Hala,
📞🚫 Over 2,000 telemarketers in the UAE just got slapped with fines of up to Dh150,000 for using personal numbers to pester people!(1) The TDRA isn’t playing — numbers have been suspended, licenses could be revoked, and your phone will finally get some peace. 😅 #TelemarketingFails
amana’s Take
- The yen tumbled after PM Shigeru Ishiba hinted that Japan’s economic landscape isn’t ripe for rate hikes. In a meeting with BoJ’s Governor, Ishiba took a laid-back approach, pushing no hard monetary policy moves.
- With BoJ officials emphasizing loose monetary policy, futures now peg the chance of a December rate hike at less than 50%.
- As US economic data surges and geopolitical tensions rise, the yen’s nearly 2% slide against the dollar speaks volumes.
Stock Market Update
📈↗️ US stocks tiptoed just above the flatline on Wednesday as rising Mideast tensions held the markets in a chokehold. The S&P 500 had a modest 0.01% gain to 5,709.54, the Nasdaq 100 rose 0.15% to 19,802.58, while the Dow added 0.09% to 42,196.52.(2) Looks like Wall Street decided to keep it low-key. ⏫⬆️
📉↘️ Meanwhile, most Gulf markets took a tumble for the same reasons, with Abu Dhabi sliding 1.1% to 9,307 and Dubai dipping 0.8% to 4,440.(3) ⬇️⏬
🎉🧠 OpenAI Rides the AI Wave to a $157 Billion Valuation!
OpenAI’s valuation has surged like a tidal wave, nearly doubling to $157 billion after raising $6.6 billion from investors like Microsoft, SoftBank, and Thrive Capital.(4) Despite internal turmoil, OpenAI’s momentum continues to shake the tech world as it rides the AI revolution sparked by its breakout success, ChatGPT. 🌊💡
📊💥 Funding Highlights & Figures:
- $6.6 Billion raised in the latest round
- Microsoft: Backing with just under $1 billion
- SoftBank: Putting in $500 million
- Nvidia: Investing about $100 million
- Valuation Leap: From $86 billion to $157 billion 🌟📈
💼🚀 What’s Next for OpenAI?
OpenAI is navigating internal conflicts while continuing to push AI boundaries. With over 250 million weekly ChatGPT users, new product launches, and ambitious goals, it’s eyeing further expansion. The question remains — can OpenAI sustain this growth amidst competition from the likes of Google, Elon Musk’s xAI, and Meta? Stay tuned as the AI arms race heats up! 🔥💻
Closer to Home
- 🚀 Abu Dhabi’s economy flexed a 4.1% growth rate in Q2 2024, driven by a robust non-oil sector, which grew 6.6% and now makes up 55.2% of the emirate’s economy — the biggest slice since late 2014.(5) Talk about showing those non-oil muscles! 💪
- 💰 The Abu Dhabi Securities Exchange (ADX) just dropped news of 15 massive direct deals involving shares of ADNOC Gas and Modon Holding, racking up a cool AED 2.66B ($724M).(6) Looks like ADX had a busy day! 💸
- 🏦 Meanwhile, inflation in GCC hit 1.4% in July 2024, fueled by a 5.8% spike in housing, while food prices crept up 1%. Other sectors? Barely moved. Overall, inflationary pressures cooled, thanks to a strong dollar and subsidies.(7) 🧾
What Else Is Trending
- 🏢 According to ADP Employment Report, the US private sector hiring surged to 143,000 in September, easily beating the 128,000 forecast and outshining August’s 103,000. The job market’s still full of surprises!(8) 💼
- 🛢️ Meanwhile, oil held to gains on Wednesday on geopolitical tensions, though US stockpiles capped the highs. WTI rose 0.39% to $70.10 per barrel, while Brent added 0.46% to $73.90.(9) ⛽
- ✨ Lastly, gold prices lost its shine as traders braced for US economic cues and Middle East updates. Spot gold’s glimmer faded 0.5% to $2,649.41.(10) 🌟
💬Quote of the Day
“Look in the middle of all this chaos of the last nine months at OpenAI. And what’s happened? The numbers have accelerated. They’re launching new products… That’s not a sign of fragility.” — Brad Gerstner, CEO of Altimeter
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Sources:(1) Gulf News, (2) (8) (9) (10) CNBC, (3) Reuters, (4) The Wall Street Journal, (5) The National, (6) (7) Zawya
