Table of Contents

• US Inflation

• Adobe

• OpenAI

Top Stories Today

Economy & Finance

US Inflation

U.S. inflation increased slightly in August, with underlying pressures from housing and service costs showing persistence. This complicated hopes for a significant rate cut from the Federal Reserve, with expectations now shifting towards a more modest quarter-point reduction. The Consumer Price Index (CPI) rose by 0.2%, in line with forecasts, and the annual CPI gain slowed to 2.5%. However, higher costs in sectors like housing led to concerns about inflation's continued stickiness, which could influence the Fed's monetary policy decisions in the coming weeks.

Technology

Adobe

Adobe plans to introduce a new AI-powered video creation tool, Firefly Video Model, later this year, expanding its generative AI capabilities. The tool, which will be available in beta, allows users to generate short video clips based on text or image prompts, offering customizable camera angles, motion, and zoom. The model builds on Adobe’s Firefly suite, which already includes image-generating applications. Adobe ensures that the AI tool is trained on public domain or licensed content, not customer data, and will be part of its efforts to cater to creative professionals.

OpenAI

OpenAI is reportedly in discussions to raise funds at a valuation of $150 billion, significantly boosting its standing as one of the world's largest startups. The company, known for its viral ChatGPT, is seeking to raise $6.5 billion from investors, along with an additional $5 billion in debt from banks. This would mark a 74% increase from its previous valuation of $86 billion earlier this year. The new capital is expected to allow OpenAI to remain private longer, as it continues to draw interest from major investors, including Microsoft, amid growing demand for AI technologies.

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