Crypto News: OpenAI hits pause

Good morning. OpenAI hits the brakes as concerns mount over its most powerful models. Goldman is looking ahead to a post-Solomon era. And the Senate moves to curb college athletes’ school-hopping. Listen to the day’s top stories.

— Hellmuth Tromm and Harry Black

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The AI safety debate isn’t letting up. OpenAI is holding back a new version of its Astra model while it puts new guardrails in place following recent rogue hackings. It will also create a task force to review breaches of Australian government websites by its models. Next stop, the White House: Jensen Huang, Dario Amodei and other tech leaders are due to meet Donald Trump today to discuss AI risks. Read our explainer on what’s fueling the alarm.

AI has Wall Street waiting, too. US futures and Treasuries struggled for direction as investors held fire ahead of a string of AI events and the week’s first labor data. Oil traders, meanwhile, remained on edge as they looked for progress in Middle East peace talks. Iranian officials privately expressed pessimism. One notable bond call: Wall Street veteran Jim Bianco is turning bullish on Treasuries for the first time in six years.

AI May Force 11 Million Workers Into New Jobs, McKinsey Says

Artificial intelligence may create more jobs than it destroys, but millions of careers are at risk.

Goldman Sachs may be closer to anointing its next CEO. The board has discussed handing President and COO John Waldron the top job as early as next year, with David Solomon moving to executive chairman, the Wall Street Journal reported. The board telegraphed Waldron’s future last year with a stock package now worth almost $120 million, matching Solomon’s incentive. Waldron has worked closely with Solomon for years and was tapped for Goldman’s No. 2 job when Solomon became CEO in 2018.

A US import ban on Canadian motorcycles, alcoholic beverages and whey products took effect this morning, the latest salvo in a trade war that has escalated since talks collapsed in August. Trump last month slapped 50% tariffs on $20 billion of Canadian goods, prompting Prime Minister Mark Carney’s government to retaliate with levies of up to 50% on US products including steel.

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Deep Dive: Game Changer

A UNC-Duke rivalry game at the Dean E. Smith Center. — UNC-Duke face off.

College sports are finally getting new rules of the game. The Senate passed a bill limiting athletes to one school transfer while reshaping how the multibillion-dollar industry operates.

The bipartisan Protect College Sports Act also covers media rights and agent fee caps and still needs House approval after the Nov. 3 elections.
Backers say the bill will encourage athletes to stay at one school longer while almost doubling the $21.6 million cap on total payments to players.
For universities, paying players comes at a price, and the race is on to find the money.
Watch this video on the rapidly changing business of college sports.

The Big Take

US subprime auto debt is booming even as borrowers struggle. Lenders are keeping investors happy by extending loan terms or quickly repossessing cars, neither of which is great for customers.

Big Take Podcast

Bond Yields Come for the Stock Market

Opinion

OpenAI’s annual developer conference starts today, and the timing isn’t ideal, Dave Lee writes. CEO Sam Altman has to demonstrate that his company can catch up with Meta while signaling that it has a handle on the reckless behavior of its most powerful AI.

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Before You Go

A rib-eye at Carnevor — Rib-eye at Carnevor.

Brew City is raising its game. If you’re heading to Milwaukee for the G20 trade meeting this week, there’s more to this Midwestern place than just beer. Condé Nast Traveler readers ranked it as the No. 3 food city in the US. Check out our Five Top Tables to see where to dine this week.