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Nvidia market cap threatens Alphabet after overtaking Amazon

Nvidia market cap threatens Alphabet after overtaking Amazon

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Nvidia market cap threatens Alphabet after overtaking Amazon

Nvidia (NVDA.O), opens new tab was on the verge of overtaking Alphabet (GOOGL.O), opens new tab as Wall Street’s third most valuable company on Tuesday as the dominant AI chipmaker ended the day with a market capitalization above Amazon’s (AMZN.O), opens new tab for the first time in two decades.

Nvidia’s shares slipped 0.17%, leaving its stock market value at $1.78 trillion, eclipsing Amazon’s $1.75 trillion value after the online shopping and cloud-computing heavyweight’s stock declined 2.15%.

Google-owner Alphabet’s stock dipped 1.62%, leaving its market capitalization at $1.81 trillion.

Nvidia has been a top beneficiary of technology companies’ race to build AI into their products and services, with its graphics processors in short supply as Meta Platforms (META.O), opens new tab and other Big Tech companies buy billions of dollars worth of its components.

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Mizuho in a client note raised its price target for Nvidia’s stock to $825 from $625 ahead of the Santa Clara, California, company’s quarterly results due on Feb. 21. The stock ended Tuesday at $721.28.

Lead times for Nvidia’s top-shelf H100 processor have declined, “but overall demand far outstrips supply,” Mizuho analyst Vijay Rakesh wrote, adding he sees “substantial AI upside” for Nvidia, Broadcom (AVGO.O)

Nvidia controls about 80% of the high-end AI chip market, a position that has sent its stock up 46% this year after more than tripling in 2023. Technology-related companies, including Microsoft (MSFT.O), opens new tab and Meta, have also rallied to record highs on AI optimism.

Alphabet has put chatbot technology into its Google search engine while marketing generative AI tools to cloud customers. Its stock hit an all-time high a day before its quarterly report on Jan. 30 failed to meet investors’ high expectations and sent its shares tumbling. Alphabet’s stock remains up 4% in 2024.

Nvidia’s market capitalization briefly overtook Amazon’s on Monday, but Amazon was back on top by the end of that trading session.

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The previous time Nvidia was more valuable than Amazon was in 2002, when they were each worth under $6 billion. By mid-2004, Nvidia’s stock market value had tumbled to under $2 billion as Alphabet listed its shares at a valuation of $23 billion.

An early leader in the AI race, Microsoft in January overtook Apple to become the world’s most valuable company, now valued at over $3 trillion. State oil giant Saudi Aramco is the world’s third most valuable publicly listed company, according to LSEG.

Widely viewed as lagging in the AI race, Apple’s stock has dropped 4% in 2024.

Saudi Aramco has a $2 trillion market capitalization, although over 90% of it is closely held by the government of Saudi Arabia and less than 2% of its shares are available for trading by investors. 

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Sam Altman’s OpenAI signs content agreement with News Corp

Sam Altman’s OpenAI signs content agreement with News Corp

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Sam Altman's OpenAI signs content agreement with News Corp

Sam Altman-led OpenAI has signed a deal that will give it access to content from some of the biggest news publications owned by media conglomerate News Corp, the companies said on Wednesday.

The deal comes weeks after the Microsoft-backed AI giant clinched an agreement to license content from the Financial Times for the development of AI models.

Access to troves of data can help enhance content produced by OpenAI’s ChatGPT, the chatbot that can generate human-like responses to prompts and create summaries of long text. 

Such partnerships are also crucial for the training of AI models and can be lucrative for news publishers, which have traditionally been denied a slice of profits internet giants earn for distributing their content.

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OpenAI, which kickstarted the AI frenzy when it launched its chatbot in 2022, had also struck a content deal with social media platform Reddit last week.

OpenAI did not disclose the financial details of its latest deal, but the Wall Street Journal, which is owned by News Corp, reported that it could be worth more than $250 million over five years.

The tie-up also includes a guarantee that the content will not become available on ChatGPT immediately after it is published on one of the news websites, the WSJ report said.

The agreement will give OpenAI access to current and archived content from several News Corp publications, including the Wall Street Journal, MarketWatch, the Times and others.

News Corp shares climbed about 4% after the bell.

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AI disclosure required in campaign ads, FCC chair says

AI disclosure required in campaign ads, FCC chair says

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AI disclosure required in campaign ads, FCC chair says

U.S. Federal Communications Commission Chairwoman Jessica Rosenworcel on Wednesday proposed requiring disclosure of content generated by artificial intelligence (AI) in political ads on radio and TV.

Rosenworcel is asking her colleagues to vote to advance a proposed rule that would require disclosure of AI content in both candidate and issue advertisements, but does not propose to prohibit any AI-generated content within political ads. 

The rule would require on-air and written disclosures and cover cable operators, satellite TV and radio providers, but the FCC does not have authority to regulate internet or social media ads or streaming services.

The agency has already taken steps to combat misleading use of AI in political robocalls.

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There is growing concern in Washington that AI-generated content could mislead voters in the November presidential and congressional elections. Some senators want to pass legislation before November that would address AI threats to election integrity.

“As artificial intelligence tools become more accessible, the commission wants to make sure consumers are fully informed when the technology is used,” Rosenworcel said in a statement, adding the proposal “makes clear consumers have a right to know when AI tools are being used in the political ads they see.”

The FCC said the use of AI is expected to play a substantial role in 2024 political ads. She singled out the potential for misleading “deep fakes” which are “altered images, videos, or audio recordings that depict people doing or saying things that did not actually do or say, or events that did not actually occur.”

Advocacy group Public Knowledge called on Congress to extend oversight of AI in political advertising to digital platforms.

Requiring disclosure of AI “protects a vital public interest and is a commonsense step for preventing deceptive political advertisements,” the group’s policy counsel Nicholas Garcia said.

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AI content in elections drew new attention in January after a fake robocall imitating President Joe Biden sought to dissuade people from voting for him in New Hampshire’s Democratic primary election.

In February, the FCC said robocalls using AI-generated voices are illegal. The declaratory ruling gave state attorneys general new tools to go after the entities behind the robocalls, Rosenworcel said.

The FCC in 2023 finalized a $5.1 million fine levied on conservative activists for making more than 1,100 illegal robocalls ahead of the 2020 U.S. election.

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Meta’s Rayban integrates Instagram, Amazon Music, Calm App

Meta’s Rayban integrates Instagram, Amazon Music, Calm App

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Meta's Rayban integrates Instagram, Amazon Music, Calm App

 Meta has unveiled a series of updates to its Ray-Ban smart glasses, enhancing user experience with innovative hands-free functionalities.

These enhancements include seamless integration with popular platforms such as Instagram, Amazon Music, and the meditation app Calm.

One of the standout features of this update is the ability for users to effortlessly share images from their smart glasses directly to their Instagram Story without the need to reach for their phone.

Users can simply capture a photo with the smart glasses and command, “Hey Meta, share my last photo to Instagram,” or opt to take a new photo in the moment by saying, “Hey Meta, post a photo to Instagram.”

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This move by Meta echoes the functionality introduced by Snap Spectacles in 2016, which allowed users to capture photos and videos with their smart glasses for direct sharing to Snapchat Stories.

Meta’s Ray-Ban smart glasses now offer hands-free integrations with Amazon Music and the Calm app. With voice commands like “Hey Meta, play Amazon Music,” users can enjoy streaming music without the need to handle their phone.

The Calm integration allows users to access mindfulness exercises and self-care content by simply saying, “Hey Meta, play the Daily Calm.”

Expanding its style offerings, Meta has introduced new designs in 15 countries, including the U.S., Canada, Australia, and parts of Europe.

Among these styles are Skyler in Shiny Chalky Gray with Gradient Cinnamon Pink Lenses, Skyler in Shiny Black with Transitions Cerulean Blue Lenses, and Headliner Low Bridge Fit in Shiny Black with Polar G15 Lenses. These glasses are available for purchase on both Meta’s and Ray-Ban’s websites.

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The introduction of these new features comes on the heels of Meta’s AI upgrade to the smart glasses, which integrated multimodal AI capabilities.

This enhancement empowers users to interact with their environment more effectively, enabling features such as real-time translation using the built-in camera and Meta AI.

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