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Tag: bloomberg

  • Fiserv shares tumble a record 46% after profit forecast slashed

    Fiserv Inc. plunged by the most ever after the fintech slashed its outlook for full-year earnings and announced a broad overhaul of its board and top leadership committee. The company, one of the largest providers of technology to banks, cut its estimate for this year’s adjusted earnings per share to $8.50 to $8.60 from the […]

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  • Sequoia Capital invests in AI tool that could replace junior bankers

    Sequoia Capital is making a bet on the future of Wall Street, leading an investment in Rogo Technologies Inc., a startup developing artificial intelligence tools to make bankers more efficient, according to people familiar with the matter. The deal would value New York-based Rogo at $750 million, the people said. Rogo builds software that helps investment […]

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  • China’s latest five-year plan aims for technological self-reliance

    China’s new five-year plan — an overarching policy proposal for the next term of Chinese Communist Party leadership — is focused on making the nation technologically self-reliant and less vulnerable to foreign pressure, Bloomberg reports. The plan has yet to be officially adopted, but is being released ahead of a summit between President Donald Trump and President Xi Jinping in South Korea.

    The main focus of the proposal is to make China’s tech and science industries self-reliant and less dependent on products created by international companies. Bloomberg writes that the proposal is particularly interested in developing “fields such as semiconductors and artificial intelligence” which are currently driven in part by products from US companies like Nvidia and OpenAI. China also hopes to “bolster domestic consumption” and make the country less dependent on exporting, a business that’s been thrown into chaos by a fluctuating tariff regime set by the Trump administration.

    Per the AP, this new five-year plan mostly builds on the previous five-year plan China set during Trump’s first-term, which focused on investing in technology as part of the country’s economic recovery from the COVID-19 pandemic. In particular, the new plan aims to continue the growth of China’s wind and solar industries and “accelerate the all-out green transformation of economic and social development.”

    In the context of the US and China’s back and forth over international trade and access to resources, the new plan, as reported by Bloomberg and the AP, seems like a response to the growing tensions between the two countries. One that could make China less burdened by the US moving forward.

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  • Financial data network Plaid launches a consumer credit score

    The financial-technology firm Plaid Inc. is launching a credit-score service to provide banks and fintechs more detailed and timely information on consumers’ financial health. Plaid — whose services connect banks and fintechs — is launching LendScore, a rating that will range from 1-99 with a particular focus on helping lenders serving subprime and near-prime consumers, […]

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  • LendingTree founder, CEO Douglas Lebda dies in ATV accident

    Douglas Lebda, the founder and chief executive officer of LendingTree Inc., died Sunday following an all-terrain vehicle accident. He was 55. “We are deeply saddened by the sudden passing of Doug,” LendingTree’s board of directors said in a statement. The accident occurred on his family farm in North Carolina. He is survived by his wife, […]

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  • AI’s growth leaves financial regulators struggling to catch up

    Regulators are still at an “early stage” in their efforts to track the risks posed to the financial system by the rapid adoption of artificial intelligence, global financial watchdogs warned on Friday. In a report to the G20, the Financial Stability Board said that while many global authorities had tried to “enhance their AI-related data […]

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  • JPMorgan’s Dimon says AI cost savings now match money spent

    Jamie Dimon said JPMorgan Chase & Co. spends $2 billion a year on developing artificial intelligence technology, and saves about the same amount annually from the investment. “We know that it’s got to billions of cost savings and I think it’s the tip of the iceberg,” the bank’s chief executive officer said Tuesday in a […]

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  • Fintech Ramp launches fraud fighting, bill payment AI agents

    Spend management platform Ramp Inc. is enlisting artificial intelligence agents to help eliminate a growing problem for corporate customers: invoice fraud. Invoice fraud has been spreading with the help of readily available generative AI tools that make fabricating documents easier. It’s a simple and effective scheme: bad actors generate a false invoice designed to look […]

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  • AI is dominating 2025 VC investing, pulling in $192.7B – FinAi News

    Venture capitalists poured $192.7 billion into AI startups so far this year — setting new global records and putting 2025 on track to be the first year where more than half of total VC dollars went into the industry, according to data provider PitchBook. Most of the capital went to established startups – Anthropic and […]

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  • OpenAI is now the world’s most valuable private company at $500 billion

    OpenAI has overtaken SpaceX as the largest startup and most valuable private company in the world. Bloomberg has reported that the company has authorized a secondary share sale, which allowed its former and current employees to sell their stocks. OpenAI had authorized the sale of $10.3 billion in shares, but they ultimately sold $6.6 billion to investors that include Softbank, Abu Dhabi government’s MGX fund, American investment firm Thrive Capital and global investment management firm T. Rowe Price. As Bloomberg explains, that has boosted the company’s valuation to $500 billion from $300 billion, overtaking SpaceX with a $400 billion valuation and TikTok developer ByteDance at $220 billion.

    In early September, OpenAI said it was getting closer to transitioning to a new structure that will turn it into a Public Benefit Corporation (PBC) controlled by its nonprofit arm. The company’s nonprofit division received an equity stake of more than $100 billion, making it a major shareholder of the PBC. SpaceX’s CEO Elon Musk is one of the biggest critics of OpenAI’s decision and has been trying to block the company’s for-profit transition in court. Musk was one of OpenAI’s founders and funded its initial operations. He claimed in court that OpenAI and Altman are breaking their contract with him and violating the company’s founding mission of building AI “for the benefit of humanity” by changing its structure.

    OpenAI is hoping that being a PBC would make it more appealing to investors, as it would remove the cap on the financial returns they can get. It needs a lot more money than what it has raised so far, after all: OpenAI chief Sam Altman previously said he intends to spend trillions of dollars on building out data centers to run artificial intelligence services.

    Mariella Moon

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  • Apple reportedly made a ChatGPT-clone to test Siri’s new capabilities

    In the pursuit of actually releasing the updated version of Siri the company promised way back at WWDC 2024, Apple is taking a page out of OpenAI’s book. According to Bloomberg, the company has created a ChatGPT-inspired app to test Siri’s new capabilities ahead of the release of the improved voice assistant next year.

    This new app, called “Veritas” internally, will likely never make its way to the public in its current form, but offers Apple employees a faster way to test Siri’s new skills. That includes letting users search through personal data stored on their phone, like their emails and messages, or taking action in apps, like editing photos. The new app is apparently also a way for Apple to “gather feedback on whether the chatbot format has value,” Bloomberg writes.

    While an internal app doesn’t make it any clearer how useful Apple’s updated Siri will be, it does suggest the project is in a more advanced stage than before. Given the difficulty the company’s faced actually releasing its various AI products — including publicly delaying the Siri update back in March 2025 — that’s meaningful.

    Apple’s original promise for Apple Intelligence was that it could offer a curated selection of AI-powered features with a level of privacy and polish that its competitors couldn’t muster. The reality is that Apple shipped a collection of so-so features that worked, but couldn’t pull off its truly impressive demo: a Siri informed on the context of your life and with the ability to actually do things on your phone.

    Apple is only realizing that vision in 2026, Bloomberg reports, through a combination of its own AI models, and at least one third-party model from its competitors. In June, the company was reportedly considering using a model from either OpenAI or Anthropic, but as of August, the company is now apparently circling a partnership with Google.

    Ian Carlos Campbell

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  • PayPal-backed Pine Labs plans up to $700 Million IPO in October

    Pine Labs Ltd., a digital payments provider in India, plans to raise as much as $700 million from an initial public offering in the second half of October, according to people familiar with the matter. The company, backed by Mastercard Inc. and PayPal Holdings Inc., has started roadshows for the planned initial share sale, the […]

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  • PayPal-backed Pine Labs plans up to $700 Million IPO in October

    Pine Labs Ltd., a digital payments provider in India, plans to raise as much as $700 million from an initial public offering in the second half of October, according to people familiar with the matter. The company, backed by Mastercard Inc. and PayPal Holdings Inc., has started roadshows for the planned initial share sale, the […]

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  • Tesla exec says the company will redesign door handles that reportedly pose safety risks

    Yesterday, the US National Highway Traffic Safety Administration opened an investigation into Tesla following a report by Bloomberg that its electric door handles could stop working when a vehicle’s low-voltage battery fails. That created a safety hazard that the publication found could trap passengers when a Tesla car was in an emergency situation, such as a crash. Now, Bloomberg is back with the news that Tesla plans to redesign those problematic handles. 

    Tesla design head Franz von Holzhausen appeared on Bloomberg‘s Hot Pursuit! podcast and said the company is considering a new approach that combines the electric and manual release mechanisms. “The idea of combining the electronic one and the manual one together into one button, I think, makes a lot of sense,” he said. “That’s something that we’re working on.” He didn’t specify why Tesla was working on a redesign, but it’s hard to imagine the timing of the federal probe isn’t relevant. 

    The company has already been in the NHTSA’s sights this year. Last month, the regulator opened an investigation into how Tesla was reporting crashes with its Autopilot and Full Self-Driving systems. Although Tesla claimed the inconsistencies in reports were due to a system error that it has fixed, the NHTSA said it would continue the probe.

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  • NHTSA is investigating Tesla over its electronic door handles

    Who says journalism is dead? Less than a week after Bloomberg published a damning report about Tesla’s “dangerous doors,” the US National Highway Traffic Safety Administration (NHTSA) is now looking into it. On Tuesday, the regulator said it opened an investigation into the automaker’s electrically powered doors. The problem: They stop working if the vehicle’s low-voltage battery fails.

    The NHTSA’s probe will cover the 2021 Model Y, which covers an estimated 174,290 vehicles. But the agency suggested in a document that it could expand its investigation. That makes sense: Every Tesla ever made uses electrically powered door handles. So, this could potentially get very expensive for the otherwise perfectly lovable company.

    Tesla uses a flush door handle design for its vehicles. A 12-volt battery powers the door’s ability to pop the handle and release the latch. It’s one of the Apple-like design details that helped the automaker become a household name. But cars aren’t iPhones, and sleekness can’t take a backseat to safety in the auto space.

    Tesla vehicles have a mechanical backup system in the cabin that enables the doors to be opened manually in case of a power loss. But the manual release location varies by model and is often hard to find. And even if you do know where it is, that won’t help if a small child or pet is trapped inside.

    “Although Tesla vehicles have manual door releases inside of the cabin, in these situations, a child may not be able to access or operate the releases even if the vehicle’s driver is aware of them,” the NHTSA wrote in its public summary document.

    Bloomberg‘s original report recounted some heinous stories of Tesla owners dealing with electronic door failures. There was an off-duty firefighter who struggled to break into a burning Model Y in 2023. The occupant was trapped in the passenger seat by airbags and couldn’t reach the manual release. Losing precious seconds due to the door design, she suffered third-degree facial burns and had lasting lung damage from smoke inhalation.

    There are reportedly more. Last November in California, three college students died trapped inside a Cybertruck after it caught fire. The same month, five people in Wisconsin died inside a Model S. The cluster of bodies in the front seat suggested to the detective they may have struggled to escape.

    Then, this spring in LA, a star college basketball recruit managed to escape only after kicking out a Cybertruck window when it caught fire. “I try to open the door, and the door’s not opening,” Alijah Arenas said. He was placed in a medically induced coma due to extensive smoke inhalation.

    Bloomberg discovered that the NHTSA has received over 140 complaints about stuck Tesla doors since 2018. The regulator cited nine “failure reports” that led it to probe the company. In four cases, the people resorted to breaking the window. “Entrapment in a vehicle is particularly concerning in emergency situations, such as when children are entrapped in a hot vehicle,” NHTSA said.

    Will Shanklin

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  • Plaid to pay JPMorgan for customer data amid industry feud

    Plaid Inc. agreed to pay JPMorgan Chase & Co. for its consumer data, the latest accord in a battle between financial technology firms and banks over who can access the sought-after information. The largest US bank and Plaid, which connects apps with bank accounts, updated a data-sharing agreement with a set pricing structure, according to […]

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  • Plaid to pay JPMorgan for customer data amid industry feud

    Plaid Inc. agreed to pay JPMorgan Chase & Co. for its consumer data, the latest accord in a battle between financial technology firms and banks over who can access the sought-after information. The largest US bank and Plaid, which connects apps with bank accounts, updated a data-sharing agreement with a set pricing structure, according to […]

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  • Tether to launch new US stablecoin, Bo Hines to lead project

    Tether Holdings SA, the company behind the world’s most traded cryptocurrency, is bringing its digital dollar home, unveiling a US-regulated stablecoin and appointing Bo Hines, a former White House crypto official, to lead the effort. The token will be launched in partnership with Cantor Fitzgerald LP and Anchorage Digital Bank NA, El Salvador-based Tether said […]

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  • Tether to launch new US stablecoin, Bo Hines to lead project

    Tether Holdings SA, the company behind the world’s most traded cryptocurrency, is bringing its digital dollar home, unveiling a US-regulated stablecoin and appointing Bo Hines, a former White House crypto official, to lead the effort. The token will be launched in partnership with Cantor Fitzgerald LP and Anchorage Digital Bank NA, El Salvador-based Tether said […]

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  • Robots step in more than ever when credit traders go on vacation

    When US credit traders go to the beach, algorithms are increasingly stepping in for them, allowing transaction volume to stay relatively high even during a traditionally slow period. Algorithmic trading accounted for more than 40% of trading in the US high-grade market in August, a percentage that has climbed steadily since that month in 2020, […]

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