![]() The state-controlled oil giant earned $30 billion in the second quarter, sharply lower than in the same period last year, driven partly by declining global crude prices. Saudi Aramco reports a 38 percent drop in quarterly profit. “There are humans that build the models that set up parameters,” he said. Gensler says it’s fair to ask the companies to create mechanisms that are safe and that anyone who uses a chatbot is not delegating responsibility to the tech. is a matter of debate among policymakers. “And whether you’re using an algorithm, you have that same duty of care.” gives faulty financial advice? “Investment advisers under the law have a fiduciary duty, a duty of care, and a duty of loyalty to their clients,” Mr. “And so we put out a specific proposal about addressing those conflicts that could be embedded in the models.” “You’re not supposed to put the adviser ahead of the investor, you’re not supposed to put the broker ahead of the investor,” Mr. ![]() last month proposed a rule that would require platforms to eliminate conflicts of interest in their technology. to study investor behavior or recommend trades prioritizing user interests when they act on that information? The meme stock frenzy driven by social media and the rise of retail trading on apps highlighted the power of nudges and predictive algorithms. models may put companies’ interests ahead of investors’. “It has to do with this powerful set of economics around scale and networks.”Ī.I. “This technology will be the center of future crises, future financial crises,” Mr. This will deepen interconnections across the economic system, making a financial crash more likely because when one model or data set becomes central, it increases “herding” behavior, meaning that everyone will rely on the same information and respond similarly. Gensler expects that the United States will most likely end up with two or three foundational A.I. companies will build the foundational models that underpin the tech tools that lots of businesses will come to rely on, based on how network and platform effects have benefited tech giants in the past. Gensler co-wrote a paper about deep learning and financial stability. could be the next big systemic risk to the financial system. Gensler outlined some of his biggest concerns in an interview with DealBook’s Ephrat Livni.Ī.I. tools like ChatGPT has demonstrated that the technology is set to transform business and society. The recent proliferation of generative A.I. Gary Gensler, the chairman of the S.E.C., has been studying the potential consequences of artificial intelligence for years. Its largest stock holding by far remained its $177.6 billion stake in Apple.Īmong the other second-quarter changes disclosed on Monday, Berkshire added to its stake in Capital One, reduced its stakes in Celanese and Globe Life, and exited holdings in Marsh & McLennan, McKesson and Vitesse Energy.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.A financial regulator issues a warning on A.I. The selling included 45% of Berkshire's stake in General Motors, whose shares fell 1% after hours.įor all of 2023, Berkshire has sold $18.4 billion more stocks than it has bought. ![]() NVR's stock price tops $6,000 and its shares therefore trade more thinly.īerkshire also owns dozens of operating businesses including the Geico car insurer, BNSF railroad, several energy, utility and industrial companies, and consumer brands such as Dairy Queen, Duracell, Fruit of the Loom and See's Candies.ĭespite the new investments, Berkshire was a net seller of stocks in the quarter, buying $4.6 billion and selling $12.6 billion from its $353.4 billion equity portfolio. ![]() Shares of DR Horton rose 2.8% and Lennar rose 2% in after-hours trading. ![]()
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