Latest news with #Commencement
Yahoo
27-06-2025
- Yahoo
UCLA grad brazenly shows off ChatGPT that did his assignments for him — and critics aren't happy: ‘We're so cooked'
Was it CheatGPT? It's no secret that artificial intelligence use is becoming increasingly ubiquitous in academia. But while most prefer to keep their AI schoolwork aids confidential, one student at the University of California, Los Angeles, brazenly boasted about employing the tech during his commencement ceremony. The shocking moment was captured during UCLA's livestream at the Pauley Pavilion earlier this month, but videos have since been reshared to Instagram and X, where they've amassed millions of views. In the brief clip, which was displayed on the facility's Jumbotron, Andre Mai, a computational and systems biology major, is seen holding up his laptop to show off walls of AI-generated text that he ostensibly used for his final exams. The footage shows the undergrad proudly scrolling through the evidence of his so-called high-tech homework hacking as the rest of the graduating class of 2025 whoops and cheers in the background. 'Let's gooooo!!!!!!' he mouths while hyping up the crowd. The video didn't sit nearly as well with online viewers, many of whom saw it as indicative of societal decline. 'We're so cooked,' lamented one disillusioned commenter under a repost on X, while another wrote, 'Pandora's Box has been opened.' 'We're still supposed to take college degrees seriously btw,' scoffed a third. 'Our future doctors really gon have one AirPod in asking ChatGPT how to do open heart surgery,' quipped one X wit. 'If ChatGPT is why you graduated, ChatGPT has already taken your job,' theorized one poster, reiterating techsperts' concerns that AI could render effectively render human employees obsolete. These fears were also echoed on Reddit. 'This is going to be the biggest problem,' fretted one poster. 'People just aren't going to learn anything anymore, instead of a tool to help you learn people are just going to think it's a magic answer box.' However, some defenders applauded Mai for seemingly gaming the system with one X fan writing, 'Hot take ChatGPT and AI are tools that are going to be with us for good or bad for the foreseeable future.' 'So proving that they can effectively use the tools he had to achieve what was required of him is not cheating,' they added. 'It proves he will be able to provide similar results in the real world.' Mai, who is also a DJ, addressed the viral moment in a video on Instagram, explaining, 'you guys might know me from this viral clip from graduation today. I wanna let you guys know what was actually on my computer screen.' In the post, which was reshared by ChatGPT's official page, the tech whiz clarified that he'd used the chatbot to help with two complicated finals, one of which was due at 5pm and the other at midnight. 'I was wrapping up all the documentation that I've ever [done] for my machine learning lab,' he declared. 'I also had to use AI to summarize the key equations that I'd be using for what would essentially be the last test I'd ever take in my undergraduate career.' Mai suggested that this wasn't cheating as he had his teachers' blessing. 'My professors have really encouraged the use of AI,' he said. 'So much so that when the jumbotron people came around, I just flipped my screen around and I had to show them what I was doing. I never could have imagined all this exciting attention.' Mai added that he's used the tech AI in 'so many different ways as a college student,' ranging from understanding 'operating systems or computer networking' to selecting the best DJ equipment. Nonetheless, techsperts remain concerned over the omnipresence of AI in the classroom. According to a winter survey by the Pew Research Center, approximately 26% of teen students used the AI chatbot to help them with assignments in 2024 — up from just 13% in 2023. Unfortunately, using ChatGPT to fudge assignments could potentially make people dumber in the long run. An alarming study by researchers with the Massachusetts Institute of Technology (MIT) found that students who use ChatGPT to complete essays have poorer cognitive skills than those who rely on just their brain.
The Standard
24-06-2025
- General
- The Standard
US judge blocks Trump plan to close Harvard's doors to international students
A graduating student wears their hat, decorated with a statement of support for international students, during the 374th Commencement exercises at Harvard University in Cambridge, Massachusetts, U.S., May 29, 2025. (Reuters)
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Business Standard
23-06-2025
- Business
- Business Standard
Motilal Oswal sector of the week: NBFCs; REC, PFC among top bets
India's NBFC sector has received much-needed regulatory clarity with the Reserve Bank of India (RBI) releasing its final guidelines on project finance, effective for loans sanctioned from 1st October 2025. The new framework, formulated after consultations with stakeholders including banks, NBFCs, and government bodies, is significantly softer than the earlier draft, especially with regard to provisioning norms for under-construction projects. One of the most critical aspects of the final guidelines is their non-retrospective nature. Under-construction projects that have already achieved financial closure will remain governed by the existing provisioning norms. This move ensures a seamless transition for lenders and protects existing loan books from sudden provisioning shocks. For new loans sanctioned on or after 1st October 2025, standard asset provisioning has been eased considerably. NBFCs are now required to set aside 1 per cent for standard under-construction project loans, including infrastructure and CRE-RH (commercial real estate - residential housing), and 1.25 per cent for under-construction CRE loans. Once projects reach the operational phase—i.e., repayment of principal and interest begins—the provisioning falls to 0.4 per cent for general project finance, 0.75 per cent for CRE-RH, and 1 per cent for CRE. To further support infrastructure and long-gestation projects, the RBI has allowed delays in the Date of Commencement of Commercial Operations (DCCO)—up to three years for infrastructure projects and up to two years for non-infrastructure projects, including CRE. However, additional specific provisions will be required during the deferment period: 0.375 per cent per quarter for infrastructure loans and 0.5625 per cent per quarter for non-infrastructure loans. These can be reversed once commercial operations begin. From a sectoral perspective, the impact on NBFCs is expected to be manageable. Large project financiers like PFC and REC already carry standard asset provisions in excess of 1 per cent, which cushions them from any meaningful hit. For others with exposure to project finance, the incremental provisioning burden may be partially passed on to borrowers through loan pricing, thus limiting the impact on profitability. In conclusion, the RBI's final guidelines are a well-balanced and constructive reform. They provide regulatory certainty, support infrastructure financing, and promote financial stability without being disruptive. For NBFCs, the new norms enhance visibility and strengthen the risk-reward framework in project lending. REC – Targte Price: ₹460 REC reported healthy performance in FY25, with a 5 per cent Y-o-Y profit after tax (PAT) growth in 4QFY25 supported by one-offs in interest income. While loan growth guidance has been revised to 12–13 per cent due to elevated prepayments, spreads improved 70bp Q-o-Q and NIMs remained steady at 3.63 per cent. Asset quality strengthened, with GS3 at 1.35 per cent and a target of net-zero NPAs by FY26. Under the revised RBI project finance guidelines, REC remains well cushioned with Stage 1 and 2 provisioning at 0.95 per cent. We model FY25–27 PAT CAGR of 11 per cent, RoA/RoE of 2.6 per cent/20 per cent, and a 5.7 per cent dividend yield by FY27. PFC – Target Price: ₹485 PFC delivered strong operational performance in FY25, with 20 per cent Y-o-Y PAT growth to ₹173.5b, driven by healthy disbursements, improved asset quality, and a ₹12b write-back from the KSK Mahanadi resolution. The final RBI guidelines on project finance are favorable, with lower provisioning norms and no retrospective application. PFC is well placed under the revised framework, with Stage 1 and 2 provisioning at 1.13 per cent as of Mar'25. We estimate an FY25–27 PAT CAGR of 8 per cent, RoA/RoE of 3 per cent/18 per cent, and a dividend yield of 5 per cent in FY27E. =========================
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Business Standard
20-06-2025
- Business
- Business Standard
Final RBI norms on project financing positive for power finance corp
Additional provisions forDate of Commencement of Commercial Operations deferred standard assets are reduced to 0.375 per cent-0.5625 per cent per quarter vs. 2.5 per cent for cumulative deferments Devangshu Datta New Delhi Listen to This Article The RBI has issued final project financing norms (effective from October 1, 2025) on the draft issued in May-2024. There are some key relaxations. Lower provisioning is required for standard assets. The revised provision is 1 per cent for under construction and 0.4 per cent for operational projects (vs 5 per cent and 2.5 per cent respectively in the draft). Additional provisions for DCCO (Date of Commencement of Commercial Operations) deferred standard assets are reduced to 0.375 per cent-0.5625 per cent per quarter vs. 2.5 per cent for cumulative deferments. Another key change is income recognition on accrual basis for
Business Standard
20-06-2025
- Business
- Business Standard
PFC, REC gain as RBI unveils final project finance norms
Shares of Power Finance Corporation (PFC) and REC rose by 3.33% to 5.37% after the Reserve Bank of India (RBI) issued its final Project Finance Directions, 2025. The comprehensive framework, aimed at streamlining and standardizing project loan regulations across banks, NBFCs, and cooperative lenders, comes into effect from 1 October 2025. The market responded swiftly to the announcement, with shares of key project financiers surging in morning trade. PFC jumped 5.37%, while REC climbed 3.33%, as investors welcomed the regulatory clarity and operational flexibility promised by the new guidelines. Compared to the RBIs draft proposal from May 2024, which had outlined a steeper 5% standard asset provisioning for under-construction projects, the final guidelines dial things down substantially. Now, lenders will need to set aside just 1% for infrastructure projects and 1.25% for commercial real estate (CRE). Thats a major breather for dedicated project financiers like REC and PFC, who had been staring at potentially higher capital requirements under the earlier draft. The RBI has rationalized the norms around the extension of the 'Date of Commencement of Commercial Operations' (DCCO), allowing extensions of up to three years for infrastructure projects and two years for non-infrastructure ones. Lenders will also have greater flexibility to assess and decide on DCCO extensions within these ceilings based on commercial viability. The provisioning requirements for under-construction projects have been streamlined as well. Lenders will now set aside a standard 1% for such exposures, with a gradual increase depending on the length of DCCO deferment. In the case of under-construction commercial real estate, the initial provisioning will be slightly higher at 1.25%. For projects that have already achieved financial closure, existing provisioning rules will continue to apply, ensuring a smooth transition to the new regime. Once projects become operational, the provisioning rates are clearly defined: 1% for commercial real estate, 0.75% for CRE-residential housing, and 0.40% for other project loans. This structured approach is expected to bring predictability to provisioning and risk management practices. The market view is clear: the final norms are far more balanced and pragmatic. They reduce capital drag without compromising prudential standards. The relaxed provisioning norms, coupled with the exclusion of existing loan books from the new rules, would have negligible impact on NBFC and bank profitability. For power sector financiers like PFC and REC, the relief is doubly reassuring. Even the marginal provisioning required under the new norms will be comfortably absorbed through existing impairment reserves. Importantly, the directions only apply to loans achieving financial closure on or after 1 October 2025, meaning current portfolios are unaffected. While the earlier draft had also proposed a stringent 360-day performance requirement for loan upgrades -- another red flag for lenders, this too has been relaxed in the final version. The overall tone of the guidelines has shifted from caution-heavy to growth-accommodating, signalling the RBI's intent to support long-term infrastructure finance without straining lender balance sheets.
