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1 | As Google battles Microsoft over dominance in artificial intelligence, Geoffrey Hinton, known as the godfather of the technology, is leaving his part-time role at the search giant to warn of the dangers of AI. "I thought it was 30 to 50 years or even longer away. Obviously, I no longer think that," said Hinton, speaking of AI becoming smarter than humans. |
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2 | On Monday, regulators seized First Republic Bank, marking the third bank failure since March and the second-largest in U.S. history. JPMorgan Chase, which has more than $3.7T in assets, has agreed to purchase most of First Republic's operations, including $92B in deposits, $173B in loans, and $30B in securities. 
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3 | Despite beating top and bottom-line expectations for its first quarter earnings, SoFi Technologies shares fell more than 12% during trading as of Monday. Instead, concerns that higher interest rates would lead to lower monetization for student loans originating from Q4 caused the drop in stock price. |
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4 | The Florida board of supervisors overseeing Walt Disney World's operations has voted to sue the media company in state court in retaliation against a federal lawsuit Disney filed against Governor Ron DeSantis and the board last week. The legal action is the latest escalation in the ongoing battle between Disney and DeSantis, which began when Florida's state legislature passed the governor's so-called "Don't Say Gay" in 2022. |
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5 | American Airlines pilots have voted to authorize their union leaders to call for a strike, which also requires the National Mediation Board's permission, as they continue contract negotiations. The airline has committed to match the 34% pay raise granted to pilots working for rival Delta, a four-year deal signed earlier this year. |
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6 | GM shares traded slightly higher on Monday after the automaker cut several hundred full-time contract roles within its global product development group. Earlier this year, GM announced that 5,000 workers opted into a buyout program, contributing around $1B to a $2B structural cost-cutting plan. |
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7 | Lordstown Motors shares fell more than 40% today after the electric vehicle maker revealed it is at risk of losing a critical investment from Foxconn and subsequent bankruptcy. Under the deal, Lordstown — which received a delisting notice from the NASDAQ for allowing its stock to stay below $1 for 30 trading days — would receive up to $170M, and in exchange, Foxconn would become its largest shareholder. |
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