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- 🤖 Who's Sounding The Alarm On AI?
🤖 Who's Sounding The Alarm On AI?
Good morning. US stock futures rose in Monday morning trading as investors continue to monitor corporate earnings.
S&P 500 | Dow | Nasdaq |
---|---|---|
+0.35% | +0.32% | +0.27% |
📉 The Oracle of Omaha warns of AI’s downside

📝 Our report: Warren Buffett is holding off on hopping aboard the artificial intelligence hype train for now, sounding the alarm about the potential pitfalls of the technology. Buffett was delivering remarks at Berkshire Hathaway’s recently concluded annual general meeting.
🔑 Key points:
”When you think about the potential for scamming people ... if I was interested in investing in scamming, it’s gonna be the growth industry of all time and it’s enabled, in a way” by AI Buffett said.
Scammers are known to use AI voice-cloning and deep-fake technology to manipulate videos and images that impersonate an individual’s family and friends to ask for money or personal information.
AI has been the talk of Wall Street for more than a year, as investors bet on the technology’s potential to drive higher profits going forward. Stocks such as Nvidia and Meta Platforms have skyrocketed during the AI boom, up 507% and 275%, respectively since the end of 2022.
💡 So what: The rise of AI brings several risks, including job displacement, bias and discrimination, privacy concerns, security vulnerabilities, ethical dilemmas, and dependency issues. Privacy violations and security breaches are also significant concerns, along with ethical dilemmas surrounding the use of AI in areas like autonomous weapons. Additionally, society's increasing reliance on AI raises questions about dependency and the need for robust regulatory frameworks to address these risks responsibly.

Monday - New York Fed President William Speaks
Tuesday - Consumer Credit
Wednesday - Boston Fed President Susan Collins Speaks
Thursday - Initial Jobless Claims (wk end May 3)
Friday - Chicago Fed President Austan Goolsbee Speaks

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🏡 Everything you need to know about fixed-rate mortgages
🤝🏽 This is what you should look for when selecting a business partner

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✈️ Boeing set to enter space race
WHAT: After a bumpy ride filled with delays, Boeing is now gearing up to send astronauts to the International Space Station for NASA. It’s the first flight of Boeing’s Starliner capsule with a crew on board, a pair of NASA pilots who will check out the spacecraft during the test drive and a weeklong stay at the space station.
WHY: NASA turned to U.S. companies for astronaut rides after the space shuttles were retired. Elon Musk’s SpaceX has made nine taxi trips for NASA since 2020, while Boeing has managed only a pair of unoccupied test flights.
🛻 Union, truck company ratify labor agreement
WHAT: The United Auto Workers just hit the jackpot with Daimler Truck – they just greenlit a new labor contract that includes a hefty 25% wage hike over four years. The vote was 94.5% in favor of the new contract, which covers more than 7,300 hourly UAW workers after a tentative agreement was reached in late April, averting a strike at the 11th hour.
WHY: The deal with the German truck maker, which was spun off from what is now automaker Mercedes, comes just about two weeks before votes on whether to join the UAW will be tallied at a Mercedes assembly plant in Alabama.
🛢️ Saudis raise oil prices to Asia
WHAT: Looks like Saudi Arabia is playing the oil price limbo – they just raised the price of their top-notch crude to Asia for the third month in a row. State-owned Saudi Aramco raised the June official selling price of Arab Light crude for customers in Asia by 90 cents to $2.90 a barrel above the regional Oman-Dubai benchmark, according to a price list from Bloomberg.
WHY: The hike highlights Saudi Arabia’s efforts to keep the market tight amid fading war risk in the Middle East, which has helped drive oil prices in Europe lower.
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