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0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Bletchley Declaration: U.S., China, EU, UK, 25 other countries sign AI statement
Declaration focused on doomer/frontier risk: āWe resolve to support an internationally inclusive network of scientific research on frontier AI safety that encompasses and complements existing and new multilateral, plurilateral and bilateral collaboration.ā - Bloomberg, Bletchley Declaration
2-day AI summit kicked off in the UK, with politicians, business leaders, and academics divided on whether to worry more about short-term (e.g., misinformation) or long-term (e.g., human extinction) risks. - Bloomberg
Gemini likely only coming in 2024, Google Deepmind CEO again suggests
After being asked whether Gemini would be out in 2024, Hassabis just said āeventuallyā and that it was still under training. - Bloomberg
2. SBF trial: both sides deliver closing arguments, with jury instructions expected today
A 20 to 30-year sentence is most expected by prediction markets:
The prosecutionās main arguments:
Fraud on customers: Bankman-Fried started taking billions from FTX customers since at least 2021, when he bought Binanceās stake back for $2B.
Fraud on lenders: SBF ordered fake balance sheets to be produced for Alameda lenders.
General false statements: SBF made fraudulent statements in tweets, Congressional testimony, and many interviews.
The defenseās counterpoints:
SBF was young and confused, overwhelmed by many responsibilities.
SBF acted in good faith, otherwise, why would he think of shutting down Alameda in mid-2022?
There was no conspiracy: even government witnesses said they learned about missing funds on different dates. - Coindesk on the prosecution, the defense
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4. Fed keeps rates at 5.25% - 5.50%, hinting at no more rate hikes
