The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
SoftBank Group CEO Masayoshi Son reaffirmed his belief in the imminent arrival of artificial super intelligence (ASI), predicting that it will surpass human intelligence by 10,000 times and emerge by 2035. Speaking at a conference in Riyadh, Saudi Arabia, Son emphasized that realizing ASI would require investments totaling hundreds of billions of dollars.
Son, who made his fortune betting on the rise of mobile internet and e-commerce, described the future ASI as a transformative technology. He noted that US$900 trillion in cumulative capital expenditure would be needed for data centers and chips, underscoring his belief that Nvidia, a major chip maker, remains undervalued based on its potential role in this future.
Despite his optimism about future technologies, Son’s record as an investor has been mixed. SoftBank's Vision Fund, launched in 2017, revolutionized venture capital but many of its high-growth startup investments have experienced significant losses. As of June 2024, the Vision Funds were down US$2.4 billion in aggregate.
Saudi Arabia's Public Investment Fund (PIF) invested US$45 billion into the first Vision Fund, marking one of its significant partnerships in the global tech ecosystem.
Son did not elaborate on his specific investment plans but mentioned that he is preparing to make his "next big move" in the future of technology.
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