AI Hangover? Tech Stocks Fall On First Day of 2024 Trading

Plus Intel spins out enterprise AI software co

Author

Nathaniel Whittemore
January 03, 2024

The AI Breakdown First Five - Wednesday January 3, 2024

Today on the First Five: The Biggest News from the Holiday Break

  • 5. xAI Incorporates as Benefit Corporation

  • 4. Chief Justice John Roberts Discusses AI in Annual Letter

  • 3. CES is ALL About AI

  • 2. Intel Spinning out AI Firm

  • 1. AI Stocks Fall on First Day of 2024 Trading

5. xAI Incorporates as Benefit Corporation

Elon Musk’s xAI has been set up as a for-profit benefit corporation in Nevada. This means that the company is setting itself up to not only have obligations to its shareholders, but to have a positive impact on society. The structure comes with an obligation for an outsider to assess if it’s living up to its positive impact commitments.

4. Chief Justice John Roberts Discusses AI in Annual Letter

The trend of AI appearing in end-of-year reflection notes has extended all the way to the Chief Justice of the United States Supreme Court. Justice John Roberts sees AI having a significant impact on the legal field, although he thinks human judges will be around for some time to come.

3. CES is ALL About AI

The first big tech event of each calendar year is CES in Las Vegas, and to the surprise of no one, this year’s event looks to be all about AI. According to organizers, AI will be integrated into everything from TVs to cars to home appliances.

'AI Is The Story Of The Show': What To Expect From CES 2024

Artificial intelligence will take center stage at the massive CES 2024 technology trade show, which opens Tuesday in Las Vegas.

www.investors.com/news/technology/ces-2024-ai-is-the-story-of-the-show

2. Intel Spinning out AI Firm

Intel has recently been working with Boston Consulting Group to develop a generative AI system using its own supercomputers. Now Intel is spinning out that work into its own company called Articul8 AI. The new company has received external investment and will be competing in what is anticipated to be the white hot enterprise AI space.

1. AI Stocks Fall on First Day of 2024 Trading

Yesterday was the first day of 2024 trading and tech took a hit. Nvidia, Intel, AMD, Adobe and Salesforce were all down. The so-called Magnificent Seven averaged a 2% loss on the day, peeling off a combined $238B in market cap. Is it a sign of AI hype wearing off?

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