AI-generated summary Treasury Secretary Scott Bessent stated that the U.S. and China should harbor no illusions as they cooperate to contain risks while competing in artificial intelligence. Bessent said the two governments established a dialogue mechanism on super intelligence to exchange best practices for testing advanced models and guard against shared risks.
AI-generated summary Bloomberg reports that OpenAI generated $10 billion in quarterly revenue during the three months ending in September. The performance represents a nearly 50% sequential expansion from the prior quarter and an almost threefold advance year-over-year.
AI-generated summary IRS officials are looking to artificial intelligence to handle redundant tasks following staff reductions. Lia Colbert says the technology reduces repetitive work so employees can focus on complex tax matters.
AI-generated summary House Foreign Affairs Committee Chair Brian Mast told ABC News that the committee is considering issuing a subpoena to Nvidia CEO Jensen Huang. The potential subpoena for the Nvidia executive follows a request for a closed-door briefing that has not yet received a response.
AI-generated summary Anthropic plans a live-streamed event featuring co-founder and Chief Executive Officer Dario Amodei discussing the initial public offering of the Claude chatbot maker with JPMorgan Chase & Co. CEO Jamie Dimon. The meeting serves as part of the marketing effort for the potentially record-breaking initial public offering, which is expected to begin marketing as soon as early Tuesday before a Nasdaq debut.
AI-generated summary A Kentucky police officer sued for wrongly arresting a man based on an artificial intelligence facial match failed to convince a federal court to dismiss the civil rights case. Judge S. Chad Meredith stated that the Fourth Amendment does not allow law enforcement officials to delegate probable cause assessments to an artificial intelligence tool or make arrests based on its uncorroborated conclusions.
AI-generated summary Microsoft shares fell approximately 2% on Tuesday following a Bloomberg report that Anthropic is preparing to introduce artificial intelligence workplace tools that challenge Excel. The new offerings include a video-call assistant, a data dashboard tool, and Claude Sheets, which integrates artificial intelligence capabilities directly into the application.
AI-generated summary Anthropic retained Charlesbye Ltd. to handle growing calls to regulate artificial intelligence. UK lobbyist registry filings show the Claude developer hired the lobbying firm managed by Lee Cain during the most recent quarter.
AI-generated summary Paul Weiss chairman Scott Barshay says Nader Mousavi and Mark Schenkel practice at the center of the artificial intelligence economy and have advised on transactions valued at more than one trillion dollars. The attorneys have joined Paul Weiss Rifkind Wharton & Garrison as partners to launch the firm's new office in Silicon Valley after previously working at Sullivan & Cromwell.
AI-generated summary Attorneys are increasingly relying on artificial intelligence in their legal practice, which is reshaping how work gets done. A survey by Bloomberg Law shows that a quarter of attorneys fear losing their jobs to the technology, with early-career lawyers feeling more concerned.
AI-generated summary Political backlash and a crisis facing Nvidia could force a slowdown in artificial intelligence development that industry leaders have struggled to achieve voluntarily. Anthropic CEO Dario Amodei, OpenAI CEO Sam Altman, and Elon Musk have warned about the potentially catastrophic risks of advanced artificial intelligence and the need to pace its development.
AI-generated summary A lawsuit alleges McDonald's Corp. improperly used an algorithmic pricing tool to pressure franchise restaurants to use the system, which supposedly resulted in higher menu prices. The proposed class action is expected to prompt similar AI price-fixing cases involving franchisee relationships and has drawn scrutiny from lawmakers including Sen. Elizabeth Warren and Rep. Becca Balint.
AI-generated summary Retirement plan managers face increasing risks as Americans hold investments in major technology companies boosted by the artificial intelligence boom. Benefits attorneys warn that retirement savings could be vulnerable to potential market downturns if an artificial intelligence bubble bursts.
AI-generated summary Softbank Group reported a second-quarter loss of 1.12 trillion yen due to global technology valuation declines driven by uncertainty over artificial intelligence and data center construction disruptions. The Japanese technology conglomerate also faced rising financing costs and a profit drop at its Arm holdings amid market concerns regarding slowing artificial intelligence demand.
AI-generated summary The artificial intelligence boom has driven high demand for chips supplied by Nvidia, which is led by founder and CEO Jensen Huang. Jensen Huang entered Forbes list of the world's wealthiest people in 2024 as business for Nvidia reached new heights.
AI-generated summary New York budget officials are bracing for potential new artificial intelligence regulations to slow the growth of tax collections. Division of Budget Director Blake Washington said Monday that Wall Street's strong performance has increased state projections of tax receipts by more than $8 billion.
AI-generated summary The IRS is seeing an increase in referrals involving questionable artificial intelligence use by tax professionals. Thomas Curtin said the agency plans to provide guidance as case numbers tick up at the Office of Professional Responsibility.
AI-generated summary Representative Ted Lieu is pushing to pass his artificial intelligence kill switch bill during the congressional lame duck session. The lawmaker stated in an interview that the proposed legislation is a sensible idea that ought to be enacted into law before January.
AI-generated summary Texas Democrats are pushing for tight restrictions on artificial intelligence following historic midterm gains. Texas Rep. Salman Bhojani introduced a tranche of bills on Monday to enact new regulations on artificial intelligence.
AI-generated summary Fireworks AI expanded its disclosure of an October security incident to report that attackers accessed account and billing information, secrets, datasets, and incomplete model weights for a limited group of customers. Fireworks AI stated that evidence links the activity to a financially motivated cybercriminal group aiming to sell unauthorized LLM access through illicit routing gateways.
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