Changing OpenAI's nonprofit structure would raise questions about its future
NEW YORK (AP) -- The artificial intelligence maker OpenAI may face a costly and inconvenient reckoning with its nonprofit origins even as its valuation recently exploded to $157 billion. Nonprofit tax experts have been closely watching OpenAI, the maker of ChatGPT, since last November when its board ousted and rehired CEO Sam Altman. OpenAI is organized as a nonprofit with a mission to develop artificial intelligence, and it later added subsidiary for-profit entities under the nonprofit's control. Now, some of these experts believe that OpenAI may have reached or exceeded the limits of how nonprofits and for-profits are allowed to interact.
Documents show OpenAI's long journey from nonprofit to $157B valued company
Back in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status. The application shows the vast distance OpenAI and the technology that it researches and develops has traveled in under a decade. At the time, OpenAI told the IRS it did not plan to enter into any joint ventures with for-profit organizations, which it has since. It also said it did "not plan to play any role in developing commercial products or equipment." A spokesperson for OpenAI, Liz Bourgeois, said the organization's mission has remained constant, though the way it's carried it out has evolved.
Boeing will lay off 10% of its employees as a strike by factory workers cripples airplane production
Boeing is announcing layoffs. The giant aircraft maker said Friday it will lay off about 10% of its workers -- about 17,000 people -- in the coming months. The company has been losing money for more than five years, and now it's dealing with a strike that has shut down factories in the Seattle area. New CEO Kelly Ortberg says in a memo to staff that the job cuts over the coming months will include executives, managers and employees. The company has been ordering rolling temporary furloughs, but said will end because of the impending layoffs.
Macao's former top judge is chosen as the Chinese casino hub's first leader born in mainland China
MACAO (AP) -- Macao's former top judge has been chosen the Chinese casino hub's next leader. Sam Hou Fai will become the city's first chief executive born in mainland China. He was the sole candidate and almost the entire election committee stacked with Beijing loyalists -- 394 of 398 -- voted for him Sunday. It's a departure from the custom of chief executives born in the former Portuguese colony, typically from influential business families. Analysts say the shift in the city's leadership to someone from the legal profession is likely to create expectations of a declining influence from business circles. They anticipate Beijing's policy agenda for the city will take priority.
Data shows migrants aren't taking jobs from Black or Hispanic people, despite what Trump says
WASHINGTON (AP) -- Republican presidential nominee Donald Trump promises the biggest deportation event the U.S. has ever seen if he is elected. Trump's plan is predicated, in part, on the notion that immigrants are stealing what he calls "Black jobs" and "Hispanic jobs." But government data shows immigrant labor contributes to economic growth and provides promotional opportunities for native-born workers. And economists say a mass deportation event would cost U.S. taxpayers up to a trillion dollars and could cause the cost of living, including food and housing, to skyrocket.
TikTok was aware of risks kids and teens face on its platform, legal document alleges
TikTok has been aware that its design features are detrimental to its young users and that publicly touted tools aimed at limiting kids' time on the site were largely ineffective. That's according to internal documents and communications exposed in lawsuit filed by the state of Kentucky. The details are among redacted portions of Kentucky's lawsuit that contains the company's internal communications and documents unearthed during a more than two year investigation into the company by various states across the country. The redacted information was inadvertently revealed by Kentucky's attorney general's office and first reported by Kentucky Public Radio.
China's finance minister says there is room for more economic stimulus but offers no plan
BEIJING (AP) -- China's finance minister says the government is looking at additional ways to boost the economy, but he didn't unveil a major new stimulus plan at a news conference Saturday. Stock investors and analysts have been hoping for a plan of up to 2 trillion yuan, or about $280 million. Finance Minister Lan Fo'an did say there is "ample room" to raise government debt and increase the deficit. A recent Chinese stock market rally has cooled amid concern about whether steps to revive the property sector and prop up financial markets will be enough to generate a sustainable economic recovery.
Elon Musk unveils Tesla's 'Cybercab,' plans to bring autonomous driving tech to other models in 2025
LOS ANGELES (AP) -- Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, though fans of the electric vehicle maker will have to wait until at least 2026 before they are available. CEO Elon Musk said the "Cybercab" doesn't have steering wheels or pedals. Tesla expects the Cybercabs to cost under $30,000. The company also expects to make its Full Self-Driving technology available on its Model 3 and Model Y vehicles in Texas and California next year. The unveiling comes as Musk tries to persuade investors that his company is more about artificial intelligence and robotics as it struggles to sell its core products, an aging lineup of once-cutting-edge electric vehicles.
Wholesale inflation remained cool last month in latest sign that price pressures are slowing
WASHINGTON (AP) -- Wholesale prices in the United States were unchanged last month in another sign that inflation is returning to something close to normal after years of pressuring America's households in the wake of COVID-19. The producer price index -- which tracks inflation before it hits consumers -- didn't move from August to September after rising 0.2% the month before. It rose 1.8% last month from a year earlier, down from a 1.9% year-over-year increase in August. Excluding food and energy prices, which tend to fluctuate from month to month, so-called core wholesale prices rose 0.2% from August and 2.8% from a year earlier, a tick higher than in the previous month.
JPMorgan sets aside more money for potential bad loans but says consumers are on 'solid footing'
NEW YORK (AP) -- JPMorgan says its net income fell to $12.9 billion in the third quarter from $13.2 billion a year ago. Earnings of $4.37 per share did, however, beat Wall Street analysts' forecasts and shares rose more than 4%. The bank set aside more money to cover potentially bad loans but did say it feels the U.S. consumer is on "solid footing." JPMorgan CEO Jamie Dimon said Friday that the bank continues to monitor geopolitical tensions that he called "treacherous and getting worse." Wells Fargo also reported results that topped Wall Street forecasts and its shares rose nearly 6%.