1
Tech stocks shed over $1 trillion in value as Brent crude tops $110 a barrel
Technology stocks sold off sharply on Friday, wiping out more than $1 trillion in value as oil prices surged and worries over AI spending resurfaced. NBC News reported the S&P 500 fell 1%, while BNN Bloomberg put the decline at 1.1%, with chipmakers among the biggest losers. Oil's rise has been driven by the Strait of Hormuz disruption that followed the U.S. and Israeli attacks on Iran in late February, and by Ukrainian strikes on Russian refineries that have tightened diesel supply. Investors fear tech companies that borrowed heavily to fund AI may struggle to keep spending as bond yields climb and the Federal Reserve weighs another rate increase.
Key facts
- Nasdaq 100 fell 2.5% Friday, about 7% below its recent all-time high, NBC News reported.
- Philadelphia semiconductor index fell 3.8%, its eighth straight daily loss and longest streak since 2008.
- Brent settled at $109.86 a barrel, its highest close since May 19.
- West Texas Intermediate closed at $101.41, its first close above $100 since September.
- CME Group data cited by AP put December Fed rate-hike odds at 76.1%, up from 50.2%.
Commentary
Sources: NBC News, The Athens Messenger, BNN Bloomberg, Bloomberg.com
2
China proposes export curbs on advanced AI technologies and restricts solar technologies, citing national security
China has proposed adding advanced artificial intelligence technologies to its export-control list, which could restrict overseas transfers of AI models and chip designs, Bloomberg reported. The move is aimed at tightening control over homegrown advances in a strategically important sector. Bloomberg describes the AI measure as a draft, whereas its solar report presents the solar restrictions as settled. Separately, the Ministry of Commerce said it will restrict exports of several solar technologies, citing the need to safeguard national security and interests. Bloomberg reported that Beijing is trying to keep its technological edge in renewable energy as the US and India expand domestic manufacturing.
Key facts
- China's draft AI proposal covers 23 technologies, including large language models, agents and computing clusters.
- Restricted AI items would include model weights and source code for products above certain performance thresholds.
- The Ministry of Commerce will add 12 solar-related technologies and core equipment to its export-control list.
- The solar measures are part of a revision targeting 40 key technologies, including AI and biopharmaceuticals.
Commentary
Sources: Bloomberg.com
3
Flock surveillance cameras draw nationwide backlash over privacy concerns and police misuse
More than 50 cities and counties have canceled or deactivated automated license plate-recognition cameras this year, Politico found, amid backlash across red and blue states. Florida revoked local police access to state highways on Monday, Texas Governor Greg Abbott paused state funding, and Pennsylvania Governor Josh Shapiro said he would welcome a bipartisan ban. Critics cite police tracking of ex-partners, and the ACLU's Jay Stanley called it the biggest grassroots privacy backlash he has seen in 20 years. Flock Safety says its cameras capture plate and vehicle details and do not identify individuals, while expert Kenneth Gray says they can help solve crimes. Senator Josh Hawley opened an investigation into the company.
Key facts
- Flock cameras have been vandalized in at least 36 states, NPR reported last month.
- A Kentucky police officer was arrested after authorities alleged he tracked his ex-girlfriend over 2,000 times.
- Six Savannah, Georgia, police department employees were fired in August over alleged Flock camera abuse.
- More than 135,000 license plate-recognition cameras have been identified nationwide, four in five made by Flock Safety.
- The Institute for Justice says it has identified more than 100 incidents of license plate reader abuse.
Commentary
Sources: ABC News - Breaking News, Latest News and Videos, News-Herald
4
North Korea says it tested a guided torpedo using AI technology
North Korea has reported an underwater test of a new torpedo weapon system, carried out to verify technological upgrades and presented by state media as a significant step in the country's naval development. The account comes from the state news agency KCNA alone, so the performance claims are Pyongyang's own. The test takes place amid heightened tensions on the Korean peninsula, where both Koreas are racing to build weapons able to evade missile defences. It adds to a run of North Korean weapons activity at a time when each side is pursuing systems designed to get past missile defence networks.
Key facts
- KCNA reported the underwater torpedo test on Saturday, saying it was conducted on Thursday.
- KCNA said the propulsion technology was developed through more than 180 tests over five years.
- The new high-speed, precision-guided torpedo uses artificial intelligence for target detection and guidance, according to KCNA.
- KCNA described the test as a success.
- The test is the latest in a run of North Korean weapons launches.
Commentary
Sources: South China Morning Post, Breakingthenews.net
5
SoftBank Weighs Acquisition of US Security Firm Allied Universal
SoftBank Group is considering an acquisition of Allied Universal, the largest security services company in the US, people familiar with the matter told Bloomberg. The people spoke on condition of anonymity because the deliberations are private. The possible deal would value the company in equity terms, according to some of those people. The move is tied to founder Masayoshi Son's effort to find ways to deploy AI-powered robots across industries. The report describes the talks as still under consideration, and no agreement is reported.
Key facts
- The potential transaction may give Allied Universal an equity value of as much as $18 billion.
- Allied Universal is described as the largest security services company in the US.
- Allied Universal is closely held, according to the report.
Commentary
Sources: Bloomberg.com