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Good morning. US stock futures ticked higher in Tuesday morning trading as investors await the latest interest rate decision by the Federal Reserve.

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🤖 Biden signs executive order regulating AI

📝 Our report: 

 🔑 Key points: The US government is putting artificial intelligence (AI) on a regulatory treadmill, ensuring it doesn’t become a wild tech mustang! President Joe Biden recently signed an executive order designed to regulate AI and rein in an emerging technology that has sparked both fear and praise. 

  • The executive order lays out new rules on security and privacy protection for AI.

  • Big Tech companies will be directed to put AI models through rigorous safety tests and submit results to the government before they can be launched publicly.

  • The order also creates infrastructure for watermarking standards for AI-generated content, such as audio or images, often referred to as “deepfakes”.

💡 So what: The rise of AI has brought with it both opportunities and threats. The involvement of the US government in a regulatory capacity is meant to ensure guardrails are kept around the mushrooming technology to safeguard both users and corporation from being exploited while maximizing the societal benefits.

Tuesday - US Consumer Confidence

Wednesday - Federal Reserve Decision On Interest Rates, Fed Chairman Powell Press Conference

Thursday - Initial Jobless Claims (wk end Oct 28)

Friday - US Unemployment Rate

💰 These are the pros and cons of investing in stocks!

🛢️ World Bank warns higher oil prices around the corner!

🎃 Halloween treats experience inflationary pressure!

📱 Meta charges for ad-free services in Europe in regulatory compliance move

WHAT: Meta Platforms is a running a new game plan in Europe! The company said it will offer users in the EU a subscription plan to use Facebook and Instagram without advertisements to comply with European regulations. The monthly subscription plan for users in the EU will cost 9.99 euros for web users, with iOS and Android users having to shell out 12.99 euros a month.

WHY: The world’s most popular social media network has been under antitrust pressure in the EU. In July it lost its fight against a German data curb order, and was fined 300 million euros earlier this year by Ireland’s Data Privacy Commissioner over sending users ads based on their online activity.

🚫 Canada bans Chinese, Russian apps on govt devices

WHAT: Canada is playing the “big tech trust game” and decided to uninvite Chinese messaging application WeChat and Russian antivirus program Kaspersky from its government-issued mobile devices. The ban was announced after an assessment by Canada’s chief information officer that concluded “both applications present an unacceptable level of risk to privacy and security”

WHY: In February, Canada banned TikTok — the short-video app owned by Chinese company ByteDance — from government issued devices due to similar privacy and security concerns.

🏪 Store upgrades coming to Walmart

WHAT: Walmart is giving its stores a makeover worthy of a shopping spree! The big box retail chain announced it was investing over $9 billion to upgrade and modernize close to 1400 US stores with improved layouts, expanded selections and new tech offerings.

WHY: Walmart’s low-cost and low-margin groceries have been a big draw for Americans dealing with steep inflation in food prices over the past two years.

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