Tech CEOs met with U.S. lawmakers Wednesday to discuss regulations for the powerful technology.
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00:00 I'm JD Dirkud reporting from the New York Stock Exchange.
00:02 Here's a look at what we are watching on the street today.
00:04 Wall Street is reacting to yet another inflation report today.
00:08 The Producer Price Index, or PPI, which measures the change in wholesale prices, came in hotter
00:13 than expected, increasing 0.7 percent for the month of August compared to expectations
00:18 of 0.4 percent.
00:20 And despite rising inflation, it seems as if consumers are still willing to spend.
00:25 The August Retail Sales Report, which tracks how much consumers are spending on goods,
00:30 showed a 0.6 percent increase, well above analysts' expectations of 0.1 percent.
00:36 But with all this, traders are still pricing in a 97 percent chance that the Federal Reserve
00:40 holds rates steady when it meets next week, and a 40 percent chance they raise rates in
00:46 November.
00:47 Turning now to the world of tech, some of the biggest names in the industry taking to
00:50 Washington yesterday to discuss the future of artificial intelligence.
00:54 Mark Zuckerberg, Bill Gates, and Elon Musk, just some of the attendees to take part in
00:59 the three-hour-long U.S. Senate hearing to discuss the risks and rewards of AI.
01:04 Microsoft's Satya Nadella telling Senators, "When it comes to AI, we shouldn't be thinking
01:09 about autopilot.
01:10 You need to have co-pilots."
01:12 However, Elon Musk taking a bit of a more direct approach, telling reporters after the
01:16 hearing, "There's some chance above zero that AI will kill us all.
01:21 I think it's low, but there's some chance.
01:23 The consequences of getting AI wrong are severe."
01:26 This was the first of nine scheduled hearings that will help determine how artificial intelligence
01:30 should be regulated.
01:32 That will do it for your daily briefing.
01:33 From the New York Stock Exchange, I'm J.D. Durkin with The Street.
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