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According to a report published in the Wall Street Journal, Amazon was told during a Thursday meeting with European officials that the proposed deal was likely to be rejected.

An anonymous reader quotes a report released Tuesday (Jan. 16th) by the Federal Reserve Bank of San Francisco: The U.S. labor market experienced a massive increase in remote and hybrid work during the COVID-19 pandemic. At its peak, more than 60% of paid workdays were done remotely -- compared with only 5% before the pandemic. As of December 2023, about 30% of paid workdays are still done remotely (Barrero, Bloom, and Davis 2021). Some reports have suggested that teleworking might either boost or harm overall productivity in the economy. And certainly, overall productivity statistics have been volatile. In 2020, U.S. productivity growth surged. This led to optimistic views in the media about the gains from forced digital innovation and the productivity benefits of remote work. However, the surge ended, and productivity growth has retreated to roughly its pre-pandemic trend. Fernald and Li (2022) find from aggregate data that this pattern was largely explained by a predictable cyclical effect from the economy's downturn and recovery. In aggregate data, it thus appears difficult to see a large cumulative effect -- either positive or negative -- from the pandemic so far. But it is possible that aggregate data obscure the effects of teleworking. For example, factors beyond telework could have affected the overall pace of productivity growth. Surveys of businesses have found mixed effects from the pandemic, with many businesses reporting substantial productivity disruptions. In this Economic Letter, we ask whether we can detect the effects of remote work in the productivity performance of different industries. There are large differences across sectors in how easy it is to work off-site. Thus, if remote work boosts productivity in a substantial way, then it should improve productivity performance, especially in those industries where teleworking is easy to arrange and widely adopted, such as professional services, compared with those where tasks need to be performed in person, such as restaurants. After controlling for pre-pandemic trends in industry productivity growth rates, we find little statistical relationship between telework and pandemic productivity performance. We conclude that the shift to remote work, on its own, is unlikely to be a major factor explaining differences across sectors in productivity performance. By extension, despite the important social and cultural effects of increased telework, the shift is unlikely to be a major factor explaining changes in aggregate productivity. [...] The shift to remote and hybrid work has reshaped society in important ways, and these effects are likely to continue to evolve. For example, with less time spent commuting, some people have moved out of cities, and the lines between work and home life have blurred. Despite these noteworthy effects, in this Letter we find little evidence in industry data that the shift to remote and hybrid work has either substantially held back or boosted the rate of productivity growth. Our findings do not rule out possible future changes in productivity growth from the spread of remote work. The economic environment has changed in many ways during and since the pandemic, which could have masked the longer-run effects of teleworking. Continuous innovation is the key to sustained productivity growth. Working remotely could foster innovation through a reduction in communication costs and improved talent allocation across geographic areas. However, working off-site could also hamper innovation by reducing in-person office interactions that foster idea generation and diffusion. The future of work is likely to be a hybrid format that balances the benefits and limitations of remote work.

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Apple’s latest series of Vision Pro demos carefully obscures one important hardware feature.

Thomas Claburn reports via The Register: IBM has canceled a program that rewarded inventors at Big Blue for patents or publications, leaving some angry that they are missing out on potential bonuses. By cancelling the scheme, a source told The Register, IBM has eliminated a financial liability by voiding the accrued, unredeemed credits issued to program participants which could have been converted into potential cash awards. For years, IBM has sponsored an "Invention Achievement Award Plan" to incentivize employee innovation. In exchange for filing patents, or for publishing articles that served as defense against rival patents, IBM staff were awarded points that led to recognition and potentially cash bonuses. According to documentation seen by The Register, "Invention points are awarded to all inventors listed on a successful disclosure submission." One point was awarded for publishing. Three points were awarded for filing a patent or four if the filing was deemed high value. For accruing 12 points, program participants would get a payout. "Inventors reach an invention plateau for every 12 points they achieve -- which must include at least one file decision," the rules state. And for each plateau achieved, IBM would pay its inventors $1,200 in recognition of their efforts. No longer, it seems. IBM canceled the program at the end of 2023 and replaced it with a new one that uses a different, incompatible point system called BluePoints. "The previous Invention Achievement Award Plan will be sunset at midnight (eastern time) on December 31st, 2023," company FAQs explain. "Since Plateau awards are one of the items being sunset, plateau levels must be obtained on or before December 31, 2023 to be eligible for the award. Any existing plateau points that have not been applied will not be converted to BluePoints." We're told that IBM's invention review process could take months, meaning that employees just didn't have time between the announcement and the program sunset to pursue the next plateau and cash out. Those involved in the program evidently were none too pleased by the points grab. "My opinion...the invention award program was buggered a long time [ago]," said a former IBM employee. "It rewarded words on a page instead of true innovation. [Former CEO] Ginni [Rometty] made it worse by advocating the program to fluff up young egos."

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In a blog post today, Google announced that WebGPU is "now enabled by default in Chrome 121 on devices running Android 12 and greater powered by Qualcomm and ARM GPUs," with support for more Android devices rolling out gradually. Previously, the API was only available on Windows PCs that support Direct3D 12, macOS, and ChromeOS devices that support Vulkan. Google says WebGPU "offers significant benefits such as greatly reduced JavaScript workload for the same graphics and more than three times improvements in machine learning model inferences." With lower-level access to a device's GPU, developers are able to enable richer and more complex visual content in web applications. This will be especially apparent with games, as you can see in this demo. Next up: WebGPU for Chrome on Linux.

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According to Reuters, Reddit plans to launch its initial public offering (IPO) in March, "moving forward with a listing it has been eyeing for more than three years." From the report: It would be the first IPO of a major social media company since Pinterest's, opens new tab debut in 2019, and would come as Reddit and its peers face stiff competition for advertising dollars from the likes of TikTok and Facebook. The offering would also test the willingness of some Reddit users to back the company's stock market debut. Reddit, which filed confidentially for its IPO in December 2021, is planning to make its public filing in late February, launch its roadshow in early March, and complete the IPO by the end of March, two of the sources said. The San Francisco-based company, which was valued at about $10 billion in a funding round in 2021, is seeking to sell about 10% of its shares in the IPO, the sources added. It will decide on what IPO valuation it will pursue closer to the time of the listing, according to the sources.

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This is the first new product category in years for the company. While the experience is polished, the design doesn’t feel very Apple.

The decision comes after the department received scrutiny related to the recent temporary closure of DaVinci's Eatery. David Hediger has worked for Lewiston for 25 years.

An anonymous reader quotes a report from Wired: Stablecoins, cryptocurrencies pegged to a stable value like the US dollar, were created with the promise of bringing the frictionless, border-crossing fluidity of Bitcoin to a form of digital money with far less volatility. That combination has proved to be wildly popular, rocketing the total value of stablecoin transactions since 2022 past even that of Bitcoin itself. It turns out, however, that as stablecoins have become popular among legitimate users over the past two years, they were even more popular among a different kind of user: those exploiting them for billions of dollars of international sanctions evasion and scams. As part of itsannual crime report, cryptocurrency-tracing firm Chainalysis today released new numbers on the disproportionate use of stablecoins for both of those massive categories of illicit crypto transactions over the last year. By analyzing blockchains, Chainalysis determined that stablecoins were used in fully 70 percent of crypto scam transactions in 2023, 83 percent of crypto payments to sanctioned countries like Iran and Russia, and 84 percent of crypto payments to specifically sanctioned individuals and companies. Those numbers far outstrip stablecoins' growing overall use -- including for legitimate purposes -- which accounted for 59 percent of all cryptocurrency transaction volume in 2023. In total, Chainalysis measured $40 billion in illicit stablecoin transactions in 2022 and 2023 combined. The largest single category of that stablecoin-enabled crime was sanctions evasion. In fact, across all cryptocurrencies, sanctions evasion accounted for more than half of the $24.2 billion in criminal transactions Chainalysis observed in 2023, with stablecoins representing the vast majority of those transactions. [...] Chainalysis concedes that the analysis in its report excludes some cryptocurrencies like Monero and Zcash that are designed to be harder or impossible to trace with blockchain analysis. It also says it based its numbers on the type of cryptocurrency sent directly to an illicit actor, which may leave out other currencies used in money laundering processes that repeatedly swap one type of cryptocurrency for another to make tracing more difficult. "Whether it's an individual located in Iran or a bad guy trying to launder money -- either way, there's a benefit to the stability of the US dollar that people are looking to obtain," says Andrew Fierman, Chainalysis' head of sanctions strategy. "If you're in a jurisdiction where you don't have access to the US dollar due to sanctions, stablecoins become an interesting play." Fierman points to Nobitex, the largest cryptocurrency exchange operating in the sanctioned country of Iran, as well as Garantex, a notorious exchange based in Russia that has been specifically sanctioned for its widespread criminal use. According to Chainalysis, "Stablecoin usage on Nobitex outstrips bitcoin by a 9:1 ratio, and on Garantex by a 5:1 ratio," reports Wired. "That's a stark difference from the roughly 1:1 ratio between stablecoins and bitcoins on a few nonsanctioned mainstream exchanges that Chainalysis checked for comparison."

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The world's second-richest person has a habit of issuing splashy philanthropic promises while offering few details.

A bill to create a bipartisan commission to tackle the nation’s soaring debt and make policy recommendations to Congress won approval from a House committee on Thursday.

The FTC on Thursday banned a data aggregation company from selling selling precise location data, a first for the agency.

U.S. edutech platform Coursera added a new user every minute on average for its AI courses in 2023, CEO Jeff Maggioncalda said on Thursday, in a clear sign of people upskilling to tap a potential boom in generative AI. Reuters: The technology behind OpenAI's ChatGPT has taken the world by a storm and sparked a race among companies to roll out their own versions of the viral chatbot. "I'd say the real hotspot is generative AI because it affects so many people," he told Reuters in an interview at the World Economic Forum in Davos. Coursera is looking to offer AI courses along with companies that are the frontrunners in the AI race, including OpenAI and Google's DeepMind, Maggioncalda said. Investors had earlier feared that apps based on generative AI might replace ed-tech firms, but on the contrary the technology has encouraged more people to upskill, benefiting companies such as Coursera. The company has more than 800 AI courses and saw more than 7.4 million enrollments last year. Every student on the platform gets access to a ChatGPT-like AI assistant called "Coach" that provides personalized tutoring.

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Artificial intelligence is easily the biggest buzzword for world leaders and corporate bosses diving into big ideas at the World Economic Forum’s glitzy annual meeting this week.

The U.S. and U.K.’s decision to hit back at Houthi militants has only escalated the chaos across the shipping industry, underscoring the threat of an enduring supply-chain crisis as vessels navigate the crucial trade route.

OpenAI's stated mission is to create the artificial general intelligence, or AGI. Demis Hassabis, the leader of Google's AI efforts, has the same goal. Now, Meta CEO Mark Zuckerberg is entering the race. From a report: While he doesn't have a timeline for when AGI will be reached, or even an exact definition for it, he wants to build it. At the same time, he's shaking things up by moving Meta's AI research group, FAIR, to the same part of the company as the team building generative AI products across Meta's apps. The goal is for Meta's AI breakthroughs to more directly reach its billions of users. "We've come to this view that, in order to build the products that we want to build, we need to build for general intelligence," Zuckerberg tells me in an exclusive interview. "I think that's important to convey because a lot of the best researchers want to work on the more ambitious problems." [...] No one working on AI, including Zuckerberg, seems to have a clear definition for AGI or an idea of when it will arrive. "I don't have a one-sentence, pithy definition," he tells me. "You can quibble about if general intelligence is akin to human level intelligence, or is it like human-plus, or is it some far-future super intelligence. But to me, the important part is actually the breadth of it, which is that intelligence has all these different capabilities where you have to be able to reason and have intuition." He sees its eventual arrival as being a gradual process, rather than a single moment. "I'm not actually that sure that some specific threshold will feel that profound." As Zuckerberg explains it, Meta's new, broader focus on AGI was influenced by the release of Llama 2, its latest large language model, last year. The company didn't think that the ability for it to generate code made sense for how people would use a LLM in Meta's apps. But it's still an important skill to develop for building smarter AI, so Meta built it anyway. External research has pegged Meta's H100 shipments for 2023 at 150,000, a number that is tied only with Microsoft's shipments and at least three times larger than everyone else's. When its Nvidia A100s and other AI chips are accounted for, Meta will have a stockpile of almost 600,000 GPUs by the end of 2024, according to Zuckerberg.

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A few months into her new role, Michelle De La Isla says that layoffs and shrinking DEI programs won't deter her from furthering Hack.Diversity's goal to break down barriers for Black and Latino professionals in tech.

Microsoft today made Reading Coach, its AI-powered tool that provides learners with personalized reading practice, available at no cost to anyone with a Microsoft account. From a report: As of this morning, Reading Coach is accessible on the web in preview -- a Windows app is forthcoming. And soon (in late spring), Reading Coach will integrate with learning management systems such as Canva, Microsoft says. Reading Coach builds on Reading Progress, a plug-in for the education-focused version of Microsoft Teams, Teams for Education, designed to help teachers foster reading fluency in their students. Inspired by the success of Reading Progress (evidently), Microsoft launched Reading Coach in 2022 as a part of Teams for Education and Immersive Reader, the company's cross-platform assistive service for language and reading comprehension.

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Macom Technology Solutions Holdings Inc. dates back to its founding as Microwave Associates in 1950.

Coinbase said buying cryptocurrency on an exchange was more like collecting Beanie Babies than investing in a stock or bond. From a report: The biggest US crypto exchange made the comparison Wednesday in a New York federal court hearing. Coinbase was arguing for the dismissal of a Securities and Exchange Commission lawsuit accusing it of selling unregistered securities. William Savitt, a lawyer for Coinbase, told US District Judge Katherine Polk Failla that tokens trading on the exchange aren't securities subject to SEC jurisdiction because buyers don't gain any rights as a part of their purchases, as they do with stocks or bonds. "It's the difference between buying Beanie Babies Inc and buying Beanie Babies," Savitt said. The question of whether digital tokens are securities has divided courts.

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