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Palantir Wins $250 Million AI Deal with US Defence Department

Palantir Wins $250 Million AI Deal with US Defence Department

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A brand-new $250 million artificial intelligence agreement for the U.S. Army would help Palantir Technologies (PLTR), claims a financial professional who rates the PLTR stock underperform. On Wednesday, following the news, Palantir’s stock increased.

Palantir Wins $250 Million AI Deal with US Defence Department
Image Source: bloomberg.com

“While this contract adds fuel to the argument that Palantir is more like a government service provider, this contract bodes well for Palantir’s fourth-quarter and 2024 revenue,” William Blair analyst Louie DiPalma said in a note to clients.

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The U.S. Army has a three-year agreement for research and development operations.

Military leaders have praised the possible combat uses of machine learning and artificial intelligence, and business has matched the enthusiasm. Interest in these technologies has grown in the defence community in recent years.

The Government Accountability Office, a government watchdog, said that as of 2021, the Defence Department was managing over 685 AI-related projects. A minimum of 232 were under Army control.

Today’s stock market saw a 6.4 percent rise in PLTR stock, which closed at 14.85.

If the firm is awarded a new contract by the National Health System of the United Kingdom, the price of PLTR stock might increase further. Throughout the coronavirus crisis, the NHS employed Palantir. Now available is a larger deal valued at around $595 million. A choice is anticipated in 2023.

Palantir has worked with government clients to employ AI techniques for the military, combating terrorism, and gathering intelligence. Additionally, such artificial intelligence created prediction models by using pattern recognition.

Generative AI is currently being included by Palantir in its software system.

Generic artificial intelligence models analyze “prompts,” such as internet search terms that specify what a user is looking for. Technologies that use generative artificial intelligence independently produce literature, pictures, videos, as well as computer code. Palantir also wants to offer generative AI technology in industrial areas like the healthcare industry.

Early this year, Palantir unveiled the “Artificial Intelligence Platform,” its latest product. Palantir reports that the AIP has 150 consumers as of the middle of September, an increase of fifty percent over the previous month.

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Palantir has also not provided pricing information for its generative AI solutions. Analysts claim that this makes the possible income rise from the AIP uncertain.

On August 1, PLTR stock reached a 52-week intraday record high of 20.24 as AI shares pushed higher. The PLTR stock, however, has now fallen from its 52-week high as of September 27. However, Palantir stock has grown by 124 percent so far in 2023.

Charlie Munger Pockets $70,000 a Year From a $1,000 Investment He Made in 1962 - And Has Likely Raked in Over $1 Million in Total

Charlie Munger Pockets $70,000 a Year From a $1,000 Investment He Made in 1962 – And Has Likely Raked in Over $1 Million in Total

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In a remarkable display of the power of long-term investing, Charlie Munger, the esteemed business partner of Warren Buffett, has been cashing in on a $1,000 investment he made over six decades ago. 

Charlie Munger Pockets $70,000 a Year From a $1,000 Investment He Made in 1962 - And Has Likely Raked in Over $1 Million in Total
Image Source: finance.yahoo.com

During Berkshire Hathaway’s annual shareholder meeting, Munger disclosed the details of his lucrative oil royalty investment, which now nets him a cool $70,000 yearly, possibly accumulating to over $1 million in total earnings.

The story of Munger’s savvy investment began in 1962 when he crossed paths with a businessman named Al Marshall during a husband-and-wife golf tournament. At the third hole, Marshall divulged his plan to participate in a local oil royalty auction. Munger, known for his candidness, immediately offered his perspective, stating, “You’re doing it all wrong.”

Munger didn’t stop at offering advice; he joined Marshall’s bid, bringing his expertise to manage the intricate legal and financial aspects of their purchases. His investment was structured using an ABC trust, a tax shelter that has since been prohibited.

Marshall, reflecting on the investment, revealed in Janet Lowe’s book, “Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger,” “We only put up $1,000 each and we’ve each probably made a half a million out of it.”

Munger himself corroborated the story during Daily Journal’s shareholder meeting in 2016, shedding light on the unusual dynamics of the oil royalty market. “I soon realized that under the peculiar rules of an idiot civilization, the only people who were going to bid for these oil royalties were oil royalty brokers, who were a scroungy, dishonorable, cheap bunch of bastards who realized that nobody would ever bid at their price,” he quipped.

While the exact annual income from these royalties might vary—ranging from $70,000 to $100,000—Munger’s substantial earnings over the years are undeniable. This passive income stream partly explains why Munger has accepted a modest $100,000 salary from Berkshire Hathaway for many decades. Furthermore, he maintains most of his approximately $2 billion fortune in Berkshire stock, which doesn’t pay dividends.

Read more: A Paper Boy Surviving At $3 A Day: How This US Entrepreneur Turned Millionaire At 23

Warren Buffett added another intriguing layer to the story during the same shareholder meeting. He disclosed that Munger isn’t the only one benefiting from age-old oil royalties within their circle. Buffett’s own father invested $1,000 to $1,500 in similar royalties before his passing. Today, these royalties are held by Buffett’s younger sister, who continues to receive monthly checks, reinforcing the enduring appeal of such investments.

Charlie Munger’s journey from a $1,000 investment to a consistent annual income of $70,000 exemplifies the remarkable potential of long-term investments and the power of compounding. It serves as a valuable reminder that in the world of finance, patience and astute decision-making can yield incredible rewards over time.

A Paper Boy Surviving At $3 A Day: How This US Entrepreneur Turned Millionaire At 23

A Paper Boy Surviving At $3 A Day: How This US Entrepreneur Turned Millionaire At 23

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48-year-old Tomas Gorny, an immigrant from Poland who arrived in the United States with nothing, is now an entrepreneur and creator of a technology company.

A Paper Boy Surviving At $3 A Day: How This US Entrepreneur Turned Millionaire At 23
Image Source: indiatimes.com

But his capacity to emerge from the ashes best characterizes him. After quitting college, he relocated to Los Angeles and began working on a website hosting company, which was acquired in 1998 for a couple of million dollars, thereby making him a billionaire. This was his first significant success soon before the start of the millennium. Gorny, who was 23 at the time, ought to have been executed. But like every other one of his early ventures, his next endeavor was a company selling Internet ads. failed miserably. He was back where he started, failing to cover his mortgage.

But Gorny wasn’t deterred by beginning anew since he was determined to succeed in the United States. In October 2001, he created the online hosting platform IPOWER, which was eventually purchased for a rumored approximately one billion dollars. His latest company, Nextiva powered by the cloud corporate communications software company that received 200 million dollars in backing from the United States financial behemoth Goldman Sachs in 2021, according to a Fortune article, is one of three web hosting firms that he has subsequently co-founded.

He said that he had left school two months prior to receiving his diploma and had traveled in March 1996 to Los Angeles to work as a sweat equity partner in the startup of a web hosting company.

He survived for almost three years on three dollars each day. Surviving on even three dollars per day was not difficult. He frequently traveled to Sizzle, an all-you-can-eat, with a friend. In essence, it was a seven-dollar dinner. They pooled their cash, and one of them frequented the buffet regularly. That served as my weekly pleasure.

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He finally sold the company in 1998, which is how he earned his first million dollars and a lot more.

“When asked about his wealth, as per the report, the millionaire said, “I don’t know. I generally don’t pay attention to this. I also don’t want to talk about it because I don’t talk about it to my children. But it’s substantial.”

indiatimes.com

Japan's newest billionaire is a college dropout who built a global udon noodle empire

Japan’s Newest Billionaire is a College Dropout Who Built a Global Udon Noodle Empire

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In a tale of culinary entrepreneurship, a college dropout has achieved billionaire status, propelling Japan’s noodle scene to global prominence. 

Japan's newest billionaire is a college dropout who built a global udon noodle empire
Image Source: indiatimes.com

Takaya Awata, the visionary founder and CEO of Toridoll Holdings, has risen to prominence with a 48% stake in the company valued at an impressive $1.1 billion.

The catalyst for Awata’s remarkable journey was his brainchild, the Marugame Seimen restaurant chain, renowned for its delectable “udon noodles.” The chain has witnessed a remarkable resurgence, with shares surging by nearly 50% this year, riding the wave of post-pandemic dining fervor. As of the latest market data, Toridoll’s shares were exchanging hands at 3,930 Japanese yen, equivalent to around $27.

Awata’s ascent reads like a modern-day fable. After leaving Kobe City University of Foreign Studies in 1985, he plunged headlong into the restaurant business. Although his initial venture—a grilled chicken eatery—faced initial setbacks, fate intervened during a visit to his father’s hometown in Kagawa prefecture, renowned for its bustling udon noodle shops. The sight of eager customers queuing for this toothsome wheat-flour delight ignited a culinary epiphany within Awata. He described it as an “emotional experience of food,” which ignited the spark to launch his noodle venture.

In 1990, Awata founded Toridoll, distinguishing it by a commitment to serving freshly cooked, aromatic dishes crafted with care, as opposed to mass-produced noodles. Toridoll’s affordable self-service eateries, famously named Marugame Seimen, offer a unique interactive dining experience, allowing patrons to witness the culinary artistry behind their meals. Awata’s leadership steered Toridoll’s expansion onto the global stage, with the first Marugame Udon restaurant opening in Hawaii in 2011. This expansion fervor extended across China, Indonesia, and other parts of the world.

The year 2021 saw Toridoll’s London debut, a testament to Awata’s dedication to tailoring offerings to local palates. Even during the pandemic, Awata’s goodwill shone as his food truck distributed free udon noodles to underprivileged children and healthcare workers. He articulated his mission as “discovering hidden things and offering them as new value to generate joy in our customers.”

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The Toridoll empire now spans close to 1,900 eateries worldwide, embracing not only udon noodle joints but also diverse offerings like spicy Chinese rice noodles, ramen, and tempura. The company’s emphasis on authenticity and sensory experiences has captivated diners globally. With a strategic outlook, Toridoll envisions further expansion, earmarking over $650 million for mergers and acquisitions across Europe, Asia, and Greater China. Within the next five years, their ambition is to exceed 5,500 eateries and surge revenue to an impressive $2 billion.

Awata’s journey from a university dropout to a billionaire exemplifies the power of passion and perseverance. 

‘ChatGPT Does 80% Of My Job' — How AI Enables People To Work Second And Third Jobs

‘ChatGPT Does 80% Of My Job’ — How AI Enables People To Work Second And Third Jobs

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In an era marked by the rapid advancement of technology, a new trend has emerged that is revolutionizing the way people work. Enter the “overemployed” — a breed of individuals who are utilizing artificial intelligence (AI) to their advantage, enabling them to handle multiple job responsibilities simultaneously. At the forefront of this movement is ChatGPT, an AI-powered language model that has become the secret weapon for these ambitious workers.

‘ChatGPT Does 80% Of My Job' — How AI Enables People To Work Second And Third Jobs
Image Source: dailymail.co.uk

“I can’t believe how much ChatGPT has transformed my work life. It’s like having a virtual assistant that handles about 80% of my tasks,” enthuses a member of this overemployed cohort. 

The rise in popularity of AI-powered tools like ChatGPT has ignited discussions about their potential impact on the global job landscape. With the prospect of automation and chatbots replacing human roles, experts are raising alarms about the likelihood of human workers becoming obsolete. However, a group of forward-thinking individuals is embracing AI not as a threat, but as a catalyst for professional growth.

Coupled with other AI solutions like RAD AI, ChatGPT is empowering marketers to enhance their efficiency and effectiveness in the ever-evolving landscape of marketing. Leveraging RAD AI, marketing professionals can swiftly discern trends, decode consumer behavior, and fine-tune campaigns for optimal outcomes. Yet, a select cohort within this group is taking AI utilization to the next level. These resourceful individuals are harnessing AI tools to seamlessly assume multiple roles, all the while eluding suspicion from their employers. While critics may perceive this trend as detrimental, those who have mastered the art of AI integration view it as an unparalleled opportunity.

The genesis of the “overemployed” can be traced back to the outbreak of the COVID-19 pandemic, which induced a seismic shift towards remote work. A segment of workers seized upon the newfound flexibility, coining the term “overemployed” to define their multifaceted work approach. These agile professionals ingeniously exploit AI technologies, orchestrating a harmonious juggling act of simultaneous tasks. The amalgamation of remote work and AI capabilities has allowed these individuals to forge a new path, one where traditional nine-to-five confines no longer apply.

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As the trend gains momentum, it is imperative to contemplate its wider implications. While the notion of AI-assisted overemployment raises pertinent questions about job displacement, it also underscores the incredible adaptability of human professionals. Rather than rendering workers obsolete, AI seems to be serving as a tool that amplifies human potential and productivity.

In a landscape where technological innovation is reshaping conventional paradigms, the rise of the “overemployed” stands as a testament to the resilience of human ingenuity. ChatGPT, along with its AI counterparts, is redefining the way we work, offering a tantalizing glimpse into a future where people effortlessly navigate multiple professional roles, empowered by the limitless capabilities of AI.

Vietnam's Richest Man Slurps Up $39 Billion in 24 Hours

Vietnam’s Richest Man Slurps Up $39 Billion in 24 Hours

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VinFast Auto Ltd., the Vietnamese electric car manufacturer, has defied conventional wisdom with its stunning debut on the Nasdaq Global Select Market. 

Image Source: assets.bwbx.io

Despite the automaker’s electric cars facing criticism and the specter of lower sales than industry behemoths like General Motors Co., the company’s shares soared an astonishing 255% on Tuesday, catapulting the net worth of its chairman, Pham Nhat Vuong, by a staggering $39 billion. This meteoric rise pushed his total fortune to $44.3 billion, as per the Bloomberg Billionaires Index.

VinFast’s robust stock performance also propelled the company’s market capitalization to surpass established giants like General Motors and Mercedes-Benz Group AG. At the current valuation, VinFast dwarfs Chinese electric vehicle manufacturer XPeng Inc. by sixfold.

The automaker’s debut exemplifies the trend of companies soaring after merging with Special Purpose Acquisition Companies (SPACs). These impressive initial surges, however, have often been followed by significant market corrections in the days following the debut. This volatility is attributed to the limited availability of shares for trading. Vuong’s substantial control of approximately 99% of VinFast’s outstanding shares via his conglomerate, Vingroup JSC, has led to larger price fluctuations.

According to Professor Jay Ritter from the University of Florida, “The stock will be very volatile until more shares are available for trading.” This volatility has been a hallmark of the SPAC debut trend, with 2023’s de-SPACs experiencing a median decline of about 45%, and a notable 18 of them plummeting over 70% in value post-merger.

VinFast’s journey to this point has not been without challenges. The company has faced operational difficulties, with a recall of electric SUVs due to software glitches and a handful of unfavorable reviews. Despite these hurdles, VinFast remains steadfast in its commitment to improvement. CEO Le Thi Thu Thuy emphasized, “We take [negative reviews] very close to our heart, we reflect on the feedback from those reviews and we make our vehicles better.”

The road ahead for VinFast appears promising, especially when compared to other electric automakers that have entered the market via SPACs and witnessed significant value erosion post-merger. While companies like Lordstown Motors Corp., Nikola Corp., and Faraday Future Intelligent Electric Inc. have seen their market value decline by over 90%, VinFast is in a unique position if it can sustain its initial gains.

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VinFast’s strategic shift from a traditional initial public offering (IPO) to a SPAC listing with Black Spade Acquisition Co. speaks to its adaptability and resilience. With chairman Pham Nhat Vuong’s successful track record, including the sale of his instant noodle business to Nestle SA, and Vingroup JSC’s diverse portfolio, VinFast is positioned for growth. Despite the operational hiccups, the company forecasts sales of 45,000 to 50,000 units this year and aims to break even by the close of 2024.

In an industry prone to rapid change, VinFast’s spectacular entry into the US stock market signifies the triumph of innovation and adaptability over initial challenges. As the electric vehicle landscape evolves, all eyes are on VinFast’s continued journey and its potential to redefine the narrative surrounding SPAC mergers.