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What's New Today: 1,000 First Republic employees are let off by JPMorgan.
Fast-Track Insights: Indian crypto exchanges are attempting to extend their runways while in survival mode.
Tech companies have recently been in a frenzy due to AI, particularly ChatGPT. But not just Google, Amazon, or Meta is concerned; other companies are also starting to dangle their toes in the water. JP Morgan Chase's AI-powered chatbot, which is reported to be comparable to ChatGPT, aids clients in making investing decisions. According to trademark lawyer Josh Gerben, JPMorgan could be the first financial institution to directly sell a GPT-like product to its consumers. The trademark registration suggests that even if the debut date is uncertain, it may come soon. Since the bank has three years to launch IndexGPT following the trademark's clearance.
Approximately 7,000 First Republic employees will receive temporary and full-time employment at JPMorgan, while the bank will reduce its remaining staff by about 1,000 people. A spokeswoman for the bank told Forbes that the "vast majority of First Republic employees" will be granted jobs there. The nation's largest bank, JPMorgan Chase, laid off roughly 1,000 workers from the failed lender First Republic three weeks after purchasing the regional bank, marking the most recent round of layoffs this spring as recession worries and high inflation continue to pressure employers to cut staff.
One of the fastest-growing industries in the world is the artificial intelligence (AI) sector. The market for AI is anticipated to grow from US$327.4 billion in 2022 to US$390.9 billion in 2023. Numerous factors, such as the expansion of data availability, the creation of new AI algorithms, and the rising demand from both businesses and consumers for AI-powered products, all contribute to this increase. The growing availability of data is one of the main factors driving the AI market. Data is used to train AI systems, and the more data they must work with, the better they perform. Read More
To extend their financial runways when they run out of money, Indian crypto exchanges are in survival mode and are cutting costs wherever they can, renegotiating partner contracts, suspending employee pay increases, conducting layoffs, exploring new revenue models, and rebranding themselves. At six well-known Indian cryptocurrency platforms, including CoinDCX, CoinSwitch, WazirX, BuyUCoin, ZebPay, and Giottus, staff and senior executives were interviewed by CoinDesk. A few of these exchanges claimed that their runways might last anywhere between 21 months and four years, which, if accurate, could take them into the following bull market. ZebPay and CoinSwitch did not divulge their financial runway schedules.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
