Today in the Market (2/9/2024)

Good Morning! On Friday, U.S. stocks were almost all up, with the S&P 500 crossing the 5,000 mark for the first time. This was due to investors’ approval of revised December inflation data that revealed an even lower value than first stated.

With the big record, the S&P 500 finished the day up 0.57%, while the Dow Jones finished down by 0.14%. The Nasdaq, however, was in its own tier by surging 1.25%.

 

ON THE TAIL ON AMAZON

Shareholders of Nvidia (NVDA) are increasingly investing in the company because of the growing enthusiasm around improvements in AI and the corresponding need for high-performance processors. This new surge in interest has driven the stock to reach new record levels, taking over tech giants in market cap in the process.

For example… Nvidia’s market capitalization reached $1.77 Trillon and is projected to pass Amazon’s market cap of $1.8 Trillon. On top of that, Nvidia has gained over 50% YTD, positioning itself just behind the 4th most valuable company in the U.S. 

So what helped today surge? Shares today climbed 3.58% as Wall Street amplified the surge in response to a Reuters article. According to the report, the company would specialize in creating customized chips for cloud computing companies and AI processors.

BE WARY OF PHONECALLS

The Federal Communications Commission (FCC) made a majority vote to prohibit the use of artificially created voices produced by AI in robocalls. The already-established anti-robocall regulations will now include the newly implemented rule that specifically addresses AI deepfakes. This rule will improve the prosecution of robocalls using AI voices for the FCC and state attorneys general.

So what caused this change to happen? The revised regulation follows an incident when a robocall using the AI-generated voice of President Biden specifically targeted Democrats in New Hampshire, asking them to stay away from participating in the state’s primary election. ElevenLabs appears to have developed a method that enabled the creation of Biden’s AI voice. Investigators required two weeks to determine that the calls, reaching around 20,000 people, purportedly originated from a Texas-based business that had been contracted to carry out robocalls by federal and political action campaigns in prior elections.

The scary part… With the arrival of November 4, 2024 approaching, several academics expressed concerns over the potential impact of AI-generated robocalls spreading misinformation for the election. This is because audio deepfakes provide a greater challenge in terms of detection compared to AI-generated pictures or videos. For example, instances of audio deepfakes have been seen in electoral processes in the UK, India, several African nations, and Slovakia.

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