🤖 How Does THIS Move Affect AI?

Good morning. US stock futures rose in Friday morning trading as investors review the latest batch of corporate earnings.

🚫 Biden admin launches bill to block export of AI models

📝 Our report: A bipartisan squad of lawmakers just whipped up a bill to give the Biden administration a helping hand in slapping export controls on AI models. The bill would also give the Commerce Department express authority to bar Americans from working with foreigners to develop AI systems that pose risks to U.S. national security.

 🔑 Key points:

• The legislation aims to bulletproof any future AI export regulations from legal challenges.

• It comes as worries mount that U.S. adversaries could use the models, which mine vast amounts of text and images to summarize information and generate content, to wage aggressive cyber attacks or even create potent biological weapons.

• If approved, the measure would remove roadblocks to regulating the export of open source AI contained in the International Emergency Economic Powers Act and also give the Commerce Department express authority to regulate AI systems.

💡 So what: Blocking the export of AI models by the Biden administration carries significant implications across various domains. Primarily, it safeguards prized US technology from falling into the hands of foreign entities, mitigating potential national security risks associated with the misuse of advanced AI capabilities. However, such restrictions could also impact companies involved in AI development and export, potentially limiting market reach and revenue streams.

Friday - Chicago Fed President Austan Goolsbee Speaks

📈 4 investing lessons from Peter Lynch

🏡 Should you rent or buy a house?

🧑🏽‍💼 Avoid these job search mistakes!

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

📱 Apple does about-turn on product ad

WHAT: Apple's latest ad for the iPad Pro hit a sour note – they got some backlash for showing musical instruments and other symbols of creativity being squished like bugs. "Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with this video, and we’re sorry,” Ad Age magazine quoted the iPhone maker as saying.

WHY: The advertisement titled "Crush" has over a million views on Apple's YouTube channel and was shared by CEO Tim Cook on social media platform X. It shows a variety of creative tools and objects such as a camera, guitar, piano and paint being destroyed by an industrial crusher.

🚫 US Commerce Dept adds to Chinese restriction list

WHAT: Biden's administration just pulled a "Not So Fast" move on 37 Chinese entities, slapping them onto a trade restriction list for supposedly not playing nice with America's national security and foreign policy interests, as per the Federal Register. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.

WHY: The trade restriction list, known as the entity list, has been used aggressively by the Commerce Department to stem the flow of technology to China amid fears Beijing could use it to bolster its military capabilities.

🗞️ Vice Media relaunches digital media arm

WHAT: Looks like Vice Media's getting a makeover – they're reviving their digital platform vice.com with a little help from Nashville's Savage Ventures, according to a joint statement. Vice, which started as an alternative punk magazine in 1994, emerged as a popular media brand among young audiences in the digital era thanks to its edgy and provocative content, and bold documentaries.

WHY: At its peak in 2017, Vice Media was estimated to be worth $5.7 billion but accumulated debt led to the company being acquired by a lender consortium led by Fortress Investment Group for $350 million in 2023.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs