AI Triggering financial crisis?

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🏦 Halt Rate Hikes, Urges Harker, Amid Small Biz Struggles

Philadelphia Fed President Patrick Harker warned against more interest-rate hikes, noting that many US small businesses are already under strain. Emphasizing their challenges, Harker stated, “Small firms are really struggling with access to capital,” during a Monday virtual event, highlighting Bankers fears many businesses may not survive.

🤖 AI-triggered financial crisis looming without regulation, says SEC chief

SEC Chairman Gary Gensler foresees a financial crisis by the early 2030s due to widespread AI reliance. He's concerned about institutions using identical AI models, creating a "herd mentality". While the SEC has proposed a rule to curb AI misuse in finance, facing resistance from Republicans and industry groups, Gensler believes it doesn't fully address the "horizontal issue" of AI dependence.

🇺🇸 Biden Plans Israel Trip Amid Gaza Crossing Delays

President Biden is set to visit Israel amid tensions with Hamas, addressing civilian casualties in Gaza during this "critical moment for Israel, for the region, and for the world." Biden reinforces his support with military aid. Subsequently, Biden plans to engage with Arab leaders in Jordan, asserting that Hamas doesn't represent the core values of the Palestinian people.

🤝 Putin's Visit to Xi: Strong No-Limits Partnership Displayed

Amid the Ukraine conflict, Russian President Vladimir Putin met with Chinese President Xi Jinping at the Third Belt and Road Forum in Beijing. Emphasizing their "no-limits" partnership, Putin's visit comes after an International Criminal Court arrest warrant was issued against him. Despite stronger Russia-China energy ties, no new deals are expected. Xi stated, "China has the right to collaborate with whichever country it chooses."

🪐 NASA's $10 Quintillion Asteroid Capture could turn everyone on Earth into Billionaires!

NASA's mission to the $10,000 quadrillion-valued asteroid, 16 Psyche, rich in gold, iron, and nickel, could theoretically make every Earth resident a billionaire, However, this could crash the global economy. Rather than mining, NASA aims to study planetary cores. Scheduled to arrive in July 2029, NASA's Nicola Fox underscores 16 Psyche's significance due to its believed pristine state.

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📉 Global Smartphone Market Hits 10-Year Q3 Low

Counterpoint Research reveals an 8% dip, as the global smartphone industry sees its worst third quarter in a decade, impacting giants like Apple and Samsung, However, a slight recovery is anticipated, with the firm stating, "Following a strong September, we expect the momentum to continue until the year-end," attributing potential growth to the iPhone 15's impact and 2% uptick in shipments and robust sales in emerging markets

🚀 Intel's 14th Gen CPUs, Unleashing 6GHz on October 17th

Intel debuts its 14th Gen processors, including the flagship Core i9-14900K, with a remarkable 6GHz boost, claiming it's the “fastest desktop processor at volume.” The Core i7-14700K sees a significant upgrade, now featuring 20 cores. These chips, competitively priced and compatible with 600- and 700-series motherboards, support advanced connectivity and memory speeds, set for release today.

🥇 2028 Olympics Welcomes Cricket and Flag Football to Sports Lineup

The 2028 Los Angeles Olympics will feature cricket, flag football, baseball-softball, lacrosse, and squash. Highlighting cricket's Olympic return and flag football's debut, L.A. committee's Casey Wasserman envisions the games as a "springboard" for the sports, emphasizing inclusivity despite current global conflicts. The move potentially boosts India's IOC broadcast rights by $100 million, underscoring the event's significant cultural and economic impacts.

🎮 Netflix launches game streaming beta on US TVs

Netflix's "limited" games streaming beta hits the US, featuring titles like "Oxenfree" and “Molehew’s Mining Adventure” via a "special controller app." This move amplifies its diversification efforts, eyeing expansions beyond mobile with plans for content based on hits like "Squid Game" and talks with Grand Theft Auto's Take-Two, signaling its push beyond traditional streaming.

🍎 42% of Mac users now use AI apps daily

Setapp's report reveals a surge in AI adoption among Mac users: 42% use AI apps daily and 63% find them "more advantageous." While 44% of Mac developers have integrated AI or machine learning, another 28% intend to. The survey, based on 1,241 U.S. participants, lists AI apps used, including TypingMind & Elephas. Additionally, 70% own Macs with M1 or M2 chips and app subscriptions dominate one-time purchases.

📉 American Work-From-Home Rates Hit Pandemic Low

Remote work in the U.S. has fallen sharply, with less than 26% of households now participating, down from 37% in early 2021. Only seven states and DC keep remote work rates above 33%, compared to 31 during the pandemic, highlighting successful employer efforts to return staff to offices.

On 17 October 1979, Mother Teresa, founder of the Order of the Missionaries of Charity, was awarded the Nobel Prize for Peace for her dedication to India's destitute. Born to an Albanian grocer, she joined the Sisters of Loreto in Ireland in 1928 and taught in Calcutta, India for 17 years.

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