In robots replacing other robots news, OpenAI – the organisation behind artificial intelligence chatbot ChatGPT – has given birth to a new bot this week: GPT-4. This was the year Titanic won 11 Oscars, including best picture, and a record number of viewers checked in to see if Leonardo DiCaprio had defrosted yet. The most-watched Academy Awards in the US was the 70th, held in 1998. Hollywood’s most prestigious awards-fest overran as usual, though “Jenny” the donkey – or rather the random donkey pretending to be the one in The Banshees of Inisherin – behaved herself and was not to blame. Minutes in the running time for this year’s ceremony. The C-word, in these instances, is “contagion”. Larry Fink, chief executive of BlackRock, the world’s largest asset manager, then voiced a warning that SVB’s collapse might signal the start of a “slow, rolling crisis” – not the best kind of crisis, to be honest – with “more seizures and shutdowns coming”. Stock markets were roiled for much of a highly volatile week, with Signature Bank swiftly taking the dubious honour of becoming the third largest US bank failure ever, Moody’s cutting its outlook for the entire US banking sector and Credit Suisse soon teetering on the brink. On Monday, security guards stood outside SVB branches as queues of people trying to recover their funds formed after US federal authorities said depositors would get all their money back, while HSBC stepped in to rescue the UK arm.īut the trouble didn’t end there. The sudden collapse of tech-focused Silicon Valley Bank (SVB) after a bank run on March 10th makes it the second largest US bank failure ever (after the 2008 implosion of Washington Mutual), with the “tech winter” combining with the cycle of interest rate increases to trigger its demise.
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