Famed Financial Analyst’s Final Forecast? ‘The Dollar is Finished’ as World Reserve Currency

An anonymous reader shared this report from the The New York Times:

Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention… American Banker once called him “the country’s most quotable bank analyst.” Last week, a few hours after completing a spot on Bloomberg television, the 83-year-old announced his retirement. He took that weekend off — and then jumped right back in. In an interview with The New York Times, Mr. Bove (pronounced “boe-VAY”), who goes by Dick, shared a dire outlook on the U.S. economy and his former profession.

“The dollar is finished as the world’s reserve currency,” Mr. Bove said matter-of-factly, perched in an armchair outside his home office just north of Tampa, from which he predicted that China will overtake the U.S. economy. No other analysts will say the same because they are, as he put it, “monks praying to money,” unwilling to speak out on the mainstream financial system that employs them…

As he spoke, a technician was trying to restore his home internet after his final employer, the boutique brokerage Odeon Capital, pulled the plug on his last day…

He sees the offshoring of American manufacturing as the ultimate threat to the financial sector and the dollar, because “the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money.”

The article notes that Bove was once called “The Loneliest Analyst.”

“One way that’s still true is that he endorses cryptocurrency — an area that few other financial analysts will touch — which he sees as a natural beneficiary of the decline of the dollar.”

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Remembering Unix Desktops – and What We Can Learn From Them

“As important as its historically underhanded business dealings were for its success, Microsoft didn’t have to cheat to win,” argues a new article in the Register.

“The Unix companies were doing a great job of killing themselves off.”

You see, while there were many attempts to create software development standards for Unix, they were too general to do much good — for example Portable Operating System Interface (POSIX) — or they became mired in the business consortium fights between the Open Systems Foundation and Unix International, which became known as the Unix wars.

While the Unix companies were busy ripping each other to shreds, Microsoft was smiling all the way to the bank. The core problem was that the Unix companies couldn’t settle on software standards. Independent Software Vendors (ISV) had to write applications for each Unix platform. Each of these had only a minute desktop market share. It simply made no business sense for programmers to write one version of an application for SCO OpenDesktop (also known as OpenDeathtrap), another for NeXTStep, and still another one for SunOS. Does that sound familiar? That kind of thing is still a problem for the Linux desktop, and it’s why I’m a big fan of Linux containerized desktop applications, such as Red Hat’s Flatpak and Canonical’s Snap.

By the time the two sides finally made peace by joining forces in The Open Group in 1996, it was too late. Unix was crowded out on the conventional desktop, and the workstation became pretty much a Sun Microsystems-only play.
Linux’s GPL license created an “enforced” consortia that allowed it to take over, according to the article — and with Linus Torvalds as Linux’s single leader, “it avoided the old Unix trap of in-fighting…

I’ve been to many Linux Plumbers meetings. There, I’ve seen him and the top Linux kernel developers work with each other without any drama. Today’s Linux is a group effort… The Linux distributors and developers have learned their Unix history lessons. They’ve realized that it takes more than open source; it takes open standards and consensus to make a successful desktop operating system.
And the article also points out that one of those early Unix desktops “is still alive, well, and running in about one in four desktops.”

That operating system, of course, is macOS X, the direct descendent of NeXT’s NeXTSTEP. You could argue that macOS, based on the multi-threaded, multi-processing microkernel operating system Mach, BSD Unix, and the open source Darwin, is the most successful of all Unix operating systems.

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Did a Lake on Mars Once Contain Life?

UPI reports:

New research published Friday offers hope that the sediment samples picked up by the Mars rover Perseverance could reveal traces of life — if it ever existed on the Red Planet.

The rover already has confirmed an ancient lake on Mars. The new research published in Science Advances shows the Jezero Crater, where Perseverance verified lake sediments, is theorized to have been filled with water that deposited layers of sediments on the crater floor. “The delta deposits in Jezero Crater contain sedimentary records of potentially habitable conditions on Mars,” the research article’s abstract stated. “NASA’s Perseverance rover is exploring the Jezero western delta with a suite of instruments that include the RIMFAX ground penetrating radar, which provides continuous subsurface images that probe up to 20 meters below the rover.”

The research by UCLA and the University of Oslo shows the lake subsequently shrank and the sediments carried by a river formed a large delta… [R]adar images revealed sediments shaped like lake deposits on Earth. Their existence was confirmed by the new research.

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Mozilla Says Apple’s New Browser Rules Are ‘as Painful as Possible’ for Firefox

Apple’s new rules in the European Union mean browsers like Firefox can finally use their own engines on iOS. Although this may seem like a welcome change, Mozilla spokesperson Damiano DeMonte tells The Verge it’s “extremely disappointed” with the way things turned out. From a report: “We are still reviewing the technical details but are extremely disappointed with Apple’s proposed plan to restrict the newly-announced BrowserEngineKit to EU-specific apps,” DeMonte says. “The effect of this would be to force an independent browser like Firefox to build and maintain two separate browser implementations — a burden Apple themselves will not have to bear.” In iOS 17.4, Apple will no longer force browsers in the EU to use WebKit, the underlying engine that powers Safari. The change opens the door for other popular engines, such as Blink, which is used by Google Chrome and Microsoft Edge, as well as Gecko, the engine used by Firefox. It also means third-party browsers could become fully functional on iOS without any of the limitations that come along with WebKit.

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Apple’s Large Language Model Shows Up in New iOS Code

An anonymous reader shares a report: Apple is widely expected to unveil major new artificial intelligence features with iOS 18 in June. Code found by 9to5Mac in the first beta of iOS 17.4 shows that Apple is continuing to work on a new version of Siri powered by large language model technology, with a little help from other sources. In fact, Apple appears to be using OpenAI’s ChatGPT API for internal testing to help the development of its own AI models. According to this code, iOS 17.4 includes a new SiriSummarization private framework that makes calls to the OpenAI’s ChatGPT API. This appears to be something Apple is using for internal testing of its new AI features. There are multiple examples of system prompts for the SiriSummarization framework in iOS 17.4 as well. This includes things like “please summarize,” “please answer this questions,” and “please summarize the given text.”

Apple is unlikely to use OpenAI models to power any of its artificial intelligence features in iOS 18. Instead, what it’s doing here is testing its own AI models against ChatGPT. For example, the SiriSummarization framework can do summarization using on-device models. Apple appears to be using its own AI models to power this framework, then internally comparing its results against the results of ChatGPT. In total, iOS 17.4 code suggests Apple is testing four different AI models. This includes Apple’s internal model called “Ajax,” which Bloomberg has previously reported. iOS 17.4 shows that there are two versions of AjaxGPT, including one that is processed on-device and one that is not.

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The Great Freight-Train Heists of the 21st Century

Cargo theft from freight trains in the Los Angeles area has surged, with detectives estimating over 90 containers being opened daily and that theft on their freight trains in the Union Pacific area was up some 160 percent from the previous year. Nationally, cargo theft neared $1 billion in losses last year. Companies decline comment but California’s governor publicly questioned the widespread railroad theft. Most arrested were not organized; many were homeless people nearby opportunistically taking fallen boxes off tracks. Theft stems largely from e-commerce boom that reshaped freight shipping to meet consumer demand, opening vulnerabilities. Railroad police forces and online retailers aim to combat this but concede difficulty tracking stolen goods resold anonymously online. Some products stolen from containers even get resold back on Amazon. The New York Times Magazine: Sometimes products stolen out of Amazon containers are resold by third-party sellers back on Amazon in a kind of strange ouroboros, in which the snakehead of capitalism hungrily swallows its piracy tail. Last June, California’s attorney general created what was touted as a first-of-its-kind agreement among online retailers that committed them to doing a better job tracking, reporting and preventing stolen items from being resold on their platforms. While declining to comment on specific cases, a spokesperson for Amazon told me that the company is working to improve the process of vetting sellers: The number of “bad actor attempts” to create new selling accounts on Amazon decreased to 800,000 in 2022 from six million in 2020.

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PlayStation Has Blocked Hardware Cheating Device Cronus Zen, Others May Follow

FTC Launches Inquiry Into AI Deals by Tech Giants

The Federal Trade Commission launched an inquiry (non-paywalled link) on Thursday into the multibillion-dollar investments by Microsoft, Amazon and Google in the artificial intelligence start-ups OpenAI and Anthropic, broadening the regulator’s efforts to corral the power the tech giants can have over A.I. The New York Times: These deals have allowed the big companies to form deep ties with their smaller rivals while dodging most government scrutiny. Microsoft has invested billions of dollars in OpenAI, the maker of ChatGPT, while Amazon and Google have each committed billions of dollars to Anthropic, another leading A.I. start-up.

Regulators have typically focused on bringing antitrust lawsuits against deals where the tech giants are buying rivals outright or using acquisitions to expand into new businesses, leading to increased prices and other harm, and have not regularly challenged stakes that the companies buy in start-ups. The F.T.C.’s inquiry will examine how these investment deals alter the competitive landscape and could inform any investigations by federal antitrust regulators into whether the deals have broken laws.

The F.T.C. said it would ask Microsoft, OpenAI, Amazon, Google and Anthropic to describe their influence over their partners and how they worked together to make decisions. It also said it would demand that they provide any internal documents that could shed light on the deals and their potential impact on competition.

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Cruise Says Hostility Toward Regulators Led To Grounding of Its Autonomous Cars

Cruise, the driverless car subsidiary of General Motors, said in a report on Thursday that an adversarial approach taken (non-paywalled link) by its top executives toward regulators had led to a cascade of events that ended with a nationwide suspension of Cruise’s fleet. From a report: The roughly 100-page report was compiled by a law firm that Cruise hired to investigate whether its executives had misled California regulators about an October crash in San Francisco in which a Cruise vehicle dragged a woman 20 feet. The investigation found that while the executives had not intentionally misled state officials, they had failed to explain key details about the incident. In meetings with regulators, the executives let a video of the crash “speak for itself” rather than fully explain how one of its vehicles severely injured the pedestrian. The executives later fixated on protecting Cruise’s reputation rather than giving a full account of the accident to the public and media, according to the report, which was written by the Quinn Emanuel Urquhart & Sullivan law firm.

The company said that the Justice Department and the Securities and Exchange Commission were investigating the incident, as well as state agencies and the National Highway Traffic Safety Administration. The report is central to Cruise’s efforts to regain the public’s trust and eventually restart its business. Cruise has been largely shut down since October, when the California Department of Motor Vehicles suspended its license to operate because its vehicles were unsafe. It responded by pulling its driverless cars off the road across the country, laying off a quarter of its staff and replacing Kyle Vogt, its co-founder and chief executive, who resigned in November, with new leaders.

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