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AI pioneer Yann LeCun is unconcerned about the risks of artificial intelligence. LeCun told Fortune\u2019s Emily Forlini he isn\u2019t worried \u201cat all\u201d about AI wiping out humanity, and he has \u201czero concerns\u201d about the recent string of rogue AI incidents, including OpenAI agents autonomously hacking Hugging Face in July. He attributes the incidents to poor human oversight and system design, and says they\u2019re \u201ctotally preventable.\u201d<\/p>\n
\u201cThose agents are doing exactly what they\u2019ve been asked to do,\u201d LeCun said. \u201cThey were supposed to be in sandboxes, but the sandboxes were leaky and horribly designed.\u201d\u00a0<\/p>\n
He has a particular disdain for Anthropic CEO Dario Amodei and his views on Effective Altruism. \u201cI think he\u2019s completely deluded,\u201d LeCun said. Later in the interview, he called Amodei \u201ccrazy.\u201d<\/p>\n
MORE FROM FORTUNE<\/p>\n
The End of College? Inside a16z\u2019s School for Tech Titans | Fortune Daily<\/p>\n
John Waldron is \u2018one of the most non-Wall Street people\u2019 you\u2019ve met\u2014but he\u2019s in line to be the next CEO of Goldman Sachs – Morgan Chittum<\/p>\n
Wilbur Ross was Trump\u2019s first-term tariff hawk. Now he says refunds give importers \u2018an extra profit\u2019 and pay them \u2018more than the money\u2019 they laid out – Catherina Gioino<\/p>\n
\u2018Giving while living\u2019 has become a popular trend for passing on family wealth, says Edward Jones CEO – Jeff John Roberts<\/p>\n
\u2018We all chip in\u2019: America\u2019s $40 billion private jet boom is taking off, and taxpayers are helping billionaires foot the bill – Mia Osmonbekov<\/p>\n
The unicorn CEO betting her industry\u2019s AI crisis isn\u2019t the one you think – Nick Lichtenberg<\/p>\n
Visa and Mastercard handle nearly half of Europe\u2019s card payments. The digital euro aims to change that – Sam Birchall<\/p>\n
The real story behind Red Lobster\u2019s $20 Ultimate Endless Shrimp fiasco: How an American seafood icon lost its way – Nick Lichtenberg<\/p>\n
Forget supersized: McDonald\u2019s is exploring an $8.5 billion bet on an American fast food wave led by proteinmaxxing, portion control, and GLP-1s – Joshua Hong<\/p>\n
Trump removes chairs for TSA agents, saying they \u2018must meet fitness for duty requirements\u2019 – Sasha Rogelberg<\/p>\n
THE LAW OF UNINTENDED CONSEQUENCESTrump\u2019s proposed diesel export ban could backfire drastically, Wall Street analysts warn<\/p>\n
President Trump has held what the FT calls \u201ccrisis talks\u201d about whether to impose a ban on diesel exports from the U.S. The average price of a gallon of diesel is currently $6.41, per AAA. Before the war with Iran, it was under four bucks. The intent of an export ban is to keep available supplies of diesel inside the country, thus lowering the price.\u00a0<\/p>\n
At least, that\u2019s the theory.<\/p>\n
In practice, an export ban could have the unintended effect of increasing fuel prices, according to analysts at Goldman Sachs and Pimco. It\u2019s complicated, but in essence, an export ban could trigger a domino effect that ends with reduced fuel supplies and, therefore, higher prices.<\/p>\n
Faced with lower prices than they might have gotten on the global markets, refineries might cut production, Daan Struyven and his team at Goldman said in a note: \u201cDiesel, gasoline, and jet fuel are largely produced together. Therefore, downward pressure on diesel production can mean downward pressure on gasoline production, i.e. upward price pressure on gasoline.\u201d<\/p>\n
Inevitably, reduced supply of diesel to Europe would raise global prices. \u201cOnce a diesel export ban is lifted, U.S. diesel prices would likely reconnect with prices elsewhere, including Europe, putting upward pressure on U.S. diesel prices and downward pressure on prices abroad. Even so, post-ban global refined oil product prices would likely be higher,\u201d Struyven said.<\/p>\n
And, Pimco\u2019s Libby Cantrill says, the U.S. is a big place. Its existing pipelines and shipping routes mean that \u201cmuch of the U.S. is reliant on diesel imported from other countries, not from domestic production.\u201d If domestic pipelines are already at capacity, then \u201chaving more diesel in the Gulf area would not necessarily help the farmers,\u201d she advised clients recently. \u201cAlthough that won\u2019t stop the political arm of the White House to push for it.\u201d<\/p>\n<\/p>\n
THE MARKETSIt\u2019s back to the \u201990s in the bond market as contagion triggers forced selling<\/p>\n
Another bad day in the bond market. The yield on the 10-year U.S. Treasury hit 5.34% this morning before recovering a little to 5.32%. The last time it was that high was 25 years ago. In the U.K., 30-year gilts hit 6%\u2014a level last seen in 1998, according to the FT. Japanese 10-year bonds went over 3%, a level they last saw in 1996. (Yields rise as bond prices fall.)<\/p>\n
The selling was probably triggered by fear of inflation driven by the continued high price of oil. But there was also an element of contagion as falling prices forced hedge funds to sell out of their positions, thus increasing yields even further. The FT reported:<\/p>\n
Investors do not want to \u201ccatch a falling knife\u201d, said Mike Bell, head of market strategy at RBC BlueBay Asset Management, adding that there was \u201ca lot of technical-driven selling going on\u201d.<\/p>\n
Stocks in Europe sold off in early trading after a mixed day in Asia. U.S. futures were marginally up.<\/p>\n
Chart via CNBC.<\/p>\n
S&P 500 futures were up 0.16% this morning. The index fell 0.25% yesterday.\u00a0
\nIn Europe, the Stoxx 600 was down 1.24% in early trading, and the U.K.\u2019s FTSE 100 was down 1.54% before lunch.
\nAsia: South Korea\u2019s KOSPI was up 1.95%. Japan\u2019s Nikkei 225 was up 3.3%. India\u2019s Nifty 50 was down 1.17%. China\u2019s CSI 300 was closed today for a national holiday.\u00a0
\nBrent crude rose to $100 per barrel this morning from $96 yesterday.
\nBitcoin was at $83,613.<\/p>\n
QUOTE OF THE DAY<\/p>\n
\u201cWe do not think that an end to the Iran conflict would mean an end to Fed rate hikes.\u201d<\/p>\n
\u2014James Egelhof and his team at BNP Paribas. Yes, peace in the Middle East might mean a reduction in oil prices, thus easing inflation. But \u201ca peace deal could build further cyclical momentum in the U.S. economy and maintain pressure on core inflation,\u201d they said in a note. \u201cWe see three rate hikes as a minimal floor that takes policy back to neutral, with risks decidedly to the upside.\u201d<\/p>\n
CHART OF THE DAYSmall businesses create most jobs in the U.S.<\/p>\n
Roughly 90,000 new jobs were added to private payrolls in the U.S. last month, according to ADP (more than the consensus expectation). This chart shows that \u201csmall firms have contributed heavily to the rebound in the labor market since the middle of last year, accounting for more than half of all job gains,\u201d according to Oxford Economics\u2019 Matthew Martin.<\/p>\n
NUMBER OF THE DAY$2.2 trillion<\/p>\n
The latest estimate of the total addressable market for AI data centers from Bank of America\u2019s Vivek Arya and his colleagues. The market will grow at an annual pace of 40%, they say. Their previous estimate was for $1.8 trillion at a 33% rate.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
OpenAI\u2019s agents obscured hacking activity in government site breaches – FT<\/p>\n
Oil prices rise despite improved Middle East crude exports easing supply worries – CNBC<\/p>\n
Scoop: Rubio ordered Iranian delegation to leave the country, U.S. official says – Axios<\/p>\n
Tech CEOs privately questioned Amodei for sounding AI alarm bells – WSJ<\/p>\n
Netflix \u2018not growing as fast as I want,\u2019 co-CEO Sarandos says – Bloomberg<\/p>\n
Mattel chief named co-CEO of combined Paramount and Warner Bros. – NYT<\/p>\n
Fed official used Asian dating site, sent nude photos \u2014 and wound up blackmailed by alleged Chinese spy – NY Post<\/p>\n
ONE MORE THINGHidden for 50 years, unseen works by van Gogh and C\u00e9zanne are going up for auction at $450 million<\/p>\n
A dozen Impressionist and post-Impressionist artworks collectively valued at almost half a billion dollars are going up for auction after sitting unseen for decades in a fabled private collection in South America, the AP reports.<\/p>\n
The paintings come from a collection amassed by the late Argentine art collector Nelly Arrieta de Blaquier and her sugar magnate husband, Carlos Pedro Blaquier.<\/p>\n
They include van Gogh\u2019s landscape \u201cCh\u00e2taigniers en fleurs\u201d (Chestnut Trees in Flower) estimated at $180 million, and C\u00e9zanne\u2019s portrait \u201cArlequin,\u201d which carries an estimate of $120 million. Neither has been seen in public for half a century. Also in the collection are works by Claude Monet, Camille Pissarro, Edgar Degas, and Pierre-Auguste Renoir\u2014all valued in the tens of millions.<\/p>\n
Art expert Philip Hook, a former Sotheby\u2019s auctioneer, said the collection \u201creally is the stuff of legend,\u201d because the collectors did not loan out the works for exhibitions. \u201cNo one knew really what was in it. So now, for this to be revealed, is tremendously exciting,\u201d Hook said.<\/p>\n
#Yann #LeCun #Anthropic #CEO #Dario #Amodei #deluded #crazy #doesnt #understand #cybersecurity<\/p>\n","protected":false},"excerpt":{"rendered":"
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