(Reuters) -Microsoft-backed OpenAI said on Thursday it was launching a series of AI models designed to spend more time processing to solve hard problems. The models, dubbed o1 and o1-mini, can reason through complex tasks and solve harder problems than previous models in science, coding and math, the AI firm said. The o1 will be…
By Patrick Wingrove (Reuters) – Moderna on Thursday said it expects sales of between $2.5 billion and $3.5 billion next year, and forecast that new product launches would drive an average annual growth rate of 25% in revenue between 2026 and 2028. The vaccine maker last month projected sales of $3 billion and $3.5 billion…
By Jonathan Stempel (Reuters) – Ajit Jain, the longtime top insurance executive at Warren Buffett’s Berkshire Hathaway, sold more than half of his Class A shares in the conglomerate this week. According to a Wednesday night regulatory filing, the 73-year-old Jain sold 200 Berkshire Class A shares on Sept. 9 for about $139.1 million, at…
WASHINGTON (Reuters) – A top Nippon Steel executive plans to meet with senior U.S. officials on Wednesday to try and salvage the firm’s $14.9 billion bid for U.S. Steel, a person familiar with the matter said. The meeting, which will feature Takahiro Mori, a key negotiator on the deal, is also expected to include Treasury…
(Reuters) – JPMorgan Chase has named David Bauer as its new co-head of equity capital markets in the Americas, according to an internal memo seen by Reuters on Wednesday. Bauer, who joins the largest U.S. bank from private equity giant KKR, will lead the unit along with Keith Canton, the memo said. He has spent…
By Nupur Anand and Pritam Biswas NEW YORK (Reuters) -JPMorgan Chase shares fell about 6% after the bank’s president on Tuesday tempered expectations about its income from interest payments. President and Chief Operating Officer Daniel Pinto said forecasts for net interest income (NII), or the difference between what the bank makes on loans and pays…
By Jody Godoy ALEXANDRIA, Virginia (Reuters) – News Corp explored switching away from Google’s advertising tools in 2017 but estimated that doing so would lose the Wall Street Journal publisher at least $9 million in ad revenue, a former executive testified on Tuesday at Google’s antitrust trial in Virginia. Google frustrated publishers by introducing features…
ZURICH (Reuters) – Siemens is spending $60 million on a new U.S. factory to build high speed trains to whisk passengers between Los Angeles and Las Vegas, the German engineering company said on Monday. Around 300 jobs will be created at the 300,000 sq ft facility in Horseheads, upstate New York, which Siemens said was…
(Reuters) – Wall Street’s top regulator on Monday gave the nod to new accounting standards set by a watchdog agency, part of an effort to address concerns about the prevalence of poor quality audits. The five-person U.S. Securities and Exchange Commission voted 3-2, with Republican members objecting to what they said was a hasty drafting…
By Hannah Lang (Reuters) – Losses from cryptocurrency-related frauds and scams increased 45% in 2023 from 2022, totaling more than $5.6 billion, as scammers increasingly took advantage of the speed and irreversibility of digital asset transactions, the U.S. FBI said Monday. WHY IT IS IMPORTANT Cryptocurrencies like bitcoin and ether have become more popular as…
