Commerce Secretary Raimondo Says U.S. To Soon Propose Rules On Reporting Requirements For Cloud Companies; Proposed Rule Is A "Know Your Customer Rule" Aimed At Finding Out Who Is Accessing U.S. Clouds To Train AI Models
Portfolio Pulse from Benzinga Newsdesk
Commerce Secretary Raimondo announced that the U.S. will propose rules for cloud companies regarding reporting requirements. The rule focuses on identifying users of U.S. cloud services for AI model training.
January 26, 2024 | 6:45 pm
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The proposed rules may indirectly affect a broad range of tech companies within the SPY ETF, potentially leading to increased compliance costs and operational changes.
While the SPY ETF includes a variety of companies, the proposed rules are specifically targeting cloud companies. The impact on SPY is indirect since it holds a diverse portfolio, and not all companies within the ETF will be equally affected. The rules could lead to increased costs for compliance and changes in operations for cloud service providers within the ETF, but the overall effect on the ETF's price is uncertain in the short term.
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