Accenture Will Invest $3 Billion to Expand Its A.I. Offerings

admin June 13, 2023

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‘Unprecedented interest’

The corporate world is considering the impact of artificial intelligence on society. allconsulting firm Accenture said on Tuesday. invest $3 billion in the technology Over the next three years.

It’s the latest sign of growing enthusiasm for AI, and how companies are adapting and embedding chatbot-like services into their businesses. “There is more interest than ever before in all areas of AI,” said Julie Sweet, CEO of Accenture.

Accenture plans to double AI specialist staff to 80,000, through a combination of recruitment, acquisition and training. (The company has 738,000 employees.) It also plans to make greater use of generative AI in its customers’ operations, helping them expand their use of the technology.

Other consulting firms are also making big moves in AI: PwC announced in April that it would invest $1 billion over the next three years. EY announced that it will invest $2.5 billion over three years in 2021. Bain & Company We have partnered with OpenAI, the makers of ChatGPT, Deloitte It has partnered with chipmaker Nvidia.and IBMOur AI efforts date back at least to the introduction of Watson, announcing a “Center of Excellence” for generative AI.

The entire business world is heavily committed to AI Investments in generative AI alone are expected to take a big hit $42.6 billion by the end of the year, according to Pitchbook. And this year there has been a surge in mentions of “AI” or “artificial intelligence” in calls with corporate investors.

But consulting giants still wonder what AI means for their businesses. They are already under pressure to remain relevant amidst industry challenges, including potential clients. cut down on service in an economic headwind.

Many companies are turning to AI to automate a growing number of tasks, but some executives are quick to point out that technology can’t replace everything they do. Things are getting worse,” said Alex Shingra, who heads McKinsey’s AI consulting team. told the observer last week. “That is where I think management consulting still has a big role to play.”

what is going on here

Donald Trump will be indicted on classified material charges on Tuesday. After leaving office, the former president is due to appear in court in Miami to face charges related to the removal of national security items.Tonight he plans to host a fundraiser at one of his golf courses in New Jersey. However, a super PAC by the Koch network has started. advertise for him.

Far-Right Republicans were unwilling to paralyze the House. Yesterday, opposition lawmakers agreed to vote on some issues in the floor after they took control of the floor in retaliation for House Speaker Kevin McCarthy’s role in the debt ceiling bill. They threaten that if Mr. McCarthy does not give him more powers, he will delay further legislation.

Binance’s U.S. division is fighting SEC efforts to freeze its assets. In court filings ahead of hearings scheduled for Tuesday, the cryptocurrency exchange asked federal judges to: veto a regulatory move, said this would make it nearly impossible to continue operations. The SEC filed a lawsuit against Binance last week, accusing the exchange of violating securities laws.

Will Apple cross the $3 trillion threshold again? The iPhone maker’s stock rose nearly 1.6% yesterday, declining market value just under $2.9 trillion. Apple’s enthusiasm for its new virtual reality headset could help push the company’s market capitalization past the $3 trillion mark again (a level reached last year), but the company’s shares are dwarfed in premarket trading. fell to

What to watch out for in CPI reports

Stocks are expected to gain more on Tuesday morning as investors wait for the all-important consumer price index report, which is due out at 8:30 a.m. ET.

Market participants expect Tuesday’s inflation report to be relatively benignThat allowed the Fed to keep rates on hold at Wednesday’s meeting. The so-called “Fed moratorium” has seen stocks in some rate-sensitive sectors, especially tech stocks, surge in recent weeks, pushing the Nasdaq and S&P 500 to 14-month highs yesterday.

Key points to note: Economists expect inflation to continue to ease last month, with the headline CPI reading slightly lower to 4.1%, a significant drop from last summer’s peak of 9%. Economists see good progress in food and energy prices, which have flattened or fallen in recent months.

The situation for ‘core’ inflation is different, reduce food and fuel prices. The improvement has not gone far, as used car prices, airfares and vacation accommodation prices have risen in recent weeks. Michael Gaipen, chief U.S. economist at Bank of America, said the “speed bump” will continue to put pressure on the Fed to raise rates this summer, possibly in July.

“A skip is not the same as a long pause,” he wrote in his preview notes.

Other places on the market:

Hong Kong and Shanghai stocks closed higher on Tuesday, followed by Beijing. surprised the market Cut one of the short-term lending rates. Investors hope some Chinese stimulus measures will boost domestic demand as an economic downturn looms.

One of Google’s money machines is under new pressure

As regulators around the world seek to curb big tech, the European Union is reportedly preparing to crack down on one of Google’s most profitable businesses: the technology that underpins much of its internet advertising. there is

European Commission to file formal antitrust complaint on Wednesday accuses Google of abusing its dominant position in the ad tech space. bloomberg and wall street journal. The division is big for Google, contributing nearly 14% of the company’s $54.5 billion in advertising revenue in the first quarter.

The commission will launch an investigation into Google’s ad tech division in 2021 and has already imposed three fines worth about $8.6 billion on other divisions of the company, including those related to the Android operating system.

Demand could be tougher this time aroundJournal: European regulators may rule that only selling part of the ad tech business will restore the competitive balance.

Europe is not the only place under pressure. The Justice Department has filed similar charges against Google’s ad tech business, seeking to dissolve some of the acquisitions. UK regulators, which have been pushing hard in recent months, are also investigating.

But will this hurt Google’s core business? Shares of parent company Alphabet edged up in premarket trading on Tuesday despite the news, giving it a market capitalization of $1.5 trillion. And Google has taken the defense of the Android lawsuit to the European Supreme Regulatory Court to combat past punishments from the EU.

In other tech regulation news, the FTC has filed a lawsuit in federal court to block Microsoft from completing its $69 billion acquisition of Activision Blizzard, a further hurdle to the mega-deal.

“Ostensibly, the complicated geopolitical alliance between the United States and the Kingdom of Saudi Arabia left us almost on our own to fend off attacks.”

— Jay Monaghan, the PGA Tour commissioner wrote to parliament about the conflict that ended last week in the merger of the professional golf association and the Saudi-backed rival competition LIV. Senator Richard Blumenthal (Democrat, Connecticut), announced a survey get into trading.

How the JP Morgan and Epstein Settlement Arranged

After a weekend of frantic phone calls, midnight meetings and last-minute negotiations, JPMorgan Chase has landed a $290 million deal with the victim of sex offender Jeffrey Epstein.

But the bank’s lawyers don’t stop there. JPMorgan, which is contesting a separate lawsuit filed by the U.S. Virgin Islands, filed new evidence yesterday that executives at the bank knew of the misconduct of the disgraced financier, who died in 2019.

How the agreement was reached: After weeks of behind-the-scenes negotiations, the bank’s lawyers and the victims’ positions were wide apart, David Boise, an attorney representing the victims, told Dealbook. . “It’s been a very tough battle,” he said of the agreement, which still needs a judge’s approval.

Boyes was on the phone while eating with his family at a restaurant on Sunday, and after returning home the negotiations continued well past midnight. It started again yesterday morning. Talks continued over what the bank would say after the two sides finally agreed on numbers. JP Morgan yesterday reiterated that it regretted its relationship with Epstein but did not admit responsibility.

What we learned from the U.S. Virgin Islands case: The borough, where Epstein has his home, sued JP Morgan last year for failing to stop the bank from launching a sex-trafficking operation. “No one wants him” Epstein’s private banker wrote in a 2008 email, according to new filings in the region. It also revealed more than a dozen communications from 2007 to 2013 that suggested executives were aware of Epstein’s crimes.

will they solve? An agreement in the Virgin Islands lawsuit could be attractive, especially if JP Morgan’s defense that the territory was complicit in Epstein’s abetting crimes is dismissed. Boyes said the case is moving unusually quickly because Judge Jed Rakoff is forcing lawyers to “be more realistic.” He believes the bank’s lawyers have become more serious about settling with clients since the May hearing when Mr. Lakoff said he intended to certify the victims’ lawsuit as a class action lawsuit.