Market News 5/23

Market News

Yesterday, the stock market experienced a combination of positive and negative performance, with the Nasdaq index standing out as a particularly strong performer, reaching its highest level since August. However, the focus of attention remained on Washington, where discussions regarding the potential increase of the debt ceiling were ongoing. Pfizer's stock witnessed a significant increase following the release of a study demonstrating that its forthcoming oral diabetes medication resulted in comparable weight loss to Ozempic injections.

Politics

There was no explosion at the Pentagon

If you were active on Twitter yesterday morning, you might have come across a seemingly AI-generated image that gained significant traction before being proven false. The fabricated image initially surfaced on Facebook and subsequently spread to Twitter, where numerous verified accounts, including one posing as Bloomberg Feed (unrelated to the legitimate news site) and the Russian state news outlet RT, shared it. The dissemination of this misinformation briefly led to a decline in the stock market, as reported by Bloomberg.

Crypto

Bankrupt Crypto Company Celsius Could Get New Life From Wall Street

A fierce competition is unfolding between two prominent financial firms on Wall Street over the acquisition of bankrupt cryptocurrency lender Celsius Network. Apollo Global Management and senior executives from Fortress Investment Group, specializing in distressed debt, are supporting rival factions that seek to relaunch Celsius under fresh leadership, as per insiders. Both proposals involve injecting approximately $50 million into Celsius to facilitate its reestablishment as a publicly traded company, predominantly owned by its creditors. The objective is to enable Celsius to resume certain operations in the cryptocurrency lending sector.

Artificial Intelligence

Biden Administration Developing National AI Strategy

On Tuesday, the Biden administration took a further step in the direction of regulating new artificial intelligence tools, including ChatGPT, by soliciting public input. The aim is to develop a national AI strategy that safeguards against misinformation and other potential drawbacks associated with this technology. The White House Office of Science and Technology Policy will utilize the public input, which encompasses areas like "standards, regulations, investments, and improved trust and safety practices," to shape the strategy. This strategy will serve as a guide for federal agencies as they navigate the expanding use of AI. It is expected to address both the advantages of AI, such as enhancing access to government services, as well as concerns like heightened hacking risks, biased outcomes from AI systems, and the disruptive potential of AI-generated content in elections.

Interesting Chronicles

Jeff Bezos buys $500m Yacht

According to reports, billionaire entrepreneur Jeffrey Bezos is allegedly planning to marry his girlfriend of five years, Emmy Award-winning journalist Lauren Sanchez. The proposal is said to have taken place in Cannes, France, aboard Bezos' recently acquired $500 million superyacht named Koru.