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Goldman Sachs autonomous coder pilot marks major AI milestone

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A screen displays the the company logo for Goldman Sachs on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 7, 2025.

Brendan McDermid | Reuters

The newest hire at Goldman Sachs isn’t human.

The bank is testing an autonomous software engineer from artificial intelligence startup Cognition that is expected to soon join the ranks of the firm’s 12,000 human developers, Goldman tech chief Marco Argenti told CNBC.

The program, named Devin, became known in technology circles last year with Cognition’s claim that it had created the world’s first AI software engineer. Demo videos showed the program operating as a full-stack engineer, completing multi-step assignments with minimal intervention.

“We’re going to start augmenting our workforce with Devin, which is going to be like our new employee who’s going to start doing stuff on the behalf of our developers,” Argenti said this week in an interview.

“Initially, we will have hundreds of Devins [and] that might go into the thousands, depending on the use cases,” he said.

It’s the latest indicator of the dizzying speed in which AI is being adopted in the corporate world. Just last year, Wall Street firms including JPMorgan Chase and Morgan Stanley were rolling out cognitive assistants based on OpenAI models to get employees acquainted with the technology.

Now, the arrival of agentic AI on Wall Street — referencing programs like Devin that don’t just help humans with tasks like summarizing documents or writing emails, but instead execute complex multi-step jobs like building entire apps — signals a much larger shift, with greater potential rewards.

Tech giants including Microsoft and Alphabet have said AI is already producing about 30% of the code on some projects, and Salesforce CEO Marc Benioff said last month that AI handles as much as 50% of the work at his company.

At Goldman Sachs, one of the world’s top investment banks, this more powerful form of AI has the potential to boost worker productivity by up to three or four times the rate of previous AI tools, according to Argenti.

Devin will be supervised by human employees and will handle jobs that engineers often consider drudgery, like updating internal code to newer programing languages, he said.

Devin, an AI software developer, from a startup called Cognition Labs, which is valued at nearly $4 billion and counts Peter Thiel’s Founders Fund among investors.

Courtesy: Goldman Sachs

Goldman is the first major bank to use Devin, according to Cognition, which was founded in late 2023 by a trio of engineers and whose staff is reportedly stocked with champion coders.

In March, the startup doubled its valuation to nearly $4 billion just a year after the release of Devin. The company counts Peter Thiel and Joe Lonsdale, the prominent venture capitalists and Palantir co-founders, among its investors.

Goldman doesn’t own a stake in Cognition, according to a person with knowledge of the matter who declined to be identified speaking about the bank’s investments.

Hybrid workforce

The bank’s move could spark a fresh round of anxiety on Wall Street and beyond about job cuts as a result of AI.

Executives at companies from Amazon to Ford have grown more candid about what AI will mean for hiring plans. Banks around the world will cut as many as 200,000 jobs in the next three to five years as they implement AI, Bloomberg’s research arm said in January.

For his part, Argenti — who joined Goldman from Amazon in 2019 — charted out a vision for the near future that he called a “hybrid workforce” where humans and AI coexist.

“It’s really about people and AIs working side-by-side,” Argenti said. “Engineers are going to be expected to have the ability to really describe problems in a coherent way and turn it into prompts … and then be able to supervise the work of those agents.”

While the role of software developer is one that most lends itself to the type of training, called reinforcement learning, that is used to make AI smarter, other roles at a bank aren’t far off from being automated, according to Argenti.

“Those models are basically just as good as any developer, it’s really cool,” Argenti said. “So I think that will serve as a proof point also to expand it to other places.”



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Trump looks to quash criticism on natural disaster response during Texas visit

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CNN
 — 

President Donald Trump is traveling to central Texas on Friday to survey the aftermath of a catastrophic flood that has killed more than 100 people and put his administration on the sudden defensive over its emergency response efforts.

The flooding, which overwhelmed whole neighborhoods in a matter of minutes, has sparked mounting scrutiny of the government’s warning systems and rescue operations – including a fresh set of bureaucratic obstacles that slowed work by the Federal Emergency Management Agency in the earliest phases of the response.

But Trump is expected to use the trip to tout the progress that search-and-rescue teams are making on the ground, in a show of solidarity aimed at quelling criticism and emphasizing the White House’s close coordination with Texas officials.

“It’s a no-brainer – you go out there and you let people know you care about them,” said one person close to the White House. “President Trump does not want to see things like this happen on his watch. And he views himself as a fixer.”

Trump, who will travel to Texas with first lady Melania Trump, is expected to meet with first responders in the area and receive a briefing from local elected officials, according to a White House official. The president is also planning to meet with some families who were affected by the flood, the official said. The trip has been designed, in part, to not interfere with ongoing search and rescue and recovery efforts.

Homeland Security Secretary Kristi Noem, Texas Gov. Greg Abbott and Sen. Ted Cruz are among those expected to be on site with Trump as well. And Sen. John Cornyn, who is facing a bruising primary challenge from Texas Attorney General Ken Paxton, is slated to travel aboard Air Force One with Trump, a Cornyn aide confirmed. The trip comes a day after Paxton’s wife filed for divorce, citing “biblical grounds” for ending their 38-year marriage. Trump has so far stayed neutral in the race.

The trip marks the White House’s latest show of support for Texas’ recovery effort, even as Trump officials continue to push for downsizing the government’s emergency preparedness operations – or even eliminating FEMA altogether.

And it represents a stark contrast with Trump’s attitude earlier this year toward California Gov. Gavin Newsom, whom he targeted with harsh criticism amid the blue state’s battle against devastating wildfires.

Trump ultimately visited California in his first domestic trip after taking office, greeting Newsom on the tarmac upon his arrival. But the two have since continued to tussle over a request for billions of dollars in recovery aid for California that remains in limbo.

“Would he do that with Texas? Probably not,” said one Republican operative close to the administration. “There is a difference in terms of how he approaches these things, depending on whether it’s a red state or a blue state.”

In a statement, White House spokeswoman Abigail Jackson rejected the suggestion that Trump has taken different approaches to certain states based on their politics.

“President Trump has led historic disaster recovery efforts in both California and North Carolina – he’s doing the same in Texas,” Jackson said, citing federal efforts to help quickly remove debris in southern California and support the cleanup process in western North Carolina. “Any claim that the President is giving certain states preferential treatment is not only wrong, it’s idiotic and misinformed.”

Trump has targeted political opponents for their handling of natural disasters in the past, criticizing then-President Joe Biden following deadly wildfires in Hawaii in 2023 and fanning conspiracy theories about the Biden administration’s response in North Carolina to Hurricane Helene last year.

Trump even briefly suggested Biden might be culpable in some way for the flooding in Texas, initially telling reporters that his predecessor was responsible for the water “setup.” It was unclear what he was referring to, and Trump quickly clarified he wasn’t blaming Biden. Since then, Trump and his top aides have avoided casting blame, while accusing critics of the administration’s response of trying to politicize a tragedy. The White House has maintained that the disaster was largely inescapable, while commending the efforts of Abbott – a close political ally – and other state and local officials.

“There’s never been a wave like this, outside of the breaking of a dam,” Trump said during a Cabinet meeting on Tuesday. “And this is the kind of thing that built up so fast, and it’s happened two or three times over the years, but not to this extent.”

The White House has pushed back hard on suggestions that its policies weakened the government’s defenses against such disaster threats. Some Democrats had publicly fretted that deep cuts to the federal bureaucracy would end up restricting the staffing and resources available in emergency situations.

After Democratic lawmakers, including Senate Minority Leader Chuck Schumer, raised questions over whether efforts to reduce staff at the National Weather Service hampered forecasting of the heavy rains that caused the flash floods, White House press secretary Karoline Leavitt called it a “depraved lie.”

“Many Democrat elected officials are trying to turn this into a political game, and it is not,” she said earlier this week. “This is a national tragedy.”

Trump officials, in meantime, have doubled down on their vows to shrink FEMA and shift more responsibility for disaster management to individual states – even as advocates for the agency pointed to the Texas flooding as a timely example of why vast federal resources are necessary.

FEMA officials trying to pre-position search-and-rescue crews following the disaster ran into new spending approval requirements imposed by the Trump administration that slowed its work, CNN first reported on Wednesday. Those teams weren’t authorized for deployment until more than 72 hours after the flooding began.

“This would be an unmitigated, unforced disaster, and it would certainly exacerbate the toll of extreme weather events,” a group of House Democrats wrote in a letter Wednesday to FEMA and the agency in charge of the National Weather Service. The letter decried the planned dismantling of FEMA and called for congressional hearings on the flood response.

The Homeland Security Department, which oversees FEMA, has defended the federal response and insisted it will forge ahead on plans to overhaul the agency. The federal response, one Texas official said, has been “as good as anyone could ask for,” given the circumstances, describing Noem as responsive.

On Wednesday, Noem argued that FEMA needs to be “eliminated as it exists today and remade into a responsive agency.”

“Federal emergency management should be state and locally led, rather than how it has operated for decades,” she said.

One state official viewed Texas’ response to the flooding as “a model for what other states could do to start building out a framework for how to be better in control of their own disaster response.”

For Trump, though, allies said the visit represents a more immediate calculation ingrained in him during his first term and on the campaign trail: It pays to show up for those who he believes showed up for him at the ballot box, especially in deep-red states like Texas.

“This is totally on brand,” the person close to the White House said. “He wants to be on the ground.”

This story has been updated with additional reporting.

Betsy Klein contributed to this report.



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NFL star, East Bay native Najee Harris injured in Fourth of July fireworks explosion, sources confirm – The Mercury News

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  1. NFL star, East Bay native Najee Harris injured in Fourth of July fireworks explosion, sources confirm  The Mercury News
  2. Agent: Bolts’ Harris hurt eye in fireworks incident  ESPN
  3. Chargers RB Najee Harris injured in fireworks accident but expected to be ready for season, agent says  CBS Sports
  4. Man loses fingers in Antioch firework blast that injured six others  San Francisco Chronicle
  5. Chargers RB Najee Harris sustains superficial eye injury during Fourth of July event  NFL.com



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Ukraine to receive US Patriot air defence systems, says Trump

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US President Donald Trump has said he will send weapons, including Patriot air defence systems, for Ukraine via Nato.

Trump told NBC News that in a new deal, “we’re going to be sending Patriots to Nato, and then Nato will distribute that”, adding that Nato would pay for the weapons.

His announcement came after Ukraine’s President Volodymyr Zelensky spoke of having a “positive dialogue” with Trump on ensuring that arms arrived on time, particularly air defence systems.

Zelensky said he had asked for 10 Patriot systems, after a surge in Russian drone and missile attacks on Ukrainian cities in the past week.

Speaking in Rome on Thursday, the Ukrainian leader said Germany was ready to pay for two of the Patriots and Norway for one, while other European partners were also prepared to help.

After a phone-call with Russia’s Vladimir Putin last week, Trump said he was “not happy” that progress had not been made towards ending the war, and he has since complained that Putin’s “very nice” attitude turned out to be meaningless.

During his interview with NBC News, Trump said he would make a “major statement” on Russia on Monday, but did not say what it would be about.

He said “Nato is going to reimburse the full cost” for the weapons sent on to Ukraine. Nato is funded through the contributions of its members, including the US.

US Secretary of State Marco Rubio told reporters on Friday that he had urged countries including Germany and Spain to hand over some of their existing Patriot batteries, as they could reach Ukraine faster.

“We have continued to encourage our Nato allies to provide those weapons… since they have them in their stocks, then we can enter into financial agreements… where they can purchase the replacements.”

The US defence department halted some shipments of critical weapons last week, raising concerns in Kyiv that its air defences could run low in a matter of months.

Among the armaments reported to have been placed on pause were Patriot interceptor missiles and precision artillery shells.

Then, as Ukraine was pounded by record numbers of drone attacks this week, Trump said more weapons would be sent: “We have to… They’re getting hit very hard now.”

Zelensky had appealed for the shipments to resume, describing the Patriot systems as “real protectors of life”.

On Tuesday night, Ukraine was hit by a record 728 drones, and the Ukrainian president warned that Russia wanted to increase that to 1,000.

June saw the highest monthly civilian casualties in Ukraine in three years, with 232 people killed and more than 1,300 injured, according to the UN.

Since re-entering the White House in January, Trump has pushed to scale back US support for Ukraine.

The US was the biggest source of military aid to Ukraine between the start of 2022 and the end of 2024, giving $69bn (£54.6bn) in that time period, according to German think tank the Kiel Institute.

Trump has also pressed Nato allies to pledge more of their GDP to the security alliance. Last year, all European Nato members pledged to spend 2% of GDP on defence.

Russia launched a full-scale invasion of Ukraine in February 2022. The US has been urging the two countries to reach an agreement to end the war.

Rubio told reporters that he and Russian Foreign Minister Sergei Lavrov had a “frank” conversation on the sidelines of a meeting in Malaysia on Thursday.

Rubio echoed Trump’s “frustration at the lack of progress at peace talks”, including “disappointment that there has not been more flexibility on the Russian side to bring about an end to this conflict”.

He said the two had shared some new ideas about how the conflict could conclude, which he would take back to Trump.

Rubio declined to elaborate on what Trump said would be a “major” announcement about Russia on Monday.



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