JUNE 17, 2024
Stung by Past Mistakes, a Wary Fed Takes Its Time: The Federal Reserve, scarred by past policy missteps, is adopting a cautious and deliberate approach to adjusting interest rates, determined not to repeat historical errors that have had severe economic consequences. Wary of prematurely easing or overshooting in the opposite direction, the Fed under Chair Jerome Powell is closely monitoring data and global developments while maintaining higher rates for an extended period to mitigate risks.
Apple Introduces AI-Powered Platform, Apple Insight: Apple announced a range of new features and updates at its WWDC 2024 keynote, including enhancements to Spotlight Search, iOS 18, and the Apple Watch. The company also showcased its generative AI capabilities, integrating ChatGPT into Siri and other apps, and introducing new features like personalized image and emoji creation, and improved handwriting recognition in the Notes app.
China is emerging as a scientific superpower: China has rapidly ascended to become a global leader in scientific research and development, driven by substantial government investments in research infrastructure, education, and technology. With a focus on fields like artificial intelligence, biotechnology, and quantum computing, China now rivals traditional scientific powerhouses like the United States and Europe, producing a surge in high-impact scientific publications and patents.
America Seems Immune to the World Economy’s Problems: America’s economy has shown unexpected robustness amidst global economic instability, with strong growth and a strong dollar contributing to its growing share of global GDP despite political dysfunction and fiscal frailties elsewhere. This resilience is notable given the challenges faced by other major economies, including China’s property crisis and Japan’s currency defense.
FTC Chair Lina Khan Tells TechCrunch the Agency is Pursuing the ‘Mob Bosses’ in Big Tech: FTC Chair Lina Khan emphasized the importance of targeting the root causes of harm in big tech, using the metaphor of a “mob boss” to describe her focus on the most influential companies driving illegal behaviors. Khan reiterated her commitment to fostering open, fair, and competitive markets, citing historical examples of how antitrust actions can boost innovation and competition.
Apple’s Slow Rollout of Intelligence Features Will Stretch Into 2025: Apple’s rollout of its highly anticipated “Apple Intelligence” features, including major upgrades to Siri, will be a gradual process stretching into 2025 rather than an immediate overhaul. While some AI-powered capabilities like ChatGPT integration will arrive in 2024, the full revamp of Siri’s functionality to enable deeper contextual understanding and multi-step task completion is not expected until the iOS 18.4 update in spring 2025.
Data-Labeling Startup Scale AI Raises $1B as Valuation Doubles to $13.8B: Data-labeling startup Scale AI has raised a $1 billion Series F round, nearly doubling its valuation to $13.8 billion. The fundraise, led by Accel, included investments from Amazon, Meta, Cisco, Intel, AMD, ServiceNow, and other institutional and corporate investors, reflecting the growing importance of data for training AI systems.
Ukraine Has a Navy that Needs No Sailors: Ukraine’s navy, which barely existed before the 2022 Russian invasion, has been able to neutralize Russia’s larger naval forces without needing to deploy its own warships. Instead, Ukraine has relied on daring commando raids, missiles, and sea drones to target and destroy Russian vessels, including the Moskva warship, which became a symbol of Ukraine’s ability to fight back against Russia.
Why GameStop’s Meme Mania Isn’t Catching On: GameStop’s recent meme stock surge has not reached the same level of intensity as the 2021 frenzy, with trading volumes and price movements significantly lower. This difference is attributed to shifts in the economic landscape, including rising interest rates and persistent inflation, which have influenced investor behaviors and trading patterns.