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Aug 2, 2024 • 5 min read

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White House AI Stance:

The White House has expressed support for open-source artificial intelligence technology, indicating in a report on Tuesday that there is no current need for restrictions on companies making key components of their AI systems widely available. In an executive order on AI last year, President Joe Biden directed the U.S. Commerce Department to consult experts and provide recommendations by July on managing the potential benefits and risks of open models.
Open-source refers to the practice of developing software with code that is freely accessible for anyone to examine, modify, and build upon. However, open-source AI development involves more than just code, and definitions vary among computer scientists depending on which components are publicly available and any usage restrictions.
The report represents the U.S. government's first detailed examination of an ongoing industry debate. Developers like OpenAI, which created ChatGPT, argue for keeping their models' inner workings closed to prevent misuse, while others, such as Meta Platforms advocate for a more open approach to encourage innovation.

Apple & Amazon Earnings:

Apple (AAPL) announced its quarterly earnings on Thursday, surpassing analysts' expectations for both revenue and earnings per share, despite a year-over-year decline in iPhone sales. The company's revenue from China reached $14.7 billion, which was below the $15.2 billion anticipated by analysts and the $15.7 billion reported in the same quarter last year.
Overall, iPhone sales totaled $39.2 billion, slightly exceeding the $38.9 billion expected but falling short of the $39.6 billion recorded in Q3 2023. For the quarter, Apple reported earnings per share (EPS) of $1.40 on revenue of $85.5 billion, surpassing analysts' predictions of $1.35 EPS and $84.4 billion in revenue. In the same period last year, Apple had EPS of $1.26 and revenue of $81.7 billion.
Amazon reported earnings of $1.26 per share, higher than the $1.03 expected by LSEG, with revenue of $147.98 billion, slightly below the $148.56 billion expected. Key figures included Amazon Web Services revenue of $26.3 billion, exceeding expectations of $26 billion, and advertising revenue of $12.8 billion, just below the expected $13 billion. For the current quarter, Amazon forecasted revenue between $154 billion and $158.5 billion, indicating growth of 8% to 11% compared to the third quarter last year. The company expects third-quarter operating income to range from $11.5 billion to $15 billion, compared to $11.2 billion in the same period last year.

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