US Treasury

Headlines · 4

1. 2d
   US pushes global partners to rename AI as 'Super Intelligence'; task force holds first meeting

   US Treasury Under Secretary for International Affairs Erin Browne told Reuters on October 15 that Washington wants global partners to replace the term "artificial intelligence" with "Super Intelligence" (SI), and is negotiating with other IMF shareholders to get the wording into a statement drafted by the International Monetary and Financial Committee (IMFC). She said President Trump directed federal agencies last month to use the term, and that the US, currently holding the G20 presidency, wants it adopted internationally; people familiar said US officials insisted on the new phrasing in the IMFC talks, surprising some members, and that if consensus fails, IMFC chair and Saudi finance minister Mohammed Al-Jadaan could still issue a chair's statement, with another option being neutral wording such as "emerging technologies." Separately, Bloomberg reported that Trump's Super Intelligence Force agreed at its first meeting to address risks including cybersecurity, and plans to commission a report on AI risks and develop protocols for labs to give early warnings.

   科技新报 · 🔥 13
2. 3d
   BofA hired 1,000 contractors to patch flaws exposed by Anthropic's Mythos

   Bank of America CEO Brian Moynihan said the bank brought in about 1,000 outside contractors in the second quarter to work alongside roughly 3,000 internal staff on software weaknesses exposed by frontier AI models including Anthropic's Mythos, affecting both the bank's own code and that of its vendors. He said third-quarter spending on the remediation and on anti-money-laundering fixes came to "a couple hundred million dollars plus," and that the contractors were engaged as consultants and are not counted in headcount. According to CNBC, Anthropic made Mythos available in April through a programme called Project Glasswing to a small group of companies, banks and government agencies so they could find and patch flaws before attackers did; a month later US regulators paused some cyber exams. The bank also said savings from about 130 internal AI projects are expected to grow from roughly $300 million this year to $700 million next year.

   CNBC Technology · 🔥 11
3. 5d
   AI won't 'fail,' but capital may not wait: productivity, inflation and rates

   A Chinese-language analysis published on Huxiu AI, by author Xi Chunying, examines Apollo Global Management chief economist Torsten Slok's argument that AI cuts long-term rates either way: success brings disinflationary productivity gains, while a bust in AI-linked markets sends haven money into US Treasuries. The author argues the real variable is not whether AI "succeeds" but the lag between massive capital spending and realized productivity, and how the economic surplus AI creates is split among capital, labor and consumers. The piece adds that AI may raise prices for chips, power and land in the build-out phase before any disinflationary effect appears, and cites a question attributed to Federal Reserve chair Warsh about where the surplus ends up.

   虎嗅 AI · 🔥 0
4. 6d
   Analysis argues AI growth won't fix America's debt problem

   In an analysis for The Guardian, reported by The Next Web, Eduardo Porter argues that even an AI-boosted economy would not solve the US debt problem. He notes Treasury Secretary Scott Bessent is counting on AI to deliver 3% annual growth, while the Committee for a Responsible Federal Budget calculates that cutting the deficit to 3% of GDP by 2036 would require about 4.4% annual growth and balancing the budget about 7.2%; the Congressional Budget Office expects AI to add only about 0.1 percentage points a year. Porter also argues AI shifts income from workers to capital owners, which is taxed at roughly half the labour rate, and cites Bernstein and Cummings' estimate that the largest cloud firms need $13.1tn to $18.7tn in extra revenue over a decade to justify their spending, as US debt passes 100% of GDP.

   The Next Web · 🔥 0

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