Arch Capital Group Ltd
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Financials : Insurance | Mid Cap Blend
Based in Bermuda
Company profile

Arch Capital Group Ltd. is a Bermuda-based company that provides insurance, reinsurance and mortgage insurance through its wholly owned subsidiaries. Its insurance segment consists of the Company’s insurance underwriting units, which offer specialty product lines, including construction and national accounts; excess and surplus casualty; lenders products; professional lines; programs; property, energy, marine and aviation; travel, accident and health, and other (consisting of alternative markets, excess workers' compensation and surety business). The reinsurance segment consists of the Company’s reinsurance underwriting units, which offer specialty product lines, including casualty; marine and aviation; other specialty; property catastrophe; property excluding property catastrophe, and other. The mortgage segment includes the Company’s United States primary mortgage insurance business, investment and services related to United States credit-risk transfer (CRT).

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Bill Gates says AI is only the second revolutionary tech advancement in his lifetime

7:56 am ET March 22, 2023 (MarketWatch)

By Wallace Witkowski

Microsoft co-founder says development of artificial intelligence will be as fundamental as the PC or the internet

For the second time in his 67 years, Microsoft Corp. co-founder Bill Gates said he has been truly blown away by technology.

The first time was back in 1980, when he was introduced to the graphical user interface, which became the rock upon which he built Microsoft's (MSFT) Windows operating system, Gates wrote on his blog, GatesNotes, on Tuesday. The second time was set in motion in mid-2022, he said, when he posed a challenge to OpenAI and its generative-AI ChatGPT: Have it do something it was not trained, or programmed, to do.

Gates chose passing an advanced-placement biology exam as the challenge, and figured it would take about two or three years. In a few months, ChatGPT nearly aced the exam, getting 59 out of 60 multiple-choice questions correct and writing "outstanding" answers to six open-ended questions, he said.

"Once it had aced the test, we asked it a nonscientific question: 'What do you say to a father with a sick child?' It wrote a thoughtful answer that was probably better than most of us in the room would have given," Gates recalled. "The whole experience was stunning."

See also:Bill Gates slams cryptos, NFTs as '100% based on greater fool theory'

"The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the internet, and the mobile phone," Gates wrote. "It will change the way people work, learn, travel, get healthcare, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it."

Microsoft has invested in ChatGPT and is incorporating the technology into some of its products. Gates no longer has an active role at Microsoft since departing the board in 2020, but he remains the largest individual shareholder in the company, owning about 1.38% of the company's stock, according to FactSet.

Read: Google opens up access to Bard AI chatbot, its rival to ChatGPT

"I'm lucky to have been involved with the PC revolution and the internet revolution. I'm just as excited about this moment," he wrote.

"This new technology can help people everywhere improve their lives," Gates said. "At the same time, the world needs to establish the rules of the road so that any downsides of artificial intelligence are far outweighed by its benefits, and so that everyone can enjoy those benefits no matter where they live or how much money they have. The Age of AI is filled with opportunities and responsibilities."

The tech icon's comments came on the same day that Nvidia Corp. (NVDA) launched a slew of products at its annual GTC developer conference aimed at expanding practical artificial-intelligence technology by selling not only the hardware but the software, as well. Nvidia also announced that it had partnered with Alphabet Inc.'s (GOOGL)(GOOGL) Google Cloud Platform in its "biggest collaboration." Adobe Inc. (ADBE)launched its Firefly AI at its own event in Las Vegas.

Read:Nvidia CEO says deal with Google 'a very big event,' contends ChatGPT and its ilk will accelerate demand

-Wallace Witkowski

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

March 22, 2023 07:56 ET (11:56 GMT)

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