“I have not failed. I’ve just found 10,000 ways that don’t work”
– Thomas Eddison
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AI // What’s really going on at OpenAI?
Sam Altman returned as OpenAI’s CEO after his firing last week, following 700 of the company’s 770 employees threatening departure. The crisis is a reflection of some of the core fears around AI; is it a force for good or ill? The coup that led to Altman’s departure was spearheaded by Ilya Sutskever, OpenAI’s chief scientist who wants OpenAI to do more to prioritise safety. This New York Times article explains more.
Renewables // Portugal runs 100% renewables grid for 6 days
Portugal’s climate is perfectly suited for renewable energy, a fact it has just proven by running on 100% renewables for six consecutive days.
This new record surpasses their previous one, set in 2019, of 131 hours (about 5.46 days) of continuous renewable energy use. This article from Energy Mix explains the progress Portugal has made, and its plans for continued grid decarbonisation. Read more.
Technology // A Beginner’s Guide to Looking at the Universe
The James Webb Space Telescope is bringing humanity closer to understanding our cosmos. Stationed nearly a million miles away, the telescope captures over 57.2 gigabytes of data every day.
The images it has captured have led to stunning discoveries, including a plume of water spanning 6,000 miles in our solar system and a galaxy that formed only 390 million years after the Big Bang, which was more than 13 billion years ago. Read more.
Banking // Citigroup’s major layoffs
Citigroup is undertaking a major restructuring under CEO Jane Fraser. The bank is reducing its management layers from 13 to 8 and cutting top roles by 15%, affecting its wealth, investment banking, and consumer divisions.
The overhaul is likely to result in thousands of job cuts, aligning with Fraser’s goal of creating a more agile Citigroup. Read more.
Resources for modellers
Access a carefully curated collection of Excel resources. This collection includes guidance on essential formulas, FP&A, and dynamic arrays.
LBO modelling . You can enhance your financial modelling skills with a comprehensive Leveraged Buyout (LBO) Models guide. The article covers critical topics such as entry valuation, financial forecasting, and debt schedule creation.
We are excited to introduce the newest additions to the Gridlines team:
Alex Atraszkiewicz – Consultant
James Jones – Sales Director
If you have a modelling related job that you’d like to include in the Miscellany please
Finance Director – Amby, Norway
Financial Modeller – Elevate Partners, Ireland (Hybrid)
Financial Modelling Specialist – NEOM, Saudi Arabia
Valuation, Modelling & Analytics Senior Associate – PwC, Turkey (Hybrid)
Financial Modelling Specialist – Renewable Energy Company, South Africa
And finally …
This week SpaceX’s Starship experienced a “rapid unscheduled disassembly” several minutes after launch. The media often report this as a “failed launch”. It’s far from it. It’s an emormous success as SpaceX continues to learn and iterate the launch system. This is testing, learning and iteration. Essential components of innovation.
This week’s Miscellany was curated and edited by