Sam Altman is returning as CEO of OpenAI, and seamlessly everything is back to how it was last week.<\/p>\n
Except it\u2019s not at all. The chaotic events of the past five days have altered the future of artificial intelligence and, without being too hyperbolic, the world.<\/p>\n
In the ideological battle between accelerating AI developments and slowing them down to ensure safety, it appears to be a big win for the former. <\/p>\n
Only Quora CEO Adam D\u2019Angelo remains from the old OpenAI board that fired Altman on Friday, reiterating the importance of its mission of putting safety over generating profit. Pushing profits into second place is no easy feat. Particularly as Nvidia CEO Jensen Huang said Tuesday that generative AI was the largest market expansion in software and hardware in several decades, on the company\u2019s earnings call.<\/p>\n
It was a revolt by more than 700 OpenAI employees threatening to quit and join the company\u2019s biggest investor
\n Microsoft
\n that helped secure Altman\u2019s reinstatement.<\/p>\n
To be clear, the returning CEO has spoken publicly about the need to ensure AI safety. But the tumultuous nature of the events of recent days, and the fog surrounding his ousting, are perhaps the most alarming aspects, given what\u2019s at stake.<\/p>\n
For those worried about the potential threat of AI being mishandled, the saga is unlikely to inspire confidence. It also makes Altman seem untouchable.<\/p>\n
To mitigate the so-called \u2018key man risk,\u2019 OpenAI has filled its board with more key men. Enter the former U.S. Treasury Secretary Larry Summers, and former Salesforce co-CEO Bret Taylor. It\u2019s not hard to imagine Microsoft CEO Satya Nadella joining in the future.<\/p>\n
Ultimately the frantic five-day furor highlights, among other things, that Silicon Valley can\u2019t be relied on to regulate AI. It will fall to Congress, which is still grappling with social media oversight. Lawmakers have plenty to do and fast.<\/p>\n
\u2014Callum Keown<\/em><\/p>\n *** Join MarketWatch Washington correspondent Victor Reklaitis today at noon when he talks with Sarah Bryner, director of research and strategy at OpenSecrets, a nonprofit group that tracks money in politics, about the top campaign-finance issues as the 2024 elections draw closer and what Washington lobbyists are focused on right now. Sign up here.<\/em><\/p>\n \n Nvidia What\u2019s Next:<\/strong> Nvidia this month announced its next major AI chip, named the H200 Tensor Core GPU and scheduled for release in second-quarter 2024. The chip maker is accelerating its product cycle to one year, down from two, with additional high-end AI products coming in 2024 and 2025.<\/p>\n <\/em>\u2014Tae Kim and Janet H. Cho<\/em><\/em><\/p>\n Crypto exchange Binance pleaded guilty to anti-money-laundering violations, as did its founder and CEO Changpeng Zhao, who also agreed to step down. The exchange\u2019s agreement settles lengthy investigations by the Justice Department, the Treasury Department, and the Commodity Futures Trading Commission, and includes a $4.3 billion fine.<\/p>\n What\u2019s Next:<\/strong> Under the settlement, Binance has to report the suspicious transactions it has failed to report so far and set up an effective anti-money-laundering program. The settlement agreements subject Binance to increased scrutiny for five years through a third-party monitor.<\/p>\n \u2014Liz Moyer<\/em><\/em><\/p>\n Federal Reserve officials gave no indication they were considering rate cuts during their last policy meeting, instead indicating a willingness to keep rates elevated. They noted risks to achieving their 2% inflation target, including resilient consumer spending and other recent economic momentum.<\/p>\n General Motors,<\/span> What\u2019s Next:<\/strong> Despite the economic dangers policy makers cited, futures markets are putting a nearly 100% probability on a rate pause at the Fed\u2019s December meeting and an almost equal probability on a pause in January, according to the CME FedWatch tool.<\/p>\n \u2014Megan Leonhardt and Janet H. Cho<\/em><\/em><\/p>\n \n Berkshire Hathaway\u2019s<\/span> What\u2019s Next:<\/strong> Buffett\u2019s succession plan has always been an issue for Berkshire investors, and they will take heart from the billionaire\u2019s confidence in those around him. For now, Buffett seems to be enjoying his \u201cextra innings,\u201d as he should.<\/p>\n \u2014Andrew Bary and Callum Keown<\/em><\/em><\/p>\n Ford Motor has resumed work at a Michigan battery plant, but will invest less than the $3.5 billion initially planned and will cut production capacity there by more than 40%. The auto maker said it is still bullish on electric vehicles, though the growth rate and demand are lower than expected.<\/p>\n What\u2019s Next:<\/strong> By 2030, when the Biden administration wants half of all new vehicle sales to be electric, demand for lithium is expected to more than triple to 3.1 million metric tons and outpace supply by nearly 400,000 tons, according to Benchmark estimates. <\/p>\n \u2014Janet H. Cho<\/em><\/em><\/em><\/p>\n <\/p>\n Dear Quentin,<\/p>\n I live in Florida. I think my husband wants a divorce. I purchased my house a short while before we got married about six years ago. The deed and the mortgage are in my name only (actually, I haven\u2019t even changed it to my new last name). <\/p>\n I have about $80,000 to $100,000 worth of equity. Everyone keeps telling me he could force me to sell the house and give him half of the proceeds. He says he wants me to sign a contract where he would get 20%. I don\u2019t want to sell, and I don\u2019t want to give him anything if I do. <\/p>\n I don\u2019t think he is going to even live another year due to liver failure from alcohol\/drug misuse (which has not stopped even after his diagnosis). So it seems that he could divorce me and force me to sell my home and give him half the money, and squander half of the proceeds. <\/p>\n He is on disability and pretty sick right now. I won\u2019t file for divorce and I doubt he can afford the filing fees, much less an attorney. He has done physical work on the house, but I have always paid the mortgage out of my own, separate bank account that he does not contribute to.<\/p>\n Also I don\u2019t feel like I owe him anything. He does have an adult daughter, who I would assume would be the one to end up with it. Is this correct or do I have other options? Thank you for any advice you can give me on this situation.<\/p>\n***<\/h4>\n
Demand for AI Chips Drives Surging Revenue, Outlook <\/h2>\n
\n posted record revenue in its latest quarter and provided a better-than-expected revenue forecast for the January quarter, suggesting investments in artificial intelligence continue to be strong. But it wasn\u2019t enough to satisfy the even loftier expectations of some analysts after an AI-fueled boom.<\/p>\n\n
***<\/h4>\n
Binance, Former CEO Plead Guilty to Anti-Money-Laundering Violations<\/h2>\n
\n
***<\/h4>\n
Federal Reserve Still Sees Risks to Achieving 2% Inflation<\/h2>\n
\n
\n Ford Motor,<\/span><\/p>\n
\n and
\n Stellantis.<\/span><\/p>\n<\/li>\n<\/ul>\n***<\/h4>\n
Buffett Says He\u2019s Playing in Extra Innings, Talks Succession<\/h2>\n
\n Warren Buffett was talking succession again, and in a fresh update he said the company has the right CEO to succeed him. He also said he has the right Board of Directors as he made a donation of $866 million of Berkshire stock to four family philanthropies on Tuesday ahead of Thanksgiving.<\/p>\n\n
***<\/h4>\n
Ford Scales Back Ambitions for EV Battery Plant <\/h2>\n
\n
\n Exxon Mobil
\n has started to drill for lithium in Arkansas and plans to start producing battery-grade lithium by 2027. <\/p>\n<\/li>\n<\/ul>\n***<\/h4>\n