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OpenAI and Broadcom have formed a multibillion-dollar partnership to develop OpenAI-designed chips. Under the deal, OpenAI will design the chips to its own specifications and Broadcom will manage the development and fabrication of the chips, as well as help with their deployment. The companies plan to deploy enough chips to require 10 gigawatts of electrical power beginning in mid-2026, and running through 2029. Broadcom stock jumped almost 10% on the announcement Monday. The deal marks the second major move by OpenAI to reduce its dependence on Nvidia, which now dominates the AI chip marketthe company announced a partnership with chipmaker AMD last week. The Broadcom partnership is part of a many-pronged effort by OpenAI to dramatically scale up the computing power it uses to train and operate AI models. Within its Stargate initiative to add data centers, the company has attracted large investments from Softbank, Oracle, Nvidia, AMD, and MGX. Coreweave, Microsoft, and ARM will play supporting roles. OpenAI also signed a $300 billion deal with Oracle to buy computing power within existing Oracle data centers. The massive infrastructure investments represent the largest single force buoying up the U.S. stock market. AI companies and their investors believe that generative AI systems are about to revolutionize the way companies do business, from accounting to engineering to operations. AI may prove to be a transformative technology wave on the order of the internet or mobile (or, some even say, electricity). It might also prove to be something more like the metaverse that has lots of potential but will take time to mature. A lot of money, and perhaps the health of the U.S. economy, is riding on the answer to that question.
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E-Commerce
If you are one of the millions of Americans who filed for an extension on your federal tax return back in April, you might be wondering if you still need to pay your taxes by October 15 because of the current government shutdown. The simple answer is yesfor most filers. (Two exceptions, though, are if you were affected by a federally declared disaster, or if you were living out of the country on the due date.) Even though the Trump administration has furloughed 34,400 of some 74,300 employees, according to the Internal Revenue Service (IRS), the deadline still stands. “Due to the government shutdown, the American people lost access to many vital services provided by the IRS when the agency furloughed thousands of employees,” the National Treasury Employees Union said. “Expect increased wait times, backlogs, and delays implementing tax law changes as the shutdown continues. Taxpayers around the country will now have a much harder time getting the assistance they need.” “There is no furlough in the filing deadline,” Tom OSaben, director of tax content and government relations for the National Association of Tax Professionals, told the Detroit Free Press. The IRS is still required to continue to collect any taxes due, the paper noted.Some 20 million people filed for a six-month extension back in April, according to the IRS, and the agency expects that number to remain about the same, at 19.8 million people, next tax year, CNBC reported. Should I file electronically or by mail? If you’re anticipating a tax refund, you may want to file your return electronically, instead of by mail, to get your money back sooner, according to NerdWallet. What happens if I miss the October 15 tax extension deadline? Despite all that, if you are still thinking of dragging your feet, one thing to note is that it will cost you. If you miss this deadline, the IRS will consider your return to be late, and you will be subject to these penalties, NerdWallet confirmed.
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E-Commerce
JPMorgan Chase will directly invest up to $10 billion in U.S. companies with crucial ties to national security. The investment plan revealed Monday will focus on four areas: supply chain and advanced manufacturing in critical minerals, pharmaceutical precursors, and robotics; defense and aerospace; energy independence, with investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity, and quantum computing. The investment is part of the bank’s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national security. It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturingall of which are essential for our national security, Chairman and CEO Jamie Dimon said in a statement. Our security is predicated on the strength and resiliency of Americas economy. America needs more speed and investment. This summer, JPMorgan helped put together a deal under which the Defense Department agreed to invest $400 million in U.S. rare earth company MP Materials. The bank is also providing financing for MP Materials second magnet-producing factory in the U.S. The nation’s largest bank plans to finance approximately $1 trillion over the next decade in support of clients in these industries. JPMorgan Chase is looking to increase this amount by up to $500 billion, or a 50% increase, with additional resources and capital. America needs more speed and investment, Dimon said. “It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock and an education system not aligned to the skills we need. JPMorgan says that it serves 34,000 mid-sized companies and more than 90% of the Fortune 500. It plans to hire more bankers, investment professionals and other experts to help address its investment plan. It will also create an external advisory council that includes leaders from the public and private sectors to help guide the long-term strategy. Michelle Chapman, AP business writer
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E-Commerce
KPop Demon Hunters took over Netflix when it debuted in August. Next, its coming for Halloween. Thats according to Googles annual Frightgeist report, which uses Google Trends search data to predict the years top Halloween costumes across a number of categories. This years report, published on October 9, shows that characters from the hit animated movie musical KPop Demon Hunters have snagged all five of the lists top spots. KPop Demon Hunters centers on Huntr/x, a K-pop superstar trio who double as demon hunters. The membersRumi, Mira, and Zoeymust protect their fans while facing down a rival boy band made up of demons in disguise, led by the singer Jinu. Since the movie premiered on Netflix, its become the streamers most-watched film of all time; secured Netflix’s first-ever No. 1 box office title when it was shown in theaters; had four simultaneous top ten hits on the Billboard Hot 100; and achieved Platinum status with its soundtrack. In short, the film is a cultural phenomenon complete with a bevy of catchy, endlessly replayable songsand its going to be totally unavoidable on Halloween. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); Which characters made the list? Google Frightgeist found that the top five overall costumes of the year are, in order of popularity: Rumi, Zoey, Mira, Jinu, and Baby Saja (a minor antagonist and rapper in the K-pop group Saja Boys). Derpy the Tiger, a supernatural blue feline from the film, is also eighth on this years list. Fast-fashion brands including Shein and Aliexpress have anticipated the trend with their own versions of KPop Demon Hunters fashion. Seasonal retailer Spirit Halloween is also offering officially licensed costumes of the shows main characters, available in both kid and adult sizesbut it appears to be struggling to keep up with demand. As of this writing, every adult costume is sold out in every size, and kids’ costumes seem to be available exclusively in stores. Spirit Halloween did not immediately respond to Fast Companys request for comment on the costumes popularity. For businesses, theres a lot at stake. According to a September survey from the National Retail Federation (NRF), Halloween spending, which includes stocking up on candy and pumpkins in addition to spending on costumes, is expected to reach a record $13.1 billion this year. Amidst the sea of K-pop costumes that will dominate streets this year, trick-or-treaters can expect to see another familiar face in the crowd. Labubus, the collectible monster plush toys that are known for teetering on the line between ugly and cute, are the top costume search for dogs and the second-hottest costume search for kids.
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E-Commerce
Crypto is here to stayand you can take that to the bank. Citibank, perhaps. On Monday morning, CNBC reported that Citi is looking to launch crypto custody services next year. Biswarup Chatterjee, the global head of partnerships and innovation in the services business at Citi, told CNBC that the company is hoping that in the next few quarters, we can come to market with a credible custody solution that we can offer to our asset managers and other clients. While banks have, traditionally, kept cryptocurrency at arm’s length, primarily concerned about regulatory changes, the Trump administrations embrace of cryptoexemplified by the passage of new laws like the GENIUS Acthas companies like Citi and others changing their tune. The GENIUS Act, signed into law earlier this year, created a federal regulatory system for stablecoins, among other things. Accordingly, banks are looking to launch crypto-related products and services, such as crypto or digital asset custody services, which, similar to a typical checking or savings account, would enable the bank to hold assets for clients. Notably, leaders from other banks, such as JPMorgan Chase, have said that they will not offer such services, though they will conduct crypto transactions. U.S. Bank, on the other hand, is offering custody services as of last month, though it originally launched the service in 2021 and put it on hold. PNC Bank is also offering custody and trading services through a partnership with Coinbase. In addition to custody services, Citi and others are also looking to launch their own stablecoins, or at least get in on the burgeoning action within the stablecoin subset of the larger crypto space. Stablecoins are digital assets that are pegged to another assetsuch as the U.S. dollar or a commoditythat helps it maintain a relatively stable value. Last week, Citi Ventures announced an investment in BVNK, a global infrastructure platform for stablecoins, as the company prepares to push into the space. Stablecoins are seeing increased interest in use for settlement of on-chain and crypto asset transactions, said Arvind Purushotham, head of Citi Ventures, in a statement. That announcement, along with the news that Citi is looking to launch custody accounts, makes it clear that crypto is, finally, sliding into the world of mainstream finance.
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E-Commerce
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