Overview
- U.S. bank leaders reported measurable productivity gains from AI, with JPMorgan citing a rise to 6% from 3% and executives flagging potential role reductions in some functions.
- Goldman Sachs’ internal OneGS 3.0 memo, reported by Reuters, signaled potential year-end layoffs and slower hiring tied to AI-driven efficiency plans.
- A new Bloomberg Intelligence survey found over 70% of financial firms expect higher operating costs over the next three years and about two-thirds foresee initial headcount increases before efficiencies materialize around 2027–2028.
- Bloomberg reported that Meta is pivoting to a closed-source commercial model codenamed Avocado, said to distill capabilities from Google’s Gemma, OpenAI’s gpt-oss and Alibaba’s Qwen, with leadership changes and a target launch in early 2026.
- SpaceX and startup Starcloud placed Nvidia H100 GPUs in orbit and demonstrated in-space AI by running Google’s Gemma and training Andrej Karpathy’s NanoGPT, with plans to add more GPUs, including Blackwell, in a 2026 mission.