AI Developers Clash With Trump Over Development Slowdown

Donald Trump and the U.S. administration are clashing with leading AI developers, including OpenAI and Anthropic, over government demands for an industrywide slowdown in artificial intelligence development. This tension emerges as the administration seeks to regulate the pace of AI advancement.

These disputes occur alongside separate political friction between the president and Canada's Mark Carney. In the financial sector, Bank of America shares declined after CEO Brian Moynihan announced that third-quarter trading revenue is expected to remain relatively flat compared to the previous year.

Broader economic pressure is mounting as the 10-year Treasury yield has breached 5%. This spike in yields provides a volatile backdrop for the upcoming Federal Open Market Committee meeting.