Plus, SoftBank CEO says AI will have human-level intelligence in a few years. And companies rarely saw more than a slight dip in their share price after disclosing a cyber incident. Zoe Thomas hosts.
Learn more about your ad choices. Visit megaphone.fm/adchoices
[00:00:04] [SPEAKER_00]: The Goldman Sachs podcast featuring exchanges on rates, inflation, and U.S. recession risk.
[00:00:12] [SPEAKER_00]: Exchanges on the market impact of AI. For the sharpest analysis on forces driving the markets and the economy, count on exchanges between the leading minds at Goldman Sachs.
[00:00:24] [SPEAKER_00]: New episodes every week. Listen now.
[00:00:31] [SPEAKER_01]: Here's your TNB Tech Minute for Thursday, October 3rd. I'm Zoe Thomas for The Wall Street Journal.
[00:00:38] [SPEAKER_01]: Microsoft plans to spend about $4.8 billion over the next two years in cloud and artificial intelligence infrastructure in Italy, its largest investment in the country to date.
[00:00:51] [SPEAKER_01]: U.S. tech giants have been bolstering their presence overseas amid booming demand for AI services.
[00:00:57] [SPEAKER_01]: Microsoft Vice Chair and President Brad Smith said expanding access to AI technology would benefit the Italian government, businesses, and the broader workforce.
[00:01:07] [SPEAKER_01]: In a statement, the Italian government said the Prime Minister welcomed the funding pledge.
[00:01:12] [SPEAKER_01]: The investment will make Northern Italy one of Microsoft's largest cloud regions in Europe, the company says.
[00:01:19] [SPEAKER_01]: SoftBank CEO Masayoshi Sun says he believes artificial general intelligence, where computers have human-level cognitive abilities, will be achieved in two to three years.
[00:01:31] [SPEAKER_01]: Sun reiterated his bullish forecasts for AI at the SoftBank World 2024 conference.
[00:01:38] [SPEAKER_01]: SoftBank invested $500 million in OpenAI's recent $6.6 billion funding round.
[00:01:45] [SPEAKER_01]: That's according to people familiar with the matter.
[00:01:47] [SPEAKER_01]: News Corp, owner of The Wall Street Journal, has a content licensing partnership with OpenAI.
[00:01:53] [SPEAKER_01]: And companies rarely saw more than a slight dip in their share price immediately after disclosing a cyber incident.
[00:02:00] [SPEAKER_01]: That's according to data from communications advisory FGS Global.
[00:02:05] [SPEAKER_01]: Shares of some companies even went up.
[00:02:08] [SPEAKER_01]: Disclosure rules from the Securities and Exchange Commission came into effect in December.
[00:02:13] [SPEAKER_01]: They require publicly traded companies to report cyber security incidents within four days after determining the attack will have a material impact.
[00:02:21] [SPEAKER_01]: Among 44 companies that filed reports with the SEC between November and the end of September, share prices fell by 0.7% on average one day after disclosure.
[00:02:32] [SPEAKER_01]: After five trading days, prices were down by 2.1% on average.
[00:02:37] [SPEAKER_01]: Before the rules went into effect, companies worried that disclosing a hack in a public document would depress their share prices.
[00:02:45] [SPEAKER_01]: For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing Podcast.
[00:02:50] [SPEAKER_01]: 그러다리 Broadcast.
[00:02:50] [SPEAKER_01]: Congerals are a good news.