![]() ![]() The duration of their huge portfolio before and after interest rate hedges was…the same?! SVB had a gigantic investment portfolio as a % of total assets at 57% (average US bank: 24%) and 78% was in Mortgage-Backed Securities (Citi or JPM: around 30%) and most importantly they DID NOT hedge interest rate risk at all! That’s why banks hedge (!) the lion share of the interest rate risk coming from their HQLA investments. ![]() Interest rate risk comes to mind: if you purchase Treasuries and yields rise, you lose money. Such a large amount of bonds on the balance sheet also comes with risks though, right? ![]() SVB not only did some horrific risk management, but there was also a big moral hazard at play.Īs a result of LCR regulation, banks all over the world have flushed their balance sheets with trillions of bonds. OpenAI Plans to Up the Ante in Tech’s A.I. This cooperation results from our visit, led by the President of Iceland to the United States in the Spring of 2022 when, among others, we met Sam Altman, one of the founders, and CEO of OpenAI. One of the key goals of this collaboration is to begin building a resource that can serve to promote the preservation of other low-resource languages, helping to ensure all languages and cultures are represented in digital technologies. I am happy to share that we have partnered with OpenAI to investigate how to improve the Icelandic language abilities of its new model. OpenAI's GPT-4 project was officially announced just now. Þetta eru stórfréttir – og að mörgu leyti stórsigur – fyrir framtíð íslenskrar tungu! Til hamingju öll :) #openai #gpt4 #samtalsgreind #ISAI Samstarfið kemur í kjölfar fundar sendinefndar forseta Íslands, ráðherra og Almannaróms með Sam Altman, forstjóra og eins af stofnendum OpenAI, í San Francisco í maí síðastliðnum. Eitt markmiða samstarfsins er að finna leiðir til varðveislu smærri tungumála heimsins, svo tryggja megi að öll tungumál og öll menning eigi sinn stað í stafrænni tækni. Nú rétt í þessu var opinberað að við og sjálf íslenskan, erum í samstarfi við OpenAI sem gengur út á að auka færni gervigreindar-mállíkansins GPT-4, sem samtalsgreindin ChatGPT byggir á, í íslensku. ![]()
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