Trump pledges to create an AI Force and appoint

Plus: Consumers sue four AI giants over development pact; SoftBank raises over $10 billion for OpenAI stake

Welcome back to a Monday where the headlines are moving almost as fast as the models.

POLICY

🏛️ Trump pledges to create an AI Force and appoint a czar

President Donald Trump announced plans to establish an 'AI Force' and appoint an 'AI Czar'. Trump compared the proposed AI Force to the Space Force.

The details:

• Trump stated his goal is to protect the AI industry without stifling its growth.
• Trump noted the government would monitor the industry for bad actors using existing criminal and civil justice systems.
• Trump predicted the AI sector could eventually account for as much as 25% of the country's Gross Domestic Product.

First reported by fox5dc.com, 35h ago · fox5dc.com · sg.news.yahoo.com · wafb.com · news.google.com · news.google.com · news.google.com

POLICY

⚖️ Consumers sue four AI giants over development pact

Anthropic, OpenAI, xAI, and Google made an illegal deal to collectively slow the pace of AI development. The lawsuit alleges that the agreement among competitors violates Section 1 of the Sherman Antitrust Act.

The details:

• The four AI giants coordinated on Saturday to slow AI development when their executives publicly agreed with an essay that advocated limits on the rate of unchecked AI progress.
• The plaintiffs allege the conspiracy started when Anthropic CEO Dario Amodei published an essay titled 'We Must Pace the Frontier' calling for industry-wide coordination.
• xAI founder Elon Musk endorsed the proposal, OpenAI CEO Sam Altman followed, and Google DeepMind co-founder Demis Hassabis called the essay 'the right path forward.'

First reported by news.bloomberglaw.com, 53h ago · news.bloomberglaw.com · thehill.com · seekingalpha.com · independent.co.uk · news.google.com · news.google.com · news.google.com

FUNDING

💰 SoftBank raises over $10 billion for OpenAI stake

SoftBank Group Corp has launched US$10 billion and 1 billion euro-denominated senior unsecured notes. The OpenAI investment is expected to close on Oct 1.

The details:

• The dollar-denominated notes are split into 3-1/2-year, 5-1/2-year and 7-1/2-year tenors.
• The bond issuances are expected to price on Sep 24 and settle on Sep 29.
• The notes are to fund SoftBank's investment in OpenAI.

First reported by reuters.com, 2h ago · reuters.com · investing.com · newsquawk.com · businesstimes.com.sg

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