Good morning. US stock futures fell in Wednesday morning trading as investors took a breather from the markets’ rally in the past few weeks.

"In order to survive in these wild times, you’re going to make a total fool of yourself with incredible regularity. If you can’t laugh about it, then you’re doomed"

Tom Peters

Top News

White House ramps up push to regulate AI

WHAT: The folks in Washington seem to have their sights set on reeling in the galloping horse that is Artificial Intelligence (AI). US President Joe Biden is scheduled to meet with voices in the AI space and begin a “process to rapidly develop decisive actions” on regulations in the coming weeks according to White House officials.

WHY: Last year, the Biden Administration convened a National Artificial Intelligence Advisory Committee under the direction of the Commerce Department to provide recommendations. A report in May provided ideas for action by Washington including national standards for AI risk management and retraining for displaced workers.

EU plans big spend on tech investments

WHAT: The European Union is getting serious about making a “technological upgrade”. To do that, the 27 nation bloc is asking members to come up with an additional 10 billion euros for 2024-2027 to leverage a total of 160 billion euros worth of investments in key technologies, including renewable energy. “The future of strategic industries should be made in Europe” European Commission President Ursula von der Leyen said in presenting the call for more money.

WHY: The new scheme, dubbed Strategic Technologies for Europe Platform (STEP) is aimed at helping the EU develop expertise in microelectronics and quantum computing, as well renewable energy and electricity storage.

No more hidden fees!

WHAT: In a move that’s sure to have cable TV and broadcast satellite operators sweating bullets, the US Federal Communications Commission flexed its regulatory muscle by dropping a bombshell: soon these companies will be required to disclose to customers the full pricing for video programming services in their promotional materials and on bills.

WHY: The plan would require providers to disclose the total cost of video programming service — including broadcast retransmission consent, regional sports programming, and other programming related fees — as a prominent single line item on bills and in promotional materials.

In Other News

OpenAI app store coming?

 WHAT: From ChatGPT to app store? This seems to be on the trajectory for OpenAI, the parent company behind ChatGPT, according to reports from news site The Information. The company plans to launch a marketplace that will allow developers to sell their AI models built on top of its own AI technology.

WHY: Such a marketplace could compete with app stores run by some of the company’s customers and technology partners, and help OpenAI’s technology reach a broader customer base.

Spotify looks to level up with premium tier

WHAT: Streaming giant Spotify keeps looking for ways to get subscribers to part with more cash. This time, the company is planning to roll out a more premium subscription option that is expected to include high fidelity audio according to reports from Bloomberg. The new tier, dubbed “Supremium”, is slated to be launched later this year and include expanded access to audiobooks and other features.

WHY: Spotify, which competes with rival services from Apple and Amazon, has been trying to grow its number of paying subscribers by rolling out a range of audio-focused services such as the HiFi feature which upgrades the quality of sounds to “lossless” CD quality music.

Twitter in hot water with employees…again…

WHAT: Another day, another Twitter legal squabble. This time, employees are suing the “bird app” over tens of millions of dollars in bonuses Twitter failed to pay despite promises it said it would. The lawsuit, filed in San Francisco, claims that in the months leading up to billionaire Elon Musk’s acquisition, executives repeatedly promised employees that 50% of their 2022 bonuses would be paid.

WHY: Besides facing multiple lawsuits from employees, Twitter is also in hot water over unpaid rent, and unpaid bills for services.

Key Economic Events

• Wednesday - UK CPI Y-o-Y

• Thursday - Initial Jobless Claims, Bank of England Bank Rate

• Friday - No Major Economic News

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