CNBC’s Deidre Bosa joined ‘Money Movers’ to discuss the potential impact of a second Trump administration on the artificial intelligence trade. Bosa notes that artificial intelligence could be “less regulated” and “more volatile” under Trump’s leadership. However, the president-elect’s AI policy could be a boon to the industry itself, albeit at the expense of necessary guardrails for AI. Back in June, Republicans adopted a new party platform containing a provision related to scrapping Biden’s executive orders on AI.
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Biden’s executive orders sought to tackle new technology threats by requiring developers of powerful AI systems to share their safety test results with the US government and also called on federal agencies to develop guidelines for the responsible use of AI domains. On the other hand, Trump’s allies have been proposing a different executive order that would launch a series of “Manhattan Projects” for developing military technology and immediately review “unnecessary and burdensome regulations” to “Make America Great in AI”.
Trump, however, seems to be only one of the few who thinks imposing guardrails on artificial intelligence could prove detrimental to the US. A poll shared with Time reveals that Americans across the political spectrum are skeptical about the idea that the U.S. should avoid regulating AI to outcompete China. According to a poll by the AI Policy Institute (AIPI), 75% of Democrats and 75% of Republicans believe that “taking a careful controlled approach” to AI is preferable as opposed to “moving forward on AI as fast as possible to be the first country to get extremely powerful AI.”
The Latest Developments in AI
Amid the ongoing debate, recent developments in AI are rapidly shaping the landscape in the backdrop. For instance, Perplexity AI, an AI-powered search engine, is said to be raising new investment that would value the search startup to a staggering $9 billion. The new funding round is set to raise $500 million led by venture capital firm Institutional Venture Partners (IVP), which also holds a board seat in the startup.
In other news, OpenAI, an AI research lab and company, has acquired Chat.com, further adding to its collection of high-profile domain names. An OpenAI spokesperson confirmed the acquisition via email. While such AI-related news is often striking, AI capabilities continue to surprise even the most seasoned experts. In fact, AI can now even help you become a better parent. On Thursday, Andreessen Horowitz’s partner Justine Moore took to X to share an investment idea, advocating for “a new wave of ‘parenting co-pilots’ powered by LLMs and agents. She highlighted companies such as Cradlewise, creators of an AI-driven baby monitor that tracks sleep patterns and rocks the crib, and Nanit, which utilizes AI to analyze crib footage and monitor a baby’s breathing.
“Imagine an AI parenting companion that’s always in your corner – ready to answer questions or talk about how you’re feeling at any time of the day (or night)”.
– Andreessen Horowitz partner Justine Moore
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A pathologist and a laboratory assistant in a laboratory researching medical news and data.
12. Lumen Technologies, Inc. (NYSE:LUMN)
Number of Hedge Fund Holders: 18
Lumen Technologies, Inc. (NYSE:LUMN) is a facilities-based technology and communications company connecting people, data, and applications. Its AI-driven fiber deals and other digital services have been helping it capitalize on AI growth.
Lumen Technologies, Inc. (NYSE:LUMN) has raised its annual free cash flow forecast this week owing to artificial intelligence deals with large cloud companies, Reuters reported on November 6. The company has secured deals from cloud and tech companies that are worth more than $8 billion. Benefiting from these AI deals, it’s capitalizing on Big Tech’s race towards expanding data centers needed for powerful apps such as ChatGPT.
“AI needs data centers and data centers need to be connected and that’s what we do”.
-Stansbury told Reuters in an interview.
11. Wolfspeed, Inc. (NYSE:WOLF)
Number of Hedge Fund Holders: 29
Wolfspeed, Inc. (NYSE:WOLF) is a next-generation semiconductor technology company. This EV and AI chipmaker develops and manufactures semiconductors for AI data centers, electric vehicles, and more.
On November 7, Canaccord lowered its price target on Wolfspeed, Inc. (NYSE:WOLF) to $18 from $25 and kept a “Buy” rating on the shares. Wolfspeed, Inc. (NYSE:WOLF) reported its first quarter fiscal year results on November 6th, posting weaker-than-expected sales and guidance, as well as job cuts as it moves to simplify its business. The company posted revenue of $194.7 million for the quarter ended September 29, missing analyst estimates of $200.36 million. For the current quarter, it expects revenue between $160 million and $200 million, well below Wall Street’s consensus estimate of $214.6 million. Slowing sales of electric vehicles have impacted the demand for chips made by Wolfspeed, Inc. (NYSE:WOLF). According to Canaccord, Wolfspeed’s core fundamentals have taken a turn for the worse, whereas materials division problems and electric vehicles project delays have also led to weaker guidance for the December quarter.
