Biden Signs AI Executive Order, Tech Majors See Gains Higher Than Broader Tech Index
Portfolio Pulse from Khyathi Dalal
President Joe Biden signed an executive order on artificial intelligence (AI), leading to gains in tech companies such as Microsoft, Meta Platforms, Alphabet, Nvidia, and Amazon. The companies have committed to deploying AI safely. Alphabet and Amazon have invested in AI start-up Anthropic, while Meta Platforms plans to focus on AI in 2024. Apple is also investing in AI, and UiPath's earnings have been boosted by demand for its AI products. AI start-up Hugging Face secured funding from IBM, Alphabet, Amazon, Nvidia, AMD, Intel, and Qualcomm.

October 30, 2023 | 9:46 pm
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POSITIVE IMPACT
Amazon's stock saw gains following Biden's AI executive order.
Amazon's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Dynatrace's stock saw gains following Biden's AI executive order.
Dynatrace's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Alphabet's stock saw gains following Biden's AI executive order.
Alphabet's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Alphabet's stock saw gains following Biden's AI executive order.
Alphabet's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
IBM's stock may see gains due to its investment in AI start-up Hugging Face.
IBM's investment in AI start-up Hugging Face could potentially lead to gains in its stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Meta Platforms' stock saw gains following Biden's AI executive order.
Meta Platforms' commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Microsoft's stock saw gains following Biden's AI executive order.
Microsoft's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Nvidia's stock saw gains following Biden's AI executive order.
Nvidia's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
UiPath's stock saw gains following Biden's AI executive order.
UiPath's commitment to safe AI deployment and the overall positive market response to Biden's executive order likely contributed to the stock's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Technology Select Sector SPDR Fund saw gains following Biden's AI executive order.
The overall positive market response to Biden's executive order likely contributed to the fund's gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80