Month: October 2023

President Biden signed a wide-ranging executive order on artificial intelligence (AI) on Monday that will have an impact on the development and deployment of AI tools across the economy — prompting a reaction from some of the biggest U.S. tech companies and the Chamber of Commerce.

Biden’s executive order requires AI developers to share safety test results with the federal government, as well as agencies to report on the potential labor market impacts of AI and study options for strengthening federal support for workers facing labor disruptions. The executive order also directs agencies to promote a “fair, open, and competitive AI ecosystem” that includes small businesses and requires the Department of Commerce to develop guidance for content authentication and watermarking AI-generated content.

Tom Quaadman, executive vice president of the U.S. Chamber of Commerce’s Technology Engagement Center, emphasized in a statement the intensity of the U.S. competition with China over AI development and that it’s “unclear which nation will emerge as the global leader, raising significant security concerns for the United States and its allies.”

WHITE HOUSE MOVES TO FORCE COMPANIES TO SHARE AI NATIONAL SECURITY RISKS WITH FEDS

“It is imperative for the United States to lead the effort to create a risk-based AI regulatory and policy framework that is reinforced by industry standards and promotes the safe and responsible development and use of this transformational technology,” Quaadman stated. “The Biden Administration’s AI Executive Order is a step towards achieving that goal, but more work needs to be done.”

Quaadman said the Chamber of Commerce appreciates the executive order’s emphasis on attracting highly skilled workers, speeding up standards development and bolstering intra-government coordination. 

He noted, however, that short timelines for agency actions could limit stakeholder input and lead to ill-informed rulemaking that undermines intra-government cooperation. He added that agencies “such as the FTC (Federal Trade Commission) should not view this as a license to do as they please — all agencies must continue to act within the limits of their Congressional mandates and abide by the Major Questions Doctrine as articulated by the Supreme Court.”

WHAT IS ARTIFICIAL INTELLIGENCE (AI)?

Big Tech companies including Amazon, Microsoft and Google’s parent company Alphabet also weighed in on the executive order.

“We’re reviewing today’s executive order, and we are confident that our longstanding AI responsibility practices will align with its principles,” Kent Walker, president of global affairs for Google and Alphabet, said Monday. “We look forward to engaging constructively with government agencies to maximize AI’s potential — including by making government services better, faster, and more secure.”

NVIDIA SAYS US SPED UP EXPORT CURBS ON AI CHIPS

Brad Smith, vice chair and president of Microsoft, said the executive order is “another critical step forward in the governance of AI technology.”

“This order builds on the White House Voluntary Commitments for safe, secure, and trustworthy AI and complements international efforts through the G7 Hiroshima Process,” Smith added. “AI promises to lower costs and improve services for the Federal government, and we look forward to working with U.S. officials to fully realize the power and promise of this emerging technology.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

An Amazon spokesperson said in a statement, “As one of the world’s leading developers and deployers of AI tools and services, Amazon supports the safe, secure, and responsible development of AI technology. We are committed to supporting our customers in the public sector and industry as they work to implement the executive order, and to doing our part to drive innovation, develop the AI workforce, and establish the necessary safeguards to advance the secure and responsible use of AI.”

FOX Business’ Greg Norman, Nicole McManus and Marc Smith contributed to this report.

Read More 

Citadel and Citadel Securities workers from their Asia-Pacific offices got to hit up Tokyo Disney with their loved ones on billionaire founder Ken Griffin’s dime as they commemorated a pair of recent milestones that the respective firms reached.

The 1,200-person trip, which spanned three days and was first covered by Bloomberg, happened over the weekend, with Griffin bearing the travel, accommodation, entertainment, ticket, food and all other expenses. Citadel confirmed that to FOX Business on Tuesday.

The firm said that APAC employees who were unable to come to an event last year in Orlando, Florida, to commemorate anniversary milestones for Citadel and Citadel Securities because of COVID restrictions had prompted it to put on the three-day celebration. The Florida trip – wholly funded by Griffin – involved employees from the U.S., Canada and Europe and their loved ones, totaling 10,000, per Citadel.

For the hedge fund, it was for its 30th anniversary back in COVID-stricken 2020 while the latter firm’s anniversary in 2022 marked two decades. The Tokyo event was for both, according to the company.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Much of Griffin’s massive personal fortune stems from Citadel LLC.

On its real-time tracker, Forbes put his net worth around $33.5 billion as of Tuesday afternoon. It was slightly higher than that, at $35.6 billion, by Bloomberg’s measure.

Included in the approximately 1,200 people who went to the Griffin-funded anniversary event at Tokyo Disney were all of the APAC employees, their significant others and their kids, according to Citadel. Griffin participated with other top leaders at the firms making the trip, too.

HEDGE FUND CITADEL EXPECTS TO RETURN $7B IN PROFITS TO CLIENTS

There was a special anniversary party on Saturday. At that event, the band Maroon 5 and DJ Calvin Harris provided entertainment.

Maroon 5 is known for songs such as “Payphone” and “Moves Like Jagger” while Harris has put out hits like “This is What You Came For” with Rihanna and “One Kiss” with Dua Lipa.

Express passes were gifted to the participating employees and families for Tokyo Disney, where they were able to enjoy Tokyo Disneyland, Disney Sea and other areas of the resort over the course of the weekend, according to Citadel.

Oriental Land Co. operates Tokyo Disney and its nearly 500 acres through a licensing agreement with Disney, according to Disney in its last annual report. It has been open to the public for about 40 years.

Disney’s global theme park footprint spans 12 parks on six sites overall.

CLICK HERE TO READ MORE ON FOX BUSINESS

Read More 

Tesla is aiming to make 200,000 units of its electric pickup truck, Cybertruck, per year, Chief Executive Officer Elon Musk said on Tuesday.

The company had earlier said that Tesla had the capacity to make more than 125,000 Cybertrucks annually, with Musk adding there was potential to lift it to 250,000 in 2025.

ELON MUSK WANTS TO ‘TEMPER EXPECTATIONS’ ON TESLA CYBERTRUCK; THINKS IT’S ‘OUR BEST PRODUCT EVER’

The deliveries of the much-awaited pickup truck will begin on Nov. 30, nearly four years after it was unveiled by Musk at an event in Los Angeles, where his head of design cracked the vehicle’s “armor glass” window with a metal ball while demonstrating a series of tests to the audience.

On the “Joe Rogan Experience” podcast released Tuesday, Musk reiterated how hard it was to produce the Cybertruck.

ELON MUSK SAYS HE’S WORRIED ABOUT THE ‘HIGH INTEREST RATE ENVIRONMENT WE’RE IN’

“We’re aiming to make about 200,000 a year at point production … maybe a little more, but I just can’t emphasize enough that manufacturing is much much harder than the initial design,” Musk said about the futuristic-looking Cybertruck.

“We dug our own grave with Cybertruck,” he had said on an earnings call earlier this month, adding the company could face “enormous challenges” in ramping up production and making it cash-flow positive.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Read More