🤖 US-China Tensions Likely To Escalate As...

Good morning. US stock futures moved higher in Monday morning trading as Wall Street geared up for a busy week of economic data.

🤖 US updates export restrictions in chip war with China

📝 Our report: The Biden administration has updated regulations to throw a wrench in China's plans to get their hands on U.S. artificial intelligence (AI) chips and chipmaking tools, all in the name of keeping national security tight. The updated rules represent the latest salvo in the ongoing battle between China and the US to gain dominance in the artificial intelligence industry.

 🔑 Key points:

• The rules, released in October, seek to halt shipments to China of more advanced AI chips designed by Nvidia and others as Washington cracks down on Beijing over concerns its advancing tech sector could help boost China's military.

• The new rules, which run 166 pages in length, go into effect this week. They clarify, for example, that restrictions on chip shipments to China also apply to laptops containing those chips.

• The Commerce Department, which oversees export controls, has said it plans to continue updating its restrictions on technology shipments to China as it seeks to bolster and fine-tune the measures.

💡 So what: The US updating its export restrictions on chips to China signifies a tightening of controls over sensitive technology, which could strain relations between the two countries further. This move reflects growing concerns in the US about China's technological advancements and its impact on national security. It may escalate tensions between the two nations, particularly in the realm of trade and technology competition.

Monday - Fed Governor Lisa Cook Speaks

Tuesday - Cleveland Fed President Loretta Mester Speaks

Wednesday - Fed Chair Jerome Powell Speaks, ISM Services

Thursday - US Trade Balance, Chicago Fed President Austan Goolsbee Speaks

Friday - US Unemployment Rate, Consumer Credit

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🔴 AT&T hit with data breach

WHAT: Telecom giant AT&T said it stumbled upon a dataset lurking in the depths of the "dark web," boasting details like Social Security numbers belonging to approximately 7.6 million current AT&T account holders and a whopping 65.4 million ex-account holders. The compromised data is from 2019 or earlier and does not appear to include financial information or call history, AT&T said.

WHY: It is not the first crisis this year for the Dallas-based company. An outage in February temporarily knocked out cellphone service for thousands of U.S. users. AT&T at the time blamed the incident on a technical coding error, not a malicious attack.

🚫 US Congress bans tech giant’s product

WHAT: Looks like the U.S. House of Representatives is playing digital bouncer, slamming the door shut on congressional staffers' dreams of having a witty AI sidekick courtesy of Microsoft's Copilot. "The Microsoft Copilot application has been deemed by the Office of Cybersecurity to be a risk to users due to the threat of leaking House data to non-House approved cloud services," the House's Chief Administrative Officer Catherine Szpindor said, according to a report by Axios.

WHY: Policymakers have been looking at potential risks in federal agency adoption of artificial intelligence and the adequacy of safeguards to protect individual privacy and ensure fair treatment.

🚗 Autoworkers union membership declines to lowest level in more than a decade

WHAT: The United Auto Workers union saw a 3.3% decline in membership in 2023, dropping to 370,000 members, its lowest level since 2009, as reported by the U.S. Labor Department. UAW membership is down from 397,000 at the end of 2020 and from its 1970 high of 1.5 million members. It fell to 355,000 in 2009 during the Great Recession and the U.S. auto sector restructuring.

WHY: After winning record new contracts with General Motors, Ford and Stellantis, the UAW launched a first-of-its-kind campaign to organize the entire non-union auto assembly sector in the U.S., initiating simultaneous organizing efforts at non-union operations owned by Volkswagen, Toyota, Mercedes-Benz, Hyundai and other automakers.

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