Luke Vargas

I mean, is the difference here digital ad spending targeting consumers versus AI spending for the purposes of enterprise products?

Altaf, I'm just thinking about Meta and its digital ad business, a real cornerstone for the company.

How relevant is it that consumers seemingly have been as receptive as they've been to AI images and marketing materials?

Obviously, we know creators have chafed at this, but it's a tailwind for businesses that have gone big on AI image creation if they can normalize this within the ad space.

Tesla reported results last night.

CEO Elon Musk announced on an earnings call that the company would be canceling its Model S and Model X EVs and converting some factory space in California to making Optimus robots.

Althoff, we are not here to discuss how sad this pivot might be, but it raises the question, if investor patience is already being tested by the lack of revenue from some AI spending around the LLM build-out, is spending big now on a slightly more distant, autonomous future going to be a harder pill to swallow?

Altaf, one undisputable bright light so far this earnings season has been chip demand.

We saw this in SK Hynix's results and ASML's and Samsung's.

How long can companies across the semiconductor supply chain keep having these blockbuster quarters if the thus far deep-pocketed hyperscalers are still sorting out how to make a profit off of AI?

Altaf Qasim is the European Head of Investment Strategy and Research for State Street Investment Management.

Altaf, thank you so much for being with us on What's News.

Thank you, Luke.

Coming up, the rest of the day's news, including a pair of health updates as U.S.

life expectancy ticks higher after the break.

FBI agents have searched the main election office in Fulton County, Georgia, seeking records related to the 2020 presidential election.

The Trump administration is stepping up efforts to reexamine the president's loss to Joe Biden, with Trump promising last week that, quote, people will soon be prosecuted.

Trump has repeatedly alleged that Fulton County produced fraudulent results and urged various officials, including Georgia's Secretary of State, to help find enough votes to overturn his narrow defeat in the state.

Rob Pitts is the chairman of the Fulton County Board of Commissioners, heard here courtesy of Atlanta News First.

Georgia election officials conducted two recounts that confirmed Biden's victory in the state, and no court or election authority found evidence of widespread fraud in the presidential election.