The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
OpenAI is considering giving CEO Sam Altman a 7% equity stake and transitioning into a for-profit structure, marking a significant shift for the AI startup. This would be the first time Altman has been granted ownership in the company, which was founded in 2015 as a non-profit with the mission of developing AI to benefit society.
The company is contemplating becoming a public benefit corporation, balancing profit-making with societal contributions, though the timeline for the transition remains undecided. Despite this shift, OpenAI's spokesperson emphasized that the non-profit arm will continue to play a core role in its mission.
The news comes amidst a series of executive departures from OpenAI, including the recent resignation of Chief Technology Officer Mira Murati, who played a critical role in the development of ChatGPT and DALL-E. Murati’s departure, which shocked many employees, is part of a broader exodus of top managers following Altman’s temporary ouster last year.
OpenAI's move to restructure comes as the company faces massive growth and demand for AI innovations, particularly as it works to raise $6.5 billion at a $150 billion valuation. This transformation would help fund the increasing costs of developing cutting-edge AI models, which have already attracted billions in investment from Microsoft and others.
While Altman had previously resisted taking equity, often stating that his focus was on societal impact, the potential 7% stake would align with OpenAI's evolving business model. The transition to a more traditional for-profit structure reflects the company's ambition to maintain its leadership in the competitive AI space while navigating internal changes and external investment pressures.
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