Wall Street Lunch: AI Regulation Hopes Fade After Trump Calls AI Concerns A 'Hoax'

Expectations for U.S. artificial intelligence safety legislation have plummeted after former President Donald Trump dismissed concerns over an AI takeover as a hoax during a surprise onstage phone call with Nvidia CEO Jensen Huang at the All-In Summit in Los Angeles. Market prediction odds of Congress passing comprehensive AI safety laws this year tumbled sharply to 17%, down from a peak of 45% earlier in the week and 60% recorded back in May. During the public conversation, Huang placed Trump on speakerphone before the audience, where Trump asserted that robots and AI would not take over the world. Huang agreed on the imperative of preventing China from dominating AI technology, while also noting the importance of hearing whistleblower safety concerns. The reduced likelihood of near-term federal AI regulatory hurdles is broadly viewed as supportive for major chipmakers and AI infrastructure providers. In broader market news, Apple achieved historic recognition as its comedy series Widow's Bay won 14 Emmy awards, setting a new single-season comedy record.