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Bletchley Declaration: China, US, EU, UK, 25 other countries sign AI statement

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Top stories today:

  1. U.S., China, EU, UK, 25 other countries sign AI declaration
  2. SBF trial: both sides deliver closing arguments
  3. Fed keeps rates at 5.25% - 5.50%, hinting at no more hikes
  4. Microsoft 365 Copilot launches for enterprise, min. 300 users
  5. Israel advances on Gaza City as Hamas vows more attacks

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: “We 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.” - 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 “eventually” 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 prosecution’s main arguments:

    • Fraud on customers: Bankman-Fried started taking billions from FTX customers since at least 2021, when he bought Binance’s 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 defense’s 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

*Sponsored.

4. Fed keeps rates at 5.25% - 5.50%, hinting at no more rate hikes

  • “The question we’re asking is: Should we hike more? Slowing down is giving us, I think, a better sense of how much more we need to do, if we need to do more,” Jay Powell said at the FOMC press conference. - Bloomberg

The FOMC statement now included tighter financial conditions, suggesting the Fed won’t need to act further to curb inflation

Markets price in 27% odds of further rate hikes, and -75 bps of cuts throughout 2024

5. Microsoft 365 Copilot launches for enterprise, $30/mo, 300 users minimum

6. Israel continues to advance on Gaza City as Hamas official says they will try to repeat Oct. 7’s

  • Hamas official in Lebanon: we will repeat Oct. 7 many times.

  • Hamas continues to fire rockets at Israel.

  • Biden asks for “pause” for hostage release, no ceasefire.

  • 7K foreign passport holders to be allowed to leave Gaza: Egypt.

  • Netanyahu unlikely to last, Biden and aides increasingly believe.

  • Russia: Israel has no right to defend itself as an occupying power.

7. Interesting videos, posts, and memes

8. Other headlines

AI

  • UK investing $273M in AI supercomputer with 5,448 NVIDIA GH200s.

  • LinkedIn launches AI “job seeker coach” chatbot, crosses 1B members.

  • Scarlett Johansson sues AI app that used her “name and likeness.”

Tech earnings

Tech

  • HubSpot buys B2B data provider Clearbit.

  • Apple Watch: 2024 version to include blood pressure, sleep apnea stats.

  • iPhone 17 to be manufactured in India starting in H2 2025: analyst.

  • Kalshi sues CFTC for denying Congressional elections contracts.

  • TikTok on track to earn $500M/year from tips in U.S.

  • Mint being shut down by Intuit, users to be moved to Credit Karma.

  • Flexport buys Convoy’s technology before it gets shut down.

  • Google’s top 20 commercial queries: iPhone, insurance, flights.

  • Percent: diversify your portfolio with high-yield (19% IRR) private credit.*

  • guidde: magically create video documentation with AI.*

  • IdeasHub: provide startup ideas and get 1% in advisory shares.*

*Sponsored.

Tech & law

  • Google trial: Mozilla’s “failed” bet on Yahoo Search highlighted.

  • Meta Ads’ status in EU still uncertain.

  • China’s YMTC raising $B’s after U.S. chip curbs hit business.

  • Apple: $2B UK lawsuit over alleged defective batteries to kick off.

  • Anduril sues Salient, a startup founded by ex-Anduril engineers.

Biotech

Business

Crypto

  • Coinbase launches regulated crypto futures to U.S. customers.

  • SafeMoon execs arrested by DOJ, charged with fraud.

  • Worldcoin app reaches 4M downloads, 100K DAUs.

  • Binance shuts down RUB payment partnership.

  • Solana +14% to $43, 14-month high.

  • GBTC discount narrows to 14%.

U.S. politics

  • Sen. Tuberville’s blockade on military nominees stressing both sides.

  • Trump’s docs trial may be delayed (currently starts May 20), says judge.

  • Adelson, casino megadonor, met with Nikki Haley in Las Vegas.

  • Speaker Mike Johnson doesn’t have any bank accounts.

  • George Santos: 2nd effort to expel him fails, 179-213-19.

World

  • Russia revokes ratification of nuclear test ban treaty.

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