OpenAI, the developer of the popular AI chatbot ChatGPT, is currently in talks to finalize a deal potentially valuing the company at $80 billion or more. This figure nearly triples its valuation from just under six months ago. The company plans to sell existing shares in an auction led by venture capital firm Thrive Capital. If the deal goes through, OpenAI will emerge as the most valuable startup in San Francisco.

This development would also position OpenAI as one of the world's most valuable new tech companies, trailing only behind giants like ByteDance and SpaceX, according to data from CB Insights, a market intelligence firm.

Approximately a year after OpenAI launched ChatGPT, igniting a boom in the AI sector, Silicon Valley's AI-focused technology companies continue to attract significant investment. Last month, Amazon announced a planned investment of up to $4 billion in Anthropic, a San Francisco-based startup and key competitor to OpenAI.

Over the summer, Cohere, founded by former Google researchers, raised $270 million, bringing its total funding to over $440 million. Inflection AI, started by another ex-Google executive, has amassed a total of $1.3 billion in funding, increasing its total to $1.5 billion.

In January, Microsoft injected $10 billion into OpenAI, raising its total investment in the company to $13 billion. In March, Character.ai, another startup founded by ex-Google employees specializing in AI chatbots, secured $150 million in funding, valuing the company at $1 billion.

One month later, venture capital firms Thrive Capital, Sequoia Capital, Andreessen Horowitz, and K2 Global agreed to buy OpenAI shares in an auction, valuing the company at approximately $29 billion.

Currently, Thrive Capital is leading discussions for another bid, potentially valuing OpenAI at $80 billion or more. It's noteworthy that OpenAI isn't issuing new shares while an agreement is in place that would allow company employees to sell their existing shares.

Along with tech giants like Google, Microsoft, and Meta, these AI startups form an exclusive group capable of developing advanced AI systems and chatbots comparable to the powerful ChatGPT.

Inditex, the parent company of global clothing retailer Zara and the world's largest fashion retailer, recently announced its agreement to purchase recycled polyester from American startup Ambercycle. Amid increasing pressures for major fashion brands to reduce waste and incorporate recycled fabrics, Inditex has committed over 70 million euros to secure a supply of Ambercycle's recycled polyester, derived from textile waste. Polyester, a petroleum industry product, is widely used in athletic wear due to its quick-drying and durable properties.

As part of an offtake agreement, Inditex will buy a substantial portion of Ambercycle's recycled polyester production, sold under the brand name cycora, over a three-year period. Aiming for 25% of its fibers to come from next-generation materials by 2030, Inditex's investment will assist Ambercycle, based in Los Angeles, in funding its first commercial-scale textile recycling factory. The production of cycora at this factory is expected to begin around 2025, with the material being used in Inditex products over the next three years.

Zara Athleticz, a men's athletic wear brand, recently launched a capsule collection featuring "technical pieces" with up to 50% cycora content. Inditex announced that the collection is available on Zara.com.

Some clothing brands seeking to reduce their reliance on virgin polyester have turned to recycled polyester derived from plastic bottles, a practice that has faced criticism for increasing demand and prices for used plastic bottles. However, recycling polyester from fabrics to textile products is still in its infancy and will take time to scale up to the demands of global fashion companies.

This agreement with Ambercycle marks the latest in a series of Inditex's investments in emerging textile recycling businesses. Last year, Inditex signed a three-year deal worth 100 million euros to buy 30% of the recycled fibers produced by Finnish company Infinited Fiber Co and also invested in Circ, another American company focusing on textile-to-textile recycling.

Mark Zuckerberg's Meta, in a surprising revelation shortly after the closing of Wall Street, announced its financial results for the third quarter of 2023, with revenues soaring by 23%, surpassing analysts' expectations.

In a detailed report, Meta showcased impressive figures. Earnings per share were reported at $4.39, significantly exceeding the London Stock Exchange Group (LSEG)'s forecast of $3.63. Revenues reached a remarkable $34.14 billion, again surpassing the projected $33.56 billion. The company also saw a rise in daily active users, achieving a milestone of 2.09 billion, while monthly active users climbed to 3.05 billion, marking sustained user engagement on the platform.

In its recent disclosure of financial results for the third quarter of 2023, IMAX Corporation reported a significant profit boost, largely driven by the success of Universal Studios' blockbuster film "Oppenheimer."

Earnings per share reached 22 cents. Remarkably, the company's revenue of $103.9 million surpassed the anticipated $100.7 million. These earnings represent a notable turnaround from the $9 million loss reported in the same period of the previous year, showcasing a remarkable recovery and growth.

Richard Gelfond, the Chief Executive Officer of IMAX, spoke on the company's robust health, indicating that the traditional cinema experience retains its appeal and vitality, especially following the fluctuating times of the pandemic. This quarter's growth, he noted, is largely thanks to Hollywood hits. "Oppenheimer" itself brought in over $180 million, contributing significantly alongside titles like "Mission: Impossible: Dead Reckoning Part 1" and "Indiana Jones and the Dial of Destiny." Gelfond mentioned that this quarter's performance was second only to the final quarter of 2019, which saw major earnings from films like "Joker" and "Star Wars: The Rise of Skywalker."

Celebrating the success, Gelfond stated, "These are among the finest moments for IMAX. This quarter has seen us shatter our performance expectations, ranking it as one of our most triumphant phases."

Adding to this sentiment, IMAX's Chief Financial Officer Natasha Fernandez highlighted that the operational cash flows have more than tripled from the previous year, indicating strong financial health and management efficiency.

As IMAX looks towards 2024, it does so with a watchful eye on the potential impacts from the ongoing Hollywood actors' strike. Nonetheless, the company remains positive about its future. It is particularly buoyed by the anticipation surrounding the release of "Dune: Part 2," an IMAX-shot film, slated for a March 2024 release. Coupled with the momentum built this quarter, IMAX anticipates these new releases to further cement its strong box office performance well into the first quarter of the next year.

As artificial intelligence (AI) continues to evolve, its impact on societal stability becomes a growing concern. Experts, including two leading pioneers in the field, have recently called for AI companies to assume full responsibility for any harm caused by their technologies.

A group of 23 specialists, including AI luminaries Geoffrey Hinton and Yoshua Bengio—recipients of the 2018 Turing Award—have highlighted the urgent need for regulatory reforms in AI development. According to them, the uncontrolled advancement of AI technologies poses significant threats, ranging from enhancing social injustices to destabilizing societal norms.

Stuart Russell, a computer science professor at UC Berkeley, emphatically stated, "We must get serious about advanced AI systems. These aren’t just playthings." He pointed out the current lack of regulation in the AI industry, noting that sandwich shops face stricter rules than AI firms.

The expert group suggested several key measures for AI safety and ethics: Governments and companies should devote a third of their AI R&D budget to safety and ethical usage; independent regulators should be allowed to audit AI labs; a licensing system is needed for advanced AI models; AI companies must implement specific safety protocols for risk management; and tech firms should be liable for preventable harm caused by their AI systems.

Highlighting the inherent dangers in the current trajectory of AI development, the specialists' report emphasizes that AI systems developed without robust safety standards could exacerbate social inequality, degrade professional fields, undermine social stability, enable large-scale criminal or terrorist activities, and distort our collective perception of reality. They warn that without careful oversight, we risk creating autonomous AI systems capable of pursuing harmful objectives beyond human control.

These warnings are underscored by the resignations and public statements of key figures like Hinton, who left Google after a decade at the forefront of AI development, cautioning about "existential risks" posed by AI. In March, Bengio, alongside Hinton and thousands of other experts, signed an open letter demanding a halt to large-scale AI experiments.

The urgent need for responsible AI development and deployment, balanced with ethical considerations and safety standards, is clear.

The Administrative Council of the European Central Bank (ECB) is convening today in Athens, potentially marking a halt in its cycle of key interest rate increases. This pause comes after ten consecutive hikes implemented as part of the fight against inflation in the Eurozone.

Christine Lagarde, President of the ECB, alongside Vice President Luis de Guindos, will announce the Council's decisions at a press conference scheduled for 15:45 Cyprus time.

Since July 2022, amid record inflation, the ECB has raised its key interest rates by a total of 450 basis points. This measure aimed to slow down economic activity and, consequently, reduce inflation in the Eurozone, which, as of September, decreased to 4.3%.

In its last session in September, the ECB's Executive Board decided on a 25 basis point increase in interest rates. This change resulted in the main refinancing operations rate and the rates for the marginal lending facility and the deposit facility reaching 4.50%, 4.75%, and 4.00% respectively, a record high.

However, the key statement from the ECB's announcement indicated that "based on its current assessment, the Executive Board believes that the ECB's key interest rates have reached levels which, if maintained for a sufficiently long period, will significantly contribute to bringing inflation back to the target level."

Constantinos Herodotou, Central Bank Governor and member of the ECB's Executive Board, stated last Wednesday that no further increase in interest rates is expected. The current levels, if maintained, are believed to contribute to reducing inflation to the ECB's medium-term target of 2%.

Similarly, the Governor of the Bank of Greece, Yannis Stournaras, who hosts today's session, commented to the Financial Times on the importance of flexibility in monetary policy in response to new uncertainties, such as the crisis in the Middle East. He emphasized the need to keep all options open and focus on maintaining the resilience of the European economy.