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Tag: IBM

  • I lead IBM Consulting, here’s how AI-first companies must redesign work for growth | Fortune

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    Across every industry, organizations are investing heavily in the potential of artificial intelligence to reshape how they operate and grow. Nearly 80% of executives expect AI to significantly contribute to revenue by 2030, yet only 24% know where that revenue might come from. 

    This isn’t an awareness gap. It’s an architecture gap.

    The companies already capturing AI’s value aren’t waiting to discover it through pilots and proofs-of-concept. They’re engineering it through deliberate choices about how work gets designed, how human and digital workers come together, and how productivity savings are reinvested. 

    From our work with enterprises across every major industry, a clear divide is emerging. 

    Some organizations are bolting AI onto legacy workflows and gaining marginal productivity. Others are redesigning how value gets created and building growth trajectories competitors can’t replicate.

    By 2030, this won’t be just a short-term positioning advantage. It will determine who remains in business. The difference comes down to three architectural choices that separate AI-first enterprises from everyone else.

    Redesign Work Itself, Don’t Just Augment It

    Most AI adoption fails because organizations are automating fundamentally broken processes. They’re making inefficient work more efficient—and wondering why transformation doesn’t happen.

    AI-first enterprises start with a different question: If we were designing this work today with no legacy constraints, what outcome do we want? And what combination of human judgment and AI capability achieves that outcome best?

    Nestlé provides a powerful example of a more than a centry-old global enterprise. The company isn’t just adding AI features to existing systems. They’re building an AI-powered enterprise architecture that understands their entire product ecosystem, supply chain, and consumer relationships in ways generic models never could. The goal isn’t incremental improvement—it’s the capability to deliver superior products faster while creating more personalized experiences for employees and customers.

    Riyadh Air represents the opposite end of the business spectrum—a startup with no legacy constraints. But the principle is identical. The airline is building an AI-native operation from day one, with a unified architecture connecting operations, employees, and customers as a single intelligent system.

    The insight both share is that the digital backbone isn’t just infrastructure. It’s the intentional architecture that allows humans and AI to work as integrated capabilities, creating adaptability that compounds over time.

    Build Proprietary Intelligence, Not Just Access to Models

    By 2030, everyone will have access to powerful AI models. The winners will have customized AI that knows their business better than any third-party AI possibly could.

    L’Oréal isn’t just using AI to accelerate R&D. They’re building a custom AI foundation model trained on their proprietary formulation data, scientific research, and sustainability requirements.
    These models will give their scientists capabilities no competitor could replicate, enabling new scientific possibilities that wouldn’t otherwise exist.

    In our recent survey, more than half of executives expect their competitive edge to come from AI model sophistication specifically. Sophistication also comes from proprietary data, custom models tuned to specific challenges, and continuous learning loops. Organizations need multi-model portfolios – some proprietary, some licensed, all integrated into architectures that evolve as quickly as their markets.

    The most valuable companies won’t be those with the most data. They’ll be the ones that turn data into AI-driven decisions at scale, with intelligence competitors can’t mimic by simply licensing better models.

    Engineer Growth Loops, Not Just Efficiency Gains

    Most AI strategies fail because they treat productivity as the destination.

    Executives expect AI to boost productivity by 42% by 2030. But if you bank those gains as cost savings, you’ve fundamentally misunderstood the opportunity. AI-first enterprises treat productivity as fuel by reinvesting efficiency gains into new products, services, and markets.

    The pattern works like this: AI-driven efficiency frees capital and talent. That freed capacity funds innovation in new markets. New markets generate new data. New data trains better AI. Better AI creates more efficiency. The loop accelerates.

    L’Oréal scientists won’t just make formulations faster—this speed will allow them to explore sustainable ingredients that were not economically feasible before. Nestlé isn’t just optimizing supply chains—they’re using those gains to build direct consumer relationships that transform how people interact with their products. Riyadh Air isn’t just building a new airline—they’re stripping out fifty years of legacy in a single stroke that will define the next decade of aviation.

    This creates exponential divergence. While laggards optimize margins, leaders accelerate into new markets, building capabilities that compound. By 2030, the gap won’t be measurable in productivity percentages. It will be measurable in entirely different business models.

    The Questions That Determine Who Wins

    The next era of growth won’t be predicted. It will be engineered. Leaders must answer three uncomfortable questions now:

    1. If we redesigned our operations with AI-first principles, what would we stop doing entirely? Not what would we do faster, rather, what would we eliminate? Most organizations discover that 30-40% of their workflows exist solely to compensate for constraints that AI removes. But elimination requires courage optimization avoids.
    2. What proprietary intelligence could we build that competitors can’t replicate? Not what AI can you license, but what AI could you engineer—built on the human expertise unique to your organization—that is so deeply tuned to your business that competitors would need a decade to catch up?
    3. Are we banking productivity gains or reinvesting them into growth loops?  Cost savings are finite, but growth loops are exponential. Which one is your strategy building?

    By 2030, the companies that can answer these questions won’t just be more productive. They’ll be operating in markets competitors didn’t know existed, with capabilities competitors can’t build, and business models competitors can’t afford.

    The real risk isn’t moving too fast on AI. It’s engineering too slowly while competitors redesign the game entirely.

    The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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    Mohamad Ali

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  • Louis Gerstner, CEO credited with turning around IBM, dies at 83 | Fortune

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    Louis Gerstner, who took over International Business Machines Corp. when it was on its deathbed and resuscitated it as a technology industry leader, died Saturday. He was 83.

    IBM chairman and CEO Arvind Krishna announced Gerstner’s death in an email sent Sunday to its employees, but didn’t provide a cause of death.

    Gerstner’s nine-year tenure as chairman and CEO of the company known as “Big Blue” is often used as a case study in corporate leadership.

    On April Fool’s Day, 1993, he became the first outsider to run IBM, which was facing a choice of bankruptcy or dismemberment after a period when it had been the undisputed leader in personal computers and mainframes. He pivoted the Armonk, New York-based company toward business services and away from hardware production, reversing a move to break up the company into a dozen or more semi-autonomous units — “Baby Blues” — in pursuit of greater profits.

    Gerstner slashed costs and sold off unproductive assets, including real estate and IBM’s collection of fine art. He fired 35,000 of the 300,000 employees, who had become accustomed to a culture of lifetime tenure based on principles established by former CEO Thomas Watson Sr. in the early 20th century. 

    He stressed company-wide teamwork to replace the tradition of loyalty to various divisions, and he pegged compensation to corporate performance rather than individual results. To meet performance goals, he emphasized regular accountability rather than waiting for yearly performance reviews.

    “People do what you inspect, not what you expect,” he said.

    Gerstner’s key change was to scrap IBM’s culture of selling bundled products that only worked with other IBM goods, from PCs to operating systems to software. Products he considered losers were jettisoned. He pulled the plug on OS/2, an operating system intended to challenge Microsoft’s Windows that hadn’t proved popular with customers.

    “His leadership during that period reshaped the company,” Krishna wrote. “Not by looking backward, but by focusing relentlessly on what our clients would need next.” 

    Focus on Middleware

    IBM put its focus on so-called middleware — software for databases, systems management and transaction management. The company became the impartial integrator for companies’ networks and systems, happy to help whether the hardware used had the IBM name on it or not.

    Gerstner made an early bet on the internet and e-business, which he guessed correctly would put less emphasis on personal computers and more on servers, routers and other more sophisticated equipment that would benefit from IBM’s service know-how and involve buyers familiar to IBM’s sales force, such as chief technology officers.

    Later in his tenure, he also made some strategic acquisitions such as the $2.2 billion paid for Lotus Development Corp., whose Notes product was vital for helping IBM customers collaborate on an enterprise-wide basis.

    The switch in focus from hardware to services resulted in an increase in services revenue from $7.4 billion in 1992 to $30 billion in 2001. IBM’s share price went from $13 to $80 in his nine years as CEO, adjusted for splits,.and IBM’s market value rose from $29 billion to about $168 billion in that period.

    “If I had a vote, the most significant legacy of my tenure at IBM would be the truly integrated entity that has been created,” he wrote in Who Says Elephants Can’t Dance? Leading a Great Enterprise through Dramatic Change (2002). “It certainly was the most difficult and risky change I made.”

    Louis Vincent Gerstner Jr. was born on March 1, 1941, in Mineola, New York, to Louis Gerstner Sr., a milk truck driver, and Marjorie Rutan, a secretary and college administrator. He was one of four brothers.

    He graduated from Mineola’s Chaminade High School, a competitive Catholic institution. He got an engineering degree from Dartmouth College and an MBA from Harvard University.

    McKinsey Partner

    After Harvard he joined McKinsey & Co. as a consultant. He made partner in four years and spent 12 years there before taking a job with American Express.

    He worked for the credit-card division there, then took over travel-related services. Under his leadership, Amex, which offered primarily a travel card at that point, increased its presence in retail stores and created premium cards that permitted customers to carry unpaid balances.

    With his way to the top of management at Amex blocked by CEO James D. Robinson III, Gerstner agreed to run RJR Nabisco Inc., where he stayed four years before joining IBM. His primary focus at RJR Nabisco was to reduce the $25 billion in debt produced by the leveraged buyout that created the tobacco and consumer products firm. 

    IBM’s board began its search for a new CEO after it forced out John Akers in January 1993, just as the company was reporting its largest annual loss. In selecting Gerstner, the board chose managerial experience over computer expertise. (Gerstner’s brother Richard had worked for IBM for 30 years and headed the division that included personal computers.)

    From Gerstner’s first day in April 1993 until the January 2002 announcement that he was stepping down, IBM’s shares rose ninefold while the Standard & Poor’s 500 Index gained 154%. Sam Palmisano succeeded him, first as CEO, then as chairman when Gerstner retired at the end of 2002. 

    In 2003, Gerstner became chairman of the Carlyle Group, the Washington-based private-equity firm. He oversaw the firm’s expansion into Asia and Latin America and early preparations for going public, which it did in 2012. He retired in 2008, remaining as a senior adviser.

    With his wife, Robin, he had two children. Their son, Louis III, died in 2013 after a choking accident in a restaurant.

    Through Gerstner Philanthropies, the family has supported biomedical research, environmental and education programs, and social services in New York City, Boston and Florida’s Palm Beach County. The family has been a longtime supporter of the Mayo Clinic. 

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    Patrick Oster, Bloomberg

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  • Filipino engineer and entrepreneur dies at 79

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    Filipino tech entrepreneur Diosdado “Dado” Banatao died at the age of 79.

    Banatao is known for pioneering the technology that made personal computers possible, thus putting Silicon Valley on the map. He also co-founded three technology companies and started a nonprofit to help support Filipinos in STEM fields.

    “Rising from humble beginnings in Cagayan, he went on to co-found transformative technology companies and played a pivotal role in advancing the global semiconductor and graphics industries,” said the National Federation of Filipino American Associations on LinkedIn in honor of Banatao’s passing. “Just as importantly, he invested deeply in people opening doors, mentoring founders and strengthening communities.”

    According to a post on his website by his family, Banatao passed away peacefully on Christmas Day, surrounded by family and friends. His family said he “succumbed to complications from a neurological disorder that hit him late in his life.” He would have been 80 in May.

    His family wrote, “We are mourning his loss, but take comfort from the time spent with him during this Christmas season, and that his fight with this disease is over.”

    Banatao was born to a rice farmer and housekeeper in Iguig, Cagayan, according to ABS-CBN. According to his 2015 documentary, he didn’t have access to electricity growing up and was taught math using bamboo sticks. He said it was typical for his classmates to stop going to school after sixth grade to help their parents work in the fields, but his father told him to continue studying.

    He developed a love for engineering and graduated with a degree in electric engineering from Mapua Institute of Technology, a private research university in Manila. He said in his documentary that there were no design jobs for engineers in the Philippines, so he moved to the U.S. and pursued a master’s degree in electrical engineering and computer science at Stanford University. He graduated in 1972.

    Soon after college, Banatao worked as a design engineering at Boeing. ABS-CBN reported that he then went on to work for other technology companies, like National Semiconductor and Intersil. While at Commodore International, he designed the first single chip, 16-bit microprocessor-based calculator.

    He is credited with developing the first 10-Mbit ethernet CMOS chip in 1981 while working at Seeq Technology. He also developed the first system logic chipset for IBM’s PC-XT and PC-AT and one of the first graphics accelerators for personal computers. These inventions allowed for faster computer performance, according to Inquirer.net. The Harvard Club of Southern California credited Banatao for bringing GPS technology to consumers.

    “Dado is the man who invented a graphical chipset that took us from black screens with green writing to the dynamic displays we have today,” the club wrote for a description of a lecture he gave in 2017 for the Harvard Business School Association of Orange County.

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    Nollyanne Delacruz

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  • IBM’s CEO Says Jamie Dimon Is Wrong About Not Using Your Phone in Meetings

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    JPMorgan Chase CEO Jamie Dimon is bringing down the hammer on texting in meetings. But IBM CEO Arvind Krishna says a technology company shouldn’t discourage its employees from using their devices. 

    Checking our phones has become a popular habit, regardless of where we are. A Reviews.org study last year found that Americans pick up their phones 205 times throughout the day. That’s nearly once every five minutes from the time they wake up in the morning. 

    So it’s not surprising that the impulse has bled into the workplace. But some executives want to rehash meeting etiquette as it once was. 

    “If you have an iPad in front of me and it looks like you’re reading your email or getting notifications, I tell you to close the damn thing,” Dimon said to Alyson Shontell, Fortune editor-in-chief during its Most Powerful Women summit in October.

    “This has to stop. It’s disrespectful. It wastes time,” he previously wrote on the subject in his April annual letter to shareholders.

    But Krishna says there’s an important distinction to make. He says a larger meeting is “not really a meeting. It’s a communication vehicle,” and therefore shouldn’t merit managing attendees’ tech use. But gatherings of up to 10 people are different. 

    “If it’s a small meeting, I would really frown upon if somebody is sitting opposite my desk and lost in their phone, I would tell them, ‘Why don’t you come back when you have time?” 

    Although company leaders are getting fed up, it’s becoming easier and easier to multitask at work. AI assistants integrated into Zoom and Microsoft Teams can record meetings and feed employees a summary whether they were listening or not. 

    Still, Dimon may be onto something. While multitasking by name suggests getting two things done at once, research shows the human brain isn’t wired to do that. In fact, what’s really happening when people think they’re multitasking is that they’re continuously switching from one task to another. 

    The process takes even more mental energy than focusing on one task at a time.

    “Every single time we switch there is a cost,” says Dr. Sahar Yousef, UC Berkeley cognitive neuroscientist. “It’s draining. It’s taking longer to do the same thing.” 

    As tech tools continue to improve, the temptation of using them to do two things at once grows stronger. But it may be in our best interest to pay attention to what’s in front of us, and save the rest for later.

    The early-rate deadline for the 2026 Inc. Regionals Awards is Friday, November 14, at 11:59 p.m. PT. Apply now.

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    Ava Levinson

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  • HSBC says it used quantum computing to improve bond trading — a

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    HSBC on Thursday announced it has successfully used quantum computing in a trial to optimize bond trading, making it the first in the world to prove the value of the powerful emerging technology in the financial services industry.

    Working with IBM, the bank used a combination of classical computing and the tech giant’s Heron quantum processor to deliver a 34% improvement in algorithmic bond price predictions, HSBC said in a statement shared Tuesday.

    Philip Intallura, HSBC’s group head of quantum technologies, called the trial a “ground-breaking world-first.” He expanded on the technology in a company video included in the announcement, saying the improvement in trade predictions ultimately means “increased margins and greater liquidity.”

    The trial was intended to test how quantum computers could optimize requests in over-the-counter markets, where financial assets are traded without a centralized exchange or broker serving as the intermediary. Using IBM’s latest generation of quantum computers, the companies were able to estimate how likely a trade was to be a filled at a quoted price with far more accuracy than standard methods of using classical computers alone, according to the announcement.

    “This is something that we do thousands of times a day already and that’s estimating the likelihood of winning a trade,” Josh Freeland, global head of algo credit trading at HSBC, said in the same video.

    Technology has long been intertwined in Wall Street trading. Automation systems used to assist traders were installed at the New York Stock Exchange in the 1950s. Two decades later came the first rumblings of algorithmic trading — using computers programs to automatically execute trades. About two thirds of all trades were conducted using computers by 2009, Deutsche Bank research shows.

    In its trial results, HSBC found that the addition of quantum computing techniques showed an improvement over classical computing alone in responding to the “highly complex nature” of factors involved in algorithmic trades. 

    “IBM Heron was able to augment classical computing workflows to better unravel hidden pricing signals in noisy market data than standard, classical-only approaches in use by HSBC, resulting in strong improvements in the bond trading process,” HSBC said in its announcement.

    According to HSBC, the trial represents the first empirical evidence that quantum computers can be used to solve practical problems in the field of algorithmic bond trading.

    “We have great confidence we are on the cusp of a new frontier of computing in financial services, rather than something that is far away in the future,” Intallura said HSBC’s statement.

    What is quantum computing?

    Quantum computing, a new field of computer science and engineering, relies on quantum mechanics to solve problems and process information across finance, logistics, cybersecurity and more.

    Amazon, Google, IBM, Intel and Microsoft and have all invested in the technology.

    According to IBM, while the technology is still developing, it will soon surpass classical supercomputers in terms of speed and its ability to tackle complex problems.

    The technology company said what could take classical computers thousands of years, could take quantum computing mere minutes or hours to solve.

    Mary Cunningham

    Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.

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  • IBM gen AI business reaches $3B in Q3

    IBM gen AI business reaches $3B in Q3

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    IBM’s generative AI business climbed more than $1 billion in the third quarter, reaching $3 billion as clients invest in the tech.   “Clients are reprioritizing their IT budgets to prepare for generative AI,” IBM Chief Financial Officer James Kavanaugh said during the company’s Q3 earnings call on Oct. 23. NatWest, for one, announced an […]

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    Whitney McDonald

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  • Unbelievable facts

    Unbelievable facts

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    The IBM 350, the world’s first hard drive from 1956, weighed one ton, held 3.75 MB of data, and cost…

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  • 7/28/2024: Quantum Computing; Knife; College of Magic

    7/28/2024: Quantum Computing; Knife; College of Magic

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    7/28/2024: Quantum Computing; Knife; College of Magic – CBS News


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    First, a look inside the quantum computer race. Then, Salman Rushdie: The 2024 60 Minutes Interview. And, going inside the College of Magic.

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  • How to Start, Sell a Million-Dollar Company: TaskRabbit Founder | Entrepreneur

    How to Start, Sell a Million-Dollar Company: TaskRabbit Founder | Entrepreneur

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    Leah Solivan was an IBM engineer, working on business collaboration tools like Lotus Notes, when she found her million-dollar startup idea: an online marketplace connecting customers with “taskers” who could run errands or do household chores for them at a price.

    The idea arose from Solivan running out of dog food one night and asking why she couldn’t connect with someone at that moment who could pick it up for her. It was 2008 and the first iPhone had come out a year prior. Solivan saw the potential in her iPhone for a location-based business.

    Leah Solivan. Photo: Chance Yeh/WireImage

    In an interview with entrepreneur Jeff Berman last week, Solivan said when looking at the problem as an engineer, she saw these three technologies: social, location, and mobile.

    “I thought, there’s a lot here,” she said.

    Related: This Former Model Used Her Personal Savings to Start a Thrifty Side Hustle — Then Taylor Swift Became a Repeat Patron: ‘People Really Responded’

    Solivan decided to leave her engineering job and cashed out the $27,000 she had earned in her IBM pension plan to get her idea off the ground. Ten years later, Ikea bought TaskRabbit for an undisclosed sum after the startup carved out a valuation of about $50 million from multiple fundraising rounds.

    TaskRabbit was Ikea’s first acquisition in the U.S.

    It wasn’t easy to get to an acquisition though. Right after quitting IBM, Solivan started coding. For six to eight weeks, she worked on her idea and built the first version of it, working from a coffee shop at times and asking random people at the shop for feedback on what she had created.

    When the site was ready, Solivan put out an ad on Craigslist for taskers — the people who would run errands through the site. She gave each person who responded to the ad a 30-minute interview at the coffee shop and ended up with 30 taskers for the first launch in Boston.

    The launch taught Solivan that she needed to “be the first tasker.” She ran errands too, all over Boston. The experience still prompts her to ask founders: “Can you be a part of the process?” Solivan says being part of the company’s day-to-day is key to learning what customers really want.

    Related: The Largest Franchise Operator in the U.S. Owns 2,800 Locations — And He Just Added 83 Wendy’s to His Portfolio

    Ikea, meanwhile, known for its must-put-together furniture, acquired TaskRabbit in 2017 after an in-store partnership in London proved lucrative. Customers could opt to have TaskRabbit deliver and assemble Ikea furniture for them instead of doing it themselves, which increased the average order value for Ikea and brought in new customers for TaskRabbit.

    Ikea decided then that they wanted to own TaskRabbit.

    “It was bittersweet,” Solivan said. “It had been 10 years… It feels so good to me to know that even without me, it lives on.”

    For entrepreneurs with jobs at Meta, Microsoft, or other companies who come to her to ask if they should quit their jobs to work on their ideas, Solivan says that it’s difficult to be all-in on a startup with a day job, but she knows that not everyone has the privilege to be able to pursue their idea without a safety net.

    “My advice is, if you really have conviction around something, you are going to find a way to go for it,” Solivan said.

    Related: She Batched a Beloved Product at Home, Inspired By a Black-Owned Business From the 1960s. Then It Became a Multimillion-Dollar Brand: ‘We’d Never Intended This.’

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    Sherin Shibu

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  • 7/28/2024: Quantum Computing; Knife; College of Magic

    7/28/2024: Quantum Computing; Knife; College of Magic

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    7/28/2024: Quantum Computing; Knife; College of Magic – CBS News


    Watch CBS News



    First, a look inside the quantum computer race. Then, Salman Rushdie: The 2024 60 Minutes Interview. And, going inside the College of Magic.

    Be the first to know

    Get browser notifications for breaking news, live events, and exclusive reporting.


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  • Companies, countries battle to develop quantum computers | 60 Minutes

    Companies, countries battle to develop quantum computers | 60 Minutes

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    Companies, countries battle to develop quantum computers | 60 Minutes – CBS News


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    Companies and countries are in a race to develop quantum computers. The machines could revolutionize problem solving in medicine, physics, chemistry and engineering.

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  • Nvidia Is Becoming the IBM of AI, Says Former Apple Engineer | Entrepreneur

    Nvidia Is Becoming the IBM of AI, Says Former Apple Engineer | Entrepreneur

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    Jim Keller, an engineer who has worked at AMD, Apple, and Tesla and is now CEO of an AI chip startup taking on Nvidia, says that Nvidia is “becoming the IBM of the AI era.”

    On a Sunday podcast episode of DemystifySci, Keller brought up Nvidia’s AI chips and called attention to companies like Microsoft and Google that are using Nvidia’s technology to power their own innovations.

    “All the big tech companies are in an arms race and they’re all calling Nvidia,” Keller said.

    Related: Nvidia CEO Jensen Huang Turned Down a Merger Offer in the Company’s Early Days, According to Insiders. Here’s Why.

    Keller, who now leads the $2 billion AI chip startup Tenstorrent, which has funding from Samsung and Hyundai, stated that Nvidia currently has “the best processors by functionality.”

    He then said that Nvidia is “slowly becoming the IBM of the AI era,” adding, “We’ll see how that goes. I run an AI tech company so I have opinions about that too.”

    Jim Keller, chief executive officer of Tenstorrent. Photographer: SeongJoon Cho/Bloomberg via Getty Images

    Nvidia is now the industry leader for AI chips, with over 80% of the market share. It benefits from a first-mover advantage in AI computing; Nvidia claims to have started investing in AI and machine learning development starting in 2006.

    Related: Employees Who Worked at This Company for the Past 5 Years Are Now Multi-Millionaires in ‘Semi-Retirement’

    IBM, too, could be considered a first mover in the PC market. Though IBM did not invent the PC, the company’s 1981 personal desktop opened computers up to a broader audience and generated $1 billion in revenue in its first year.

    IBM “set a technology standard” with its first PC, according to IEEE Spectrum.

    Keller has previously weighed in on the cost of AI chips, both from Nvidia and from ChatGPT-maker OpenAI, which currently uses Nvidia’s chips. He claimed in April that Nvidia could have cut research and development costs and in February that he could build AI processors for all workloads and AI companies at one-eighth of the cost suggested by OpenAI CEO Sam Altman.

    Nvidia CEO Jensen Huang said in March that its next-generation AI chip would cost more than $30,000.

    Related: Here’s How Much Investing $10,000 in Nvidia When It Went Public Would Be Worth Now

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    Sherin Shibu

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  • IBM to acquire HashiCorp. Inc for $6.4B|Bank Automation News

    IBM to acquire HashiCorp. Inc for $6.4B|Bank Automation News

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    IBM plans to acquire cloud services provider HashiCorp for $6.4 billion in cash.  HashiCorp has expertise in deploying multi- and hybrid-cloud infrastructures for enterprise clients, and the combination of the companies will “bolster our leading IT automation platform to address the sprawling complexity of AI-driven application and infrastructure growth,” Chief Executive Arvind Krishna said during […]

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    Vaidik Trivedi

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  • Navy Fed selects Zafin for core modernization | Bank Automation News

    Navy Fed selects Zafin for core modernization | Bank Automation News

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    Navy Federal Credit Union selected SaaS core modernization provider Zafin to update its core and move away from its legacy mainframe.   “We selected Zafin to help us as we work to externalize our products and pricing from the banking core,” Pete Amstutz, senior vice president of savings and membership at Navy Federal, told Bank Automation […]

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    Vaidik Trivedi

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  • Multifactor authentication critical for banks, IBM says | Bank Automation News

    Multifactor authentication critical for banks, IBM says | Bank Automation News

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    Financial institutions must prioritize multifactor authentication as hackers take advantage of a lack of identity protection.   In 2023, cyberattacks using valid credentials to gain access to user accounts increased 71% from 2022, according to IBM’s 2024 X-Force Threat Intelligence Index. Rather than hacking, the attackers are able to just log in, Leah Generao, partner at […]

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    Whitney McDonald

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  • Next level AI: Quantum AI | Bank Automation News

    Next level AI: Quantum AI | Bank Automation News

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    Graphics processing units on today’s computers can only hold so much capacity — and financial institutions are looking to quantum computing to process ever-growing data sets and turbocharge AI.  “By applying quantum, the parallel [computing] capability of the computer goes up exponentially,” Mitchell Wein, executive principal at Datos Insights, a data and markets analytics company, […]



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    Vaidik Trivedi

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  • IBM sees strong demand for AI, cloud modernization | Bank Automation News

    IBM sees strong demand for AI, cloud modernization | Bank Automation News

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    IBM clients continue to prioritize digital transformation through the cloud and investment in AI as tech spend remains strong across the banking industry.   “This focus on digital transformation and AI initiatives to drive productivity and cost savings has been consistent throughout the year,” Chief Financial Officer Jim Kavanaugh said during IBM’s Q4 2023 earnings […]

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    Whitney McDonald

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  • IBM, Meta and more than 50 others launch alliance to challenge dominant AI players

    IBM, Meta and more than 50 others launch alliance to challenge dominant AI players

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    Discussions around the leading voices of the AI zeitgeist have not often included the old hands of computing like IBM, Intel, Sony Group, or Dell.

    But on Tuesday, the four corporations—along with the younger Meta, a host of top universities, as well as a collection of tech startups and foundations—announced an “AI Alliance” in an apparent attempt to challenge the perceived dominance of OpenAI, Microsoft, Google, and recently Amazon.

    “To some degree, but unfortunately, to a large degree, the last year of conversation and dialogue around AI has been focused on a very small number of institutions,” Darío Gil, a senior vice president at IBM and head of the corporation’s research lab, told Fortune. “The reality is that this field is much, much larger than that.”

    When asked who he was referring to when he said a “very small number of institutions,” Gil declined to specify: “You know who.”

    ‘Open’ AI

    The formation of the AI Alliance continues a longstanding debate among developers about the values of the “open” and “closed” development of artificial intelligence.

    Despite its name, OpenAI, the creator of ChatGPT, has kept its models, or mammoth AI algorithms, under lock and key. Developers can only access them only with permission from OpenAI, which counts Microsoft as its biggest backer. Google, another AI frontrunner, as well as Amazon, which recently unveiled its answer to ChatGPT and invested in buzzy AI startup Anthropic, have also not open-sourced, or let researchers fully download, their models. All tech giants have cited the reasons of competition and safety for why they’ve locked up their technology. 

    This tight-fistedness has led to consternation in the research community and among competing businesses. (In fact, competitors watched with glee as OpenAI’s corporate leadership fell into disarray in November.) “There’s been a lot of debate about: Should the future of AI be closed and proprietary? Or what is the role of open source, open science, and open innovation in the field?” Gil, the IBM executive, said.

    The AI Alliance falls into the latter camp. The group of over 50 has coalesced around a number of broad objectives, including the creation of common frameworks for evaluating the strength of AI algorithms, devotion of capital to AI research funds, and collaboration on open-source models.

    In addition to the corporate giants, other participants include the chip manufacturers AMD and Cerebras, AI startups like Hugging Face and Stability AI, and Ivy League universities like Yale, Cornell, and Dartmouth. 

    As an example, Gil pointed to IBM’s work with NASA on a recently open-sourced AI model trained on geospatial data, which he says can help track deforestation or predict crop yields. He also said IBM has committed approximately $100 million to universities to support AI research projects over the next five years, and that the computing titan has worked with Meta to build out an open-source toolkit for AI development.

    As for governance, Gil said that the alliance is still working out the details. The focus so far has been on building out a coalition and hashing out the organization’s objectives. Next steps include the formation of “technical working groups” for the more than 50 participants as well as the design of a governance structure that may lead to an external nonprofit.

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    Ben Weiss

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  • Companies, countries battle to develop quantum computers | 60 Minutes

    Companies, countries battle to develop quantum computers | 60 Minutes

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    Companies, countries battle to develop quantum computers | 60 Minutes – CBS News


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  • Musk Strategy to Contain Anti-Semitism Fallout Is to Go ‘Thermonuclear’

    Musk Strategy to Contain Anti-Semitism Fallout Is to Go ‘Thermonuclear’

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    Elon Musk employed an aggressive strategy—including the threat of a “thermonuclear” lawsuit— to contain the fallout after his endorsement of anti-Semitic rhetoric on X that prompted an advertising backlash at the billionaire’s social media company and some on Wall Street to call for his censure.

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