Alphabet's recent $31.51 billion global bond sale highlights strong investor demand for AI hyperscalers, but raises concerns over a lack of investor protections. The "century" bond and similar offerings from tech giants like Oracle and Meta omit crucial covenants, potentially setting a precedent for future debt issuances.
The S&P 500, the Nasdaq and the Dow all declined for the week with technology stocks on a roller-coaster ride due to uncertainty about the extent to which profits could be disrupted due to AI competition and the hefty spending needed to support the technology.
Sebi chairperson Tuhin Kanta Pandey highlighted the dual nature of AI in securities market regulation, acknowledging its power for surveillance while warning of risks like opacity and bias. He emphasized the need for regulation to shift from supervising institutions to systems and technology, advocating for anticipatory, resilient markets.
India is becoming a key player in AI-driven financial innovation, according to LSEG CEO David Schwimmer. He highlighted the country's digital infrastructure and talent as crucial for transforming global capital markets. Schwimmer emphasized that data integrity is paramount for trusting AI outcomes and driving responsible adoption across the industry.
Indian equity markets experienced a significant downturn, with the Nifty and Sensex falling 1.3% and 1.1% respectively for the week. A sharp selloff in IT stocks, triggered by AI disruption fears in the US economy and rapid job losses, led the decline. The IT index saw its steepest weekly losses in 10 months, wiping out substantial market value.
Indian IT firms are adapting to new AI models that promise to revolutionize software development. Despite recent stock sell-offs, companies are investing in AI training and partnerships, ensuring their continued relevance. Strong deal wins and favorable valuations suggest a resilient future for the sector.
The Securities and Exchange Board of India (Sebi) is proposing to review the base price and price bands for Exchange-Traded Funds (ETFs). Currently, a fixed 20% price band is applied, which Sebi believes doesn't accurately reflect underlying volatility. The regulator aims to address issues with using T-2 day NAV and manual adjustments for corporate actions.
Argentina and the United States have reached an expansive trade deal, a win for Argentine President Javier Milei as he moves to open up the South American nations notoriously protectionist economy.
Michael Ferro, the former chair of the Chicago Tribune and the Chicago Sun-Times, was set to meet with disgraced financier Jeffrey Epstein at his Palm Beach home on April 15, 2019, according to emails.
