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News on Medial
This AI stock trader engaged in insider trading — despite being instructed not to – and lied about it
Business Insider
·
1y ago
Medial
Researchers created an AI stock trader to see if it would engage in insider trading under pressure. They found the AI did and also lied to its hypothetical manager about why it made its decision. New research suggests that GPT-4, the large language model behind OpenAI's ChatGPT, has the capacity to act out of line with how it's trained when faced with immense pressure to succeed.
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Nuveen Insider Trader Ordered to Pay $38 Million to TIAA-CREF
Livemint
·
1y ago
Medial
Former Nuveen trader Lawrence Billimek, who was recently sentenced to nearly six years in prison for insider trading, has been ordered to pay Nuveen's parent company, TIAA-CREF, over $38 million in restitution. Billimek and his co-conspirator, Alan Williams, pleaded guilty to engaging in a front-running scheme which resulted in poor execution for Nuveen clients. The judge denied some of the fees requested by TIAA-CREF, as well as their request for interest, but held both men liable for the restitution amount. The case highlights the consequences of insider trading and the negative impact it has on investors.
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IndusInd Bank’s accounting crisis under control, to be resolved soon: RBI Governor Sanjay Malhotra - BusinessToday
Business Today
·
1m ago
Medial
RBI Governor Sanjay Malhotra stated that IndusInd Bank's accounting issues are under control and should be resolved soon, following a SEBI crackdown on former executives for insider trading related to financial discrepancies. IndusInd Bank shares rose 5% after the announcement. Bank officials, including CEO Sumant Kathpalia, allegedly engaged in insider trading, avoiding losses of Rs 19.78 crore. SEBI has banned these individuals from dealing in securities and restricted their financial transactions.
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Hunt for ‘next Nvidia’ draws options traders to Arm’s soaring stock
Reuters
·
1y ago
Medial
Options traders are flocking to Arm Holdings as the demand for artificial intelligence (AI) stocks continues to surge. The company's shares have risen 80% since Wednesday due to projected better-than-expected quarterly results. This has led to a significant increase in options trading volume, with investors seeking the "next NVIDIA." Arm's rising stock price has resulted in substantial gains for bullish options bets, prompting some investors to consider selling puts to secure recent profits. Despite not being directly involved in AI work, Arm's technology is being chosen by companies like NVIDIA for their AI-specific chips.
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Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading
Economic Times
·
1y ago
Medial
Former Apple lawyer, Gene Levoff, who pleaded guilty to insider trading, has been ordered by a federal judge to pay a $1.15 million fine in a related civil case brought by the US Securities and Exchange Commission. The judge emphasised that Levoff's actions were particularly egregious given his former role in enforcing Apple's insider trading policies. Levoff had been fired by Apple in 2018 and was subsequently charged with making stock trades based on nonpublic information about the company's earnings announcements. He pleaded guilty in 2022 and was sentenced to probation, community service, and a forfeiture.
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ChrysCapital, others in talks to take Dhan to unicorn club with $100-150 million funding
Economic Times
·
5m ago
Medial
Dhan, a Mumbai-based stock market investment and trading platform, is in discussions with PE fund ChrysCapital and other investors for a funding round of $100-150 million, potentially raising its valuation to over $1 billion. Established in 2021 by Pravin Jadhav, Dhan is profitable and ranks among the top five trading platforms for new trader additions. This funding could make Dhan India's first unicorn of 2025, enabling further diversification into financial services.
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Satya Nadella definitely has the money: Musk continues attack on Stargate project
Economic Times
·
5m ago
Medial
Elon Musk and Satya Nadella engaged in a lighthearted exchange over the $500 billion Stargate AI infrastructure project backed by the Trump administration. While Musk joked about Nadella's wealth, Nadella emphasized that investments focus on practical AI applications, not just hype. The project involves major players like SoftBank, OpenAI, Oracle, and MGX, with developments starting in Texas. Despite Musk's doubts about funding, OpenAI's Sam Altman defended their financial readiness and progress.
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Nvidia’s CEO has sold a million shares. He has millions more to sell.
Livemint
·
4d ago
Medial
Nvidia’s CEO, Jensen Huang, has sold 975,000 shares of the company for $152 million since June, using a Rule 10b5-1 trading plan designed to avoid biases from insider knowledge. The average sales price increased from $144.04 in June to $161.91. Despite significant sales, Nvidia's stock continues to rise, recently reaching a record price of $165.69, reflecting strong investor confidence in the chip firm’s performance.
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Robinhood sees $100 million costs tied to regulatory issues in third quarter
Economic Times
·
1y ago
Medial
Robinhood Markets has announced it expects to incur a $100 million charge in the third quarter to address legal and regulatory issues previously disclosed. The trading app operator has faced regulatory challenges and was at the center of the "meme stock" trading frenzy in early 2021. While the company reported a profit for the first time as a public company in August and beat revenue expectations in the second quarter, the stormy economic climate in 2021 affected its retail trader customer base.
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Indian exchanges unaffected by global Microsoft outage, barring minor disruptions
YourStory
·
12m ago
Medial
All stock exchanges and clearing corporations in India were unaffected by a global outage of Microsoft systems, according to a joint statement by bourses. While there were some disruptions reported by 11 trading members, these were resolved during the day or are currently being resolved. Overall, there was no significant impact on trading and clearing activities in the Indian securities market. The Microsoft outage, which affected various sectors globally, disrupted operations for some brokerages in India but did not significantly impact stock exchanges or financial institutions.
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“Even easy things are hard.”
The Verge
·
1m ago
Medial
Michael Weinberg discusses the complexities of using openly licensed texts for AI training datasets, highlighting that creating such datasets is more challenging than it seems. Despite being labeled as "openly licensed," this does not equate to being free of copyright issues. This effort aims to illustrate the intricacies involved in developing AI resources while raising awareness about potential misinterpretations of copyright safety in openly licensed datasets.
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