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Amrapali Gan, CEO at OnlyFans, addresses the audience during the second day of the Web Summit 2022 in Lisbon.
Hard Numbers: OnlyAI, Raw deal for media companies, AGI approaches, Less work and more money
10: OnlyFans CEO Amrapali Gan said in an interview that verified creators on the platform need to provide 10 different pieces of personal information in the US — nine everywhere else — including government ID, which she claims will help prevent the site from being overrun by AI porn bots. She admitted that sex workers may use AI tools on the platform but emphasized that their work can't be “wholly AI.”
2,500: Media outlets Raw Story, Alternet, and The Intercept sued OpenAI last week for copyright infringement, following the leads of the New York Times and others. The companies are seeking $2,500 per violation — that would add up quickly — in addition to the removal of the violating material. “Big Tech has decimated journalism,” Raw Story founder John Byrne said. “It’s time that publishers take a stand.”
5: AI-focused chip maker Nvidia’s CEO, Jensen Huang, says we’re just five years away from artificial general intelligence, where AI systems can outperform humans in most cognitive tests.
90: JPMorgan Chase claims its new AI-powered cashflow management tool was able to help clients cut back on manual labor by 90% and made it easier to “analyze and forecast cashflows.” The tool is currently free, though the company is considering charging in the future.A man walks near a First Republic Bank branch in New York City.
First Republic Bank seized & sold
Just hours before US markets opened on Monday, regulators seized First Republic Bank and sold all of its deposits and most of its assets to JPMorgan Chase. The move aims to stem fears of further turmoil in the US financial sector following the collapses of two other midsize banks —Silicon Valley Bank and Signature Bank — in early March.
Under the deal brokered by the Federal Deposit Insurance Corporation, clients will have full access to their deposits, and JPMorgan will share losses on its loans. The FDIC, which insures individual deposits up to $250,000, will take a $13 billion hit to its insurance fund.
When the US banking crisis erupted almost two months ago, 11 big US banks swooped in to save FRB by injecting $30 billion to shore up investor confidence. But the bank's dismal quarterly earnings report showed that the rescue only temporarily stopped the bleeding.
The US intervention is similar to when the Swiss government managed the sale of Credit Suisse to rival UBS. And it highlights the danger that higher interest rates pose for the balance sheets of banks that bought lots of bonds when rates were almost zero and now have to sell them for a much lower price.
Full disclosure: First Republic Bank is a longtime sponsor of GZERO.