Administrator – REWARDSPIN.ORG https://rewardspin.org/ Fri, 31 May 2024 11:18:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 Tesla supplier STMicroelectronics to build €5B EV chip fab in Italy https://rewardspin.org/tesla-supplier-stmicroelectronics-to-build-e5b-ev-chip-fab-in-italy/ https://rewardspin.org/tesla-supplier-stmicroelectronics-to-build-e5b-ev-chip-fab-in-italy/#respond Fri, 31 May 2024 11:18:30 +0000 https://rewardspin.org/?p=72377

STMicroelectronics has announced plans to build a giant factory in Italy that will make specialist microchips for EVs and other high-voltage power devices.

The Swiss firm is the world’s largest producer of silicon carbide microchips, particularly valued by automakers for being lightweight, energy-efficient, and strong. This translates to EVs that can drive further and are less prone to technical failures. 

STMicroelectronics’ new facility will specialise in making 200mm wafers. It will be located in Catania, on the island of Sicily. Building it is expected to cost in the region of €5bn.  

The EU has agreed to foot €2bn of the bill under the Chips Act. This landmark law mobilises more than €43bn with the aim to boost the bloc’s share of global semiconductor production from 10% today to 20% by 2030.    

The new plant in Sicily will “strengthen the European semiconductors supply chain and ensure our access to a reliable source of power-efficient chips,” said the EU’s competition chief, Margrethe Vestager. 

STMicroelectronics — which counts Tesla, BMW, and Renault among its customers — ramped up production last year despite a global downturn in the semiconductor market. 

The Swiss firm already has a 150mm wafer production plant in Catania, Italy. The new plant will be built next to it. The company is also currently building a new facility in China to serve the rapidly growing Chinese EV market.

STMicroelectronics expects the new facility to start production in 2026, reaching full capacity by 2033. At full speed, the production line will be able to churn out 15,000 wafers per week. 

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Web-hosting startup Hostinger hit €110M revenue in 2023, praises AI for 57% growth https://rewardspin.org/web-hosting-startup-hostinger-hit-e110m-revenue-in-2023-praises-ai-for-57-growth/ https://rewardspin.org/web-hosting-startup-hostinger-hit-e110m-revenue-in-2023-praises-ai-for-57-growth/#respond Fri, 31 May 2024 10:16:50 +0000 https://rewardspin.org/?p=72375

Web-hosting platform Hostinger today announced a 57% year-on-year growth of its consolidated revenue, reaching €110.2mn in 2023 — surpassing the €100mn milestone for the first time since its founding in 2004.

This was also Hostinger’s first year of EBITDA profitability. The Lithuanian company reached € 2.4mn in EBITDA profit, while maintaining positive cash flow.

Born in Vilnius, Hostinger helps its customers scale their online activity, offering products and services for use cases spanning from portfolio websites to blogs and e-shops.

According to the company, a major factor behind last year’s financial landmarks is the adoption of AI across its hosting, e-commerce, and web services, which drove up customer demand and reduced costs internally.

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Specifically, Hostinger launched a range of AI tools that can help website building without requiring extensive IT experience, provide tailored website addresses and generate images and written content, optimised for search engines.

The startup also developed an AI assistant for more efficient customer service.

Overall, Hostinger saw a 57% year-on-year increase in its customer base, reaching 2.42 million customers. France, the US, India, Brazil, and Indonesia accounted for the most active users. Spain and the UK were also in the top 10.

Meanwhile, the company invested in the automation of several business functions and managed to meet the increased demand for its services without additional hiring.

“For the past seven years, we have maintained a similar 60-70% YoY growth rate, and we plan to keep it in 2024,” Daugirdas Jankus, CEO of Hostinger, told TNW.

“We see lots of untapped potential within the market, and we believe we will manage to maintain our momentum for this year, too.”

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VEI Global announces 20 engineering jobs following €2m investment https://rewardspin.org/vei-global-announces-20-engineering-jobs-following-e2m-investment/ https://rewardspin.org/vei-global-announces-20-engineering-jobs-following-e2m-investment/#respond Fri, 31 May 2024 10:15:00 +0000 https://rewardspin.org/?p=72373

The investment will create new positions for highly skilled software and network engineers at the company base in Kildare, Ireland.

Read more: VEI Global announces 20 engineering jobs following €2m investment

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Swiss AI startup saving Swiss chocolate secures $16M https://rewardspin.org/swiss-ai-startup-saving-swiss-chocolate-secures-16m/ https://rewardspin.org/swiss-ai-startup-saving-swiss-chocolate-secures-16m/#respond Fri, 31 May 2024 10:12:49 +0000 https://rewardspin.org/?p=72371

From semiconductors to chocolate, you’d be surprised how many products are already made with the help of AI.  

And it’s precisely on the factory floor where Swiss startup EthonAI is looking to gain a foothold in this emerging market. 

“Manufacturing is at a critical juncture, and companies that fail to adapt with AI risk falling behind,” said CEO Julian Senoner, who co-founded EthonAI after completing his PhD in AI systems at ETH Zurich.    

The budding company uses AI to spot problems in production lines. The idea is to help factories reduce the number of defective products that end up being thrown away.

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EthonAI does this using a so-called Manufacturing Analytics System (MAS). The programme uses AI algorithms to sieve through huge data sets collected by sensors placed at several points along the production line. 

The system then displays the most important bits of data on a dashboard, in a format that is easy for factory managers to peruse.

The university spin-out has today secured $16mn to scale up its tech. The funding round was led by  European VC Index Ventures which has previously backed the likes of Meta, Slack, and Dropbox.   

EhtonAI already counts a number of major manufacturers among its customers, including German energy giant Siemens and drugmaker Roche. 

The startup’s software is even running at three factories belonging to one of the world’s most beloved chocolate brands: Lindt & Spruengli. For instance, AI helps production managers fine-tune machine temperatures or product moulds to avoid dips in quality before they occur.  

Modern factories are covered in sensors that measure everything from the temperature of a boiler to the vibration of a motor. “But data is only valuable if you can digest it, make sense of it, and use it to drive decisions,” said Katharina Wilhelm, partner at Index Ventures.

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OpenAI disrupts threat actors that were using its AI models https://rewardspin.org/openai-disrupts-threat-actors-that-were-using-its-ai-models/ https://rewardspin.org/openai-disrupts-threat-actors-that-were-using-its-ai-models/#respond Fri, 31 May 2024 10:10:52 +0000 https://rewardspin.org/?p=72369

Accounts across Russia, China, Iran and Israel were terminated after posting ‘deceptive’ AI-generated content relating to global geopolitics.

Read more: OpenAI disrupts threat actors that were using its AI models

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IT World Canada assets are for sale https://rewardspin.org/it-world-canada-assets-are-for-sale/ https://rewardspin.org/it-world-canada-assets-are-for-sale/#respond Fri, 31 May 2024 10:08:44 +0000 https://rewardspin.org/?p=72366

The assets of iconic publisher IT World Canada are up for sale. Today the Trustee, Crowe Soberman released the notice of sale. The following is a summary of that information taken from the PDF document available from the Trustee. For the official version of this information, please contact the Trustee using the contact information at the bottom of this article.

Invitation for Offers to Purchase the Business and Assets of IT WORLD CANADA INC. DEADLINE FOR SUBMITTING A BINDING LETTER OF INTENT: June 12, 2024

An opportunity exists to purchase the assets of IT World Canada Inc. (“IT World” or the “Company”).

For over three decades IT World was a leading Canadian online resource for IT professionals working in medium to large enterprises.

In addition, the Company specialized in providing marketing services, advertising and demand generation consulting for a variety of companies through their website, newsletters, affiliated podcasts, events and other media publications.

Included in the property for sale are the websites:

ITWorldCanada.com
ITBusiness.ca
Directioninformatique.com
ChannelDailynews.com
Itwc.ca (corporate website)

In addition there are:

A large number of opt-in Newsletters including dailies for each publication as well as newsletters for key areas of interest.
IT World has a database of over 250,000 subscribers and contacts. Subscribers and contacts are compliant with Canadian Anti-Spam Legislation. Full demographic information and analytics regarding the subscribers are also available.
Client List of Key Media Purchasers, with Contacts and History of Engagements
Industry Partnerships and Key Industry Events: Established keynote events including MapleSec (cybersecurity), Analytics unleashed and more.

If you are interested in pursuing this opportunity, please contact the Trustee to obtain the full document and a non-disclosure agreement (NDA). Parties who execute the NDA will be given access to a virtual data room providing confidential information and documents regarding the Company.

The deadline for delivery of a binding letter of intent is June 12, 2024 at 5:00 pm (EST). Trustee’s name: Crowe Soberman Inc. Attention: Zach Zelewicz 1-416-963-7205 Email: [email protected]

 

 

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The Daily Beast’s New Bosses Plan Buyouts to Cut Losses https://rewardspin.org/the-daily-beasts-new-bosses-plan-buyouts-to-cut-losses/ https://rewardspin.org/the-daily-beasts-new-bosses-plan-buyouts-to-cut-losses/#respond Fri, 31 May 2024 09:18:21 +0000 https://rewardspin.org/?p=72363

The Daily Beast’s new leaders will do a round of voluntary buyouts intended to cut costs by $1.5 million, in one of their first major moves to try to revitalize the flagging digital tabloid.

The new leaders, Joanna Coles and Ben Sherwood, both media veterans, joined the company in April in exchange for an equity stake in the business. Barry Diller’s company, IAC, maintains control of the publication.

The Daily Beast’s union told its members in a memo this week that workers would have until June 14 to apply for a buyout, after which the publication would accept applications “in reverse seniority order until they meet their $1.5 million threshold.”

Decisions on additional applications beyond that threshold would be up to the company, and there would be “a moratorium” on further layoffs until the end of the year, according to the union’s memo. The cuts are not targeting any particular coverage area.

About 10 to 15 members of The Beast’s unionized editorial staff — about a third — are expected to take a buyout, according to two people familiar with the discussions. Mr. Sherwood and Ms. Coles are also planning to make cuts beyond the unionized staff.

A spokeswoman for The Daily Beast said the buyouts were part of a plan to reduce spending, increase revenue and put The Beast into a “healthy and sustainable financial position.”

“Everyone in digital media is facing tough choices,” the spokeswoman said. “These buyouts are especially hard because we know some talented and valued colleagues will decide to leave next month.”

The publication has historically lost millions of dollars annually, according to a person familiar with the matter, who said the company was planning to reach break-even at some point next year.

Ms. Coles, who is the chief creative and content officer, and Mr. Sherwood, the chief executive and publisher, have looked for other ways to cut costs, including using less office space. The Daily Beast is also moving away from its in-house publishing technology to one developed by another company, and it is bringing aboard digital subscription specialists to make the subscription process less cumbersome.

The Daily Beast’s audience has decreased substantially in recent years, according to two people familiar with the matter. It has about 100 workers.

Mr. Diller had looked at selling The Beast. He ultimately decided on the partnership with Ms. Coles and Mr. Sherwood as a turnaround effort.

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OpenAI Says It Has Begun Training a New Flagship A.I. Model https://rewardspin.org/openai-says-it-has-begun-training-a-new-flagship-a-i-model/ https://rewardspin.org/openai-says-it-has-begun-training-a-new-flagship-a-i-model/#respond Fri, 31 May 2024 09:02:15 +0000 https://rewardspin.org/?p=72360

OpenAI said on Tuesday that it had begun training a new flagship artificial intelligence model that would succeed the GPT-4 technology that drives its popular online chatbot, ChatGPT.

The San Francisco start-up, which is one of the world’s leading A.I. companies, said in a blog post that it expected the new model to bring “the next level of capabilities” as it strove to build “artificial general intelligence,” or A.G.I., a machine that can do anything the human brain can do. The new model would be an engine for A.I. products including chatbots, digital assistants akin to Apple’s Siri, search engines and image generators.

OpenAI also said it was creating a new Safety and Security Committee to explore how it should handle the risks posed by the new model and future technologies.

“While we are proud to build and release models that are industry-leading on both capabilities and safety, we welcome a robust debate at this important moment,” the company said.

OpenAI is aiming to move A.I. technology forward faster than its rivals, while also appeasing critics who say the technology is becoming increasingly dangerous, helping to spread disinformation, replace jobs and even threaten humanity. Experts disagree on when tech companies will reach artificial general intelligence, but companies including OpenAI, Google, Meta and Microsoft have steadily increased the power of A.I. technologies for more than a decade, demonstrating a noticeable leap roughly every two to three years.

OpenAI’s GPT-4, which was released in March 2023, enables chatbots and other software apps to answer questions, write emails, generate term papers and analyze data. An updated version of the technology, which was unveiled this month and is not yet widely available, can also generate images and respond to questions and commands in a highly conversational voice.

Days after OpenAI showed the updated version — called GPT-4o — the actress Scarlett Johansson said it used a voice that sounded “eerily similar to mine.” She said that she had declined efforts by OpenAI’s chief executive, Sam Altman, to license her voice for the product and that she had hired a lawyer and asked OpenAI to stop using the voice. The company said the voice was not Ms. Johansson’s.

Technologies like GPT-4o learn their skills by analyzing vast amounts of digital data, including sounds, photos, videos, Wikipedia articles, books and news articles. The New York Times sued OpenAI and Microsoft in December, claiming copyright infringement of news content related to A.I. systems.

Digital “training” of A.I. models can take months or even years. Once the training is completed, A.I. companies typically spend several more months testing the technology and fine-tuning it for public use.

That could mean that OpenAI’s next model will not arrive for another nine months to a year or more.

As OpenAI trains its new model, its new Safety and Security committee will work to hone policies and processes for safeguarding the technology, the company said. The committee includes Mr. Altman, as well as the OpenAI board members Bret Taylor, Adam D’Angelo and Nicole Seligman. The company said the new policies could be in place in the late summer or fall.

This month, OpenAI said Ilya Sutskever, a co-founder and one of the leaders of its safety efforts, was leaving the company. This caused concern that OpenAI was not grappling enough with the dangers posed by A.I.

Dr. Sutskever had joined three other board members in November to remove Mr. Altman from OpenAI, saying Mr. Altman could no longer be trusted with the company’s plan to create artificial general intelligence for the good of humanity. After a lobbying campaign by Mr. Altman’s allies, he was reinstated five days later and has since reasserted control over the company.

Dr. Sutskever led what OpenAI called its Superalignment team, which explored ways of ensuring that future A.I. models would not do harm. Like others in the field, he had grown increasingly concerned that A.I. posed a threat to humanity.

Jan Leike, who ran the Superalignment team with Dr. Sutskever, resigned from the company this month, leaving the team’s future in doubt.

OpenAI has folded its long-term safety research into its larger efforts to ensure that its technologies are safe. That work will be led by John Schulman, another co-founder, who previously headed the team that created ChatGPT. The new safety committee will oversee Dr. Schulman’s research and provide guidance for how the company will address technological risks.

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Chevron’s $53 Billion Oil Deal Is Backed by Hess Shareholders https://rewardspin.org/chevrons-53-billion-oil-deal-is-backed-by-hess-shareholders/ https://rewardspin.org/chevrons-53-billion-oil-deal-is-backed-by-hess-shareholders/#respond Fri, 31 May 2024 08:55:44 +0000 https://rewardspin.org/?p=72357

A large oil industry deal advanced on Tuesday after shareholders of Hess approved a proposed sale of the company to Chevron for $53 billion.

Control over one of the most prized oil assets, off the shores of Guyana, is at stake in the deal, which still faces significant hurdles.

Hess is a junior partner in a lucrative Exxon Mobil-led drilling project in the South American country. Exxon is contesting Chevron’s acquisition of Hess by arguing that Hess can’t sell itself without allowing Exxon to buy its stake in the Guyana project. Chevron and Hess have said Exxon’s interpretation of the terms of Exxon and Hess’s partnership is incorrect.

Exxon has asked an arbitration organization to resolve the dispute.

Some of Hess’s largest investors, hoping to pressure Chevron into sweetening its offer, had withheld their support for the deal, which was announced in October. But Hess prevailed at its shareholders’ meeting on Tuesday in convincing a majority that the deal was in their best interest. The company said it would release a tally of the vote later.

Chevron and the chief executive of Hess, John Hess, said in separate statements after the vote that they looked forward to completing the transaction.

Hess shares closed less than 1 percent higher on Tuesday.

Before the deal can close, Chevron would have to prevail in the arbitration case. Exxon’s chief executive, Darren Woods, told CNBC this month that the arbitration panel working on the case might not issue a decision until next year.

Mr. Hess, whose father started the company in 1933, had lobbied investors to vote for the deal in recent weeks. In at least one of those conversations, Mr. Hess said Chevron was not prepared to raise its offer, according to a person familiar with the matter.

In addition to Guyana, Hess’s portfolio includes oil and gas operations in North Dakota, the Gulf of Mexico and Southeast Asia.

Institutional Shareholder Services, a firm that advises investors on shareholder votes, urged Hess’s investors to withhold their support for the deal. Hess “shareholders bear the risk of a potentially broken deal without any compensation,” ISS wrote in a recent report.

Glass Lewis, another shareholder advisory firm, recommended that Hess’s investors sign off on the sale to Chevron, citing the strength of the larger oil company’s balance sheet, among other factors.

Deal-making among oil and gas producers surged last year to its highest level in more than a decade, as measured by deal value, according to the U.S. Energy Information Administration. Exxon’s $60 billion purchase of the shale driller Pioneer Natural Resources, announced just before Chevron’s deal with Hess, closed this month.

Investors have approved all proposed U.S. oil and gas mergers that have been put to a vote since at least 2020, according to a Diligent Market Intelligence review of publicly disclosed results.

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Apex, the Largest Stegosaurus Fossil Ever Found, Heads to Auction https://rewardspin.org/apex-the-largest-stegosaurus-fossil-ever-found-heads-to-auction/ https://rewardspin.org/apex-the-largest-stegosaurus-fossil-ever-found-heads-to-auction/#respond Fri, 31 May 2024 08:54:54 +0000 https://rewardspin.org/?p=72354

In May 2022, Jason Cooper, a commercial paleontologist, went for a walk around his property near the aptly named Colorado town of Dinosaur with a friend and found a bit of femur protruding from some rock.

That femur led to a stegosaurus fossil, among the largest and most complete ever found, which has subsequently been nicknamed “Apex.” In July the Sotheby’s auction house will sell Apex at auction at an estimated value of $4 million to $6 million, making the skeleton the latest flashpoint in a long-running debate about the private fossil trade.

Dinosaur fossils have fetched escalating prices at auction houses since 1997, when Sotheby’s sold “Sue” the Tyrannosaurus rex to the Field Museum in Chicago for $8.36 million. In 2020, “Stan,” another largely complete T. rex skeleton, sold at Christie’s for $31.8 million.

Such pricing has raised serious concerns among academic paleontologists, said Stuart Sumida, vice president of the Society of Vertebrate Paleontology. Many of them have watched fossils that may unlock scientific mysteries get steered into the hands of wealthy private collectors rather than toward research institutions in recent decades.

Mr. Cooper and his colleagues unearthed the Sotheby’s-bound stegosaurus in 2023. Digs on his property have yielded a number of Jurassic period dinosaurs, several of which Mr. Cooper has donated to institutions like the Brigham Young University Museum of Paleontology in Provo, Utah, and the Frost Museum of Science in Miami.

Mr. Cooper described the Apex stegosaurus as a unique and scientifically important specimen. Skeletons — even partial ones — of the plate-backed, spike-tailed herbivore are rare. The skeletal mount contains material from about 70 percent of the animal’s bones. At 11 feet tall and over 20 feet long, Apex is double the size of “Sophie,” the most intact stegosaurus specimen known, and has unusual proportions, remarkably long legs and square-bottom plates.

The specimen was also discovered with skin impressions, possibly from the neck, which will be offered as part of the sale.

Mr. Cooper supervised the preparation and mounting of the stegosaurus, 3D-scanning the existing bones and mirroring elements of the specimen to fill in the gaps. The team also collected extensive contextual data, which they think could be attractive to prospective buyers. The information includes a detailed site survey, quarry maps and other documentation.

Mr. Cooper also invited several paleontologists to examine the specimen.

“If you combine size, completeness and bone preservation, it is the best stegosaurus I’ve seen,” said Rod Scheetz, curator at the Brigham Young University Museum of Paleontology, who inspected it at Mr. Cooper’s property.

Cassandra Hatton, the head of Sotheby’s science and popular culture department, said the auction house worked closely with Mr. Cooper to reinforce the scientific legitimacy of this privately sold dinosaur mount, aiming to create a model for future auctions.

“This is the first time a specimen has been auctioned where we’ve been working together from the time it was excavated,” she said. “This is the most transparent sale of a dinosaur to have ever occurred.”

But Jim Kirkland, the state paleontologist of Utah, declined to endorse the stegosaurus when he was invited by Mr. Cooper. “It looks pretty interesting,” he wrote in an email, “but I will not promote something going to auction. I would have hooked him up with museums directly but not this.”

While anything can happen at a public auction, Mr. Cooper and Ms. Hatton both expressed their hopes that Apex will ultimately land at a scientific institution — whether through direct purchase or by donation from a private collector. The team gathered the data and documentation not just to reassure potential purchasers of the specimens’ authenticity but also to help museums smoothly integrate such a specimen into a research collection.

“Whoever purchases this also has the right to come to my property and collect contextual information,” Mr. Cooper said. “A private collector might not give a stego spike about that, but for a museum, that’d be really cool.”

However, the stegosaurus’s potential price tag could be out of reach for many institutions, Dr. Sumida said. He said that the costs of studying an already mounted and reconstructed specimen can be higher than just the purchase price. Reconstructing and mounting fossils is as much art as science — and specific choices can be used to hoodwink the uninitiated by blurring the lines on what parts of any given bone are real.

“If the specimen is as scientifically important as it’s purported, then they’re going about it entirely the wrong way,” Dr. Sumida said.

Cary Woodruff, curator of vertebrate paleontology at the Frost Museum of Science in Miami, agreed that public auctions were often “scientific abbatoirs.” But Dr. Woodruff — who also examined the specimen before the auction agreement — suggested that compiling detailed records, pictures and digital scans of commercially sold fossils is something other sellers should emulate. That way, “at least a vestige of the scientific data can exist if the specimen does not end up in the public trust,” he said.

Ultimately, however, Dr. Woodruff concurred that the public trust is where such fossils belong.

“If a wealthy person were interested in how they could work with a scientific institution to make a contribution to scientific knowledge and advancement,” he said, “then I hope such specimens would attract their attention.”

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