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26 May 2026, 20:25

Sam Altman said OpenAI wants AI to work like a utility that people pay for by usage

OpenAI’s founder and CEO Sam Altman sat before a massive crowd at a conference and said with a straight face that: “We see a future where intelligence is a utility, like electricity or water, and then we’ll make people buy it from us on a meter.” Chilling, isn’t it? Sam said OpenAI expects demand to keep rising as AI becomes harder to separate from serious work. “The demand that we see for that seems like it’s going to continue to just go like this. When can a CEO of a major company, a president of a major country, a Nobel Prize winning scientist, when can they not do their job without making heavy use of AI? This doesn’t mean that there will be an AI CEO or an AI president,” said Sam. Sam Altman says leaders will use AI because one person cannot manage every detail alone “We see a future where intelligence is a utility like electricity or water,” Sam added. He added that people would “buy it from us on a meter” and use it for whatever they want. Sam believes the role of a human CEO is already changing because no single person can cover every corner of a big company. He said: “You still do need a person to stand behind decisions and kind of exercise human judgment and all of the understanding that we expect out of someone running a an important organization to do. But the actual parts of my role that I will increasingly have to rely on an AI to do because no human can.” Sam’s view is that top jobs will become more about watching AI systems, checking their work, choosing when to trust them, and giving them direction. The human stays in charge, but the job becomes less about doing every task and more about managing the machines doing the work. Sam said this threshold may take “a little bit longer,” but “probably not a lot longer.” Sam Altman says OpenAI’s tools already shape his own business decisions Sam also said he is already leaning on OpenAI’s own agents and AI tools inside his daily job. “It’s ramping incredibly quickly,” he said. He said when he gets a new idea for a business model, a product, or a strategy change, he asks OpenAI’s tools before he speaks to another person about it. Sam said the answers get better when the systems have more company context, like internal documents, communication, code, customer data, and other company information, as the kind of material that can improve AI output. (This is absolutely not a good idea.) “As they can get close to full context of our company,” he said, “the quality of the answers gets better and better.” During the interview, Sam referred to the recent reports surrounding OpenAI, which raised $110 billion through an investment round just two weeks prior to the discussion. Among others, Amazon, Nvidia, and Softbank participated in the fundraising. He likened the fundraising to the public market and mentioned that the latter was four times smaller than the record-setting largest public offering ever made. It is worth noting that the public market deal was $25 billion raised by Saudi Aramco. Simply put, even though the public market should theoretically provide the largest amounts of money available, OpenAI raised more privately. Then, the interviewer wanted to know how OpenAI would be spending that vast amount of money. Sam did not really answer that, though. At another tech conference this week, Sam also admitted that some of his earlier job-market warnings were off. He had previously said AI could remove “entire classes” of jobs, especially as companies adopted the technology after ChatGPT launched in 2022. “My scorecard, at the highest level, would be we’ve been roughly right on technological predictions and pretty wrong on the social and economic implications,” Sam said during a conversation with Matt Comyn, CEO of Commonwealth Bank of Australia ($ CBA.AX ). Matt’s conversation with Sam was summarized on Tuesday. Sam said the near-term hit to entry-level white-collar jobs has not been as bad as he expected. “I’m delighted to be wrong about that,” Sam said. That is a major change from his older tone. In 2023, Sam told The Atlantic that jobs would “definitely” go away as companies used AI more widely. He also said better jobs would be created after that. Last year, at a Federal Reserve conference, Sam warned that “entire classes” of jobs would vanish. If you're reading this, you’re already ahead. Stay there with our newsletter .

26 May 2026, 20:20

Indonesian Rupiah Outlook: External Pressures Remain a Key Concern, Says UOB

BitcoinWorld Indonesian Rupiah Outlook: External Pressures Remain a Key Concern, Says UOB Analysts at United Overseas Bank (UOB) have highlighted that the Indonesian rupiah continues to face headwinds from external factors, with the currency’s near-term outlook remaining sensitive to global monetary policy shifts and commodity price movements. UOB’s Assessment of the Rupiah In a recent research note, UOB Group’s FX strategists pointed to persistent external pressures as a key drag on the rupiah. The assessment comes amid a period of heightened volatility in emerging market currencies, driven largely by expectations surrounding the US Federal Reserve’s interest rate trajectory. A stronger US dollar, supported by resilient US economic data and a slower pace of expected rate cuts, has broadly weighed on Asian currencies, including the rupiah. The analysts noted that while Indonesia’s domestic fundamentals remain relatively stable, including a manageable current account deficit and controlled inflation, the rupiah’s performance is increasingly tied to external risk sentiment. Fluctuations in global commodity prices, particularly for coal and palm oil—key Indonesian exports—add another layer of uncertainty. Market Context and Implications The rupiah has traded within a relatively wide range against the US dollar in recent months, reflecting the tug-of-war between domestic resilience and global headwinds. Bank Indonesia has intervened periodically to smooth volatility, but sustained pressure from capital outflows and a cautious investor mood has limited the currency’s recovery. For Indonesian businesses and importers, a weaker rupiah raises the cost of imported goods and raw materials, potentially feeding into domestic inflation. Conversely, exporters of commodities may benefit from a more competitive exchange rate. The broader implication for investors is that the rupiah remains a high-beta play on global risk appetite, requiring close monitoring of Fed policy signals and China’s economic trajectory. What This Means for Investors Market participants should brace for continued two-way volatility in USD/IDR. UOB’s analysis suggests that any sustained improvement in the rupiah’s outlook would likely require a clearer peak in US interest rates or a decisive shift in global risk sentiment. Until then, external pressures are expected to remain the dominant theme. Conclusion The Indonesian rupiah’s path forward is heavily influenced by external forces beyond Bank Indonesia’s direct control. While domestic stability provides a buffer, the currency’s outlook will hinge on global monetary policy developments and commodity market trends. UOB’s cautious stance reflects a broader consensus among analysts that patience is warranted before expecting a sustained rupiah recovery. FAQs Q1: What are the main external pressures on the Indonesian rupiah? Key pressures include the strength of the US dollar, expectations around Federal Reserve interest rate decisions, global risk sentiment, and fluctuations in commodity prices such as coal and palm oil. Q2: How does a weaker rupiah affect the Indonesian economy? A weaker rupiah increases the cost of imports, potentially fueling inflation, but can benefit exporters by making their goods cheaper abroad. It also raises the local currency cost of servicing foreign debt. Q3: What can Bank Indonesia do to support the rupiah? Bank Indonesia can intervene in the foreign exchange market by selling US dollars from its reserves, raise interest rates to attract capital inflows, or implement other macroprudential measures to stabilize the currency. This post Indonesian Rupiah Outlook: External Pressures Remain a Key Concern, Says UOB first appeared on BitcoinWorld .

26 May 2026, 20:10

Why Singapore Dollar Strength Isn’t Lifting the SGD: Commerzbank

BitcoinWorld Why Singapore Dollar Strength Isn’t Lifting the SGD: Commerzbank Despite signs of robust economic growth in Singapore, the Singapore Dollar (SGD) has failed to gain significant upward momentum, according to a recent analysis by Commerzbank. The observation raises questions about the disconnect between macroeconomic fundamentals and currency performance in the current global environment. Growth vs. Currency: A Diverging Narrative Singapore’s economy has demonstrated resilience, with recent data pointing to stronger-than-expected GDP expansion, particularly in the manufacturing and services sectors. Typically, such growth would support a stronger domestic currency, as higher economic output attracts foreign investment and boosts demand for the SGD. However, Commerzbank analysts note that the SGD has not responded as expected. The currency remains under pressure, trading within a relatively narrow range against the US dollar and other major peers. This suggests that other factors are overriding the positive growth story. Key Factors Weighing on the SGD Several headwinds appear to be neutralizing the growth advantage. First, global risk sentiment remains fragile. As a small, open economy heavily reliant on trade and financial flows, Singapore is particularly sensitive to shifts in global investor appetite. Ongoing geopolitical tensions and uncertainty over major central bank policies have kept risk aversion elevated, limiting demand for Asian currencies including the SGD. Second, the Monetary Authority of Singapore’s (MAS) policy stance has been a focal point. The MAS manages the SGD through an exchange rate band, and its recent decisions have been perceived as more accommodative relative to the aggressive tightening cycles seen in the US and Europe. This policy divergence reduces the carry appeal of the SGD. Third, China’s economic slowdown continues to cast a shadow over regional currencies. As Singapore’s largest trading partner, any weakness in China’s demand directly impacts Singapore’s export outlook, dampening currency sentiment. Implications for Traders and Investors For forex traders, the Commerzbank analysis underscores the importance of looking beyond headline growth figures. The SGD’s performance is increasingly tied to external factors and policy expectations rather than domestic economic strength alone. Investors may need to factor in global risk appetite, US interest rate trajectories, and China’s economic data when positioning in SGD pairs. The analysis also highlights a broader theme: in a world of synchronized global shocks, even strong domestic fundamentals may not be sufficient to drive currency appreciation. This has implications for other export-oriented Asian economies facing similar dynamics. Conclusion While Singapore’s growth story remains intact, the SGD’s lackluster performance serves as a reminder that currency markets are driven by a complex interplay of domestic and global forces. Commerzbank’s assessment suggests that until external headwinds subside or the MAS shifts its policy stance, the SGD may continue to trade below levels that its growth fundamentals would otherwise justify. FAQs Q1: Why isn’t the Singapore Dollar rising despite strong GDP growth? Strong growth alone is not enough. The SGD is also influenced by global risk sentiment, the MAS’s monetary policy stance, and external factors like China’s economic slowdown, which currently outweigh the positive domestic data. Q2: What did Commerzbank specifically say about the SGD? Commerzbank analysts observed that the SGD has failed to benefit from Singapore’s growth strength, pointing to external headwinds and policy divergence as key reasons for the currency’s muted performance. Q3: What should forex traders watch for regarding the SGD? Traders should monitor global risk appetite, US Federal Reserve policy decisions, China’s economic indicators, and any shifts in the MAS’s exchange rate policy, as these factors are currently more influential than Singapore’s GDP data. This post Why Singapore Dollar Strength Isn’t Lifting the SGD: Commerzbank first appeared on BitcoinWorld .

26 May 2026, 19:22

S&P 500 hit a new intraday record at 7,539.8

The S&P 500 hit another record on Tuesday, reaching 7,539.8 during the session and putting the index on pace for a nine-week winning run, its first since 2023. Tech did most of the heavy lifting because, of course, Wall Street went right back to worshiping chips after the long weekend. The Nasdaq Composite also reached a new intraday record, while the Dow Jones Industrial Average went the other way. The S&P 500 was up 0.5%, the Nasdaq added 0.9%, and the Dow fell 216 points, or 0.4%. U.S. markets were shut on Monday for Memorial Day. The Iran story stayed on traders’ screens. President Donald Trump said Monday that talks with Iran to end the war were “proceeding nicely.” Donald also said the U.S. could attack if the talks fall apart. Early Tuesday, the U.S. said it carried out “self-defense” strikes in southern Iran. U.S. Central Command spokesman Tim Hawkins said the targets included missile launch sites and Iranian boats that were trying to place mines. Tim said the U.S. used “restraint during the ongoing ceasefire” between both countries. The S&P 500 rose 0.9% last week, giving it the longest weekly winning streak since late 2023. The Dow added 2.1%, its third weekly gain in four weeks. The Nasdaq gained 0.5%, giving it seven winning weeks out of the last eight. Tech stocks push the S&P 500 higher as memory chip names rip through the market Micron Technology (MU) jumped 20% and crossed $1 trillion in market value after analysts turned more bullish on the stock. UBS said Micron could rise more than 100% from here because of its long-term deals. The stock had a rough start last week when memory chip names sold off, but it still ended that week with a large gain. “We believe the market will start to put a more ‘normal’ multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex,” said UBS. Other memory stocks followed the same trade. Seagate Technology (STX) rose 5%, while Western Digital (WDC) climbed 8%. The Roundhill Memory ETF (DRAM) gained 15% and reached a new record. Nvidia (NVDA) was also in the mix after Rothschild & Co Redburn raised its price target to $300 from $280. That target points to almost 40% upside from Friday’s close. Analyst Timm Schulze-Melander called Nvidia’s quarter “near-immaculate” in a Tuesday note. “Datacentre revenues accelerated from an ARR of $250bn and 75% YoY growth (4Q) to an ARR of $300bn and 92% growth YoY (1Q),” Timm wrote. “Sales to hyperscale customers grew an impressive 115% YoY as capex spend shifts towards silicon from land and buildings in 2025.” Timm said rivals would need to grow faster than Nvidia for a long time if they want to prove they are taking share. He also said Nvidia has earned investor trust through its earnings record. The chipmaker trades at just over 21 times forward earnings. Meanwhile, Intel (who had missed the first big run of the AI rally) saw its stock rallying more than sixfold and is trading close to record highs last week. As the market reopened today, the U.S. chipmaker is trying to pull off a major comeback after getting a large investment from the U.S. government last summer. Qualcomm, Advanced Micro Devices, and Marvell Technology have also all made new all-time highs too. After the U.S. strikes, West Texas Intermediate crude futures for July had pulled back from the day’s lows and traded 3% lower at $93 per barrel. Brent crude traded 3% higher at $99 per barrel. Cheaper oil helped stocks last week. U.S. crude had its worst week since April 17. Oil is still far above where it stood earlier this year, and price pressure has not gone away. That has cooled bets on easier Federal Reserve policy. Traders now see about a 13% chance of a July rate hike, up from 0.9% one month ago, based on the CME FedWatch tool. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

26 May 2026, 19:20

Indian Rupee Under Pressure as Renewed US-Iran Deal Uncertainty Fuels Risk Aversion

BitcoinWorld Indian Rupee Under Pressure as Renewed US-Iran Deal Uncertainty Fuels Risk Aversion The Indian rupee struggled to extend its recent recovery against the US dollar on Wednesday, as renewed uncertainty surrounding the US-Iran nuclear deal triggered a fresh wave of risk aversion in global markets. The currency gave up early gains to trade near the 83.50 mark against the greenback, reflecting persistent headwinds from geopolitical tensions and elevated crude oil prices. Geopolitical Jitters Weigh on Emerging Market Currencies Reports emerged late Tuesday that negotiations between Washington and Tehran had hit a fresh impasse, with key disagreements over uranium enrichment limits and sanctions relief remaining unresolved. The development dampened hopes for a swift diplomatic resolution, sending Brent crude futures above $85 per barrel. For India, the world’s third-largest oil importer, higher crude prices directly translate into a wider trade deficit and increased demand for dollars, putting downward pressure on the rupee. The rupee had shown signs of stabilization in recent sessions, supported by expectations of foreign portfolio inflows and a softer US dollar globally. However, the latest geopolitical twist has reversed some of those gains. Traders noted that state-run banks were seen offering dollars on behalf of the Reserve Bank of India (RBI) to prevent excessive volatility, but the intervention has only slowed the pace of depreciation rather than reversing it. Oil Prices and the Rupee’s Vulnerability The link between crude oil prices and the Indian rupee remains one of the most critical dynamics in the currency market. Every $10 per barrel increase in oil prices adds roughly $15-18 billion to India’s annual import bill, according to analysts. With the US-Iran deal now appearing less likely in the near term, oil markets are pricing in a prolonged period of supply tightness, especially as OPEC+ maintains production cuts. This scenario leaves the rupee particularly exposed. While the RBI has built a comfortable foreign exchange reserves buffer—currently above $600 billion—repeated interventions can only do so much if the underlying trade imbalance widens. Market participants are now watching for any signs of a shift in RBI’s currency management strategy, including potential adjustments to the rupee’s reference rate. Broader Market Impact The rupee’s weakness is not occurring in isolation. Other Asian currencies, including the Indonesian rupiah and the South Korean won, have also come under pressure as the dollar strengthens on safe-haven flows. However, India’s higher dependence on imported energy makes the rupee more sensitive to oil price shocks than many of its peers. Domestic equity markets have also felt the pinch. Foreign institutional investors (FIIs) turned net sellers in the cash market on Wednesday, pulling out roughly $200 million, as the combination of a stronger dollar and higher oil prices dampened risk appetite. This selling pressure further weighs on the rupee by reducing demand for Indian assets. Conclusion The Indian rupee faces a challenging near-term outlook as the US-Iran deal uncertainty keeps oil prices elevated and risk sentiment fragile. While the RBI’s intervention can smooth volatility, structural factors—namely the trade deficit and energy import dependence—remain the dominant drivers. Traders will closely monitor any fresh diplomatic signals from Washington and Tehran, as well as upcoming US economic data that could influence the dollar’s broader trajectory. For now, the rupee appears stuck in a range, with upside limited until geopolitical clarity emerges. FAQs Q1: Why does the US-Iran deal affect the Indian rupee? A: India is a major oil importer. Uncertainty around the US-Iran deal pushes oil prices higher, increasing India’s import bill and demand for US dollars, which weakens the rupee. Q2: Can the RBI prevent the rupee from falling further? A: The RBI can intervene by selling dollars from its reserves to stabilize the rupee, but this is a short-term measure. If oil prices stay high, the rupee may continue to face downward pressure. Q3: What is the current USD/INR level? A: As of Wednesday’s trading session, the rupee was hovering near 83.50 against the US dollar, after giving up earlier gains. This post Indian Rupee Under Pressure as Renewed US-Iran Deal Uncertainty Fuels Risk Aversion first appeared on BitcoinWorld .

26 May 2026, 19:10

Euro Rallies Against Pound as ECB Signals June Rate Hike

BitcoinWorld Euro Rallies Against Pound as ECB Signals June Rate Hike The euro strengthened against the British pound on Tuesday, extending gains after the European Central Bank (ECB) signaled it is preparing to raise interest rates at its June meeting. The EUR/GBP pair climbed to a session high of 0.8620, as traders priced in a more hawkish ECB stance relative to the Bank of England (BoE). ECB Signals Policy Tightening The move came after ECB President Christine Lagarde indicated during a speech in Frankfurt that the central bank is likely to begin its tightening cycle in June, citing persistent inflationary pressures in the eurozone. “The data we are seeing confirms that inflation remains elevated, and we must act decisively to anchor expectations,” Lagarde said. Markets now see a 90% probability of a 25-basis-point rate hike at the June meeting, up from 60% last week. The ECB’s hawkish shift marks a significant departure from its earlier dovish stance and has caught many investors off guard. The eurozone’s core inflation rate, which strips out volatile energy and food prices, has remained stubbornly above 3%, prompting policymakers to accelerate their normalization plans. Bank of England Faces Contrasting Challenges In contrast, the Bank of England is grappling with a slowing economy and signs that its own tightening cycle may be nearing an end. The UK economy contracted by 0.1% in the first quarter, raising fears of a recession. While the BoE has raised rates at each of its last three meetings, recent comments from Governor Andrew Bailey have suggested a more cautious approach going forward. “The UK economy is showing clear signs of weakness, and the BoE may be forced to pause its hiking cycle sooner than expected,” said Jane Foley, senior FX strategist at Rabobank. “This policy divergence is a key driver of the recent EUR/GBP rally.” Market Implications for Traders The widening interest rate differential between the eurozone and the UK has made the euro more attractive to yield-seeking investors. The EUR/GBP pair has now broken above its 50-day moving average, a technical signal that could attract further buying. However, some analysts caution that the rally may be overextended in the short term. “We are seeing a clear shift in momentum, but the market may be pricing in too much ECB hawkishness too quickly,” said Chris Turner, global head of markets at ING. “If eurozone economic data disappoints, we could see a sharp reversal.” For UK-based businesses and travelers, a stronger euro means higher costs for goods and services priced in the single currency. Importers of European goods may face margin pressure, while tourists planning summer holidays in the eurozone will find their pounds buying less. Conclusion The euro’s rally against the pound reflects a growing divergence in monetary policy expectations between the ECB and the BoE. With the ECB signaling a June rate hike and the UK economy showing signs of strain, the EUR/GBP pair may continue to trend higher in the near term. However, the sustainability of this move will depend on incoming economic data and central bank communications in the weeks ahead. FAQs Q1: Why did the euro strengthen against the pound? The euro strengthened because the European Central Bank signaled it is likely to raise interest rates in June, while the Bank of England is expected to slow its tightening pace due to a weakening UK economy. This policy divergence makes the euro more attractive to investors. Q2: What does a stronger euro mean for UK travelers? A stronger euro means that British pounds will buy fewer euros, making travel to eurozone countries more expensive. UK tourists may face higher costs for hotels, meals, and other expenses. Q3: Is the EUR/GBP rally likely to continue? The rally may continue in the near term if the ECB maintains its hawkish stance and UK economic data remains weak. However, if eurozone data disappoints or the BoE surprises with a hawkish move, the pair could reverse. Traders should monitor upcoming economic releases and central bank speeches. This post Euro Rallies Against Pound as ECB Signals June Rate Hike first appeared on BitcoinWorld .