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No one is driving this taxi. What possibly could go wrong?

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I won’t forget the first time I took a ride in a car without anyone sitting in the driver’s seat.

It happened one night last September when a Chevy Bolt named Peaches picked me up outside a San Francisco bar. Our ensuing half-hour ride together produced, at first, a titillating display of technology’s promise. Then an unexpected twist made me worry that the encounter had turned into a mistake I would regret.

Peaches and I were getting along great for most of our time together as the car deftly navigated through hilly San Francisco streets similar to those that Steve McQueen careened through during a famous chase scene in the 1968 film “Bullitt.” Unlike McQueen, Peaches never exceeded 30 miles per hour (48 kilometers per hour) because of restrictions imposed by state regulators on a ride-hailing service operated by Cruise, a General Motors subsidiary, since it won approval to transport fare-paying passengers last June.

It was all going so smoothly that I was starting to buy into the vision of Cruise and Waymo, a self-driving car pioneer spun off from a Google project that is also trying launch a ride-hailing service in San Francisco.

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The theory fueling the ambition is that driverless cars will be safer than vehicles operated by frequently distracted, occasionally intoxicated humans — and, in the case of robotaxis, be less expensive to ride in than automobiles that require a human behind the wheel.

The concept does sound good. And the technology to pull it off is advancing steadily, just like other artificial intelligence applications such as chatbots that can write college-level essays and produce impressive pieces of art within seconds.

But when something goes awry, as it did near the end of my encounter with Peaches, that sense of astonishment and delight can evaporate very quickly.

DESTINATION: UNCERTAIN

As we approached my designated drop-off location near the Fairmont Hotel — where presidents have stayed and Tony Bennett first sang “I Left My Heart In San Francisco” — Peaches advised me to gather my belongings and prepare to get out of the car.

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While I grabbed my bag as the robotaxi appeared to be pulling over to the curb, Peaches suddenly sped up and — inexplicably — started driving away in the opposite direction.

After seeing the dashboard display screen indicating I was now somehow an estimated 20 minutes away from my destination, I grew frantic. I asked Peaches what was going on. There was no response, so I used a feature on Cruise’s ride-hailing center that enables a passenger to contact a human in a call center.

The Cruise representative confirmed that Peaches had gotten confused, apologized and assured me the robotaxi had been reprogrammed to get me to my original destination.

Indeed, the car did seem to be headed back to where I requested. Then it started doing the old same thing again, making me wonder whether Peaches might like me a little too much to let me go. Feeling more like I was stuck on Mr. Toad’s Wild Ride at Disneyland than riding in an artificially intelligent car, I contacted Cruise’s call center. Peaches, they told me apologetically, seemed to be malfunctioning.

Suddenly, Peaches came to a halt right in the middle of the street. I bolted from the Bolt, marooned several blocks away from my destination shortly before 10 pm.

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Fortunately, I know my way around San Francisco, so I walked the rest of the way to where I needed to be. But what if this had happened to tourists? Would they know where to go? How would they feel being forced to walk around a strange neighborhood in a big city late at night?

MAYBE DON’T STOP HERE

When I discussed the incident during an interview for a recent story about robotaxis, Cruise CEO Kyle Vogt apologized and assured me the problem had been fixed.

Sure enough, I was picked up and dropped off at my designated destinations in rides I took with another Associated Press reporter in two different Cruise robotaxis — one named Cherry and the other Hollandaise — on a mid-February night in San Francisco. But Cherry chose to drop us off at a bus stop just as a bus was trying to pull up to pick up a bunch of passengers. They weren’t happy about their ride on mass transit being delayed; they began jeering us.

My experience apparently isn’t isolated. The San Francisco County Transportation Authority has raised a red flag about robotaxis making unexpected, prolonged stops in the middle of streets and identified other problems that threaten to cause headaches and potentially imperil public safety.

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Earlier this month, Vogt revealed that Cruise had voluntarily recalled the software in 300 robotaxis after one of them rear-ended a bus in San Francisco and declared the problem that led to the fender-bender had been fixed. Not long after that, five Waymo vehicles blocked traffic after becoming disoriented in San Francisco’s famously foggy conditions and coming to a stop.

And my experience with Peaches? Whenever I reminisce about that ride, I am also reminded of another trip to New York that I took two days after the robotaxi couldn’t deliver me to my destination.

After I landed at JFK Airport, I hopped into an old-fashioned taxi driven by a fellow named Talid. I remember having a pleasant conversation with Talid, who chuckled as I recounted what happened with Peaches. At the end of the ride, Talid dropped me off at Grand Central Terminal, as I had requested. Then his cab drove off — with, of course, a human still behind the wheel.

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Reddit shares soar as earnings show advertising, AI licensing revenue potential

Reddit shares soar as earnings show advertising, AI licensing revenue potential

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Reddit shares soar as earnings show advertising, AI licensing revenue potential

Reddit soared as much as 11% in early trading on Wednesday after the social media firm floored investors with strong revenue growth and improving profitability in the first earnings since its market debut.

The company surprised Wall Street late on Tuesday with a forecast that it could post an adjusted profit in the second quarter, and its revenue outlook was also far above estimates.

The projections followed better-than-expected results for the first three months of 2024, showing that Reddit’s push to grow its advertising business and content licensing deals with AI-focused companies such as Google were paying off.

“We suspected that Reddit would come out strong out of the gates, and Reddit exceeded our bullish expectations,” Bernstein analyst Mark Shmulik said in a client note.

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“Reddit appears to be reaping the benefits of a strong digital ad market, buoyed by some ‘free’ IPO marketing, alongside increased traffic courtesy of their new favorite AI partner Google.”

Several analysts have said that despite being founded in 2005, Reddit was still in the early stages of the process of generating ad revenue and should benefit in the coming quarters from expanded ad targeting and measurement tools, among others.

The company’s more than 100,000 discussion forums, or subreddits, filled with user-generated content topics ranging from history to gaming have made it an attractive partner for companies looking to train their data-hungry AI models.

At least 7 analysts raised their price target on Reddit’s stock, pushing the median view to $55, according to LSEG data. The company priced its much-awaited initial public offering at $34 in March.

Reddit remains in the early days of developing its ads business, Piper Sandler analysts said, adding that a large international user opportunity remains untapped. 

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Kretinsky and Layani face off in battle for distressed IT firm Atos

Kretinsky and Layani face off in battle for distressed IT firm Atos

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Kretinsky and Layani face off in battle for distressed IT firm Atos

 Shares of Grayscale Bitcoin Trust jumped 2.4% on Monday after the exchange-traded fund (ETF) that tracks the price of bitcoin saw its first day of inflow since January.

The move marks a major milestone for GBTC, which has seen $17.46 billion in withdrawals since it converted from a trust to an easily tradable ETF in January, due to the higher fees it charges compared with rivals.

Some of the outflows were also tied to the wave of bankruptcies in the crypto industry, as companies that collapsed in the last two years pulled money out of the fund to repay their creditors.

GBTC saw inflows of $63 million on Friday, according to investment management firm Farside Investors. It currently manages $18.08 billion in assets, according to its website.

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However, its position as the biggest spot bitcoin ETF by assets under management (AUM) has come under threat from BlackRock’s iShares Bitcoin Trust, which manages $16.91 billion, according to its website.

Grayscale said in March that it would seek approval from the Securities and Exchange Commission to spin off a portion of GBTC’s assets into a new, lower-fee Bitcoin Mini Trust. The company has yet to decide on the fees for the Mini Trust.

Spot bitcoin ETFs, which were approved by the SEC in January following a decade of rejection, provide investors with bitcoin exposure without the need to directly hold the cryptocurrency. 

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China to build 100-mile-long hyperloop train line by 2035

China to build 100-mile-long hyperloop train line by 2035

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China to build 100-mile-long hyperloop train line by 2035

China’s top engineering and rail design experts have exciting news: they’re planning to build the country’s very first hyperloop train line!

This futuristic project will connect two bustling cities, Shanghai and Hangzhou, spanning a distance of 150km (about 93 miles).

What makes this project so special? Well, it’s all about speed! The hyperloop train will travel inside a special vacuum tunnel, allowing it to reach mind-blowing speeds of up to 1,000km/h (that’s about 621mph!).

Before choosing the Shanghai-Hangzhou route, the experts carefully evaluated several options.

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They considered factors like economic potential, population density, and existing transport infrastructure. In the end, they decided that connecting Shanghai and Hangzhou would bring the most benefits to the region.

This project is a big deal for China, and it’s being led by some of the country’s top engineers and scientists.

They’re excited about the potential for this hyperloop train to revolutionize transportation and boost economic growth in the area.

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