In the tech sector, Black venture capitalists are focusing on backing startup founders of color, and SoftBank CEO Masayoshi Son is reportedly trying to raise $100 billion to address the AI chip shortage. Google is also developing a new large language model, Gemini 1.5, to compete with OpenAI’s GPT-4. In business, there are calls for a more compassionate approach to layoffs, Russia's wartime economy remains resilient, and the lab-grown diamond boom is predicted to end due to oversupply.
Key takeaways:
- Capital One is set to acquire Discover Financial in a deal worth over $35 billion, expected to close in late 2024 or early 2025.
- The Federal Reserve may not cut rates this year, contrary to previous expectations, which could impact various markets, particularly real estate.
- Black venture capitalists are actively supporting startup founders of color, contributing to diversity, equity, and inclusion in the business world.
- Google is developing a new large language model, Gemini 1.5, to compete with OpenAI’s GPT-4, capable of processing multiple types of data and undergoing enhanced safety testing.