Major European tech and business service firms have learned the lesson of California’s 1849 gold rush: the people who got consistently rich were the ones selling beans and pickaxes to prospectors.
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WORKERS SAY U.S. GOVERNMENT SHOULD SUPPORT WORLDWIDE EFFORT TO GOVERN AI
At least 1,224 workers at frontier AI labs have issued an open letter urging the U.S. government to take part in a global effort to create technical and governance tools for AI that can evolve along with the technology.
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JPMORGAN CEO LEADS NATIONAL EFFORT TO CONFRONT AI RISKS
Jamie Dimon, executive chair of JPMorgan Chase, the richest U.S. bank, is personally asking corporate executives to join an initiative that will address risks posed by AI’s rapid and largely unregulated advance.
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ANTHROPIC, OPENAI AGENTS INVOLVED IN NEW SECURITY BREACHES
AI agents being tested by Anthropic and OpenAI were recently involved in new kinds of security breaches, according to the British government’s AI Security Institute (AISI).
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MARKET OVERVIEW
The three major U.S. stock indexes rallied Thursday and Friday to overcome Wednesday’s rout that sent the Dow Jones Industrial Average down more than 1,000 points to mark its worst day in 15 months.
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U.S. REGULATORS SEE DANGERS IN PRIVATE EQUITY’S CIRCULAR DEALS
U.S. regulators are alarmed by what they call “circular ownership” and a lack of transparency in financial structures increasingly used by private equity firms such as Apollo Global Management and KKR.
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DIVIDED FED COMMITTEE LEAVES INTEREST RATES UNTOUCHED
On 29 July, the Federal Reserve’s rate-setting Open Market Committee decided by a vote of 9 to 3 not to raise interest rates although inflation pressures from the Iran War persist.
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BIG OIL MAKES BIG PROFITS FROM IRAN WAR
ExxonMobil’s second-quarter profits more than doubled those of a year earlier to $14.5 billion as its 24 refineries around the world ran flat out replacing missing fuel supplies cut off by the Iran War.
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U.S. PUBLIC COMPANIES REPORT HEFTY SECOND-QUARTER PROFITS
Companies listed on the Standard & Poor’s 500 are on track to report second-quarter earnings – net profits after all expenses are paid – 47.4 percent higher than a year earlier, making it the most robust quarter in five years, data service FactSet reported.
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AI’S RISING DEBT LEVEL IS CREATING A “CRISIS OF CONFIDENCE”
The debt load taken on by AI hyperscalers is becoming increasingly risky, according to something called the Altman Z-Score, a key measure of risk associated with corporate debt.