Good morning, Quartz readers!
Hereās what you need to know
IBM is slowing hiring for jobs that could be done by AI. CEO Arvind Krishna expects the technology to replace 30% of the firmās back-office roles in five years (more below).
BPās profits arenāt breaking records anymore. But even if prices are stabilizing from the volatility that drove 2022's record-breaking haul, a quarterly $5 billion gain is still astronomical.
Indiaās first iPhone maker is quitting. Taiwan-based Wistronās decision to wind down operations in India comes as Apple is trying to increase its presence in the country.
Paraguayās presidential election was also a victory for Taiwan. Winner Santiago PeƱa has pledged business as usual with the island, easing concerns of a diplomatic switch to China.
The biggest warnings about AI are from its designers
Companies like OpenAI and Google are racing to build and deploy new AI technologyāand the people working on it are some of the most worried.
From OpenAIās Sam Altman saying āpeople should be happy that we are a little bit scared of thisā to Elon Musk saying AI has, however small, āthe potential of civilization destruction,ā take a look at what the people making the greatest strides in AI technology are saying.
Another part of the Murdoch media empire was caught fibbing
Pop quiz: On which topic did Australiaās media authority say Sky News Australiaāowned by Rupert Murdochās News Corpāaired misleading information?
A. Election coverage
B. Climate change
C. Space launches
D. The covid pandemic
Find the answer in Cassie Werberās report.
International drug enforcers clocked a huge bust
288: Number of arrests across nine countries made yesterday in a sprawling drug bust that took down a major dark web narcotics ring
Dubbed Operation SpecTor, the investigation focused on an online drug hub called Monopoly Market and was one of the largest international operations of its kind.
Quartzās most banky
š¤ Why did JPMorgan Chase buy First Republic out of receivership?
š¼ Jamie Dimon, from Sandy Weillās assistant to savior of First Republic
š¦ āāThe FDICās proposal for deposit reform is narrow and uninspiringāand it just might work
šļø The FDIC says it didnāt have the staff to regulate Signature Bank
š«µ The Fedās report on Silicon Valley Bank is out, and it blames everyone
š Credit Suisseās final earnings report was one last quarterly run from hell
Surprising discoveries
Franceās finance minister has enough time to write erotic novels. Whatās mightier, the pen or economic turmoil?
Quebec is taking an Uber approach to its public transit. People love it.
Enamored by Sweden, young Chinese workers are moving there in record numbers. But it āisnāt as chillā as they had hoped.
The CEO of edtech firm Chegg name dropped ChatGPT in its weak earnings report. It sent stocks in a tailspin.
The first Worldās Fair had 10 miles (16 km) of exhibits. It took place in London and kicked off nearly two centuries of gathering the worldās ideas into one exhibition. So why donāt we talk about the Worldās Fair anymore? Weāll explain in the first episode of the Quartz Obsession podcast, season five!
ā¬ļø Subscribe today, wherever you get your podcasts: Apple Podcasts | Spotify | Google | Stitcher | YouTubeĀ
Our best wishes for a productive day. Send any news, comments, time to write and manage a countryās finances, and Nordic cuisine to talk@qz.com. Reader support makes Quartz available to allābecome a member. Todayās Daily Brief was brought to you by Morgan Haefner.