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What you’ll read?

• California’s Ambitious A.I. Regulation Blocked

• Mark Zuckerberg Joins $200 Billion Club as Meta Stock Surges

• Today in AI & Tech

• San Francisco Sues Over Oakland Airport Name Change, Citing Confusion

  and more…

BUSINESS

California’s Ambitious A.I. Regulation Blocked, Sparking Criticism

California Governor Gavin Newsom vetoed a groundbreaking artificial intelligence safety bill, S.B. 1047, that would have been the first in the nation to impose strict regulations on A.I. technology. The bill mandated safety testing for large A.I. systems before public release, allowed the state’s attorney general to sue over serious harm caused by the technology, and required a kill switch for emergencies like biowarfare or mass casualties. Newsom argued the bill was flawed, focusing too narrowly on large A.I. systems without considering broader risks. His decision sparked criticism from tech experts and academics advocating for regulation. Despite this, California lawmakers were poised to lead in A.I. regulation, with the bill passing both houses nearly unanimously. Other states like Colorado, Maryland, and Illinois have enacted narrower A.I. laws, but federal legislation remains stalled.

East and Gulf Coast Ports Face Potential Shutdown as Longshore Workers Plan Strike

Longshore workers from Maine to Texas plan to strike on Tuesday, potentially causing the most disruptive economic impact in decades. The strike could halt the flow of goods at nearly all East and Gulf Coast ports, affecting products like food, clothing, autos, and factory parts. The United States Maritime Alliance, representing foreign-owned shipping lines and port operators, is negotiating with the International Longshoremen’s Association, which represents 85,000 members. A prolonged strike could lead to shortages, price hikes, and disruptions in factory operations across the U.S.

Mark Zuckerberg Joins $200 Billion Club as Meta Stock Surges

According to Bloomberg’s Billionaire Index, Mark Zuckerberg’s fortune has surged by $73.4 billion in 2024, bringing his total wealth to $201 billion. The Meta CEO, now the fourth richest person globally, joins an exclusive $200 billion club with Elon Musk, Jeff Bezos, and Bernard Arnault. Meta’s stock has soared nearly 64% this year, contributing to Zuckerberg's wealth growth. At the Meta Connect 2024 event, Zuckerberg revealed that Meta AI is close to reaching 500 million monthly users. Other tech billionaires, including Nvidia’s Jensen Huang and Oracle’s Larry Ellison, have also seen substantial increases in their net worth this year.

Trump Media Co-Founder Sells Nearly All Shares Amid Legal Dispute

A major Trump Media shareholder, Andy Litinsky, who co-founded the company and appeared on "The Apprentice," has sold nearly his entire stake in the social media firm. His stake, once over 7.5 million shares, is now down to just 100 shares, worth about $100 million at current prices. Litinsky and Trump Media have been in a legal dispute over the shares, and restrictions preventing insiders from selling have lifted. While Litinsky sold his shares, former President Trump, who owns 114.75 million shares, has stated he will not be selling his stake, which has dropped in value to around $1.6 billion due to a steep decline in the company's stock price.

TECH

Today in AI & Tech

OpenAI to Increase ChatGPT Plus Price to $22 Amid Growing Losses

OpenAI plans to raise the price of ChatGPT Plus from $20 to $22 per month by year-end, with a further increase to $44 by 2029, according to internal documents reported by The New York Times. Despite generating $300 million in monthly revenue, OpenAI is projected to lose $5 billion this year due to high expenditures, including AI infrastructure costs. The company risks backlash as many users already feel the current $20 price is too steep.

Amazon's Anthropic Deal Approved, Boosts Generative AI Competition

Britain’s competition watchdog cleared Amazon's $4 billion investment in AI company Anthropic, citing that the deal didn’t qualify for further scrutiny. The Competition and Markets Authority found Anthropic’s revenue and combined market share with Amazon in the UK too small to warrant an in-depth investigation. Amazon welcomed the decision, highlighting that the partnership will boost competition in generative AI. Under the deal, Anthropic will use Amazon Web Services and custom chips to develop and deploy its AI models.

Other

North Carolina and Tennessee Hit Hard by Flooding, Over 750 Still Missing

Searches are underway for hundreds of missing people across southeastern states, with at least 88 confirmed deaths across six states, NBC News reports. In Asheville, North Carolina, flooding has caused at least 30 fatalities, and the number of missing dropped from 1,000 to under 600 by yesterday afternoon. Meanwhile, 153 people remain missing in northeast Tennessee, where two deaths have been confirmed. Recovery efforts are complex, making it difficult to get accurate figures.

San Francisco Sues Over Oakland Airport Name Change, Citing Confusion

California's Metropolitan Oakland International Airport has been renamed "San Francisco Bay Oakland International Airport," causing confusion among travelers, some of whom ended up at the wrong airport. San Francisco has filed a trademark lawsuit, claiming the name change intentionally causes confusion. The Port of Oakland defends the rebrand, arguing it's meant to highlight Oakland as a Bay Area gateway.

Stranded Astronauts Welcome SpaceX Capsule for Long-Awaited Return Home

Two astronauts stranded at the International Space Station since June welcomed the arrival of a SpaceX capsule on Sunday, marking the beginning of their journey home. SpaceX launched the mission on Saturday with a crew of two astronauts and two empty seats for Butch Wilmore and Suni Williams, who will return next year. NASA switched their return to SpaceX due to safety concerns over the Boeing Starliner capsule, which encountered thruster failures and helium leaks during its first crewed test flight. The Dragon capsule, carrying NASA’s Nick Hague and the Russian Space Agency’s Alexander Gorbunov, will stay at the station until February, extending Wilmore and Williams' mission to over eight months instead of the planned week.

It's a Wrap!

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Sarah