Latest news with #ERNIE
South Wales Guardian
a day ago
- Business
- South Wales Guardian
Is it time to ditch your Premium Bonds and bank your money?
The main issue is that the savings held in Premium Bonds don't accrue interest, as with regular bank accounts. New figures obtained via a Freedom of Information (FOI) request to NS&I show that Premium Bond holders are waiting 3.5 years to win a prize, and when they do win, 9 out of 10 walk away with less than £2,000. The vast majority of jackpots go to those holding over £25,000, making this savings product far less rewarding than putting the money into the bank with a high-interest account. Why do so many people give children Premium Bonds? Premium Bonds are only a decent bet if - You've a big whack in, say £10,000+ - & you pay tax on savings interest Most kids have/do neither. With £1,000 in over a year with typical (median average) luck you'll win nothing That's before bond holders factor in the cuts in the prize pot in recent months, with fewer big wins to go round. There will be an estimated 75 prizes of £100,000 for future draws, down from 79. Meanwhile, the number of £50,000 prizes will be reduced to 151 from 159. The number of £25,000 prizes will fall to 302 from 317, and £10,000 prizes to 754 from 792. However, the number of £1 million prizes will remain the same, at two. The number of £25 prizes is also set to increase for August's draw, with an estimated 2.56 million available, up from 2.19 million. Premium Bonds have become a national savings staple, with more than 24 million people holding over £130 billion in total. A survey of 2,000 UK adults by Octopus Money reveals the main reason for investing in Premium Bonds is the perceived lack of risk in losing the initial investment, followed by the tax-free status of a win and the possibility of a large return. While Premium Bonds do offer the chance of winning prizes, the analysis suggests Britain's favourite savings product is failing to deliver real value for everyday savers - most never win anything at all and the odds are highly skewed in favour of those with the biggest holdings. ERNIE (Electronic Random Number Indicator Equipment) was created by the team who built Colossus, the WWII code breaker. The first ERNIE used neon tubes to generate random numbers and took a full 10 days to complete a Premium Bonds draw!🖥️ In the past five years, 94% of Premium Bond jackpot winners held over £10,000, while three quarters (75%) held over £25,000. In 2024, 88% of Premium Bond prize winners took home less than £2,000 and just 0.32% of all winners won more than £10,000. Less than a fifth of UK adults (19%) believe they could generate better long-term results elsewhere, while the same proportion don't understand how Premium Bonds work - indicating a limited understanding of the saving product's actual value. Over £4.25 billion has been held in Premium Bond accounts that have had no activity in the past decade - earning zero interest. Ruth Handcock, CEO of Octopus Money says: 'While products like Premium Bonds may work well for some, others are missing out on strategies that could grow their wealth and deliver stronger returns over time. Recommended reading: Martin Lewis on the £20,000 cash rumoured ISA changes The banking rule changes that could see millions lose high-interest accounts Food prices rocket as inflation leaves shoppers counting the pennies "Premium Bonds are unlikely to outpace inflation, so your money may seem 'safe' but it's quietly shrinking in value over time. "The truth is that millions of people could be getting more from their money, but they need access to affordable, personalised advice to help them figure out what's right for them - something that only 9% of people in the UK currently receive. "Without it, they stick with what feels familiar or they're left in financial limbo, unsure how to take that first step.'
The Herald Scotland
a day ago
- Business
- The Herald Scotland
Is it time to ditch your Premium Bonds and bank your money?
New figures obtained via a Freedom of Information (FOI) request to NS&I show that Premium Bond holders are waiting 3.5 years to win a prize, and when they do win, 9 out of 10 walk away with less than £2,000. The vast majority of jackpots go to those holding over £25,000, making this savings product far less rewarding than putting the money into the bank with a high-interest account. Why do so many people give children Premium Bonds? Premium Bonds are only a decent bet if - You've a big whack in, say £10,000+ - & you pay tax on savings interest Most kids have/do neither. With £1,000 in over a year with typical (median average) luck you'll win nothing — Martin Lewis (@MartinSLewis) December 10, 2024 That's before bond holders factor in the cuts in the prize pot in recent months, with fewer big wins to go round. How many Premium Bonds winners are there each month? There will be an estimated 75 prizes of £100,000 for future draws, down from 79. Meanwhile, the number of £50,000 prizes will be reduced to 151 from 159. The number of £25,000 prizes will fall to 302 from 317, and £10,000 prizes to 754 from 792. However, the number of £1 million prizes will remain the same, at two. The number of £25 prizes is also set to increase for August's draw, with an estimated 2.56 million available, up from 2.19 million. How many people have Premium Bonds? Premium Bonds have become a national savings staple, with more than 24 million people holding over £130 billion in total. A survey of 2,000 UK adults by Octopus Money reveals the main reason for investing in Premium Bonds is the perceived lack of risk in losing the initial investment, followed by the tax-free status of a win and the possibility of a large return. While Premium Bonds do offer the chance of winning prizes, the analysis suggests Britain's favourite savings product is failing to deliver real value for everyday savers - most never win anything at all and the odds are highly skewed in favour of those with the biggest holdings. ERNIE (Electronic Random Number Indicator Equipment) was created by the team who built Colossus, the WWII code breaker. The first ERNIE used neon tubes to generate random numbers and took a full 10 days to complete a Premium Bonds draw!🖥️ — nsandi (@nsandi) June 18, 2025 In the past five years, 94% of Premium Bond jackpot winners held over £10,000, while three quarters (75%) held over £25,000. In 2024, 88% of Premium Bond prize winners took home less than £2,000 and just 0.32% of all winners won more than £10,000. Less than a fifth of UK adults (19%) believe they could generate better long-term results elsewhere, while the same proportion don't understand how Premium Bonds work - indicating a limited understanding of the saving product's actual value. Over £4.25 billion has been held in Premium Bond accounts that have had no activity in the past decade - earning zero interest. Ruth Handcock, CEO of Octopus Money says: 'While products like Premium Bonds may work well for some, others are missing out on strategies that could grow their wealth and deliver stronger returns over time. Recommended reading: "Premium Bonds are unlikely to outpace inflation, so your money may seem 'safe' but it's quietly shrinking in value over time. "The truth is that millions of people could be getting more from their money, but they need access to affordable, personalised advice to help them figure out what's right for them - something that only 9% of people in the UK currently receive. "Without it, they stick with what feels familiar or they're left in financial limbo, unsure how to take that first step.'
North Wales Chronicle
a day ago
- Business
- North Wales Chronicle
Is it time to ditch your Premium Bonds and bank your money?
The main issue is that the savings held in Premium Bonds don't accrue interest, as with regular bank accounts. New figures obtained via a Freedom of Information (FOI) request to NS&I show that Premium Bond holders are waiting 3.5 years to win a prize, and when they do win, 9 out of 10 walk away with less than £2,000. The vast majority of jackpots go to those holding over £25,000, making this savings product far less rewarding than putting the money into the bank with a high-interest account. Why do so many people give children Premium Bonds? Premium Bonds are only a decent bet if - You've a big whack in, say £10,000+ - & you pay tax on savings interest Most kids have/do neither. With £1,000 in over a year with typical (median average) luck you'll win nothing That's before bond holders factor in the cuts in the prize pot in recent months, with fewer big wins to go round. There will be an estimated 75 prizes of £100,000 for future draws, down from 79. Meanwhile, the number of £50,000 prizes will be reduced to 151 from 159. The number of £25,000 prizes will fall to 302 from 317, and £10,000 prizes to 754 from 792. However, the number of £1 million prizes will remain the same, at two. The number of £25 prizes is also set to increase for August's draw, with an estimated 2.56 million available, up from 2.19 million. Premium Bonds have become a national savings staple, with more than 24 million people holding over £130 billion in total. A survey of 2,000 UK adults by Octopus Money reveals the main reason for investing in Premium Bonds is the perceived lack of risk in losing the initial investment, followed by the tax-free status of a win and the possibility of a large return. While Premium Bonds do offer the chance of winning prizes, the analysis suggests Britain's favourite savings product is failing to deliver real value for everyday savers - most never win anything at all and the odds are highly skewed in favour of those with the biggest holdings. ERNIE (Electronic Random Number Indicator Equipment) was created by the team who built Colossus, the WWII code breaker. The first ERNIE used neon tubes to generate random numbers and took a full 10 days to complete a Premium Bonds draw!🖥️ In the past five years, 94% of Premium Bond jackpot winners held over £10,000, while three quarters (75%) held over £25,000. In 2024, 88% of Premium Bond prize winners took home less than £2,000 and just 0.32% of all winners won more than £10,000. Less than a fifth of UK adults (19%) believe they could generate better long-term results elsewhere, while the same proportion don't understand how Premium Bonds work - indicating a limited understanding of the saving product's actual value. Over £4.25 billion has been held in Premium Bond accounts that have had no activity in the past decade - earning zero interest. Ruth Handcock, CEO of Octopus Money says: 'While products like Premium Bonds may work well for some, others are missing out on strategies that could grow their wealth and deliver stronger returns over time. Recommended reading: Martin Lewis on the £20,000 cash rumoured ISA changes The banking rule changes that could see millions lose high-interest accounts Food prices rocket as inflation leaves shoppers counting the pennies "Premium Bonds are unlikely to outpace inflation, so your money may seem 'safe' but it's quietly shrinking in value over time. "The truth is that millions of people could be getting more from their money, but they need access to affordable, personalised advice to help them figure out what's right for them - something that only 9% of people in the UK currently receive. "Without it, they stick with what feels familiar or they're left in financial limbo, unsure how to take that first step.'
Yahoo
a day ago
- Business
- Yahoo
This Chinese Stock Just Launched Something That Could Be Even Bigger and More Powerful Than DeepSeek
Baidu (BIDU) shares are in focus after the company made its ERNIE large language models (LLMs) open source – effectively enabling the global AI community to use them for R&D. Note that Baidu's ERNIE 4.5 series outperforms DeepSeek's V3 model on a significant number of benchmarks across key capability categories. Elon Musk's Tesla Makes History With 'First Time That a Car Has Delivered Itself to Its Owner' This Defense Stock Could Be the Next Palantir. Should You Buy It Now? Cathie Wood Is Pounding the Table on AMD Stock. Should You Buy Shares Now? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Still, Baidu stock is down some 19% versus its year-to-date high at the time of writing. Baidu shares stand to benefit rather significantly from management's decision to open source ERNIE models. By making its LLMs freely available under the Apache 2.0 license, BIDU invites global developers to build, fine-tune, and deploy on its architecture – accelerating adoption and ecosystem growth. Baidu's move mirrors the success of DeepSeek's open-source strategy, which reshaped China's AI landscape. The open-source release also enhances transparency and trust – potentially attracting enterprise and government partnerships. In short, the announcement positions BIDU as a foundational platform – a shift that could unlock long-term monetization and valuation upside. Baidu stock hasn't been particularly exciting for investors this year, but Miranda Zhuang – a Bank of America analyst – recommends owning it for the long term. Zhuang is bullish on BIDU shares primarily because the Beijing-headquartered firm has already launched fully autonomous vehicle operations in China. Moreover, Baidu is fully committed to expanding its robotaxi services internationally, which she's convinced will drive incremental revenue growth in the years ahead. Integrating artificial intelligence will help BIDU reinvigorate growth in its advertising business as well, according to the BofA analyst. Miranda Zhuang currently has a 'Buy' rating on Baidu shares and a price target of $100, indicating potential upside of another 18% from here. Other Wall Street firms also expect BIDU shares to extend gains as the Chinese tech behemoth continues to tap on artificial intelligence in pursuit of lower costs and higher returns. At the time of writing, the consensus rating on Baidu stock sits at 'Moderate Buy' with the mean target of about $105 indicating potential upside of some 22% from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hans India
3 days ago
- Business
- Hans India
Baidu to Open Source ERNIE AI Model, Shaking Up Global AI Arena
In a bold and unexpected move, Chinese tech giant Baidu has announced the open-sourcing of its flagship ERNIE generative AI model, marking a pivotal moment in the rapidly evolving global AI competition. The company confirmed that the rollout would begin gradually starting Monday. While not as abrupt or headline-grabbing as the recent debut of DeepSeek, Baidu's decision is already making waves in the AI community and prompting responses from key industry stakeholders worldwide. The development comes as a surprise, given Baidu's long-held stance favouring proprietary development. The company has traditionally maintained strict control over its AI tools and infrastructure, resisting the open-source wave that has swept through parts of the tech world. 'Baidu has always been very supportive of its proprietary business model and was vocal against open-source, but disruptors like DeepSeek have proven that open-source models can be as competitive and reliable as proprietary ones,' said Lian Jye Su, Chief Analyst at technology research firm Omdia, speaking to CNBC earlier. Although the move might not have the dramatic impact DeepSeek generated, experts are calling it an important step in AI's broader evolution. 'This isn't just a China story. Every time a major lab open-sources a powerful model, it raises the bar for the entire industry,' said Sean Ren, Associate Professor of Computer Science at the University of Southern California and Samsung's AI Researcher of the Year. Ren pointed out that open-source models challenge industry norms, especially for closed-source providers like OpenAI and Anthropic. 'While most consumers don't care whether a model's code is open-sourced, they do care about lower costs, better performance, and support for their language or region. Those benefits often come from open models, which give developers and researchers more freedom to iterate, customize, and deploy faster,' he explained. From a pricing standpoint, industry analysts see Baidu's move as a potential game-changer. Alec Strasmore, founder of AI advisory Epic Loot, compared the shift to a price war. 'Baidu just threw a Molotov into the AI world,' he declared. 'OpenAI, Anthropic, DeepSeek — all these guys who thought they were selling top-notch champagne are about to realise that Baidu will be giving away something just as powerful.' He continued, 'This isn't a competition; it's a declaration of war on pricing.' According to Strasmore, startups and smaller developers may soon rethink paying premium prices for AI access. This new strategy isn't entirely unanticipated. Earlier in March, Baidu claimed that its latest model, ERNIE X1, could match DeepSeek's R1 in performance while costing half as much. CEO Robin Li also hinted at the company's global ambitions during an April developer event. 'Our releases aim to empower developers to build the best applications — without having to worry about model capability, costs, or development tools,' Li said at the time. However, not all experts believe Baidu's open-source shift will immediately shake the Western market. Cliff Jurkiewicz, VP of Global Strategy at applied AI firm Phenom, suggested the news might not even register in the U.S. tech scene. 'The news of Baidu going open source probably lands with a big thud,' he commented. 'Most people in the United States don't even know it's a Chinese tech company.' Drawing parallels with the early Android ecosystem, Jurkiewicz explained that while open systems provide flexibility, they can also be challenging to manage. 'When Android first emerged, its standout feature was that it was configurable and customisable. But it was almost too much work… Android, out of the box, is plain and vanilla, so it has to be customised, and that's a real challenge,' he noted. As Baidu begins its rollout, all eyes are now on how this strategic pivot will reshape the global AI landscape — from affordability and accessibility to the core philosophies of AI development.
