A dynamic gathering titled "Accelerating Artificial Intelligence + to building new quality productive forces" took place in Shanghai on Friday as part of the 2024 World AI Conference (WAIC).
The event brought together a diverse array of experts, scholars, and representatives from technology companies and research institutions to delve into the progressive development of artificial intelligence (AI) and its integration as a catalyst for new quality productive forces across industries.
"The development of artificial intelligence has brought forth numerous new opportunities, which have a significant impact on our country's media and news industry. Therefore, I believe it is crucial for the China Media Group as industry leader to explore new products and services by staying at the forefront of technology. This exploration is necessary and holds immense significance," said Xue Lan, head of the Institute for Artificial Intelligence Governance at Tsinghua University.
An additional focal point of the event was the release of a groundbreaking research report titled "Artificial Intelligence Security as a Global Public Good." The report advocated for the development of public security knowledge, capabilities, and resources while effectively balancing security objectives with the pursuit of progress. Its overarching aim was to advance both theoretical understanding and practical exploration in the realm of AI security.
In addition to engaging presentations, the event featured three captivating thematic dialogues. These dialogues provided a vibrant platform for profound discussions, fostering fresh insights and igniting further exploration into the potential of new quality productive forces.
Shanghai event explores AI’s role in developing new quality productive forces
Shanghai event explores AI’s role in developing new quality productive forces
U.S. stocks ended lower on Friday as concerns mounted over rising costs in the artificial intelligence (AI) sector and potential delays in major AI-related initial public offerings.
The Dow Jones Industrial Average fell by 44.51 points, or 0.09 percent, to 51,876.11. The Standard and Poor's 500 sank 3.47 points, or 0.05 percent, to 7,354.02. The Nasdaq Composite Index shed 60.99 points, or 0.24 percent, to 25,297.62.
Six of the 11 primary Standard and Poor's 500 sectors closed higher, led by health and consumer discretionary with gains of 3.16 percent and 1.55 percent, respectively. Industrials and technology were the main laggards, declining 1.53 percent and 1.05 percent, respectively.
Concerns are growing that surging costs for memory and storage components could weigh on device makers, following Apple's recent price increases on MacBooks and iPads. Micron Technology's strong quarterly results highlighted continued tight supply in the sector, adding to the pressure.
OpenAI is considering delaying its mega initial public offering until 2027 further dampened enthusiasm for the AI trade, according to a report from The New York Times. OpenAI also said Friday it is restricting the release of its new model at the request of the U.S. government, the latest in an unprecedented vetting of AI products that could pose cybersecurity risks.
The sector also faced headwinds from rising expectations of a Federal Reserve interest rate hike later this year.
Minneapolis Federal Reserve President Neel Kashkari said Friday he now expects a rate hike by the end of 2026 in comparison with his earlier anticipation of a rate cut for the same period.
The U.S. Department of Commerce reported that the personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 4.1 percent year-on-year in May, up from 3.8 percent in April. On a monthly basis, headline PCE increased 0.4 percent. The core PCE index, excluding food and energy, rose 3.4 percent year-on-year and 0.3 percent month-on-month, marking the highest core reading since October 2023.
On the corporate front, Oracle plummeted 19 percent this week, dropping at least 2.6 percent each of the past five days, marking its worst week on Wall Street in 25 years. Nvidia and Alphabet fell 1.64 percent and 2.19 percent, respectively, while Microsoft rose 5.71 percent to lead advancers. Apple bounced back 3.14 percent after having its worst day in over a year.
U.S. stocks close lower as AI trade faces renewed pressure
