Tech stocks led declines globally overnight. The Nasdaq 100 closed down 1.54% yesterday. By contrast, the equal weight S&P 500 actually hit a record high yesterday—indicating that tech companies are the ones dragging down the broader index. “The main culprit has been another slide in chip stocks, with the Philly semiconductor index down -6.27%,” Henry Allen and his colleagues at Deutsche Bank told clients this morning.
ONE BIG THINGSam Altman seeks new world order for AI
OpenAI founder Sam Altman has proposed a global framework to control AI and make it safe for humanity. In an op-ed for The Financial Times, he wrote: “A US-led international forum that establishes accepted standards, provides expert and impartial analysis of capabilities and risks, and makes the technology available to nations and companies that participate and follow the rules. This forum might include government representatives, independent technical experts and others. It could also serve as a governance mechanism over the labs, and guard against the commercial pressures that can lead to unsafe racing.” He cited aviation safety, global financial standards, and the International Atomic Energy Agency as examples of world bodies that set global standards in their industries.
