"The essay would be viewed nearly 87 million times and crystallized a fear that would engulf Wall Street by the end of the month: AI wasn't just a boom story. The technology could hollow out entire industries like software engineering, which had been investors' golden child."
"According to a spokesperson from the Trump Organization, the Trump family's privately held conglomerate, the accounts are operated by third-party financial institutions, which have "sole and exclusive authority over all investment decisions." Trades, the spokesperson wrote in a statement to Fortune, are executed through "automated investment processes and systems administered by those institutions," and neither Trump, his family, nor the Trump Organization play "any role in selecting, directing, or approving specific investments.""
"Davis Ingle, a spokesperson for the White House, told Fortune that Trump's assets are in a trust "managed by his children" and "there are no conflicts of interest."When asked about the apparent tension with the Trump Organization's statement that the third-party institutions are the "sole" authority over the trades, Ingle told Fortune to "defer to Trump Org.""
"On Feb. 10, in the account's biggest move of the quarter, it sold $5 million-to-$25 million each of Microsoft, Amazon, and Meta-the AI hyperscalers cast as central to American dominance in the technology. The trade was disclosed in the 113-page periodic transaction report the Office of Government Ethics released on Ma"
An AI founder published a long essay warning that the world was sleepwalking into a crisis comparable to coronavirus, with only tech insiders understanding what was coming. The essay drew massive attention and intensified fears on Wall Street that AI was not merely a boom story. The technology was described as capable of hollowing out entire industries, including software engineering, which had been a major focus for investors. On Feb. 10, the Dow closed at a record, but a brokerage account tied to President Donald Trump made its largest move of the quarter. The account sold shares of major AI-focused companies including Microsoft, Amazon, and Meta, with the trades disclosed in a government transaction report. Statements from the Trump Organization and the White House emphasized third-party control and denied conflicts of interest.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]