Tag: Economic inequality
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Cohere Secures $250 Million Investment, Valued at $2 Billion by Inovia-led Deal
"Cohere Inc., an Artificial Intelligence (AI) startup based in Toronto, is raising up to $250 million from multiple investors, including Inovia Capital, Index Ventures and Thomvest Ventures, potentially increasing its valuation to above $2 billion. Cohere provides an LLM platform to create, summarize and interpret text, which could be used in chatbots and search engines. The potential risks of AI technology has been acknowledged, and the investment could mean that Cohere has potential to compete with OpenAI, Alphabet Inc, and Anthropic."
US Treasury Warns of Imminent Cash Shortage by June 1, Biden to Hold Debt Ceiling Meeting
US Treasury Secretary Janet L Yellen warns of brewing cash crisis due to current debt ceiling impasse. In response, President Joe Biden has called to action leaders from both parties to resolve the issue, as well as suspending issuance of State and Local Government Series Treasury securities. Yellen highlights the significant risks for US taxpayers and the US credit rating if urgent action is not taken.