalinowski, former head of augmented reality at Meta, is joining OpenAI to lead its robotics and consumer hardware efforts. OpenAI confirmed her appointment on Monday.
Kalinowski previously oversaw the development of Meta's Orion augmented reality demo and led its virtual reality hardware team. She aims to integrate AI into physical products in her new role.
OpenAI is also hiring for its robotics team, which was reestablished after being disbanded in 2018. The company is collaborating with various partners, including Apple and Figure, to enhance hardware with AI capabilities.
Source: https://techcrunch.com/2024/11/04/metas-former-hardware-lead-for-orion-is-joining-openai/