Wall Street Battles Banker Burnout & Is OpenAI Really Worth $150B?
Digest
The podcast begins with a discussion about the superstition surrounding Friday the 13th, exploring the fear of the number 13, known as Triskaidekaphobia. It then shifts to discuss Boeing's ongoing struggles, highlighting the recent union strike by 33,000 workers due to dissatisfaction with the proposed wage increase and the company's financial difficulties. The podcast then focuses on OpenAI's recent activities, including a massive funding round, the release of a new AI model with reasoning abilities, and discussions with the White House about energy infrastructure for AI development. The hosts discuss OpenAI's $150 billion valuation and the company's need for significant funding to support its AI development and operations. They delve into OpenAI's new AI model, "Oh One," which features reasoning abilities and uses a "Chain of Thoughts" technique to show its work. The podcast then shifts to discuss the recent layoffs in the video game industry, particularly at Microsoft's Xbox division, analyzing the factors contributing to these layoffs, including the industry's post-pandemic slowdown, increased competition from AI, and Microsoft's focus on cost-cutting. The podcast highlights Apple's recent announcement of a software update that will turn the AirPods Pro 2 into hearing aids, discussing the potential impact of this development on accessibility and affordability of hearing aids. The podcast concludes with a discussion about the National Security Agency's (NSA) new podcast, "No Such Podcast," analyzing the potential motivations behind this move, including public relations, recruitment, and changing public perception of the agency.
Outlines
Friday the 13th Superstitions and Boeing's Union Strike
The podcast begins with a discussion about the superstition surrounding Friday the 13th, exploring the fear of the number 13, known as Triskaidekaphobia. It then shifts to discuss Boeing's ongoing struggles, highlighting the recent union strike by 33,000 workers due to dissatisfaction with the proposed wage increase and the company's financial difficulties.
OpenAI's Advancements and the Video Game Industry Malaise
The podcast focuses on OpenAI's recent activities, including a massive funding round, the release of a new AI model with reasoning abilities, and discussions with the White House about energy infrastructure for AI development. The hosts discuss OpenAI's $150 billion valuation and the company's need for significant funding to support its AI development and operations. They delve into OpenAI's new AI model, "Oh One," which features reasoning abilities and uses a "Chain of Thoughts" technique to show its work. The podcast then shifts to discuss the recent layoffs in the video game industry, particularly at Microsoft's Xbox division, analyzing the factors contributing to these layoffs, including the industry's post-pandemic slowdown, increased competition from AI, and Microsoft's focus on cost-cutting.
Apple's AirPods Pro 2 as Hearing Aids and the NSA's New Podcast
The podcast highlights Apple's recent announcement of a software update that will turn the AirPods Pro 2 into hearing aids, discussing the potential impact of this development on accessibility and affordability of hearing aids. The podcast concludes with a discussion about the National Security Agency's (NSA) new podcast, "No Such Podcast," analyzing the potential motivations behind this move, including public relations, recruitment, and changing public perception of the agency.
Keywords
Triskaidekaphobia
The irrational fear of the number 13. It is a common phobia that can manifest in various ways, such as avoiding the 13th floor in buildings or refusing to engage in activities on Friday the 13th.
Chain of Thoughts
A technique used in AI reasoning models where the model breaks down a problem into a series of steps, showing its thought process and reasoning. This allows for more transparent and explainable AI decision-making.
Over-the-Counter Hearing Aids
Hearing aids that are available for purchase without a prescription. The FDA's approval of over-the-counter hearing aids in 2022 has significantly increased accessibility and affordability for people with mild to moderate hearing loss.
AI Boom
The rapid growth and development of artificial intelligence technologies, leading to increased investment, research, and applications across various industries. This boom is driving significant advancements in AI capabilities and raising concerns about its impact on society.
Video Game Industry Malaise
The current state of the video game industry, characterized by layoffs, studio closures, and a slowdown in growth. This malaise is attributed to factors such as the post-pandemic decline in demand, increased competition from AI, and rising development costs.
Q&A
What are some of the reasons behind the recent union strike at Boeing?
The union is dissatisfied with the proposed 25% wage increase, citing the high cost of living in Seattle and the company's previous financial performance. They are seeking a higher raise, closer to 40%.
How is OpenAI's new AI model, "Oh One," different from ChatGPT?
"Oh One" features reasoning abilities and uses a "Chain of Thoughts" technique to show its work, allowing it to solve complex problems and provide more transparent decision-making.
What are some of the challenges facing the video game industry?
The industry is experiencing a post-pandemic slowdown, increased competition from AI, and rising development costs, leading to layoffs and studio closures.
Why is Apple's AirPods Pro 2 update significant for hearing aid accessibility?
The update will turn the AirPods Pro 2 into hearing aids, making them more affordable and accessible than traditional hearing aids. It also reduces the stigma associated with using hearing aids.
What are some of the potential motivations behind the NSA launching a podcast?
The NSA may be seeking to improve public relations, recruit top tech talent, and change public perception of the agency. The podcast could also serve as a recruitment tool to attract skilled individuals to work for the agency.
Show Notes
Episode 409: Neal and Toby discuss Bank of America's and JPMorgan’s latest efforts to curb young bankers’ hours after increased scrutiny of Wall Street’s history of burnout. Then, Boeing’s new CEO Kelly Ortberg is begging its union to accept a deal to avoid a potentially catastrophic strike for the embattled company. Plus, OpenAI is looking to raise another $6.5B to bring its valuation to a whopping $150B as it launches a new model that is better at “reasoning.” Next, the once sought after gaming industry has faced a tough string of layoffs that is making it lose its luster. Meanwhile, Apple wants to tap into the health industry, starting with its AirPods that now be used as a hearing aid. Lastly, ever wonder what the National Security Agency is up to? Now the confidential agency is airing out all its dirty laundry with the launch of its own podcast. Juicy. Subscribe to Morning Brew Daily for more of the news you need to start your day, share the show with a friend, and leave us a review on your favorite podcast app.
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00:00 - Friday the 13th
02:30 - Bankers Hours Capped
07:15 - Boeing Strike
10:30 - OpenAI $150B Valuation
16:20 - Gaming Industry Layoffs
20:05 - AirPods as Hearing Aids
23:15 - The NSA Launches a Podcast
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