The potential of AI, according to Mark Cuban, is “beyond anything I’ve ever seen,” and he compared ChatGPT to the early days of the internet. Cuban has a straightforward piece of advice for businesses: join the AI race or perish. Cuban stated, “There are two types of companies in the world: those who are great at AI and everyone else.”

Congressman George Santos was taken into custody on federal criminal accusations. This is reportedly due to wire fraud, money laundering, theft of public funds, and providing false information to the House of Representatives.

Ashton Kutcher raised $243 million for an investment fund that will focus on artificial intelligence (AI) in just five weeks. There are already investments in popular AI startups like OpenAI, Stability AI, and Anthropic on the roster.

Regulators took First Republic Bank under their control and sold it to JPMorgan Chase. The financial system has been shaken for the past two months, and this drastic action is an attempt to calm the situation.

The US credit card debt just rose to a record-breaking $986 billion, close to passing the $1 trillion mark. It’s up by around $60 billion in just the past three months. The debt has an average interest rate of 24.2%, but it can be much higher.

Microsoft’s proposed $69 billion acquisition of “Call of Duty” developer Activision Blizzard hasn’t gone through in the United Kingdom. This is because of worries that it will stifle competition in the cloud gaming market.

The New Zealand dollar (NZD) fell on all fronts on Friday. NZD/USD is down 1.4% and NZD/JPY dropped 1.2%, while GBP/NZD is up 1.3%.

The annual inflation rate in India dropped from 5.6% in March to 4.7% in April. Brazil’s inflation fell from 4.6% to 4.1%. However, inflation in Spain accelerated from 3.3% to 4.1%, and France’s inflation jumped from 5.7% to 5.9%.

The potential of AI, according to Mark Cuban, is “beyond anything I’ve ever seen,” and he compared ChatGPT to the early days of the internet. Cuban has a straightforward piece of advice for businesses: join the AI race or perish. Cuban stated, “There are two types of companies in the world: those who are great at AI and everyone else.”

The Bank of England followed market forecasts and increased the interest rates by 25 bps from 4.25% to 4.5%. This pushed borrowing costs to new heights not seen since 2008, as inflation still sits at double digits.

While the rest of the world still experiences relatively high inflation, China is close to deflation. China’s annual inflation rate dropped from 0.7% in March to 0.1% in April. The Netherlands’ inflation accelerated from 4.4% to 5.2%. Inflation in the Czech Republic fell from 15% to 12.7%. Inflation in Australia jumped from 4.6% in April to 5% in May. 

The US Department of the Treasury and the IRS have filed 45 claims against the defunct crypto exchange FTX and its affiliates, totaling $44 billion. Alameda Research LLC was hit with a $20.4 billion tax bill from the IRS for payroll and partnership taxes. They also sued Alameda Research Holdings for over $17 billion.