Julie Morgan
👤 SpeakerAppearances Over Time
Podcast Appearances
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.
It's good to be with you on this Friday, the 10th of April.
Treasury Secretary Scott Besant and Federal Reserve Chair Jerome Powell are said to have summoned Wall Street leaders to an urgent meeting on concerns that the latest AI model from Anthropic will usher in an era of greater cyber risk.
Reports say they assembled the group at Treasury's headquarters in Washington earlier this week to make sure banks are aware of possible threats raised by Anthropic's mythos and potential similar models and are taking precautions to defend their systems.
Bloomberg News, which first reported the matter on Thursday, said the CEOs of Citigroup, Morgan Stanley, Bank of America, Wells Fargo, and Goldman Sachs were present.
JPMorgan Chase CEO Jamie Dimon was invited to the conversation but could not attend.
Anthropic on Tuesday released the model Claude Mythos Preview to a select group of partners including Amazon, Apple, and Microsoft to give them a head start on being able to secure vulnerabilities.
Anthropic says the new model can find software vulnerabilities better than all but the most skilled humans.
Software companies nearly across the board were bleeding on Thursday, with cybersecurity names hit the hardest amid persistent fears of AI disruption and a shaky geopolitical backdrop.
Cybersecurity firms were hemorrhaging the most, led by Qualsys, which was down 12%,
Cloudflare and Tenable closed more than 8% lower, and Zscaler tumbled 11%.
Moreover, OpenAI is also finalizing a new powerful model with advanced cybersecurity capabilities that it plans to release only to a small set of companies, similar to Anthropic's limited rollout of Mythos.
Meta is taking down ads by law firms seeking clients on Instagram and Facebook to join lawsuits alleging harm from addictive platform design.
The crackdown comes after a wave of legal momentum against social media companies and recent court losses, including a $375 million ruling in New Mexico and $6 million damage award in Los Angeles against Meta and Google.
Meta spokesperson Andy Stone stated the company is defending against thousands of cases in both state and federal courts in California.
He said in a statement, we will not allow trial lawyers to profit from our platforms while simultaneously claiming they are harmful.
Postal Service proposed a new round of price increases, which includes a hike in the cost of a first-class mail-forever stamp.
The changes, if approved, would take effect July 12th and raise mailing services prices by roughly 4.8 percent overall.