How the EU botched its attempt to regulate AI

Global tech stocks experienced a rally following Nvidia's strong earnings report, which alleviated concerns about a potential slowdown in AI spending. The chipmaker's positive performance has boosted investor confidence, leading to a climb in markets as fears of an AI bubble were addressed. Nvidia's revenue forecast has further solidified its position in the tech sector.

Online discussions surrounding meme stocks and cryptocurrencies have led to poor investment decisions, as highlighted by recent trends in the market. The Financial Times emphasizes the risks associated with trading based on social media conversations, which can often be misleading and speculative.

European car manufacturers are facing significant challenges in the plug-in hybrid vehicle market as Chinese automakers gain ground with their advanced and affordable offerings. High tariffs on electric vehicles in Europe have prompted Chinese companies to adapt their strategies, potentially jeopardizing the competitiveness of European brands in their own market.

Minutes from the US central bank's October meeting reveal a significant divide among Federal Reserve officials regarding the potential for a rate cut in December. This schism highlights differing perspectives on the economic outlook and monetary policy direction as the Fed navigates complex market conditions.

Elon Musk's artificial intelligence company, xAI, is reportedly in advanced discussions to raise $15 billion, aiming for a valuation of approximately $230 billion. This fundraising effort reflects the growing interest in AI technologies and the potential for significant investment in the sector.

The article discusses the necessity for an industrial revolution in quantum computing, emphasizing that the development of scalable quantum computers requires advanced technological infrastructure in addition to significant academic research. It highlights the gap between theoretical advancements and practical applications in the field.

Kering's chief executive, Luca de Meo, has communicated to staff the necessity for the luxury group to reduce its reliance on the Italian brand Gucci. In a memo, he emphasized the need to address the company's 'over-dependency' on Gucci to ensure a more balanced portfolio.

The European Commission has been accused of a significant rollback of digital protections following proposals to delay key aspects of the Artificial Intelligence Act and dilute data protection regulations. If implemented, these changes would allow tech companies to utilize personal data for AI model training without user consent and reduce the frequency of consent requests for online tracking.