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A white paper from Apollo Global Management states that AI may not directly replace jobs, but has begun to suppress wages. A study tracking 321 occupations found that job roles with high exposure to AI have seen an average wage growth decline of 6.7% since the popularity of ChatGPT in 2023, while overall employment has not been significantly affected, indicating that the more common crisis today is wage cuts rather than unemployment.
Sam Altman stated that AI cannot shorten working hours, as increased productivity will trigger a sense of competition, leading people not to reduce their work. He pointed out that for a long time, tech company CEOs have promised to shorten working hours, but it has not come true.
NVIDIA is discussing a major deal with OpenAI, planning to provide about $25 billion in financing guarantees to support its leasing of a 10-gigawatt data center developed by SoftBank's energy subsidiary in Ohio. Including chips, the total investment in the project may exceed $50 billion, making it the largest data center in the world.
Alphabet's bet on AI startup Anthropic has paid off massively. As of June 30, its total private investment value was ~$124.3B, with Anthropic holdings worth ~$124B, making it one of its most successful investments and highlighting deep capital-compute ties between the two AI giants.....
IBM's latest financial report shows revenue of $17.2 billion and net profit of $2.2 billion, but the performance fell far short of expectations. A decline in infrastructure business led to a record 25% drop in stock price in one day, and the full-year growth forecast has been downgraded. The main reason is a sharp 42% drop in mainframe sales, with rising costs squeezing budgets, and the contraction of core businesses triggering a chain reaction.