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Time Is Money

Oct 1, 2023 • 6 min read

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Government Shutdown
NYC Floods

Week Recap:

Two U.S. prototype drone ships have docked in Japan, marking their first mission in the western Pacific. These vessels will enhance the Navy's capabilities to monitor and potentially counter China's expanding fleet. U.S. Navy Cmdr. Jeremiah Daley mentioned that these autonomous ships can work alongside traditional vessels, improving efficiency. For instance, a combination of a destroyer and two unmanned vessels might replace the need for three destroyers.
The U.S. Federal Reserve is reducing its staff by 300 this year, marking an unusual decrease for an entity that has seen consistent growth since 2010 due to its amplified involvement in the economy and regulation. The majority of these reductions will occur in the Fed's 12 regional banks, targeting IT roles, some of which have become obsolete due to the adoption of cloud technologies.
Amazon plans to invest up to $4 billion in the AI company Anthropic. This deal will see Anthropic use Amazon's custom chips for its AI software and incorporate its tech into Amazon products. Amazon's initial investment is $1.25 billion, which might grow to $4 billion based on certain conditions.
OpenAI's ChatGPT added voice and image features, allowing it to engage in voice chats and analyze images. ChatGPT, since its introduction, has been utilized for diverse purposes, from document summarization and creation to coding.
OpenAI, the AI firm behind ChatGPT, is in talks with investors about selling shares that could peg its value between $80 to $90 billion. This is a significant increase from its valuation in April at $29 billion. Currently, Microsoft holds a 49% stake in the startup, which anticipates hitting $1 billion in revenue for this year, with expectations for even more next year.
The Biden administration has introduced a policy to grant over 472,000 Venezuelan migrants in the U.S. the legal right to work. These individuals, who came to the U.S. between March 2021 and July 2023, have yet to have their asylum requests finalized, leaving their legal status in the country in limbo and preventing most from working.
Meta announced its inaugural generative AI products intended for the general public. Among these products is a sophisticated chatbot that has the ability to generate both text-based responses and hyper-realistic images. CEO Mark Zuckerberg, while addressing the attendees at the event, also revealed the upcoming release date for their new Quest mixed-reality headset, set for Oct. 10.
The Central Intelligence Agency (CIA) has announced its plan to develop an AI chatbot similar to ChatGPT. Randy Nixon, head of the CIA’s Open-Source Enterprise, informed Bloomberg that this AI initiative aims to serve the extensive 18-agency U.S. intelligence network, including the CIA, NSA, FBI, and several military divisions. This advanced chatbot will summarize open-source content with references and interact with users.
American astronaut Frank Rubio made a record-breaking return to Earth after spending 371 days aboard the International Space Station (ISS). He embarked on his journey to the ISS last year with an initial plan of a 6-month stay. However, an unexpected meteorite impact on his return spacecraft extended his mission. Fortunately, Russia dispatched another vessel to the ISS, enabling his return. While Rubio set an American record with his 371-day stay, the all-time record of 437 days in space is held by a Russian astronaut.
Recent events at the Texas-Mexico border underscore the escalating concerns surrounding U.S. border security. With migrants arriving not just from Mexico but from across the globe, the southern border is increasingly perceived as an open gateway for international migration. Statistics show that the influx of unauthorized immigrants habe nearly doubled each year over the past few years, and is only getting worse.
The U.S. Securities and Exchange Commission (SEC) has intensified its investigation into Wall Street's use of private messaging apps by collecting thousands of messages from employees at major investment firms.
Army Gen. Paul M. Nakasone, the National Security Agency Director, has unveiled a new AI Security Center to streamline and enhance artificial intelligence (AI) integration within U.S. national security systems. This center aims to develop best practices, evaluation methods, and risk strategies for AI's secure implementation across national defense structures.

Government Shutdown:

Yesterday, the U.S. House of Representatives voted in favor of extending the government's funding through mid-November. This pivotal measure was approved with a notable 335-91 vote. Included within this bill is a dedicated $16 billion for disaster relief. However, it notably excludes aid provisions for Ukraine and lacks the border-security measures that some Republicans were advocating for.
Now that the House has given its nod, the ball is in the Senate's court. If the Senate gives the green light, the looming threat of a government shutdown will be effectively averted. But if they dissent, the possibility of a shutdown remains. President Biden has signaled his support for the measure, aligning the White House with the House's decision.
On the other hand, House Speaker Kevin McCarthy (R., Calif.) underscored the challenges of internal party compromise while emphasizing the importance of an efficient government. It's worth noting that the Senate's version of the bill differs slightly, notably including an emergency $6 billion for Ukraine.
The stakes are high: in the absence of an agreement, a government shutdown could disrupt a range of services from the cessation of routine federal food-safety inspections to the closure of national parks, even though essential services like mail delivery would persist uninterrupted. While the House has made its move, the fate of the government's operational status lies in the Senate's hands.

NYC Floods:

New York City recently faced severe flooding, causing subway stations to be submerged and numerous buses stranded. Streets turned into rivers with cars struggling through waterlogged roads, and terminals at LaGuardia Airport were flooded. Some areas, like parts of Brooklyn, saw water levels rise over 7 inches, damaging homes and vehicles.
JFK Airport recorded an unprecedented 8.65 inches of rain for September, marking the severity of the conditions. While the worst of the rain had subsided by Saturday, the city's outdated sewer system, designed for lighter rainfalls, was overwhelmed, highlighting infrastructure concerns. By Saturday, the subway had resumed full service, but the aftermath of the flooding still resonates with many New Yorkers.

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