The C.E.O. of OpenAI Heads to Congress to Discuss Rules for A.I.

AI becomes the main character of Oka

OpenAI CEO Sam Altman has become one of the most prominent evangelists for the next generation of artificial intelligence products. His company’s most notable product, ChatGPT, includes: captured the public imagination A technology product that hasn’t been seen in years has sparked anticipation and anxiety about its transformative power.

As Mr. Altman prepares to testify The Senate Judiciary Subcommittee, in his first appearance in Congress today, will discuss how his company and its rivals are rushing to develop a new generation of technologies, and how they will be regulated. It is expected that many questions will be asked about what should be done.

Washington is obsessed with unlocking AI.

• Lawmakers from both parties stress the importance of curbing fast-growing technology that can generate lifelike-sounding text, images and computer code. Senator Charles Schumer, the majority leader of the New York Democratic Party, said he was working on legislation that would address the risks posed by artificial intelligence while allowing innovation to thrive.

• Vice President Kamala Harris met with Altman and other AI executives earlier this month after the Biden administration said it would support legislative efforts to create new rules and government investment.

• Enforcement officials have also remained vigilant, with FTC Chairman Rina Khan recently warning of possible anti-competitive behavior by tech giants pursuing AI, as well as potential fraud enabled by new products.

Altman spoke candidly about AI’s potential dangers “It would be strange not to be a little scared. I empathize with people who are very scared.” he said in March. “My current concern is that there will be a problem of disinformation, an economic shock, or something far beyond what we are prepared for,” he testified. It is expected to say:Regulation of AI is essential”

This is partly because AI is growing exponentially (Microsoft researchers recently published a paper claiming that the company’s technology shows signs of human reasoning) and partly because AI is growing in this field. It acknowledged both that had worried some of its pioneers.

It’s also a politically sensible approach that could win the support of nervous legislators worried about job losses, job losses, and so on. lag behind China — and help guide upcoming legislation to steer away from policing the burgeoning industry.

The stakes are high. Lawmakers have acknowledged that there is a delicate balance to be struck between allowing and constraining tech companies to innovate.

Gary Marcus, professor emeritus of psychology and neuroscience at New York University, who is still testifying today, told DealBook: Short-term gains come to regret later. ”

what is going on here

Home Depot reported disappointing sales. Stocks of the retail giant fell after a nasty drop in today’s premarket trading Exceeded analyst expectations It also lowered its earnings forecast for the full year. Cause? Consumers are postponing large projects and buying less expensive items such as outdoor furniture.

Former CEO of Silicon Valley Bank. Greg Becker is expected to testify At today’s Senate hearing, he said he regretted the failure of financial institutions, blaming Fed regulators and “rumours and misconceptions” circulated online that led to a devastating run, he said. claimed. Lawmakers are likely to pursue his close ties to the San Francisco Fed.

The EU has approved Microsoft’s $69 billion bid for Activision Blizzard. Antitrust authorities in Brussels said they could keep competition alive by pledging to make Activision’s top titles available on rival video game platforms. The decision is at odds with efforts by US and UK regulators to block the deal.

Warren Buffett’s conglomerate is betting big on Capital One. Berkshire Hathaway yesterday $954 million in stock Last quarter for credit card issuers. But Mr. Buffett’s investment method is net selling of stocks, reducing his stake in Chevron and selling all shares in Taiwan Semiconductor Manufacturing Company.

Wells Fargo settles class action lawsuit for $1 billion. The payment is the latest in a long-running, large-scale fraud scandal in which representatives opened fake customer accounts to boost sales targets. In the lawsuit, plaintiffs allege that Wells Fargo exaggerated its progress in remedying illegal conduct.

Elon Musk caught in Jeffrey Epstein scandal

The ever-growing Jeffrey Epstein legal case is trapping another high-profile corporate giant, Elon Musk.

The U.S. Virgin Islands yesterday sought to subpoena the heads of Tesla and Twitter over their ties to bank JPMorgan Chase & Co., which it accused in court documents of facilitating Epstein’s sex trafficking of young women. revealed that he had

Virgin Islands prosecutors said Epstein may have introduced Musk to JP Morgan. Mr. Musk is not alone: ​​Prosecutors say also tried to ask Google co-founder Sergey Brin, Hollywood mogul Michael Ovitz and real estate billionaire Mort Zuckerman.

But Mr. Musk called the Virgin Islands claim “stupid on so many levelsEpstein, the “cretin,” he tweeted that he had never asked him for financial advice. The billionaire also lashed out at J.P. Morgan, saying the bank “had Tesla’s global commercial banking business, but let Tesla down a decade ago and then exited.” claimed. “I never forgave them,” he added, just in case.

Mr. Musk hit another legal roadblock yesterday. US Court of Appeals for the Second Circuit abandoned his bid It ends an SEC consent decree that requires Tesla lawyers to scrutinize tweets related to the company. The guardrail was put in place in 2018 after Musk tweeted that he had secured funds to take the automaker private, a move that led to SEC lawsuits and shareholder lawsuits.

Neither the official’s demands nor yesterday’s ruling have deterred Mr. Musk from posting inflammatory tweets on other issues, including yesterday’s comment comparing him to George Soros. to Magnetoa longtime comic book villain (not really a villain these days, but digressing).

• Musk will have an easy time at Tesla’s annual shareholder meeting today. Only one of his shareholder proposals regarding his succession plan is on the ballot. But investors are protesting the decision to postpone the event by three months, citing less time to submit counter-shareholder proposals.

• Musk attended a business investment summit yesterday with other French business leaders.The country’s president, Emmanuel Macron, later tweeted He said the two had discussed the electric vehicle market, the energy sector and digital regulations.

Coinbase Head Earns Endorsement With Longevity Bet

Brian Armstrong co-founded Coinbase as a way to disrupt the traditional financial system by facilitating cryptocurrency trading. But he also kept himself busy helping out with his creative endeavors. new limitis a start-up focused on breaking through the traditional limits of human lifespan.

The company is now taking a big step towards advancing its goals. DealBook first reported that it has raised $40 million in Series A funding to help fund research.

NewLimit is looking at reprogramming cells to rejuvenate them. By combining genetic manipulation and machine learning to essentially reverse aging, it is hoped that we can remove the underlying causes of many major diseases. “If it works, it will change the arc of humanity,” Armstrong told Dealbook.

Armstrong and venture capitalist Blake Byers Established NewLimit With a personal fortune of $100 million in 2021, it’s the latest tech mogul fascinated by longevity. Peter Thiel, OpenAI’s Sam Altman, and Oracle’s Larry Ellison poured millions Enter a company that is researching it.

NewLimit’s approach has gained a notable following. Investors in the new funding round include venture capital firms Dimension, Kleiner Perkins and Teal’s Founders Fund, as well as former Google CEO Eric Schmidt and Coinbase co-founder Fred Artham.

The question is whether the science works. Epigenetic programming is in its early stages, and it’s unclear how long it will take to develop applications that actually reverse aging. But Mr. Armstrong insisted the promise was worth betting millions of dollars on, saying it was “smoke.”

American consumers with high debt

Retail sales data, a key gauge of the financial health of US consumers, are due out today. the forecaster predicts The latest statistics show that consumers, the driving force behind the American economy, are continuing to spend despite rising prices.

but information released yesterday It shows that while consumers keep their wallets open, it comes at a big price.

Total US household debt hit a record $17.5 trillion last quarter. according to the data New York Fed announced yesterday. Soaring mortgage payments and student and auto loan debt are the big culprits. One silver lining: Credit card debt levels are fairly stable, Nomura economists wrote in an investor report yesterday.

After rising steadily over the past decade, consumer debt levels began to surge during the coronavirus pandemic. Total household debt has soared by nearly $2.8 trillion since the first quarter of 2020, up nearly 20%, according to the Fed.

With interest rates at their highest level in almost 16 years, it could put more pressure on debt-ridden consumers to cut back on spending, making a recession more likely.

speed reading

Information of sale

• The FTC is reportedly planning to file a lawsuit to block Amgen’s proposed $27.8 billion acquisition of Horizon Therapeutics. (Bloomberg)

• Investors are growing concerned about a wave of corporate buybacks not in the interests of shareholders. (FT)

• Tennis star Serena Williams and veteran M.&A.Banker Mark Shafir I am attending a concerto, a financial advisory firm founded by Declan Kelly. (WSJ)

policy

• Silicon Valley Bank quietly deleted bars The company’s latest annual report, released just weeks before bankruptcy, revealed how higher interest rates could hurt the company’s operations. (Bloomberg tax)

• Florida Governor Ron DeSantis is reportedly planning to: attract large amounts of donors Just before he officially runs for president next week. (Politico)

best of the rest

• 3M said so dismissed the president, Michael Vale cited “improper personal conduct and violations of company policy” as the reason. (WSJ)

• Right-wing television network Newsmax Surpasses CNN in prime time viewership first time on friday. (Mediaite)

• “Flexible way of working” I’m a feminist” (luck)

• A startup is betting that Americans will want a free 55-inch TV. supported by advertising. (Hollywood Reporter)

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