Friday☕️

May 5, 2023 • 4 min read

Trending:

Markets/Economies:

White House AI Investment:

The White House has declared its intention to invest $140 million in establishing seven dedicated artificial intelligence (AI) research hubs, alongside the release of updated guidance on AI.
This move comes prior to Vice President Kamala Harris' scheduled meeting with executives from leading technology companies, including Alphabet (Google's parent company), Anthropic, Microsoft, and OpenAI.
By engaging with industry leaders, the U.S. government seeks to emphasize the importance of a collaborative approach to minimize harm and maintain a competitive edge in the global technology race.

El Salvador Taxes:

El Salvador's President Nayib Bukele has signed a law eliminating taxes on technology innovations, including income, property, capital gains, and import tariffs.
The Innovation and Technology Manufacturing Incentive Act aims to make the country a haven for technology development and protect various sectors, such as AI, blockchain, software, and hardware manufacturing.
The law is expected to attract tech companies to El Salvador and boost economic growth by providing tax benefits.
President of El Salvador statement:

SEC vs Coinbase:

A U.S. court has ordered the Securities and Exchange Commission (SEC) to respond to Coinbase's complaint about the lack of clarity in the application of securities laws to digital assets.
The Third Circuit Court of Appeals has given the SEC ten days to file its response, after which Coinbase has seven days to reply. Coinbase argues that the SEC needs to adapt its requirements to suit the unique characteristics of digital assets.
It has previously submitted a petition with 50 specific questions about the regulatory treatment of digital assets. The court order comes as the SEC plans to sue Coinbase over allegations of offering unregistered securities.
Coinbase is the second-largest crypto exchange in the world, with an average 24-hour trading volume of $1 billion. The platform allows users to buy, sell, and trade various cryptocurrencies.

Business:

Darden Restaurants, the parent company of Olive Garden, is set to acquire Ruth's Chris Steak House in a $715 million deal, further expanding its portfolio of dining establishments.
Eli Lilly has announced that their Alzheimer's drug demonstrated a 35% reduction in disease progression during late-stage clinical trials.

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