Economy

The development of AI 

Britain first with safety institute for AI 

The development of AI UK first with safety institute for AI Britain is to be the first country in the world to establish an institute that will deal with security around artificial intelligence, writes Reuters. 

 

The announcement comes from Prime Minister Rishi Sunak ahead of next week's UK-hosted Global AI Summit. 

 

The institute will investigate all risks with AI - from social risks such as bias and misinformation, to "the most extreme". 

 

Sunak cites a national investigation that suggests humanity is at risk of losing control over AI. 

 

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Ek sells Spotify shares again - deal worth 700 million 

Spotify's founder Daniel Ek is selling additional shares in the streaming company, Breakit reports. It is about 400,000 shares in a deal worth over SEK 700 million. This is evident from documents submitted to the US financial authority SEC, the day after Spotify released its strong quarterly report.  

 

This summer he sold around 675,000 shares for just over one billion kroner.  

 

Daniel Ek is still one of the largest owners in Spotify, notes Finwire. 

 

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Meta fell after report lift – the wars worry analysts 

After climbing more than 5 percent on beating earnings estimates, the Meta instead fell 3 percent in after-hours trading in New York. The slide came after CFO Susan Li's statements about Meta's revenue outlook for 2024, which she calls "uncertain."  

 

- We are very exposed to volatility in the macro landscape, she says after the report release, according to Bloomberg.  

 

Snap also tumbled more than 5 percent after a report beat expectations. The company said a "large number" of advertising campaigns were paused after the start of the Israel-Hamas conflict - and said it has limited visibility into revenue for the rest of the year.  

 

Along with the war in Ukraine and rising interest rates, the war in the Middle East is a big cloud of worry for the tech giants' ad markets, according to CFRA analyst Angelo Zino.  

 

- I would say that we are now in an environment where investors have become more concerned about macro/geopolitical/regulatory uncertainties, he tells Bloomberg.

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