Shares of technology companies experienced a slight boost as the potential of artificial intelligence (AI) technology regained attention. Amidst this growing interest, influential figures of Silicon Valley engaged in a closed-door meeting with U.S. senators to discuss the regulation of this emerging technology.
While this positive trend prevailed, Apple shares continued to decline due to doubts surrounding the upcoming release of the iPhone 15 and other new products. However, amidst skepticism, consulting firm EY made headlines with its recent $1.4 billion investment in AI. This decision further solidifies the increasing number of industry players who are making billion-dollar investments in this rapidly developing technology.
On another front, Adobe shares saw a rise following the announcement from the software company that it will be implementing a credit system for users of its new generative AI tool. This strategic move aims to charge users for the utilization of this innovative offering.
In a related development, Digital Currency Group, the parent company of bankrupt cryptocurrency lender Genesis Global, provided reassurance to users of Gemini Trust’s Earn program. It stated that these users can expect a recovery rate ranging from 95% to 110% for their claims against Genesis.
The technological landscape continues to evolve, and with it, the stock market experiences fluctuations driven by the potential and challenges associated with AI advancements.