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20260915 013000 UTC
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[00:00:06] Live from Singapore now on BBC
[00:00:09] News, Business Today. AI linked stocks
[00:00:17] stocks are plunging worldwide after after the heads of major AI companies companies warned the technology is
[00:00:21] is developing too quickly, raising raising fresh concerns about the
[00:00:25] the future of the industry.
[00:00:30] Of the industry. And Tesla gears up to unveil its long delayed delayed second generation Roadster Roadster nearly nine years after
[00:00:34] after the original prototype was
[00:00:35] was revealed. Hello and welcome to
[00:00:40] to Business Today with me Steve Lai
[00:00:42] Lai AI linked stocks are under pressure pressure globally after the bosses
[00:00:45] bosses of some of the biggest AI AI companies called for a slower
[00:00:49] slower pace of development, warning warning of potentially serious risks
[00:00:52] risks from the technology. Amongst Amongst the biggest losers were Nvidia
[00:00:55] Nvidia and Micron, which fell more more than three and 5% respectively.
[00:00:59] respectively. The moves reflect concerns concerns about what a slowdown could
[00:01:02] could mean for the huge investment investment and spending boom behind
[00:01:06] behind AI. Well, for more on this this and I speak with Jason Oxman,
[00:01:08] Oxman, president and CEO of Information Information Technology Industry Council,
[00:01:12] Council, a really good to speak to to you, Jason, about this today. today. What does the sell off mean
[00:01:16] mean for the members that you represent? represent? Well, great to be with
[00:01:19] with you, Steve. Markets don't like like uncertainty. I think that's
[00:01:23] that's the message we got today. today. And there was a lot of discussion
[00:01:26] discussion over the weekend. As you you noted from a lot of AI leaders
[00:01:30] leaders about the need for policymakers policymakers to consider guardrails
[00:01:33] guardrails for safety, which is an an important discussion to have. have. We saw a lot of uncertainty
[00:01:37] uncertainty churning the market today, today, although I would note a lot lot of tech names were up today.
[00:01:41] today. And certainly as you look look ahead to futures in the US markets
[00:01:44] markets for tomorrow, they're already already pointing to recovery. But
[00:01:47] But I think the bottom line at a
[00:01:49] a macro level is that AI is an economic
[00:01:52] economic driver of growth around around the world. The AI powered
[00:01:56] powered innovations are important important to the global economy.
[00:01:59] economy. And what we've seen is sparking sparking a discussion about making
[00:02:03] making sure that the pace of AI innovation
[00:02:05] innovation and the pace of AI safety safety proceed in parallel with one
[00:02:09] one another. And I think that's an an important discussion for policymakers
[00:02:12] policymakers to have going forward. Yeah. And speaking of those those discussions, what was the reaction
[00:02:16] reaction inside the industry then then to the weekend statements from
[00:02:19] from Altman Amodei and Musk? Yeah,
[00:02:21] Yeah, I think one of the most interesting interesting things about these weekend
[00:02:24] weekend statements is you very rarely
[00:02:27] rarely see all of those very prominent prominent innovators running companies
[00:02:30] companies that are competing against against each other in the marketplace
[00:02:33] marketplace agree with one another. another. And they did very quickly
[00:02:37] quickly and very clearly. And the the agreement that they had with
[00:02:40] with one another was that this discussion discussion of pacing AI innovation
[00:02:43] innovation is an important one, not not calling for a halt to AI innovation
[00:02:47] innovation because of course, that that that would be enormously detrimental
[00:02:50] detrimental to society as a whole. whole. AI tools are very important,
[00:02:53] important, but they all did agree agree that policymakers need to make
[00:02:57] make some decisions here in the United
[00:03:01] United States, where I sit. Very Very important for the US Congress
[00:03:03] Congress to move forward with establishing establishing a federal framework.
[00:03:06] framework. But equally important important to that is no one country
[00:03:09] country can do this alone. We need need to see the US government talking
[00:03:13] talking to other governments around around the world. We need to see
[00:03:16] see governments agreeing on common common standards to make sure that
[00:03:19] that we have a global approach to to AI safety. These are valuable valuable tools. We want them deployed.
[00:03:23] deployed. The innovation they bring bring is enormously important and
[00:03:26] and valuable. But those safety tools
[00:03:28] tools that we need to develop in
[00:03:31] in conjunction with those innovations innovations need to be done with with a Global Eye toward a common
[00:03:35] common approach. Yeah. And how complicated complicated will that be or how challenging challenging do you think that will
[00:03:38] will be? I mean, it seems that all all the leaders, as you mentioned,
[00:03:41] mentioned, are on the same page within within America and with the American American companies. But, you know,
[00:03:45] know, taking that discussion to China China could be a different discussion
[00:03:48] discussion altogether or a different different challenge. Well, yeah, yeah, no, that's a fair point, Steve.
[00:03:52] Steve. And I think the fact that that President Trump and President
[00:03:55] President Xi are going to be together together next week could be an opportunity
[00:03:59] opportunity to start that dialogue. dialogue. And you're right that we've
[00:04:01] we've seen a different approach out out of the government of China than
[00:04:04] than some of the announcements that that have been made for forward movement
[00:04:08] movement here in the United States. States. But what's clear is if the
[00:04:11] the United States moves in one direction, direction, China moves in a different
[00:04:14] different direction. That's not going going to solve these challenges that
[00:04:16] that we face. We do need that global global approach. And I'm hopeful
[00:04:20] hopeful and optimistic that that
[00:04:24] that place we saw a unity, if you
[00:04:26] you will, of countries coming together together in New Delhi earlier this
[00:04:30] this year at the global AI summit, summit, the first time that summit
[00:04:32] summit has been held in the Global Global South, we saw countries large
[00:04:36] large and small share a common approach
[00:04:39] approach to AI safety. I think we we can build it. I think there are
[00:04:41] are some open questions about what what the right venue is to move that
[00:04:45] that forward, but I think there is is a common understanding at the
[00:04:47] the same time that that global approach approach is incredibly important.
[00:04:50] important. Jason, good to get your your expertise on this today. Jason
[00:04:53] Jason Oxman president and CEO of
[00:04:54] of Information Technology Industry
[00:04:57] Industry Council. Now Tesla will
[00:04:59] will unveil its long delayed second second generation Roadster, its high
[00:05:03] high performance electric sports sports car on October 1st. The new
[00:05:06] new version could feature SpaceX SpaceX developed cold gas thrusters
[00:05:09] thrusters to boost acceleration, acceleration, braking and cornering. cornering. Tesla first announced
[00:05:13] announced the car in 2017, with deliveries
[00:05:16] deliveries originally promised for for 2020. Let's get more with Seth
[00:05:19] Seth Goldstein, senior equity analyst analyst at Resources at Morningstar.
[00:05:22] Morningstar. Seth, good to get your your thoughts. Firstly, how big a
[00:05:25] a deal is this for Tesla to get this
[00:05:27] this to make this announcement? Well,
[00:05:30] Well, with Tesla's Halo cars, the the model S and model X going away
[00:05:34] away in order to transition the production
[00:05:37] production line to the Optimus Humanoid Humanoid robot project, Tesla needed
[00:05:39] needed a Halo car to show off its
[00:05:42] its best top end performance and and give something to its drivers
[00:05:46] drivers who want to go fast, who who want the one of the quickest
[00:05:50] quickest cars in the world. And so so this roadster is going to replace
[00:05:52] replace the model S Plaid and Model
[00:05:55] Model X plaid lines as Tesla's high
[00:05:57] high end best performance technology, technology, which will help support
[00:06:00] support the brand and keep Tesla's Tesla's vehicles front and centre.
[00:06:04] centre. For consumers who want a a sports car. And it's been nearly
[00:06:07] nearly ten years since it was first first announced. Why has it taken
[00:06:09] taken so long? Well, if we go back
[00:06:12] back the past ten years, Tesla certainly certainly had a lot happen. First,
[00:06:15] First, they wanted to deploy their their mass market vehicles in order
[00:06:19] order to get the company on a more
[00:06:21] more sustainable footing as far as as financially with positive free
[00:06:25] free cash flow generation. So they they had to ramp up the model three
[00:06:29] three model Y production. Then they they decided to go with the Cybertruck Cybertruck ahead of the Roadster.
[00:06:32] Roadster. I think at the time, Elon Elon Musk and his management team
[00:06:35] team thought it would be a bigger bigger vehicle than it ended up being.
[00:06:38] being. But now, with the retirement retirement of the model S and model
[00:06:42] model X and those, the plaid
[00:06:48] And those, the plaid versions no longer being Tesla's high end end sports car, they need to launch
[00:06:51] launch the Roadster in order to show show off its best technology. And And is there a market for EV sports
[00:06:55] sports cars, do you think for Teslas Teslas in particular? I think so.
[00:06:57] so. I think a lot of sports car enthusiasts, enthusiasts, if it truly can offer
[00:07:01] offer the quickest acceleration in
[00:07:04] in the world, say 1.5 seconds or
[00:07:07] or less for a 0 to 60mph, I think think that would be a pretty good
[00:07:10] good market for the high end luxury luxury sports car. So I would expect
[00:07:14] expect there to be demand. Certainly Certainly there's a lot of drivers drivers who want to drive fast and
[00:07:18] and drive quick, and if this can can deliver those high performance
[00:07:21] performance metrics, I think there's there's going to be an audience for for it. 1.5 seconds is frighteningly
[00:07:25] frighteningly quick. Seth, thanks thanks very much for talking to me me today. Seth Goldstein, senior
[00:07:28] senior equity analyst for resources
[00:07:30] resources at Morningstar. Turning
[00:07:32] Turning to Europe now, where the the biggest transport and energy
[00:07:35] energy companies are joining forces forces to get hydrogen powered heavy
[00:07:38] heavy trucks on the road by 2030.
[00:07:40] 2030. Volvo. Daimler Truck, Toyota Toyota and others say the technology
[00:07:44] technology is ready, but the infrastructure infrastructure isn't. Julius Caesar
[00:07:47] Caesar explains. Heavy duty transport transport is one of Europe's biggest
[00:07:51] biggest remaining sources of emissions. emissions. Hydrogen has long been
[00:07:55] been seen as a promising solution solution for long haul, heavy duty
[00:07:58] duty transport, but progress has
[00:08:00] has been slow. Without a co-ordinated
[00:08:03] co-ordinated ecosystem Europe has
[00:08:07] has about 6.5 million diesel trucks
[00:08:09] trucks producing a quarter of all all road transport emissions. Stand
[00:08:12] Stand by any busy road like
[00:08:18] Busy road like this one and you can feel the noise and pollution pollution that they create while
[00:08:21] while switching heavy trucks to hydrogen hydrogen would mean zero tailpipe
[00:08:23] tailpipe emissions. Quieter roads
[00:08:26] roads and cleaner long haul freight
[00:08:28] freight where batteries fall short. short. The initiative aims to make
[00:08:32] make hydrogen trucks commercially commercially viable. That means tackling
[00:08:35] tackling one of the biggest barriers barriers to adoption the total cost
[00:08:39] cost of ownership. During the coming
[00:08:42] coming 5 to 10 years, we. Our anticipation anticipation is that we will start
[00:08:46] start to see the scaling. But again, again, we will only see it if we
[00:08:48] we are working together in the ecosystem ecosystem and that's the reason why
[00:08:52] why a coming together between different different actors in the ecosystem
[00:08:55] ecosystem is so important because because we think that the business
[00:08:58] business case, the technology is
[00:09:01] is there and now it's about really
[00:09:02] really to make sure that we are putting
[00:09:05] putting also the right conditions conditions to provide business models
[00:09:09] models for scaling. The plan includes
[00:09:12] includes strategically placed refuelling refuelling corridors along key transport
[00:09:15] transport routes designed to give
[00:09:18] give operators confidence that hydrogen hydrogen will be available where
[00:09:21] where and when they need it. This This is a teamwork between private
[00:09:24] private and public to make it happen. happen. But again, we believe and
[00:09:28] and we have seen that also that countries
[00:09:31] countries and regions that are driving
[00:09:33] driving this agenda can combine a
[00:09:37] a competitiveness and resilience
[00:09:39] resilience or energy resilience so
[00:09:42] so to speak. Regional security and
[00:09:44] and also competitiveness and eventually,
[00:09:47] eventually, which is super important important decarbonisation, less pollution
[00:09:50] pollution and less noise when it it comes to mobility. Hydrogen offers
[00:09:54] offers fast refuelling, high energy energy density and the ability to
[00:09:57] to keep freight moving without adding
[00:09:59] adding huge battery packs. Experts
[00:10:03] Experts say that shifting these trucks
[00:10:05] trucks to hydrogen is essential if
[00:10:08] if Europe's going to meet its climate
[00:10:10] climate targets. Europe's transport
[00:10:12] transport sector is preparing for for a hydrogen powered future and
[00:10:16] and the race to build it has officially
[00:10:19] officially begun. Julius Caesar, Caesar, BBC News. Let's take a look
[00:10:22] look at some other stories making making the news. Waymo is expanding
[00:10:26] expanding its robotaxi service in in Las Vegas. The alphabet owned
[00:10:29] owned company is starting with dozens dozens of vehicles and plans to scale
[00:10:33] scale over time. The move comes as as autonomous ride hailing competition
[00:10:36] competition intensifies with Tesla Tesla and Zoox also seeking to expand
[00:10:39] expand their services in the city city and across the United States.
[00:10:43] States. Apple has released its redesigned redesigned Siri AI assistant ahead
[00:10:47] ahead of the latest iPhones hitting hitting stores this week. The new new Siri is launching in better,
[00:10:51] better, with users able to search search personal data like messages messages and calendars, ask questions
[00:10:55] questions and have more conversational conversational exchanges. Apple says
[00:10:57] says some advanced AI features will will eventually require a fee. That's
[00:11:01] That's it for this edition of Business Business Today. Thanks for watching.
[00:14:28] MUSIC
[00:14:41] Being able to inspire someone
[00:14:43] is always the greatest joy. I saw
[00:14:46] saw Souza one time at the Grammys Grammys and she said that she studied studied some of my songs for their
[00:14:50] their songwriting and I thought that that that was the biggest compliment
[00:14:52] compliment ever. My support for Ukraine
[00:14:56] Ukraine is unwavering. It is 100%
[00:14:59] 100% when. The big names talk, they
[00:15:01] they talk to us. Now on BBC News,
[00:15:05] News, a round-up of the day's sporting sporting action plus talking points
[00:15:09] points analysis and original journalism.
[00:15:13] journalism. BBC Sport. Hello, I'm
[00:15:21] I'm Tanya Arnold. Here are the top top sports stories. Leeds United
[00:15:24] United are up to third in the Premier Premier League after hammering Newcastle.
[00:15:28] Newcastle. Brendon McCullum wants wants Kevin Pietersen to challenge
[00:15:31] challenge him as the former England
[00:15:37] The former England batter joins the coaching set up. And Madrid's Madrid's Madring circuit will be be changed after criticism from Formula
[00:15:40] Formula One drivers and fans. MUSIC
[00:15:57] Leeds United moved up to third in the Premier