The world this week--Business
A surge in Nvidia’s share price pushed it briefly past 1trn dollars in stockmarket value.
The American company makes high-performance chips that are used in artificial intelligence and has seen its stock double in value since the release of ChatGPT, a chatbot, last November.
This week’s jump in the share price was triggered by Nvidia forecasting a huge increase in quarterly sales and assuring markets that it could increase supplies of its H100 chips, used in large-language AI models.
Nvidia is getting orders from a wide range of companies, from cloud-computing providers to online-shopping websites, in their rush to adopt generative AI.
A group of heavyweights who work in AI, including the bosses of Google’s DeepMind and OpenAI, signed a statement warning that “mitigating the risk of extinction from AI should be a global priority”, on the same scale as pandemics and nuclear war.
Many scientists think that fears of AI wiping out humanity are overblown, and point to less apocalyptic problems with the technology, such as its generation of fake imagery.
Salesforce reported a solid set of quarterly earnings and higher net profit proving that its turnaround, after a run-in with activist investors over spiralling costs, is working.
The share price of the business-software company is up by 68% this year.
America’s Supreme Court declined to hear a case claiming that Reddit, an online platform, is responsible for child-pornography images hosted on the site.
The court’s denial of the case is another indication that the justices are unwilling to tackle liability issues under the Communications Decency Act, leaving the matter to Congress.
In Twitter v Taamneh, the court recently ruled that charges against Twitter for hosting tweets from Islamic State were not permissible.
And it dismissed Gonzalez v Google, another case centred on moderating terrorist content.
House prices in America increased again in March, as measured by the S&P CoreLogic Case-Shiller index, rising by 0.4% over February.
S&P said that the decline in house prices that started last June may now be over, but that high interest and mortgage rates still posed “challenges”.
Elizabeth Holmes began her 11-year prison sentence, 18 months after she was convicted of defrauding investors in Theranos, a blood-testing Silicon Valley startup that she ran.
Ms Holmes’s request to be granted bail while she appeals against the verdict was denied recently.
She is serving her sentence at a women’s minimum-security prison in Texas.