🔥 A.I. Is Feeling The Heat From...?

Good morning. US stock futures moved lower in Friday morning trading as investors awaited the release of the latest jobs report.

🤖 US DOJ cracks whip on AI industry

📝 Our report: The US Department of Justice (DOJ) is not messing around! DOJ officials are warning that companies and people who deliberately misuse artificial intelligence technology to advance white-collar crimes like price fixing and market manipulation will be at risk for harsher sentences.  

 🔑 Key points:

• The DOJ’s stance underscores the extent to which law enforcement officials are concerned about how the rapidly developing technology could be exploited, by foreign adversaries or by domestic entities, to harm the U.S.

• Deputy Attorney General Lisa Monaco said that the Justice Department will also take into account how well a company is managing the risks of AI technology each time it assesses a corporate compliance program.

• “Where AI is deliberately misused to make a white-collar crime significantly more serious," Monaco said, "our prosecutors will be seeking stiffer sentences — for individuals and corporate defendants alike.”

💡 So what: Managing criminal risks associated with artificial intelligence (AI) is of paramount importance for the US Department of Justice (DOJ) to uphold the rule of law and protect society. As AI technology evolves and becomes more prevalent, the potential for misuse in criminal activities, such as fraud, market manipulation, and cybercrime, also increases. By proactively addressing these risks, the DOJ can deter criminal behavior, safeguard the integrity of markets, and protect individuals and businesses from harm.

Friday - New York Fed President John Williams Speaks

 📈 Seth Klarman shares these 6 investing lessons

👨🏽‍💼 These signs might mean it’s time to move on from you current job 

💳 Should you consolidate your debt?

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🛒 Grocery chain plans US expansion

WHAT: Hold on to your shopping carts, America! Aldi's on a roll and planning to sprinkle 800 of its discount grocery stores across the country. Aldi said it was looking to add almost 330 stores across the Northeast and Midwest regions by the end of 2028. The company will also add more stores in southern California and Phoenix and enter new cities, including Las Vegas.

WHY: Aldi, which recently closed on its acquisition of Southeastern Grocers, said that it will convert a significant number of Winn-Dixie and Harveys Supermarket locations to its format over the next several years.

💳 Biden admin moves to cap credit card late fees

WHAT: The Biden administration just rolled out a new rule to put a cap on all those pesky credit card late fees! The Consumer Financial Protection Bureau’s new regulations will set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee. The bureau estimates banks brought in roughly $14 billion in credit card late fees a year.

WHY: Americans held more than $1.05 trillion on their credit cards in the third quarter of 2023 — a record high. Additionally, more Americans have been falling behind on their credit card debts as well. Delinquency rates at the major credit card issuers such as American Express, JPMorgan Chase, Citigroup, Capital One and Discover have been trending upward for several quarters.

💸 US household wealth hits record high

WHAT: Looks like the wallets of Americans just got a hefty upgrade! According to the Federal Reserve, U.S. household wealth skyrocketed to a record $156.2 trillion by the end of 2023, thanks to a surging stock market that offset a drop in property market values.

WHY: The value of equities held directly or indirectly through mutual funds, life insurance policies or retirement accounts rose by $4.7 trillion to $47.6 trillion from $42.9 trillion, the Fed added, noting that stock market gains offset real estate values that declined by $0.6 trillion to about $49 trillion after rising in the two previous quarters.

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