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Sam Altman returns as CEO, OpenAI has a new initial board

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Mira Murati as CTO, Greg Brockman returns as President. Read messages from CEO Sam Altman and board chair Bret Taylor.

Message from Sam to the company

I am returning to OpenAI as CEO. Mira will return to her role as CTO. The new initial board will consist of Bret Taylor (Chair), Larry Summers, and Adam D’Angelo.

I have never been more excited about the future. I am extremely grateful for everyone’s hard work in an unclear and unprecedented situation, and I believe our resilience and spirit set us apart in the industry. I feel so, so good about our probability of success for achieving our mission.

Before getting to what comes next, I’d like to share some thanks.

I love and respect Ilya, I think he’s a guiding light of the field and a gem of a human being. I harbor zero ill will towards him. While Ilya will no longer serve on the board, we hope to continue our working relationship and are discussing how he can continue his work at OpenAI.

I am grateful to Adam, Tasha, and Helen for working with us to come to this solution that best serves the mission. I’m excited to continue to work with Adam and am sincerely thankful to Helen and Tasha for investing a huge amount of effort in this process.

Thank you also to Emmett who had a key and constructive role in helping us reach this outcome. Emmett’s dedication to AI safety and balancing stakeholders’ interests was clear.

Mira did an amazing job throughout all of this, serving the mission, the team, and the company selflessly throughout. She is an incredible leader and OpenAI would not be OpenAI without her. Thank you.

Greg and I are partners in running this company. We have never quite figured out how to communicate that on the org chart, but we will. In the meantime, I just wanted to make it clear. Thank you for everything you have done since the very beginning, and for how you handled things from the moment this started and over the last week.

The leadership team–Mira, Brad, Jason, Che, Hannah, Diane, Anna, Bob, Srinivas, Matt, Lilian, Miles, Jan, Wojciech, John, Jonathan, Pat, and many more–is clearly ready to run the company without me. They say one way to evaluate a CEO is how you pick and train your potential successors; on that metric I am doing far better than I realized. It’s clear to me that the company is in great hands, and I hope this is abundantly clear to everyone. Thank you all.

Jakub, Szymon, and Aleksander are exceptional talents and I’m so happy they have rejoined to move us and our research forward. Thank you.

To all of you, our team: I am sure books are going to be written about this time period, and I hope the first thing they say is how amazing the entire team has been. Now that we’re through all of this, we didn’t lose a single employee. You stood firm for each other, this company, and our mission. One of the most important things for the team that builds AGI safely is the ability to handle stressful and uncertain situations, and maintain good judgment throughout. Top marks. Thank you all.

Satya, Kevin, Amy, and Brad have been incredible partners throughout this, with exactly the right priorities all the way through. They’ve had our backs and were ready to welcome all of us if we couldn’t achieve our primary goal. We clearly made the right choice to partner with Microsoft and I’m excited that our new board will include them as a non-voting observer. Thank you.

To our partners and users, thank you for sticking with us. We really felt the outpouring of support and love, and it helped all of us get through this. The fact that we did not lose a single customer will drive us to work even harder for you, and we are all excited to get back to work.

Will Hurd, Brian Chesky, Bret Taylor and Larry Summers put their lives on hold and did an incredible amount to support the mission. I don’t know how they did it so well, but they really did. Thank you.

Ollie also put his life on hold this entire time to just do everything he could to help out, in addition to providing his usual unconditional love and support. Thank you and I love you.

So what’s next?

We have three immediate priorities.

Advancing our research plan and further investing in our full-stack safety efforts, which have always been critical to our work. Our research roadmap is clear; this was a wonderfully focusing time. I share the excitement you all feel; we will turn this crisis into an opportunity! I’ll work with Mira on this.

Continuing to improve and deploy our products and serve our customers. It’s important that people get to experience the benefits and promise of AI, and have the opportunity to shape it. We continue to believe that great products are the best way to do this. I’ll work with Brad, Jason and Anna to ensure our unwavering commitment to users, customers, partners and governments around the world is clear.

Bret, Larry, and Adam will be working very hard on the extremely important task of building out a board of diverse perspectives, improving our governance structure and overseeing an independent review of recent events. I look forward to working closely with them on these crucial steps so everyone can be confident in the stability of OpenAI.

I am so looking forward to finishing the job of building beneficial AGI with you all—best team in the world, best mission in the world.

Love,

Sam

Source: https://openai.com/blog/sam-altman-returns-as-ceo-openai-has-a-new-initial-board

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Artificial Intelligence

Who is Jensen Huang Nvidia CEO?

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Jensen Huang, born February 17, 1963, in Tainan, Taiwan, is a renowned American entrepreneur and co-founder of Nvidia Corporation, a leader in graphics processing units (GPUs) and artificial intelligence (AI) technologies. Under his leadership, Nvidia has evolved into a powerhouse in the tech industry, with significant influence on AI development and the gaming sector.

Early Life and Education

Huang’s journey began in Taiwan, where he was born to a chemical engineer father and a grade school teacher mother. The family moved to Thailand before eventually sending Jensen and his brother to the United States to live with their uncle in Tacoma, Washington. They later attended the Oneida Baptist Institute in Kentucky, an experience that introduced Huang to the rigorous academic and social environment of American education.

Huang pursued electrical engineering at Oregon State University and later earned a master’s degree in electrical engineering from Stanford University. These academic foundations laid the groundwork for his future innovations in technology.

Career and Achievements

In 1993, Huang co-founded Nvidia, recognizing the potential of GPUs not only for graphics but also for general-purpose computing. This vision has driven Nvidia to become a central player in the AI revolution. Nvidia’s GPUs have become essential tools in various fields, including scientific research, autonomous vehicles, and deep learning.

Huang’s strategic leadership has garnered numerous accolades. He was named the best-performing CEO in the world by Harvard Business Review in 2019 and was inducted into the National Academy of Engineering in 2024. He has also been recognized in Time’s list of the 100 most influential people in both 2021 and 2024.

Under Huang’s guidance, Nvidia has achieved remarkable milestones, such as a market valuation surpassing $2 trillion and dominating the AI chip market with an estimated 80% share. His vision extends to the future of AI, predicting exponential growth in AI capabilities over the next decade.

Personal Life

Jensen Huang is known for his distinctive personal style, often seen in his trademark black leather jacket. He resides in Los Altos Hills, California, with his wife Lori, whom he met during his college years. They have two children, who are also involved in the tech industry.

Huang’s contributions to technology and AI continue to shape the industry, making him a significant figure for C-suite executives to follow. His insights and leadership offer valuable lessons in innovation, strategic growth, and the transformative potential of AI.

For more detailed information on Jensen Huang and his impact on Nvidia and the broader tech industry, you can visit Nvidia’s official site.

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Artificial Intelligence

Jensen Huang: Driving Nvidia’s Role in AI Development and Advancement

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Jensen Huang, co-founder and CEO of Nvidia, has been a pivotal figure in transforming Nvidia into a global leader in AI technology. His visionary leadership has propelled the company from its origins as a graphics chip manufacturer to a powerhouse driving significant advancements in artificial intelligence (AI).

Early Vision and Strategic Innovations

Huang’s journey began in 1993 when he co-founded Nvidia. His early vision for high-performance computing and GPUs laid the foundation for Nvidia’s growth. The launch of the GeForce 256 GPU in 1999 marked a major milestone, revolutionizing computer graphics and setting the stage for Nvidia’s future innovations.

Transformative AI Technologies

Under Huang’s leadership, Nvidia has developed cutting-edge AI technologies that are now integral to various sectors. Key among these is the Nvidia DGX Cloud, which provides enterprises with scalable AI infrastructure. This service allows companies to rent powerful AI computing clusters, facilitating rapid development and deployment of AI models.

Moreover, Nvidia’s AI Foundations services, including NeMo, Picasso, and BioNeMo, cater to diverse AI needs, from custom language models to drug discovery and creative industries. These services illustrate Huang’s strategic foresight in addressing industry-specific AI applications.

AI Integration Across Industries

Huang’s vision extends beyond technology to practical applications of AI across multiple industries. For example, Nvidia’s partnerships with cloud providers like Oracle, Microsoft, and Google enhance its AI ecosystem, enabling seamless integration of AI capabilities into enterprise operations. In healthcare, collaborations with Medtronic and other companies are revolutionizing medical devices and drug discovery through AI.

Sustainability and Corporate Responsibility

Jensen Huang has also championed sustainability and corporate social responsibility. Nvidia’s initiatives in this area underscore a commitment to environmental stewardship and social impact, ensuring that technological advancements benefit broader societal goals.

Future Prospects and Vision

Huang remains optimistic about AI’s future, predicting exponential growth in AI capabilities. He foresees AI systems that can continuously learn and solve increasingly complex problems, further solidifying AI’s role in shaping the future. At the 2024 GTC, Huang emphasized AI’s transformative potential, highlighting Nvidia’s role in pioneering new AI-driven industries.

Jensen Huang’s leadership has been instrumental in Nvidia’s rise as a dominant force in AI technology. His strategic initiatives and visionary approach have not only advanced Nvidia’s capabilities but also integrated AI into critical sectors, driving innovation and shaping the future of technology. Under Huang’s guidance, Nvidia continues to set new benchmarks in AI development, ensuring its continued influence and success in the rapidly evolving tech landscape.

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Businessuite News24 International

The “Endless Shrimp” Promotion By Red Lobster Offers Five (5) Key Marketing Lessons

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Red Lobster, the iconic seafood restaurant chain, has filed for Chapter 11 bankruptcy as it grapples with significant financial challenges. The company cited escalating lease and labour costs, heightened competition, and evolving consumer preferences as key factors leading to its current predicament.

This decision comes despite efforts to revitalize the brand, which included promotions like the “Endless Shrimp” deal. However, this particular marketing strategy backfired, resulting in an US$11 million loss in the third quarter of 2023, exacerbating their financial woes.

The “Endless Shrimp” promotion, intended to attract more customers, turned into a costly blunder. It failed to generate the expected revenue and instead led to excessive operational costs.

Customers took full advantage of the unlimited shrimp offer, causing a spike in expenses without a corresponding increase in sales. This miscalculation, combined with existing financial pressures, pushed Red Lobster towards bankruptcy as a necessary step to restructure its debts and seek a more sustainable business model.

Five (5) Key Marketing Lessons:

1. Understand Cost Implications: Promotions must be carefully analyzed to ensure they don’t lead to unsustainable costs. Red Lobster underestimated the operational expenses and customer response, resulting in significant financial losses.

2. Customer Behavior Analysis: Predicting customer behavior is crucial. The promotion attracted heavy users who maximized their consumption, leading to higher costs without proportional revenue gains.

3. Align Promotions with Brand Strengths: Promotions should reinforce a brand’s strengths rather than just attract volume. Red Lobster’s focus on endless deals diluted its brand value and strained resources.

4. Flexibility in Promotions: Being able to adjust or terminate a promotion quickly in response to unforeseen consequences is essential. Red Lobster’s prolonged offer exacerbated their financial situation.

5. Balanced Value Proposition: Ensure that promotions offer value to both customers and the company. The “Endless Shrimp” deal provided disproportionate value to customers at the company’s expense.

These lessons highlight the importance of strategic planning, financial forecasting, and flexibility in promotional campaigns.

During the restructuring process, Red Lobster plans to keep its restaurants open and continue serving customers. The company aims to renegotiate leases, reduce debt, and streamline operations to regain financial stability. This move is crucial for Red Lobster to adapt to the changing dining landscape and remain competitive in the market.

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Businessuite News24 International

Nvidia Is Turning Into A Casino For The YOLO Trading Crowd

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Nvidia is turning into a casino for the YOLO trading crowd, with some traders on Monday placing bets the the world’s third-largest company could double in value this week. While the trade is insignificant next to wagers on single-digit moves in the stock and there’s pretty much no chance Nvidia will close remotely close to the level of those options, it does bring back memories of 2021’s meme-stock mania.

Traders could in theory sell the contracts for profit if Nvidia rallies this week, but the early signs aren’t too promising. The stock is flat in pre-market trading after Chief Executive Officer Jensen Huang’s highly anticipated speech in California Monday — in which he unveiled new Blackwell chips aimed at extending his company’s dominance of artificial intelligence — proved more of a boon for the shares of the company’s customers and partners than Nvidia itself.

Source Bloomberg

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Businessuite News24 International

Bank Of Japan Ends Most Aggressive Monetary Stimulus Program In Modern History

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The Bank of Japan ended the most aggressive monetary stimulus program in modern history this morning, scrapping the world’s last negative interest rate. But the dovish nature of the bank’s commentary hurt the yen, as the lack of clues on future moves and the bank’s indication that financial conditions will remain accommodative clearly showed its first hike in 17 years isn’t the beginning of all-out tightening cycle of the sort seen recently in the US and Europe. Nonetheless, John Authers says everyone should be grateful for the exit from negative rates.

Market Calm

The hike had been well-flagged beforehand, allowing it to be quickly absorbed by markets. Japanese bonds gained and the Topix closed at the highest since 1990, while the dollar strengthened and Treasuries were little changed. Elsewhere, the Australian dollar was set for the weakest level in about two weeks after the Reserve Bank of Australia held policy rates at a 12-year high.

Source Bloomberg

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