Good morning. US stock futures were mixed in Wednesday morning trading as Big Tech earnings began to roll out.

"Every day I'm lucky if I learned something new, and I'm doubly lucky if it hadn't cost too much"

Chuck Akre

Top News

US government trains eye on AI industry

WHAT: Oh boy! It looks like the US government is getting serious about cracking down on harmful business practices involving artificial intelligence. The head of the Federal Trade Commission, Lina Khan, even singled out widely-used AI tools like ChatGPT in her warning message.

WHY: Khan joined top officials from US civil rights and consumer protection agencies to put businesses on notice that regulators are working to track and stop illegal behavior in the use and development of biased or deceptive AI tools.

Yellen: US debt default would be catastrophic

WHAT: US Treasury Secretary Janet Yellen just dropped the ultimate bombshell on Congress: if they don't raise the government's debt ceiling the US would experience an "economic catastrophe" that would shake the economy to its core with ripple effects lasting years.

WHY: Yellen, delivering remarks at a Washington event with business executives from California, said a default on US debt would result in job losses, while driving household payments on mortgages, auto loans and credit card payments higher.

New approaches needed to solve debt crisis

WHAT: World Bank Chief Economist Indermit Gill is proposing some fresh tactics to tackle the ever-growing debt crisis plaguing many countries. As a first step, he's suggesting countries include domestic borrowing in any assessment of a country's debt sustainability.

WHY: Several developing countries have found themselves in a debt spiral since the onset of the pandemic, with many reaching out to lending agencies like the World Bank and IMF to restructure their onerous debt burdens.

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In Other News

Binance drops bid for crypto firm's assets

WHAT: Crypto trading platform Binance.US has decided to call off its whopping $1.3 billion deal to buy up the assets of bankrupt crypto lender Voyager Digital, citing they're feeling a little uneasy about the "hostile and uncertain regulatory climate" around the whole crypto scene.

WHY: Voyager said following Binance.US's termination of the asset purchase agreement, it would proceed to exercise an option to return cryptocurrency and cash directly to its customers through the Voyager platform.

Clean up your language chatbots!

WHAT: Nvidia, one of the big shot suppliers of chips and computing systems, has unveiled a new set of software tools to help chatbots mind their manners. The tools are designed to help artificial intelligence system creators put into place important measures such as ensuring chatbots do not respond with potentially dangerous information.

WHY: Nvidia's chips have helped companies like Microsoft add human-like chat features to search engines like Bing, but the chatbots can still be unpredictable and say things their creators wish they did not.

R.I.P Chevy Bolt EV

WHAT: Looks like General Motors is about to pull the plug on their Chevrolet Bolt electric vehicle. Apparently GM wants to put more focus into making trucks and SUVs that run on newfangled battery technology.

WHY: The Bolt, which qualifies for a $7500 federal tax credit, has been repeatedly touted by the Biden administration as an example of an affordable EV.

Key Economic Events

• Wednesday - US Goods Trade Balance

• Thursday - US GDP Growth Rate Q-o-Q

• Friday - U. Of. Mich. Consumer Sentiment, Baker Hughes Rig Count

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