Italian regulator fines Dutch high-speed traders over short selling Saipem

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Freshstream takes controlling stake in IT infrastructure provider Worldstream

Middle-market private equity firm Freshstream will acquire a controlling stake in Dutch IT infrastructure-as-a-service provider Worldstream.

In a press statement, Freshstream said that Worldstream had a strong track record of growth, underpinned by its data centres and customer service, and was positioned to benefit from a shift from on-premise to outsourced infrastructure, growing data consumption and increasingly complex use-cases.

Worldstream was founded in 2006 by Dirk Vromans and Lennert Vollebregt, who led the business through its initial growth phase. They will remain minority shareholders in the group following the transaction, having stepped back from their executive roles in 2020.

Worldstream will be the seventh investment in Freshstream’s first independent fund, which closed last year having raised €762m, joining existing portfolio companies Project Better Energy, DeterTech, Bella Figura Music, Big Motoring World, Nafinco and MCR.

U.S. ignored evidence major U.K. bank was helping fund sanctioned Iranian groups, whistleblower says

London-based Standard Chartered, which primarily serves clients in emerging markets, was previously punished with more than $1.7 billion in fines after admitting in 2012 and 2019 to violating sanctions on Iran and other blacklisted countries. The bank denies that it ran transactions for any organizations designated as terrorists. Court filings provided by former Standard Chartered Bank (SCB) employee turned whistleblower Julian Knight claim that U.S. officials lied by denying that Knight provided them with evidence of far greater wrongdoing by the bank. Standard Chartered Plc bank branch in Hong Kong Bloomberg | Bloomberg | Getty Images

Recent documents submitted to a U.S. federal court allege that major British bank Standard Chartered helped finance sanctioned Iranian entities and terrorist groups, and that relevant evidence was ignored by American authorities.

London-based Standard Chartered, which primarily serves clients in emerging markets, was previously punished with more than a combined $1.7 billion in fines after admitting in 2012 and 2019 to violating sanctions on Iran and other blacklisted countries.

The bank denies that it ran transactions for any organizations designated as terrorists.

The latest court filings, provided by former Standard Chartered Bank (SCB) employee turned whistleblower Julian Knight, claim that U.S. officials lied by denying that he provided them with evidence of far greater wrongdoing by the bank. The officials then applied to dismiss his whistleblower case against the bank as “meritless” in 2019 in order to shield it, Knight alleged. He has now asked a U.S. federal court in New York to reinstate the case.

Knight, who led a Standard Chartered transaction services unit between 2009 and 2011, was one of two whistleblowers who gave U.S. investigators confidential bank statements in 2012 and 2013. The statements documenting transactions that he says contained proof of further sanctions breaches, including violations beyond 2007, when the bank said it had stopped any dealings with Iran.

Knight’s court filing alleges that the U.S. government committed a “colossal fraud” against the legal system by denying he had presented “damning evidence” that Standard Chartered “facilitated many billions of dollars in banking transactions for Iran, numerous international terror groups, and the front companies for those groups,” according to a report by the International Consortium of Investigative Journalists.

Some of that evidence, the court filing says, showed that the bank’s clients included front companies for Iran’s Islamic Revolutionary

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Multi-asset teams’ sentiment indicator: Interest picking up in small and mid-caps

The relative fortunes for equity and bond investors remain firmly tied to the outlook for inflation and therefore to the level of interest rates that monetary authorities deem best suited to cope with it. Investors are eager for inflation to be contained and for interest rates to be lowered so that current asset prices can continue to go up, or at least for current valuation levels to be justified. Some multi-asset managers are concerned that this may not happen at the pace that investors still expect and they worry that if monetary authorities disappoint, it will put downward pressure …

Global central banks plan to increase dollar reserves, survey suggests

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Coller Capital opens Zurich office and appoints MD 

Private markets secondaries-focused investor Coller Capital has opened an office in Zurich in expanding its global private wealth secondaries solutions business outside the US. 

Boris Maeder has been appointed as Managing Director, Head of International Private Wealth Distribution, to lead international expansion and head the new office. He will also work alongside Jake Elmhirst, Partner, Head of Private Wealth Secondaries Solutions, in growing and leading the team in regions outside the US.

Maeder has joined from UBS Wealth Management, where he led the firm’s global private markets distribution. Prior to UBS, Maeder was a Principal at sovereign wealth fund Abu Dhabi Investment Council, where he was responsible for building the US private equity portfolio.

Prior to ADIC, Maeder served as Senior Vice President at Auda Private Equity in New York, where he led US and European primary investments. He started his career as an investment professional in the private equity departments of Allianz and Dresdner Kleinwort Benson in New York, Munich and Frankfurt.

Coller Capital has offices in London, New York, Hong Kong, Beijing, Seoul, and Luxembourg. The firm has $30bn in AUM.

Visualizing the Training Costs of AI Models Over Time

Published

35 seconds ago

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June 4, 2024

See this visualization first on the Voronoi app.

Visualizing the Training Costs of AI Models Over Time

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Training advanced AI models like OpenAI’s ChatGPT and Google’s Gemini Ultra requires millions of dollars, with costs escalating rapidly.

As computational demands increase, the expenses for the computing power necessary to train them are soaring. In response, AI companies are rethinking how they train generative AI systems. In many cases, these include strategies to reduce computational costs given current growth trajectories.

This graphic shows the surge in training costs for advanced AI models, based on analysis from Stanford University’s 2024 Artificial Intelligence Index Report.

How Training Cost is Determined

The AI Index collaborated with research firm Epoch AI to estimate AI model training costs, which were based on cloud compute rental prices. Key factors that were analyzed include the model’s training duration, the hardware’s utilization rate, and the value of the training hardware.

While many have speculated that training AI models has become increasingly costly, there is a lack of comprehensive data supporting these claims. The AI Index is one of the rare sources for these estimates.

Ballooning Training Costs

Below, we show the training cost of major AI models, adjusted for inflation, since 2017:

YearModel NameModel Creators/ContributorsTraining Cost (USD)
Inflation-adjusted 2017TransformerGoogle$930 2018BERT-LargeGoogle$3,288 2019RoBERTa LargeMeta$160,018 2020GPT-3 175B (davinci)OpenAI$4,324,883 2021Megatron-Turing NLG 530BMicrosoft/NVIDIA$6,405,653 2022LaMDAGoogle$1,319,586 2022PaLM (540B)Google$12,389,056 2023GPT-4OpenAI$78,352,034 2023Llama 2 70BMeta$3,931,897 2023Gemini UltraGoogle$191,400,000

Last year, OpenAI’s GPT-4 cost an estimated $78.4 million to train, a steep rise from Google’s PaLM (540B) model, which cost $12.4 million just a year earlier.

For perspective, the training cost for Transformer, an early AI model developed in 2017, was $930. This model plays a foundational role in shaping the architecture of many large language models used today.

Google’s AI model, Gemini Ultra, costs even more, at a staggering $191 million. As of early 2024, the model outperforms GPT-4 on several metrics, most notably across the Massive Multitask Language Understanding (MMLU) benchmark. This benchmark serves

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What’s next for Petrobras after latest turmoil?

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