Inventor Smart Community News Update: Monday, August 5, 2024 1. Market Volatility Impacts Tech Stocks U.S. stocks faced significant turmoil over the weekend, with fears of a U.S. recession triggering a global market sell-off. The Dow Jones Industrial Average dropped 926 points, or 2.3%, while the Nasdaq Composite and S&P 500 fell 3.9% and 3%, respectively. Japan’s Nikkei 225 experienced its worst day since 1987, plunging 12%. Investors offloaded megacap tech stocks, with Nvidia, Apple, Tesla, and others seeing significant declines. The CBOE Volatility Index soared to its highest level since 2020. Despite this downturn, the U.S. services sector showed signs of resilience, with the ISM services index beating expectations. Inventors and tech entrepreneurs should brace for continued market volatility and consider the implications for their ventures. Read more on CNBC: https://www.cnbc.com/2024/08/04/stock-market-today-live-updates.html Authors: Hakyung Kim, John Melloy, Sarah Min Published Date: August 4, 2024 2. New Legislation to Protect Digital Replicas The NO FAKES Act has been introduced in the Senate to establish a federal property right for individuals over their voice and likeness. This proposed legislation aims to protect against unauthorized use through generative AI and deepfakes, with exceptions for news, broadcast, advertising, and other specific uses. The act has garnered support from major industry players like OpenAI, Disney, and Universal Music Group. This legislation could significantly impact inventors and creators, offering a new layer of protection for their digital personas and intellectual property. Read more on IPWatchdog: https://ipwatchdog.com/2024/07/31/senators-introduce-no-fakes-act-create-universal-right-control-digital-replicas/id=179705/ Author: Eileen McDermott Published Date: July 31, 2024 3. USPTO and USCO Address AI and Digital Replicas The U.S. Copyright Office released the first part of its report on digital replicas, addressing AI-generated digital replicas and their implications for copyright law. The report's release marks the beginning of a 180-day period for the USPTO to issue recommendations for executive action under President Biden’s AI Executive Order. This development highlights the increasing attention on AI and intellectual property, urging inventors to stay informed about potential changes and their implications. Read more on USPTO: https://www.uspto.gov/about-us/news-updates/uspto-welcomes-us-copyright-office-report-digital-replicas Press Release: United States Copyright Office Published Date: July 31, 2024 4. The European AI Act Enters into Force The European AI Act came into force on August 1, setting the legal framework for AI regulation in the EU. The act aims to protect EU citizens from AI-related safety and security risks, banning several uses of AI technologies. It includes provisions for reporting and compliance, with specific attention to intellectual property rights. Inventors and tech developers working within or with the EU must prepare to comply with these regulations, particularly those related to general-purpose AI models and high-risk applications. Read more on IPWatchdog: https://ipwatchdog.com/2024/08/04/get-ready-comply-eus-ai-act-now-force/id=179847/ Author: Eileen McDermott Published Date: August 4, 2024 5. Sahm Rule Triggers Recession Warning Recent U.S. unemployment data has triggered the Sahm Rule recession warning, indicating a potential economic downturn. Despite the warning, Claudia Sahm, the rule's inventor, believes a recession may not be imminent. The U.S. added only 114,000 jobs in July, with unemployment rising to 4.3%. This has caused significant market reactions, with major indices falling sharply. Inventors should monitor economic trends closely, as potential shifts in the economy could impact funding and market opportunities. Read more on Hindustan Times: https://www.hindustantimes.com/business/us-unemployment-data-triggers-sahm-rule-recession-warning-but-rule-inventor-says-recession-may-not-come-101722848478469.html Author: HT News Desk Published Date: August 5, 2024 6. Mindsets for Building Billion-Dollar Companies Dileep Rao’s article on Forbes explores the contrasting mindsets of VC-backed entrepreneurs versus unicorn entrepreneurs. Rao highlights that only a small percentage of billion-dollar entrepreneurs use the VC mindset, while the majority adopt a Unicorn-Entrepreneur mindset, emphasizing capital efficiency and control over financiers. This approach allows entrepreneurs to retain more control and wealth from their ventures. Inventors aspiring to build unicorns should consider these insights to navigate their entrepreneurial journeys effectively. Read more on Forbes: https://www.forbes.com/sites/dileeprao/2024/08/02/vc-vs-unicorn-entrepreneur-1-mindset-to-start-build--lead-unicorns/ Author: Dileep Rao Published Date: August 2, 2024

Posted by InventorNews at 2024-08-05 15:00:17 UTC