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🏛️ AI-lluminati Meet Behind Closed Doors

Hey there! Happy Saturday! ☀️

If you guys were worried about the illuminati taking over the world, fret not.

There’s a new secret society in town as tech execs gather with lawmakers in Washington to discuss AI.

In the market, stocks were showing mixed signals. Ya know, kinda like how you feel when you can’t tell if your crush likes you back. But after ARM’s NASDAQ debut, things shot up again.

Let’s get into all that.

Got your tin-foil hat on? You might need it 🕵️

MONEY MASTERY BRIEF

  • Tech Leaders Discuss AI Regulations
  • ARM’s Outstanding IPO Success
  • Tesla Revolutionizes EV Production
  • Google Pays a Hefty Fine

🚪 Tech Leaders Meet Behind Closed Doors to Discuss AI Regulation

Top tech CEOs and senators convened on the infamous Capitol Hill for a closed-door “hush-hush” meeting to discuss AI regulation. This comes at a time when lawmakers are grappling with the need to establish guidelines for transformative technologies.

The September 13 Senate “AI Insight Forum,” hosted by Senate Majority Leader Chuck Schumer (who still uses a flip-phone, by the way) featured some of our tech favorites:

  • Tesla (TSLA) & SpaceX CEO Elon Musk
  • Meta (META) CEO Mark Zuckerberg
  • OpenAI CEO Sam Altman
  • Former Microsoft (MSFT) CEO Bill Gates
  • Alphabet (GOOGL) CEO Sundar Pichai
  • Nvidia (NVDA) CEO Jensen Huang
  • Microsoft (MSFT) CEO Satya Nadella

These types of discussions are becoming an urgent matter with US elections around the corner coupled with the rapid advancement in AI. Apparently, Schumer asked everyone in the room during the assembly whether government should play a crucial role in the oversight ahem, control of artificial intelligence.

And guess what? Everyone raised their hands.

When speaking to CNBC’s Eamon Javers, Musk commented on what went down in the oh-so-secret room:

“It was a meeting that may go down in history as being very important for the future of civilization.”

Of civilization, hmm.

Google CEO Sundar Pichai identified four key areas for Congress to contribute to AI development:

  • crafting innovation-supportive policies
  • promoting AI adoption in government
  • addressing significant challenges like cancer detection
  • advancing a comprehensive workforce transition agenda

Later, they went on to discuss “transparency, applications of AI in healthcare, the displacement of workers by AI and who should regulate the technology,” according to Schumer.

So far, Schumer emphasized that legislation should come in a matter of months, not years.

Yet, not everyone is on board.

Critics have raised concerns regarding the identities of the forum’s attendees, primarily comprising tech CEOs who stand to gain from AI advancements. And there’s a division regarding AI regulation, with Microsoft and OpenAI advocating for a single regulatory agency, while Google and IBM express opposition.

As if that wasn’t enough scrutiny. Republican Kevin McCarthy even questioned Senator Schumer’s suitability to lead AI discussions considering he still rocks a phone that hasn’t been seen since the 90s.

Of course, regulations are quite welcome when it comes to technology. The question now is: how much control will they have over it?

📈 Arm IPO Soars on Nasdaq Debut: Shares Surge 24% Over Offering Price

Ladies and gents, we have a new winner.

On Thursday, the stock market witnessed a substantial surge in response to the highly anticipated initial public offering (IPO) of British chipmaker Arm. Investor sentiment was notably positive, as Arm’s shares experienced a remarkable 25% surge, resulting in the most outstanding performance for the Dow since early August.

Furthermore, Arm’s successful debut marked a significant victory for the Nasdaq, which seeks to leverage this achievement to attract more listings, positioning itself competitively against the rival New York Stock Exchange (NYSE).

It’s worth noting that Arm’s IPO marks a significant event for the Nasdaq, standing out as the most prominent IPO since the 2021 boom that eventually saw a downturn in 2022.

The IPO market has remained relatively subdued in recent times, with modest activity seen in the summer through companies like Oddity and Cava. However, this trend is shifting with Arm’s IPO and the recent filings from Instacart and Klaviyo. Experts believe that Arm’s performance could have broader implications, potentially reinvigorating a market that has been stagnant for over a year and offering insights into the AI sector’s current status.

🔌 Tesla’s Giga Casting Breakthrough Set to Revolutionize EV Production

It seems EV king Tesla (NASDAQ:TSLA) has recently integrated a sequence of innovations, potentially paving the way for a revolutionary transformation in its electric vehicle manufacturing process. This coincides perfectly with Elon Musk’s goal of halving production expenses.

Tesla introduced a groundbreaking approach known as “gigacasting.” By the way, A giga press is a high-pressure die-casting machine that injects molten aluminium into casting molds.

Tesla’s process involves employing massive presses exerting 6,000 to 9,000 tons of clamping pressure. This innovative technique has effectively molded the front and rear structures of its Model Y, resulting in substantial cost reductions and placing competitors in a scramble to emulate the process.

Insiders suggest that Tesla’s innovative approaches could enable the company to develop a car from scratch in just 18-24 months, a significant reduction compared to rivals’ 3-4 year timelines.

The process allows Tesla to utilize a single, unified frame for its forthcoming $25,000 small EV, scheduled for launch in 2025.

The big breakthrough is all about making changes to the large molds used for making stuff in large quantities. They’re making these molds smarter by adding hollow inner frames with special ribs to make things safer and lighter.

This was made possible by a team of experts from different countries like the UK, Germany, Japan, and the US, who used 3D printing and sand to figure it out. Tesla even joined forces with companies that use 3D printers to build test molds with special sand. It’s like making better and safer puzzle pieces for making cars!

To produce large vehicle components swiftly, Tesla would require more substantial gigapresses with clamping power exceeding 16,000 tons, which would require significant investment and potentially larger factory facilities, according to insiders.

However, utilizing high-clamping-power presses presents challenges in housing the 3D printed sand cores essential for creating hollow subframes, as noted by other sources. To address these issues, Tesla might consider an alternative press design that allows for the gradual injection of molten alloy, a method known for yielding higher-quality castings but generally involving a longer production timeline.

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“It is an enabler on steroids.”

President of U.S. engineering company CareSoft Global, Terry Woychowski, commented on Tesla’s “gigacasting” process saying although risky, it would have huge implications for the industry.

$93 million – This is how much Google will pay in a privacy settlement with California to resolve a lawsuit that accused the tech giant of misleading consumers regarding its location tracking practices. The lawsuit alleges Google was deceiving people into believing they maintained control over how Google collected and used their personal data.

But, we’re not exactly surprised at this, are we folks?

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Tesla (NASDAQ:TSLA): The European Union (EU) is allocating €352 million ($378 million) for green transport infrastructure, with Tesla’s Polish and Italian branches set to receive €148.72 million ($159.64 million). This funding will facilitate the installation or upgrading of 7,198 Superchargers across 22 countries, as outlined in the EU’s project list. Full story

Microsoft (NASDAQ:MSFT): Following a downturn in Oracle’s Q1 2023 revenue and a subsequent plunge in its stock price, the company has announced a partnership with Microsoft. This collaboration, known as “Oracle Database@Azure” offers customers access to Oracle’s database services hosted on Oracle hardware within Microsoft’s Azure data centers. It’s a strategic move amid challenging financial results for Oracle. Full story

Meta (NASDAQ:META): WhatsApp users were probably in “wtf” mode when they opened their apps yesterday. The Meta-owned messenger app is expanding its Channels feature for broadcasted messages to users in over 150 countries in the coming weeks. The feature resides in a separate tab, ensuring privacy by not revealing the channels followed or personal information to admins or followers. New interactions like emoji reactions are being added, with the total count of reactions displayed under each message. Full story

Mitsubishi (MSBHF): Mitsubishi Power Americas, Inc. has announced Chevron U.S.A. Inc. as a new strategic partner in the Advanced Clean Energy Storage project in Delta, Utah. Chevron’s acquisition of a majority stake in ACES Delta, LLC, the project’s developer, highlights its commitment to advancing lower carbon intensity solutions, particularly in hydrogen production, storage, and utilization. ACES Delta is a joint venture between Mitsubishi Power and Magnum Development, now a Chevron subsidiary. Full story

OpenAI: OpenAI the new globetrotter? The company is opening its third office in Dublin, adding to its locations in San Francisco and London. Although the Dublin office is initially launching with nine job openings spanning various teams, OpenAI’s chief strategy officer, Jason Kwon, has indicated plans for further role openings in the near future. Full story

VinFast (NASDAQ:VFS): VinFast’s 2023 sales strategy involves delivering 7,000 electric vehicles (EVs) to its affiliated taxi company, Green and Smart Mobility. Additionally, it’s worth noting that Vingroup’s CEO, Pham Nhat Vuong, maintains ownership of 99.7% of VinFast’s shares. Full story

TikTok: TikTok users, particularly the youngins, are using the platform as a search engine to obtain information ranging from restaurants to news. The social media app has now incorporated Wikipedia snippets into certain search results as per a partnership, including those for individuals, locations, and events, as observed recently. This feature was noted in searches related to The New York Times, Taylor Swift, Thanksgiving, and more. Full story

Things were not as expected, exactly. The U.S. witnessed a rise in its annual inflation rate in August. The Consumer Price Index (CPI) climbed from 3.2% to 3.7%. In fact, annual inflation has risen two months in a row after a 12 month straight decline. On a month-over-month basis, the inflation rate rose by 0.6%, compared to 0.2% in July.

Indeed, there’s a lot happening in the news this week. And, no, we are not gonna get into the alien shenanigans 🙄. But if you’re like me, you’re probably wondering what those tech guys were really discussing in private.

So, before you go, just a quick question:

Do you think AI regulation will limit the market’s full potential?

Reply to this email with YES or NO.

And with that, thank you for reading this issue of Money Mastery, enjoy your weekend! Rock on! 🤘😎

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