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Tech News
Apple and Goldman Sachs raised the annual percentage yield on the Apple Card Savings Account from 3.4% to 3.5%. The new rate matches Goldman Sachs' own Marcus savings account rate, though Marcus is separately offering a promotional 4.50% rate for a limited time. The account remains exclusive to Apple Card holders, who can fund it via Daily Cash rewards, linked bank accounts, or Apple Cash.
Wall Street saw another volatile week as the Federal Reserve raised interest rates a quarter point to a range of 3.75%-4%, its first hike in three years, while renewed concerns about AI safety rattled tech stocks. The Dow fell 1.7% for its third consecutive losing week, led by steep declines in bank stocks including Goldman Sachs, which dropped nearly 8.5%. The S&P 500 and Nasdaq held up better, with the Nasdaq even gaining slightly as investors bought back into AI names after an early sell-off, while oil price swings tied to Mideast tensions added further pressure on companies like Boeing and FedEx.
Workflow orchestration startup Temporal announced a $550M Series E funding round valuing the company at $12.55 billion. The round was co-led by Lightspeed, Wellington Management, Goldman Sachs Alternatives, and Tiger Global, with participation from T. Rowe Price, SV Angel, and returning backers including a16z, Sequoia, and Index. The company says the capital will help it support increasingly long-running AI agents and complex enterprise systems that require durable execution.
At the Goldman Sachs Communicopia + Technology conference, Nvidia CEO Jensen Huang repeated the company's guidance that revenue could climb 70% year-over-year next year, building on roughly $400 billion expected this fiscal year to around $680 billion. He described Nvidia's GPU systems as massive, multimillion-dollar installations requiring airplanes to ship, and noted 27% month-over-month order growth for its combined Grace CPU-Blackwell GPU systems.
At Goldman Sachs' Communacopia + Technology Conference, Airbnb CEO Brian Chesky told CNBC's David Faber that AI is neither good nor bad by nature, comparing it to nuclear power that can either power a city or destroy one. He framed AI's rise as a 'cognitive revolution' that could make humans smarter rather than replace them, urging people to ride the technological shift instead of being overwhelmed by it.
At the Goldman Sachs Communacopia + Technology Conference, CoreWeave CEO Mike Intrator told CNBC that AI and data center companies have not adequately communicated the advantages of their technology to the public. He argued that community opposition stems less from data centers themselves and more from broader anxiety about the rapid pace of technological change and its uncertain effects on people's lives and children's futures.
Chris Churchman, who runs Goldman Sachs' Marquee platform, said on the firm's Exchanges podcast that heavy reliance on AI models could erode bankers' ability to reason independently. He compared the risk to how GPS and digital tools already weakened people's navigation and memory skills, warning that delegating analysis to algorithms could similarly dull financial judgment.