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Semafor Business: SoftBank scours Wall Street for AI cash
In today’s edition, a scoop about SoftBank’s AI ambitions — and where it might get the money to pay for it. Plus, Disney succession, and why investors keep misjudging the Fed.
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AI firms need to address security, open-source concerns: G42 exec
Industry leaders from Gulf-based G42, IBM, and BNY joined Semafor at an event focused on the Gulf’s role in emerging technology.
Semafor
Apollo, SoftBank eyed giant AI fund
The two firms have discussed putting as much as $50 billion into data centers, chip factories, and other AI projects, people familiar with the matter said. Talks have recently cooled.
Trump’s tariffs risk disrupting global trade
Donald Trump’s signature economic policy proposal would have likely long-term negative consequences, economists said.
REUTERS/David Dee Delgado
Watch: Semafor’s World Economy Summit Fall 2024
Follow along live with fall’s most consequential gathering on the state of the global economy.
US banks earn more than expected
Healthy consumer spending, despite inflation, indicates the American economy is headed for a soft landing.
Richard Carson/File Photo/Reuters
Giant money managers catch Washington heat
BlackRock and Vanguard are under scrutiny by banking regulators who think they’re too big and too progressive.
World Economic Forum/Manuel Lopez
Global government debt to surpass $100 trillion for the first time
The International Monetary Fund report comes ahead of a US election where both candidates’ policies could add trillions to the country’s debt.
Fed’s 2% inflation target is ‘sacrosanct’ — and here
Chicago Fed President Austan Goolsbee on Jerome Powell (a “first-ballot Hall of Famer”) and why declaring victory on a soft landing is misleading.
Blackstone, BlackRock eye private-fund stakes
The business of Wall Street firms buying pieces of each other is booming.
EU taps Emanuele Tarantino as new chief competition economist
The Italian academic is tasked with guiding the bloc as it tries to balance reining in Big Tech with innovation.
China’s domestic struggles won’t change its trajectory in Washington
No matter the economic indicators that show growth slowing for America’s chief economic rival, the next president and Congress want to get even tougher on Beijing.
Dockworkers strike poses political dilemma just before election
In the New York City area alone, nearly 100,000 containers are now waiting to be unloaded, with 35 more container ships on their way.
Ex-Amex CEO Ken Chenault is a top candidate for jobs in a Harris administration
The Democratic donor, who was one of the only Black CEOs of a major company, could be up for Treasury secretary if Harris wins.
US central bank chief hints at how rest of 2024 could play out
The Federal Reserve’s committee in charge of interest rate cuts meets next in November.
US inflation cooled significantly, boding well for the Fed’s ‘soft landing’ plan
The US Federal Reserve’s preferred inflation metric fell more than expected, likely boosting its confidence to continue cutting interest rates.
OpenAI, founded as a charity, plans to become a for-profit company
The move would put more corporate controls around the world’s most powerful emerging technology.
Caroline Ellison sentenced to two years in prison over FTX collapse
Judge Lewis Kaplan lauded Ellison for her testimony against Sam Bankman-Fried.
Wall Street jockeys for jobs as election nears
A centrist group of financiers largely cut out of past administrations eyes positions ahead of Nov. 5. One wants to run the CIA.