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  • YouTube Diehard Trevor Noah Envisions A “Creator-Run World”

    YouTube Diehard Trevor Noah Envisions A “Creator-Run World”

    Comedian and former Daily Show host Trevor Noah said it was hardly a stretch to choose YouTube as the place to debut his next stand-up special.

    From the moment he first visited the site in the 2000s, “it always made sense to me,” he…

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  • How Will ‘Golden Bachelor’ Couple Defy the Odds?

    How Will ‘Golden Bachelor’ Couple Defy the Odds?

    Finding love on reality TV isn’t easy — and neither is sustaining a long-term relationship once the cameras stop rolling. After wrapping the second season of ABC’s The Golden Bachelor, star Mel Owens and his winner, Peg Munson, say they…

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  • Looking to Beat Colon Cancer? GLP-1 Drugs May Be Powerful Medicine

    Looking to Beat Colon Cancer? GLP-1 Drugs May Be Powerful Medicine

    In addition to treating diabetes and obesity, GLP-1 drugs like Ozempic and Wegovy also appear to help with a range of other serious illnesses, from heart disease to addiction.

    A new study suggests these medications may offer some protective…

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  • Apple Makes ‘Pluribus’ Character’s Book Available For Download

    Apple Makes ‘Pluribus’ Character’s Book Available For Download

    Apple has provided some guilty pleasure companion reading for fans of Vince Gilligan‘s new apocalyptic drama Pluribus, full of proud, haughty pirates corsairs and Mandovian spicefruit.

    Following the Apple TV+ show’s debut earlier this…

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  • ‘China speed’ in green innovation impresses the world, says Veolia CEO

    ‘China speed’ in green innovation impresses the world, says Veolia CEO

    China is innovating very fast while maintaining an admirable long-term vision, Veolia CEO Estelle Brachlianoff said, noting that China has impressed the world in green energy, where the pace of…

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  • France voted in favor of renewing the sanctions regime against the (…)

    France voted in favor of renewing the sanctions regime against the (…)

    Madam President,

    France voted in favor of renewing the sanctions regime established by Resolution 2140.

    I have four messages.

    1/ First, we thank the British penholder for their constant efforts at consultation and compromise, which…

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  • ‘No playbook’ for AI bubble fears, says Deutsche Bank investment arm CEO

    ‘No playbook’ for AI bubble fears, says Deutsche Bank investment arm CEO

    • Retail frenzy in AI stocks hard to predict – DWS CEO
    • US credit wobbles a ‘wake-up call’ for asset-backed lending
    • Deutsche Bank-owned firm has won over investors with turnaround
    LONDON, Nov 14 (Reuters) – The explosion in the value of artificial intelligence stocks poses risks to global markets for which there is “no playbook”, the CEO of Deutsche Bank’s (DBKGn.DE), opens new tab 1.1 trillion euro ($1.3 trillion) money manager DWS (DWSG.DE), opens new tab told Reuters, amid growing concerns that the sector is in a bubble.
    The AI stocks frenzy has drawn comparisons with the 1990s dotcom boom and bust, but DWS’s Stefan Hoops said the recent rally was different as it was being driven by everyday retail investors – not institutions – and they had yet to be tested.

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    The so-called ‘Magnificent Seven’ – including Nvidia (NVDA.O), opens new tab and Meta (META.O), opens new tab – have seen their share prices soar, fuelling fears about the scale of market exposure to just a few names. Technology firms are among the stock market’s big fallers in recent days, although they are still well up on the year.

    Frankfurt-based DWS is examining whether the boom could unravel at a faster pace, Hoops said in an interview on Thursday, adding that the many retail investors sitting on big gains on stocks such as Nvidia could be quick to sell if sentiment soured.

    While institutional investors studied traditional metrics to assess if stocks are overvalued, retail investors often do not and many ‘buy the dip’ when there are declines, Hoops said. How they would behave during a sustained drop was unknown, he added.

    DRUMBEAT OF WARNINGS ABOUT POTENTIAL AI BUBBLE

    “There’s no playbook, there’s no real history for something like that,” Hoops said at DWS’s London office.

    “What’s happening is this most amazing wealth creation (for retail investors)… Nvidia stock is now worth $5 trillion. My question is simply, could it go to $100 trillion? Or would at some point you be the first one to say, ‘You know what, this is getting shaky?’”

    The German giant believes AI will transform industries and Hoops did not predict a tumble, but said more evidence was needed beyond efficiency gains to sustain lofty valuations.

    Amid a drumbeat of warnings about a potential AI bubble, the CEOs of Morgan Stanley (MS.N), opens new tab and Goldman Sachs (GS.N), opens new tab have cautioned in recent weeks that equities could be heading for a drawdown.
    AI-related stocks have accounted for 75% of the S&P 500’s (.SPX), opens new tab returns since OpenAI launched ChatGPT in November 2022, JPMorgan’s investments arm calculates. U.S. retail investors’ share of wealth in equities is at its highest level in at least 75 years, Capital Economics has said.

    DWS still “loves” the data centre sector – which serves AI-driven demand for computing power – and will invest in more built assets, Hoops said, adding it was selling its stake in data centre fund NorthC as it had matured and the time was right.

    REINVIGORATING EUROPEAN GROWTH

    Hoops has largely won over investors with a three-year turnaround at DWS – shares are up about 80% over his tenure – after being parachuted in from Deutsche Bank following a damaging greenwashing scandal.
    DWS’s growth has been powered by inflows into passive platform XTrackers, while it is seeking to boost a more mixed performance across its active funds and private assets units, including through a credit tie-up with parent Deutsche Bank.
    Recent U.S. credit wobbles are not a big cause for concern, Hoops said, but are a “wake-up call” for those piling into asset-backed lending that relies on less solid collateral.

    DWS’s record net inflows of 40.5 billion euros over the first nine months of this year partly reflected some overseas investors diversifying away from the U.S., Hoops said, although he added European governments needed to do more to boost growth.

    “A lot of good work is happening, but we now also need to get on with it,” Hoops said, adding he supported calls including from German Chancellor Friedrich Merz for a pan-European stock exchange but thought it would be tough going.

    ($1 = 0.8575 euros)

    Reporting by Iain Withers and Tommy Reggiori Wilkes, Additional reporting by Naomi Rovnick
    Editing by Gareth Jones

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • Polio alert in Punjab as 11 cases detected

    Polio alert in Punjab as 11 cases detected

    A World Health Organization (WHO) official said poliovirus has not been detected for some months in the country. PHOTO: REUTERS


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