US is heading towards 'financial crisis,' warns Russ Vought$

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AI's future is in the hands of the courts Before the zealous backers of AI can revolutionize the world, they'll have to prove they aren't violating copyright law. The New York Times has marshaled a major legal challenge against AI companies, alleging that Microsoft and OpenAI engaged in wide-scale copying, hijacking the Times' journalism to train its AI chatbots. The lawsuit is the latest in a broader dispute over how courts should view the legality of training large language models using the published work of others without compensation. Permissive interpretations of AI and intellectual property could shield AI companies from liability not just when it comes to disputes with the Times and other news outlets, but with visual artists, record labels, and authors who have filed their own lawsuits against the makers of generative AI tools. The changing landscape of the web presents additional financial incentives for media companies considering agreements with AI companies. As more users access information and content without using traditional web browsers, the advertising revenue tied to search will diminish. That poses a threat to companies reliant on such ad-based models. AI tools like ChatGPT, which answer users’ questions as if it were speaking to a person, are thought of as a more intuitive replacement to the formulaic search engines that have defined the internet experience for decades. More than one-third of the Times’ web traffic comes from organic search, Evercore analysts noted, highlighting the risks of a drop in search-based revenue. Even if the Times settles, advocates for creative professionals worry that the livelihoods of work-for-hire artists could be threatened if AI companies are free to hoover up content on the web while cutting deals with major institutional players. "The New York Times is a very big fish in a small pond. On the other end is small creative professionals," said Allen. "We don't have the ability to fight or to stand up against AI misuses of our intellectual property." #BinanceTournament #news $BTC $ETH $SOL

#AI Obsession Powers $7 Trillion Nasdaq 100 Rally: Markets Wrap A banner year for stocks is drawing to a close, with gains in big tech leaving the market near all-time highs amid the artificial-intelligence exuberance and dovish Federal Reserve bets. On the eve of Wall Street’s final closing bell of 2023, the Nasdaq 100 marched toward its best year since 1999 after a $7 trillion surge. The S&P 500 approached a record — and is roughly 1% below the average full-year gain predicted in a recent survey with analysts, who forecast the index would end 2024 at 4,833. “If the stock market can break through that record high in any significant way as we move through January, it’s going to be very bullish on a technical basis,” said Matt Maley at Miller Tabak + Co. “Whenever the market is rallying strongly at the beginning of a new year — when a lot of people are adjusting their investment-game plans — it tends to exacerbate the rally.” #news #BinanceTournamen $BTC $ETH $SOL

China’s Xiaomi unveils its first EV as it looks to compete with Porsche, Tesla Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China’s oversaturated electric vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop. The company’s car model, known as Xiaomi SU7, “is in trial production and it will hit the domestic market in a few months,” CEO Lei Jun said in a Tuesday post on the X social media platform, formerly known as Twitter. “The price has not been finalized yet.” #news #newsbinance #business #BinanceTournamen $BTC $ETH $SOL

#Dollar Is Set for Worst Year Since 2020 Wagers on Federal Reserve easing have ramped up in December The dollar is poised for its worst year since the onset of the pandemic as Wall Street bets the Federal Reserve is set to lower interest-rates after safely reining in prices. After being whipsawed by false starts calling for the end of the Fed’s rate hiking regime, a Bloomberg gauge of the greenback is down nearly 3% since January in the steepest annual drop for the US currency since 2020. Much of the decline materialized in the fourth quarter on growing wagers that the Fed will sharply loosen policy next year as the US economy slows. That dents the dollar’s appeal as other central banks may keep their rates higher for longer. #BinanceTournamen

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