Accenture to invest $3 billion to expand its AI offerings

Accenture to invest $3 billion to expand its AI offerings

As the corporate world may be affected by the effects of artificial intelligence, well, EverythingConsulting firm Accenture announced on Tuesday that it would invest $3 billion in technology in the next three years.

It’s just the latest sign of growing enthusiasm for AI, and how companies across the spectrum are moving to adapt and incorporate services like chatbots into their businesses. “There is unprecedented interest in AI across all sectors,” said Julie Sweet, Accenture’s CEO.

Accenture plans to double its AI-focused workforce to 80,000Through a mix of recruitment, acquisition and training. (The firm has 738,000 employees.) It also plans to make more use of generative AI in the work its clients do and help clients increase their use of the technology.

Other consulting firms have also taken big AI steps, pwc said in April that it would invest $1 billion over the next three years, while EY announced in 2021 that it would invest $2.5 billion over three years. Bain & Company has partnered with OpenAI, the makers of ChatGPT, while Deloitte The chip maker is teaming up with Nvidia. And IBMwhose AI work dates back at least to the introduction of Watson, has announced a “center of excellence” for generative AI

The business world as a whole is going big on AI Investment on Generative AI alone is expected to be affected $42.6 billion by the end of the yearAccording to PitchBook. And mentions of “AI” or “artificial intelligence” on corporate investor calls have skyrocketed this year.

But the consulting giant is still grappling with what AI means for their business. They’re already under pressure to stay relevant amid challenges to their industry, including potential customers cut off their services Amidst economic adversities.

While many firms are embracing AI to automate an increasing number of tasks, some executives are quick to note that the technology can’t replace everything they do: “For any business, technology is usually the real It’s not the challenge, it’s the people component that slows things down,” said Alex Singla, who leads McKinsey’s AI consulting team. told the observer Last week. “That’s where I think management consulting still has a major role to play.”

Donald Trump is being arraigned on classified material charges Tuesday. The former president will appear in a Miami court to face charges related to taking national security material after leaving office. this evening, he plans to Host a Fund-Raiser at one of his New Jersey golf courses; However, a super PAC backed by the Koch Network has started running ads against him,

Hard-wing Republicans count on paralyzing the House. Rebel MPs agreed to hold a chamber vote on some matters tomorrow, after controlling the floor in retaliation for Speaker Kevin McCarthy’s role in the debt ceiling bill. He has threatened to block further legislation if McCarthy does not give him more power.

The US unit of Binance is fighting the SEC’s attempt to freeze its assets. In a court filing ahead of a hearing set for Tuesday, the crypto exchange urged a federal judge Regulator’s move rejected, which was said to make it nearly impossible to stay in business. The SEC sued Binance last week, accusing it of violating securities laws.

Will Apple cross the $3 trillion mark again? Shares of the iPhone maker rose nearly 1.6 percent yesterday, boosting its market value just shy of $2.9 trillion, Enthusiasm for Apple’s new virtual-reality headset could help propel the company’s market cap past $3 trillion for a second time — it reached that level last year — though its shares were down slightly in premarket trading.

Stocks look set to extend their gains on Tuesday morning as investors await a key Consumer Price Index report, due for release at 8:30 a.m. ET.

Market participants are betting that Tuesday’s inflation report will be relatively tameGiving the Fed cover to leave interest rates unchanged at a meeting on Wednesday. The so-called “Fed pause” has helped turbocharge some rate-sensitive sectors — especially tech stocks — in recent weeks, sending the Nasdaq and S&P 500 to 14-month highs yesterday.

Main thing to watch: Economists are predicting that inflation will ease last month, with the headline CPI figure down to 4.1 percent, a significant decline from last summer’s peak of 9 percent. Economists see good progress in food and energy prices, which have held steady or fallen in recent months.

It’s a Different Picture for “Core” Inflation, which lowers the prices of food and fuel. There has been little improvement as the prices of used cars, airfares and holiday accommodation have risen in recent weeks. Michael Gapen, chief US economist at Bank of America, said a “speed bump” would keep pressure on the Fed to raise rates this summer, perhaps in July.

“Leaving is not the same as staying long,” he wrote in a preview note.

In other markets:

  • Hong Kong and Shanghai shares closed with gains after Beijing on Tuesday surprised the market Along with a cut in one of its short-term lending rates. Investors expect a slew of stimulus measures in China to boost domestic demand as the world’s No. 2 economy slows.

As regulators around the world aim to rein in Big Tech, the European Union is reportedly preparing to crack down on one of Google’s most profitable businesses: the technology that powers much of the internet’s advertising. Is.

The European Commission is expected to file a formal antitrust complaint on Wednesday Accusing Google of abusing its dominant position in ad technology Bloomberg And wall street journal, The division is huge for Google, bringing in about 14 percent of the company’s $54.5 billion in advertising revenue in the first quarter.

The commission launched an investigation into Google’s ed-tech division in 2021, and has already imposed three penalties worth $8.6 billion on other parts of the company, including those related to its Android operating system.

This time the demand may be even fasterAccording to The Journal: European regulators could rule that only selling parts of an ed-tech business would restore competitive balance.

It is not just pressure from Europe. The Justice Department has made similar allegations against Google’s ad-technology business, and is seeking to undercut some of its acquisitions. British regulators, who have been flexing their muscles in recent months, are also probing.

But will this affect Google’s core business? Shares of its parent company, Alphabet, were up slightly in premarket trading on Tuesday despite the news that it has a market value of $1.5 trillion. And Google is fighting past penalties from the European Union, defending itself in the highest European regulatory court in the Android case.

  • In other tech regulatory news, the FTC sued in federal court to block Microsoft from closing its $69 billion acquisition of Activision Blizzard, another obstacle to the megadeal.

, jay monahan, the PGA Tour commissioner, is writing to Congress about the impasse that ended last week with the professional golf body’s merger with Saudi-backed rival competition LIV. Senator Richard Blumenthal, Democrat of Connecticut, announced the investigation in dealing.

JPMorgan Chase secured a potentially $290 million deal after calls, midnight meetings and last-minute negotiations with victims of sex offender Jeffrey Epstein.

But the bank’s lawyers aren’t working: JPMorgan is fighting a separate case brought by the US Virgin Islands, which filed new evidence yesterday that bank officials knew about the disgraced financier’s illegal activities, whose 2019 I had died.

How did the deal happen: David Boies, the attorney representing the victims, told DealBook that the bank and the victims’ attorneys were parting ways after weeks of negotiations that went down to the wire. “It was a very hard fight,” he said, of a settlement that still has to be approved by a judge.

On Sunday, Boes was taking calls while having dinner with his family at a restaurant and the conversation continued till midnight after he returned home. They started again yesterday around dawn. After both sides finally reached a figure, talks continued on what the bank would say. JP Morgan reiterated yesterday that it regretted its association with Epstein but did not accept liability.

What happened in the US Virgin Islands case: The area where Epstein’s home was located sued JPMorgan last year because it says the bank failed to stop him from setting up a sex trafficking operation there. “Nobody Wants Him” Epstein’s personal banker wrote in a 2008 email, new filings from the field show. It also disclosed a dozen communications from 2007 to 2013 that suggest officials were aware of Epstein’s crimes.

Will they settle? A deal in the Virgin Islands case could be tempting, especially if JPMorgan’s defense that the territory was complicit in facilitating Epstein’s crimes is thrown out. Boyce said the cases have moved unusually quickly because Judge Jed Rakoff is forcing attorneys to be “more realistic.” He believes the bank’s lawyers became more serious about reaching a settlement with their clients after the May hearing, when Rakoff indicated he was willing to certify the victims’ case as a class action. .



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