AI Anxiety Rattles Markets, Meta-Nvidia Ties, More
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News When You Want It with Bloomberg News Now, I'm Doug Krisner. There is simply no mistaking the disruptive power of artificial intelligence. Today, Anthropic released a new AI model aimed at using PCs in increasingly complicated ways. CloudSonic 4.6 can carry out actions that require multiple steps, such as filling out web forms and then coordinating information across several browser tabs. Now, the equity market remains anxious over the ability of AI to disrupt many businesses. Software stocks in particular have been punished, and in some cases, so has the debt associated with those companies. Today, a handful of software firms released earnings ahead of schedule to show their resilience. Nonetheless, the IGV software ETF was down 2.2% today.
Here is Julie Beal from Kane Anderson Rudnick.
it's very likely that AI is going to disrupt all of us in a pretty meaningful way. But it's not clear to me, and I don't think it makes a lot of sense to be directing a ton of client money based on very unproven facts. Many of the companies that are coming forward and purporting to be disruptors These are Silicon Valley darlings that, you know, have a great amount of rhythm and they have lots of growth opportunities from them, but they haven't actually demonstrated the hardest thing, which is the distribution and the ability to sell into enterprise. And that is much tougher and takes much more time to figure out.
Julie Beal there from Kane Anderson Rudnick. Now, at the same time, the Fed is trying to assess the impact of AI on the American economy and productivity growth. Here is the head of the San Francisco Fed, Mary Daly.
So what we're looking for is a technology to give us consistently good changes in productivity so that all industries at scale get better. Industries figure out new ways to generate revenue, new ways to do product design, new ideas to come and shape the economy. That's the thing that has a sustained productivity growth part. So it's undeniable productivity growth has gone up. What's not as clear is how long will that last.
That is San Francisco Fed Bank President Mary Daly speaking at San Jose State University. Meta Platforms has agreed to deploy millions of NVIDIA processors over the next few years. And for the first time, Meta is planning to rely on NVIDIA's Grace central processing units. Apple is accelerating development of three new wearable devices, and that would include smart glasses, a pendant, and AirPods with expanded AI capabilities.
What is the significance of AI's disruptive power in today's market?
All of this is part of the company's shift toward AI-powered hardware. Here is Bloomberg's Mark Gurman.
The pendant is something entry level. It's an accessory, eyes and ears to the phone. The AirPods is something more substantial, right, with that audio gear in there. And then there's the high end of the AI strategy being the smart glasses with the high resolution camera, a computer vision camera, all sorts of functionality to really augment without a display your real world experience using AI.
That is Bloomberg's Mark Gurman. Now, all three devices are being built around the Siri digital assistant. Crude oil prices declined today. That was after the U.S. and Iran made progress in nuclear talks in Geneva. Tehran's negotiators are scheduled to return with a new proposal in two weeks. Now, that may suggest reduced chances of any imminent military clash. Here is Evelyn Farkas, executive director at the McCain Institute.
I don't think that I would put too much stock in it in the sense that when President Trump has two carriers off the coast or within striking range of Iran, it usually means he's going to use force just based on past recent experience a la Venezuela.
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