International markets update:
Global markets are grappling with a deepening debate over AI regulation, significant commodity price increases, and surging bond yields driven by expectations of an imminent Federal Reserve rate hike.
- The debate over AI development intensified as former President Trump, self-proclaimed “Hoax Buster,” strongly rejected calls for a slowdown, dismissing fears of AI takeover as a “hoax.”
- Amid the regulatory discussion, Cohere CEO Aidan Gomez warned that AI models are becoming the “most potent cyber weapon ever created” due to their ability to find and exploit vulnerabilities at scale.
- Investor apprehension led to significant declines in AI-related stocks, with companies like Micron, Intel, Nvidia, Marvell Technology, and Applied Materials all seeing substantial drops overnight.
- Oil prices continued their ascent, with both WTI and Brent crude futures rising amid concerns surrounding the closure of Saudi Arabia’s critical East-West pipeline.
- U.S. Treasury yields touched multi-year highs, with the 10-year yield nearing 5%, as market participants anticipate a nearly certain Federal Reserve rate hike this Wednesday.
- China’s foreign ministry pushed back against calls to slow AI development, advocating for “healthy and orderly” growth and the acceleration of an AI security risk prevention system.
Stock Market News summarised for the Wall Street Investors Club community.