☕ T*co T*esday

Sam Altman calls for AI regulation on Capitol Hill... May 17, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [The Ascent]( Good morning. Hey, here’s one less thing to worry about: There’s virtually no possibility a large asteroid will hit Earth and [wipe us all out]( within the next 1,000 years, according to a new study accepted for publication in The Astronomical Journal. Now we can return to our baseline existential dread of figuring out what to make for dinner. —Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 12,343.05 -0.18% S&P 4,109.90 -0.64% Dow 33,012.14 -1.01% 10-Year 3.542% +3.6 bps Bitcoin $27,049.82 -1.13% Capitol One $90.95 +2.05% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: Stocks took a hit from disappointing retail sales data and, you’re never going to believe this, ongoing concerns about the US defaulting on its debts. However, Capital One [got a boost]( after Warren Buffett said it’s in his wallet. Buffett’s conglomerate, Berkshire Hathaway, has taken a nearly $1 billion stake in the bank, according to a Tuesday filing. - Debt ceiling update: Progress, maybe? After more negotiations, GOP House Speaker Kevin McCarthy said a deal to raise the debt limit was “[possible]( by the end of the week, while President Biden will leave his upcoming international trip earlier than planned to push through an agreement.  TECH [AI is in its regulation era]( [Sam Altman at Senate hearing]( Win McNamee/Getty Images Typically when a tech CEO goes in front of a Senate committee, they end up explaining how to use email. Not so yesterday, when Sam Altman, CEO of ChatGPT-maker OpenAI, [testified]( on Capitol Hill on the future of AI and how the field should be regulated. What happened at the hearing? Setting an ominous tone for what was to come, Sen. Richard Blumenthal, the chair of the Senate Judiciary Subcommittee on Privacy, read opening remarks that he later revealed were created by AI. The hearing continued with a discussion of the dangers of an unpredictable, evolving technology that can generate and spread misleading information without us even realizing it’s fake (looking at you, drippy pope). Lawmakers acknowledged past failures to implement timely regulation for advances in technology. Sen. Blumenthal said, “Congress failed to meet the moment on social media,” and hinted at wanting to avoid the same mistake again. But regulating AI is like herding kittens on rollerskates Experts disagree on what [regulation]( should look like for AI because it’s evolving much faster than other recent innovations. And moving quickly (or at all) isn’t exactly Congress’s strong suit, so it’s unclear whether traditional lawmaking can keep up with establishing rules around a constantly changing technology. But they’ll try. Senate Majority Leader Chuck Schumer is working alongside experts to create a framework that focuses on transparency within AI models. It would require that models disclose who trained them and what their data sources are, but the proposal will likely face resistance from AI companies. Altman, who warned “if this technology goes wrong, it can go quite wrong,” also favors regulation—but came with his own ideas. He advocated for the creation of a new government agency with the power to license large AI models, create and monitor safety standards, and conduct independent audits. But he did not mention requiring transparency around model training or source data. Looking ahead…expect the regulation talk to heat up as Congress and tech leaders try to figure out how to manage the existential risk posed by AI.—CC   TOGETHER WITH THE ASCENT [It’s like a reward]( [The Ascent]( Cha-ching. That’s the sound of your credit card rewards hitting your account. And if you love to hear that jangle, we’ve got just the card for you. [This credit card]( is packed with benefits like unlimited cash rewards on purchases and a sweet $200 welcome bonus (after you spend $500 within 3 months). Need more perks? No problem. [This card]( is packed with them, making it a reward-seeker’s dream. No wonder The Ascent’s independent team of experts calls it one of the best all-around cards. [Rack up the rewards](. WORLD Tour de headlines [Victor Wembanyama on the basketball court]Catherine Steenkeste/Getty Images San Antonio won the Victor Wembanyama sweepstakes. The Spurs were [victorious]( in the 2023 NBA draft lottery, meaning they’ll have the right to select French basketball phenom Victor Wembanyama, who’s regarded as the best NBA prospect since LeBron James. Wembanyama combines a 7-foot-5 frame with skills no player of his height should have, like smooth handles and a 3-point shot. The other two times the Spurs had the No. 1 pick in the draft, they chose well, selecting NBA greats David Robinson (1987) and Tim Duncan (1997). Tesla will begin advertising. After [shunning]( marketing spend for its entire existence, the automaker will join…virtually every other automaker in hawking its cars to you via ads. “We’ll try a little advertising, and see how it goes,” CEO Elon Musk said at the company’s annual shareholder meeting. Musk also teased two new vehicle models and, in an [interview]( with CNBC, boasted that he’s “the reason that OpenAI exists” due to his past investment in and involvement with the skyrocketing ChatGPT creator. ​​The Covid home improvement boom is officially over. So says Home Depot, which posted a revenue drop in the first quarter and warned that annual sales would decline in 2023 for the first time in 14 years. Home Depot said that shoppers are now [holding off]( on the big-ticket purchases they made during the pandemic and are choosing to break up larger projects—like remodeling a bathroom—into smaller, bite-sized pieces. TECH [Your iPhone is getting a new voice: yours]( [Siri talking]( Francis Scialabba A [new feature]( debuting this year for Apple devices will allow you to create a digital version of your voice to speak with anyone you’d like. Personal Voice is one of several forthcoming accessibility features that Apple unveiled yesterday. It’s meant to aid people with conditions such as ALS that put them at risk of losing their ability to speak. Apple promises that after a user spends 15 minutes reading text prompts into an iPhone or iPad, their digital voice will be ready to go. Another new feature, Live Speech, will let a device read messages you type. But…what’s to prevent someone from stealing your voice like Ursula the sea witch? In a world where AI can produce a [viral “Drake” bop]( and perhaps [extend]( Tom Hanks’s acting career long after his death (according to Tom Hanks), it’s reasonable to be concerned about facilitating deepfakes of yourself. But Apple claims the feature will rely on “on-device machine learning to ensure user privacy,” so your voice won’t be waiting in the cloud for hackers.—AR   SPONSORED BY AMAZON WEB SERVICES OPERATIONS [Amazon Web Services Operations]( Defend your data: Cyberthreats are on the rise. Is your org protected? Join AWS’ webinar to learn [data recovery best practices]( and modern data protection strategies from AWS Native and AWS Partner customers. [Register now](. FOOD & BEV [Taco Bell wants to free T*co T*esday]( [Taco out of open cage]( Francis Scialabba Usually the villain of your insides, Taco Bell is trying to play the hero by freeing the name “Taco Tuesday” from its IP prison. The fast-food chain [filed]( a petition yesterday to cancel the trademark of the phrase owned by a smaller taco chain, Taco John’s. Taco John’s has owned the trademark on Taco Tuesday in 49 states since 1989 and has not been shy about sending cease-and-desist letters to anyone who tries to use it to promote tacos…on Tuesday. In the one state where Taco John’s doesn’t have the trademark—New Jersey—a restaurant and bar called Gregory’s owns it. Taco Bell filed to Baja Blast away Gregory’s trademark as well. The creators of the Crunchwrap Supreme (also trademarked) said in a press release that the phrase “should belong to all who make, sell, eat and celebrate tacos”—so it won’t be seeking damages or future trademarking of the words on its own. In response, Taco John’s announced…a Taco Tuesday deal. Could Taco Bell win this thing? In 2019, LeBron James tried to trademark Taco Tuesday, and the US Patent and Trademark Office rejected his app, saying that the phrase was just too common (thereby kind of admitting no company should hold a trademark on it). Taco Bell might be hoping this precedent will work in its favor, but it will likely be a couple years until the ground beef is resolved.—MM   GRAB BAG Key performance indicators [The Rock saying ]The Fate of the Furious/Universal Pictures via Giphy Stat: In the 1980s and 1990s, almost one-third of job seekers in the US would pack up and move for a new role. Now, virtually [nobody is doing that](. According to a new survey from Challenger, Gray & Christmas, the share of American job seekers who relocated for a new position dropped to a record low of 1.6% in Q1 of 2023. The ability to work remotely, combined with the fact that finding a new house right now is [the absolute worst]( is responsible for the seismic change. Quote: “I was ready to give up six hours in.” Good thing Nigerian chef Hilda Effiong Bassey held strong, because she may have just set a new world record by cooking for [100 consecutive hours]( last Thursday until Monday. In an interview with CNN, Bassey said she was motivated to finish her slow-cooking marathon to showcase Nigerian cuisine to the world. Her efforts elevated her to a national hero, even earning the praise of Nigeria’s president. Read: The long, strange history of the baseball cap. ([MLB]( NEWS What else is brewing - [A North Carolina ban]( on most abortions after 12 weeks of pregnancy will become law after GOP lawmakers overrode a veto from the Democratic governor. - [The FTC]( sued to block Amgen from buying Horizon Therapeutics for $27.8 billion. It’s the first time in more than 10 years that the agency has tried to block a major pharma merger, per Axios. - [The DOJ]( charged a former Apple employee with stealing autonomous vehicle trade secrets for a Chinese company. It’s part of the Biden administration’s [new crackdown]( on tech espionage. - [The Cannes Film Festival]( opened with Jeanne du Barry, a French period drama starring Johnny Depp in his first major film since the Amber Heard defamation trial. - [ABC]( said it’s moving forward with its long-awaited senior citizen season of The Bachelor. RECS [Wednesday to-do list] For the logistics nerds: This [website]( lets you visualize almost every US company’s supply chain. Draw my professor: Here’s what Midjourney thinks [professors look like]( based on their department. What the writers strike means for TV: It’s going to be bleak—very bleak. ([Drew Gooden on YouTube]( History on film: [Hop in a time machine]( with Getty Images footage. Daily bread: Get your stacks up with [Upside](. Their free app helps you earn cash back at gas stations, grocery stores, and restaurants. Earn an extra 25¢/gal bonus on your first tank with [promo code dailybrew6]( Vital titles: We partnered with the local talent experts at Express to create a [mini crossword puzzle]( that spans industries. It’s loaded with unique job titles—[see if you can guess ’em all]( *This is sponsored advertising content. GAMES The puzzle section Word Search: All those baseball cards you collected as a kid will come in handy for today’s puzzle. [Play it here](. Most populous countries by letter For today’s trivia: We’ll give you a letter, and you have to name the most populous country in the world that starts with that letter. - A - E - H - N - P - V AROUND THE BREW [AI: Friend or foe?]( [AI: Friend or foe?]( Will artificial intelligence take your job? Will it simply be a tool to help you be more productive? Check out [Tech Brew’s analysis]( of AI in the workplace. Learn how to become a compassionate and effective manager by [applying to our Leadership Accelerator](. It kicks off on May 29. Money talks, and so does Money with Katie. Join Morning Brew’s personal finance wiz for a virtual event tomorrow. [Save your seat here](. SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER - Argentina - Ethiopia - Haiti - Nigeria - Pakistan - Vietnam Written by [Neal Freyman]( [Cassandra Cassidy]( [Matty Merritt]( and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. 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