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Economic Times
10 minutes ago
- Economic Times
Even OpenAI's chairman struggles to keep up with AI: Bret Taylor calls the once-in-a-lifetime boom ‘insane'
Synopsis Bret Taylor, OpenAI chairman, finds it hard to keep up with AI. He sees this era as a technological renaissance. Competition is rising with Google's Gemini and others. Taylor believes computer science education is vital. Bill Gates agrees that programming will remain a human job. AI tools are helpful, but humans provide the creative blueprint. OpenAI's chairman, Bret Taylor, acknowledges the difficulty in keeping up with the rapid advancements in AI, despite his prominent position. He views this period as a historic technological renaissance, with intense competition and constant innovation. (Images: iStock, LinkedIn) If you've been struggling to keep pace with the whirlwind that is Artificial Intelligence, you're in good company. Bret Taylor, Chairman of OpenAI, the organization at the epicenter of the AI revolution, admits he too is barely able to stay afloat amid the relentless stream of breakthroughs. In a candid conversation hosted by South Park Commons with Aditya Agarwal, Taylor said, 'I am the chairman of OpenAI. I run a fairly successful applied AI company, and I have trouble keeping up with everything going on.' His words offer a rare moment of vulnerability in a world that often presents AI experts as unflappable oracles. What makes his admission particularly striking is his vantage point. Taylor is not just on the frontline — he's in the command tower. From overseeing OpenAI's advancements to observing the competition's rapid rise, his plate is full. And yet, even he finds it dizzying. 'I'm probably most well situated in the world almost to do so… So it just feels insane to me right now,' he added. — plzaccelerate (@plzaccelerate) Taylor sees this turbulent moment as historic — and oddly poetic. 'I think it's a privilege... I hope you're enjoying being in this moment because... I think our society will be very different 10 years from now,' he said, reflecting on how rare it is to consciously live through such a transformative era. 'I pinch myself every day.' Indeed, the AI domain is experiencing something akin to a gold rush — except instead of panning rivers, companies are mining data and releasing new models almost weekly. OpenAI, once the undisputed leader, is now facing heated competition. Google's Gemini, Elon Musk's Grok, and emerging Chinese open-source platforms like DeepSeek and Kimi have challenged its dominance with increasingly capable models. Even on the product side, innovation is relentless. ChatGPT has become the fifth most visited website globally, but it's far from alone. New AI tools tackling niche tasks are sprouting up daily. OpenAI reportedly even attempted to acquire Windsurf, a rising AI startup — a sign of how closely it watches the ecosystem. Despite this pace, Taylor offers a reassuring message: humans aren't being pushed out of the equation just yet. Speaking to Business Insider, he argued that formal computer science education remains more relevant than ever. 'Studying computer science is a different answer than learning to code, but I would say I still think it's extremely valuable,' he said. Taylor emphasized that such degrees instill systems thinking — a way of understanding how components interact in complex systems, which remains vital for innovation. He pointed out how topics like Big O notation, cache misses, and randomized algorithms teach the kind of structured logic that no AI model can fully Taylor's view is none other than Microsoft co-founder Bill Gates. In conversations on The Tonight Show, Gates predicted that programming will "remain a human job for at least a century.' His reason? Writing software isn't about typing code; it's about pattern recognition, judgment, and making creative leaps. Tools like GitHub Copilot and ChatGPT may streamline debugging and accelerate development, but Gates insists, 'They are power chisels, not replacement carpenters.' AI may help you shape the material, but the blueprint still comes from the human mind.
Mint
42 minutes ago
- Mint
EM Funds Adjust Bets as ‘Sell the Dollar' Trade Loses Appeal
(Bloomberg) -- The dollar's bounceback in July is convincing some emerging-market investors to bet it will keep rising in coming months. T. Rowe Price Group Inc. says it now favors dollar-denominated emerging market bonds rather than local-currency ones as a tactical trade. Barclays Plc is telling its clients to avoid shorting the greenback versus its Asian peers, while Fidelity International says the higher-for-longer US interest rates make it less attractive to borrow the dollar to fund carry trades. Fund managers and analysts alike are reappraising the 'Sell the Dollar' trade as the greenback's revival sapped some of the optimism toward developing-nation assets. Bets the dollar would continue to fall pushed the MSCI emerging-market equity index to a more than three-year high last month, and a similar gauge of currencies to a sixth monthly gain in June. 'I'm weighted towards' dollar-denominated emerging-market bonds for now, given their attractive coupons, said Leonard Kwan, a fund manager at T. Rowe Price in Hong Kong. There's likely to be a 'consolidative period for the dollar over the next three-to-six months,' which will challenge the returns from local-currency debt, he said. Emerging-market dollar bonds handily outperformed their local-currency counterparts last month, with a Bloomberg gauge of the securities returning 0.9%, while one measuring local-currency debt fell by the same amount. A similar trend was seen in currencies. Bloomberg's dollar spot index climbed 2.7% in July, snapping a six-month losing streak, while MSCI's emerging-markets currency index fell 1.2%. On Friday, the greenback tumbled after soft US jobs data prompted traders to boost bets that the Federal Reserve will cut rates as soon as next month. The dollar gauge still gained 1% for the week, its best since November. 'We remain reluctant to jump into outright' trades betting the dollar will weaken against Asian currencies into the summer, Barclays strategists including Lemon Zhang wrote in July 24 note. 'Instead, we have recommended going long the US dollar against some low yielders in the region with stretched valuations and idiosyncratic risks,' such as the Thai baht and Hong Kong dollar, they said. Barclays also favors what it calls relative-value trades that avoid the dollar altogether — such as betting the Singapore dollar will weaken against its Chinese counterpart, and going short the baht versus the South Korean won. Investors who have been using the dollar as a funding currency for carry trades may also want to seek other options, according to Fidelity. Carry trades involve borrowing in a currency with relatively low interest rates and investing in another offering higher returns. 'Given that US dollar interest rates may remain relatively higher for some time, it may be worth considering alternative funding currencies that offer lower costs while maintaining similar risk profiles,' said Lei Zhu, head of Asian fixed income at Fidelity in Hong Kong. Possibilities include borrowing in the Hong Kong dollar, which has lower short-term fund rates than the greenback, or even the Chinese yuan, she said. Meanwhile, the dollar's revival in July is making it cheaper for Asian funds to hedge their holdings of greenback-denominated assets. The aggregate hedging cost for local-currency funds, as measured by dollar-Asia forward implied yields from eight economies and the equivalent US secured overnight refinancing rate, fell five percentage points last month, the first drop this year, data compiled by Bloomberg show. 'With the dollar strengthening again, unhedged or underhedged entities may view this as an opportunity to reduce their US dollar foreign-exchange exposure and to rebalance their positions,' Fidelity's Zhu said. --With assistance from Matthew Burgess and Malavika Kaur Makol. More stories like this are available on
News18
an hour ago
- News18
Has India Stopped Buying Oil From Russia As Trump Claimed? What We Know So Far
Last Updated: The US has imposed 25 per cent tariff on Indian goods entering America, along with a separate penalty related to purchases of Russian oil and military hardware United States President Donald Trump on Saturday claimed in Washington that India is no longer going to be buying oil from Russia. 'I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens," he said. Days ago, the US imposed 25 per cent tariff on Indian goods entering America, along with a separate penalty related to purchases of Russian oil and military hardware. Trump also warned that countries buying Russian oil could face tariffs as high as 100 per cent if Moscow does not agree to a peace deal by mid-August. In a strongly worded post on Truth Social, Trump lashed out at India's trade practices and its reliance on Russian defence and energy sectors. 'Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — All things not good!" How much oil does India buy from Russia? As of 2025, Russia remains India's largest supplier of crude oil, accounting for approximately 35–36% of India's total oil imports. Official figures indicate that India imported an average of 1.75–1.76 million barrels per day (mb/d) of Russian crude during the first half of 2025 and the entire fiscal year 2024–25. In May 2025, Russian oil imports peaked at around 1.96 mb/d, the highest monthly level in nearly a year. Is buying Russian oil illegal? Sources told ANI that Russian oil has never been sanctioned, instead, it was subjected to a G7/EU price-cap mechanism designed to limit revenue while ensuring global supplies continued to flow. India acted as a responsible global energy actor, ensuring markets remain liquid and prices stable. India's purchases have remained fully legitimate and within the framework of international norms. 'Had India not absorbed discounted Russian crude combined with OPEC+ production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide," sources told ANI. It is also pertinent to note that Russian oil has never been sanctioned and it is still not sanctioned by either US or EU. Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by the US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US. Recently EU has recommended a price cap of $47.6 dollars for Russian crude which will be enforced from September. Commenting on European Union's import of Russian origin liquified natural gas (LNG) during this period, sources added, 'EU was the largest importer of Russian liquefied natural gas (LNG) during this period, buying 51% of Russia's LNG exports, followed by China at 21% and Japan at 18%. Similarly, for pipeline gas, the EU remained the top buyer with a 37% share, followed by China (30%) and Turkey (27%)." Is India buying oil from Russia or not? top videos View all With Reuters, ANI Inputs About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk More Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! view comments Location : New Delhi, India, India First Published: August 03, 2025, 18:21 IST News explainers Has India Stopped Buying Oil From Russia As Trump Claimed? What We Know So Far Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
