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00:00:06Live from Singapore now on BBC
00:00:09News, Business Today. AI linked stocks
00:00:17stocks are plunging worldwide after after the heads of major AI companies companies warned the technology is
00:00:21is developing too quickly, raising raising fresh concerns about the
00:00:25the future of the industry.
00:00:30Of the industry. And Tesla gears up to unveil its long delayed delayed second generation Roadster Roadster nearly nine years after
00:00:34after the original prototype was
00:00:35was revealed. Hello and welcome to
00:00:40to Business Today with me Steve Lai
00:00:42Lai AI linked stocks are under pressure pressure globally after the bosses
00:00:45bosses of some of the biggest AI AI companies called for a slower
00:00:49slower pace of development, warning warning of potentially serious risks
00:00:52risks from the technology. Amongst Amongst the biggest losers were Nvidia
00:00:55Nvidia and Micron, which fell more more than three and 5% respectively.
00:00:59respectively. The moves reflect concerns concerns about what a slowdown could
00:01:02could mean for the huge investment investment and spending boom behind
00:01:06behind AI. Well, for more on this this and I speak with Jason Oxman,
00:01:08Oxman, president and CEO of Information Information Technology Industry Council,
00:01:12Council, a really good to speak to to you, Jason, about this today. today. What does the sell off mean
00:01:16mean for the members that you represent? represent? Well, great to be with
00:01:19with you, Steve. Markets don't like like uncertainty. I think that's
00:01:23that's the message we got today. today. And there was a lot of discussion
00:01:26discussion over the weekend. As you you noted from a lot of AI leaders
00:01:30leaders about the need for policymakers policymakers to consider guardrails
00:01:33guardrails for safety, which is an an important discussion to have. have. We saw a lot of uncertainty
00:01:37uncertainty churning the market today, today, although I would note a lot lot of tech names were up today.
00:01:41today. And certainly as you look look ahead to futures in the US markets
00:01:44markets for tomorrow, they're already already pointing to recovery. But
00:01:47But I think the bottom line at a
00:01:49a macro level is that AI is an economic
00:01:52economic driver of growth around around the world. The AI powered
00:01:56powered innovations are important important to the global economy.
00:01:59economy. And what we've seen is sparking sparking a discussion about making
00:02:03making sure that the pace of AI innovation
00:02:05innovation and the pace of AI safety safety proceed in parallel with one
00:02:09one another. And I think that's an an important discussion for policymakers
00:02:12policymakers to have going forward. Yeah. And speaking of those those discussions, what was the reaction
00:02:16reaction inside the industry then then to the weekend statements from
00:02:19from Altman Amodei and Musk? Yeah,
00:02:21Yeah, I think one of the most interesting interesting things about these weekend
00:02:24weekend statements is you very rarely
00:02:27rarely see all of those very prominent prominent innovators running companies
00:02:30companies that are competing against against each other in the marketplace
00:02:33marketplace agree with one another. another. And they did very quickly
00:02:37quickly and very clearly. And the the agreement that they had with
00:02:40with one another was that this discussion discussion of pacing AI innovation
00:02:43innovation is an important one, not not calling for a halt to AI innovation
00:02:47innovation because of course, that that that would be enormously detrimental
00:02:50detrimental to society as a whole. whole. AI tools are very important,
00:02:53important, but they all did agree agree that policymakers need to make
00:02:57make some decisions here in the United
00:03:01United States, where I sit. Very Very important for the US Congress
00:03:03Congress to move forward with establishing establishing a federal framework.
00:03:06framework. But equally important important to that is no one country
00:03:09country can do this alone. We need need to see the US government talking
00:03:13talking to other governments around around the world. We need to see
00:03:16see governments agreeing on common common standards to make sure that
00:03:19that we have a global approach to to AI safety. These are valuable valuable tools. We want them deployed.
00:03:23deployed. The innovation they bring bring is enormously important and
00:03:26and valuable. But those safety tools
00:03:28tools that we need to develop in
00:03:31in conjunction with those innovations innovations need to be done with with a Global Eye toward a common
00:03:35common approach. Yeah. And how complicated complicated will that be or how challenging challenging do you think that will
00:03:38will be? I mean, it seems that all all the leaders, as you mentioned,
00:03:41mentioned, are on the same page within within America and with the American American companies. But, you know,
00:03:45know, taking that discussion to China China could be a different discussion
00:03:48discussion altogether or a different different challenge. Well, yeah, yeah, no, that's a fair point, Steve.
00:03:52Steve. And I think the fact that that President Trump and President
00:03:55President Xi are going to be together together next week could be an opportunity
00:03:59opportunity to start that dialogue. dialogue. And you're right that we've
00:04:01we've seen a different approach out out of the government of China than
00:04:04than some of the announcements that that have been made for forward movement
00:04:08movement here in the United States. States. But what's clear is if the
00:04:11the United States moves in one direction, direction, China moves in a different
00:04:14different direction. That's not going going to solve these challenges that
00:04:16that we face. We do need that global global approach. And I'm hopeful
00:04:20hopeful and optimistic that that
00:04:24that place we saw a unity, if you
00:04:26you will, of countries coming together together in New Delhi earlier this
00:04:30this year at the global AI summit, summit, the first time that summit
00:04:32summit has been held in the Global Global South, we saw countries large
00:04:36large and small share a common approach
00:04:39approach to AI safety. I think we we can build it. I think there are
00:04:41are some open questions about what what the right venue is to move that
00:04:45that forward, but I think there is is a common understanding at the
00:04:47the same time that that global approach approach is incredibly important.
00:04:50important. Jason, good to get your your expertise on this today. Jason
00:04:53Jason Oxman president and CEO of
00:04:54of Information Technology Industry
00:04:57Industry Council. Now Tesla will
00:04:59will unveil its long delayed second second generation Roadster, its high
00:05:03high performance electric sports sports car on October 1st. The new
00:05:06new version could feature SpaceX SpaceX developed cold gas thrusters
00:05:09thrusters to boost acceleration, acceleration, braking and cornering. cornering. Tesla first announced
00:05:13announced the car in 2017, with deliveries
00:05:16deliveries originally promised for for 2020. Let's get more with Seth
00:05:19Seth Goldstein, senior equity analyst analyst at Resources at Morningstar.
00:05:22Morningstar. Seth, good to get your your thoughts. Firstly, how big a
00:05:25a deal is this for Tesla to get this
00:05:27this to make this announcement? Well,
00:05:30Well, with Tesla's Halo cars, the the model S and model X going away
00:05:34away in order to transition the production
00:05:37production line to the Optimus Humanoid Humanoid robot project, Tesla needed
00:05:39needed a Halo car to show off its
00:05:42its best top end performance and and give something to its drivers
00:05:46drivers who want to go fast, who who want the one of the quickest
00:05:50quickest cars in the world. And so so this roadster is going to replace
00:05:52replace the model S Plaid and Model
00:05:55Model X plaid lines as Tesla's high
00:05:57high end best performance technology, technology, which will help support
00:06:00support the brand and keep Tesla's Tesla's vehicles front and centre.
00:06:04centre. For consumers who want a a sports car. And it's been nearly
00:06:07nearly ten years since it was first first announced. Why has it taken
00:06:09taken so long? Well, if we go back
00:06:12back the past ten years, Tesla certainly certainly had a lot happen. First,
00:06:15First, they wanted to deploy their their mass market vehicles in order
00:06:19order to get the company on a more
00:06:21more sustainable footing as far as as financially with positive free
00:06:25free cash flow generation. So they they had to ramp up the model three
00:06:29three model Y production. Then they they decided to go with the Cybertruck Cybertruck ahead of the Roadster.
00:06:32Roadster. I think at the time, Elon Elon Musk and his management team
00:06:35team thought it would be a bigger bigger vehicle than it ended up being.
00:06:38being. But now, with the retirement retirement of the model S and model
00:06:42model X and those, the plaid
00:06:48And those, the plaid versions no longer being Tesla's high end end sports car, they need to launch
00:06:51launch the Roadster in order to show show off its best technology. And And is there a market for EV sports
00:06:55sports cars, do you think for Teslas Teslas in particular? I think so.
00:06:57so. I think a lot of sports car enthusiasts, enthusiasts, if it truly can offer
00:07:01offer the quickest acceleration in
00:07:04in the world, say 1.5 seconds or
00:07:07or less for a 0 to 60mph, I think think that would be a pretty good
00:07:10good market for the high end luxury luxury sports car. So I would expect
00:07:14expect there to be demand. Certainly Certainly there's a lot of drivers drivers who want to drive fast and
00:07:18and drive quick, and if this can can deliver those high performance
00:07:21performance metrics, I think there's there's going to be an audience for for it. 1.5 seconds is frighteningly
00:07:25frighteningly quick. Seth, thanks thanks very much for talking to me me today. Seth Goldstein, senior
00:07:28senior equity analyst for resources
00:07:30resources at Morningstar. Turning
00:07:32Turning to Europe now, where the the biggest transport and energy
00:07:35energy companies are joining forces forces to get hydrogen powered heavy
00:07:38heavy trucks on the road by 2030.
00:07:402030. Volvo. Daimler Truck, Toyota Toyota and others say the technology
00:07:44technology is ready, but the infrastructure infrastructure isn't. Julius Caesar
00:07:47Caesar explains. Heavy duty transport transport is one of Europe's biggest
00:07:51biggest remaining sources of emissions. emissions. Hydrogen has long been
00:07:55been seen as a promising solution solution for long haul, heavy duty
00:07:58duty transport, but progress has
00:08:00has been slow. Without a co-ordinated
00:08:03co-ordinated ecosystem Europe has
00:08:07has about 6.5 million diesel trucks
00:08:09trucks producing a quarter of all all road transport emissions. Stand
00:08:12Stand by any busy road like
00:08:18Busy road like this one and you can feel the noise and pollution pollution that they create while
00:08:21while switching heavy trucks to hydrogen hydrogen would mean zero tailpipe
00:08:23tailpipe emissions. Quieter roads
00:08:26roads and cleaner long haul freight
00:08:28freight where batteries fall short. short. The initiative aims to make
00:08:32make hydrogen trucks commercially commercially viable. That means tackling
00:08:35tackling one of the biggest barriers barriers to adoption the total cost
00:08:39cost of ownership. During the coming
00:08:42coming 5 to 10 years, we. Our anticipation anticipation is that we will start
00:08:46start to see the scaling. But again, again, we will only see it if we
00:08:48we are working together in the ecosystem ecosystem and that's the reason why
00:08:52why a coming together between different different actors in the ecosystem
00:08:55ecosystem is so important because because we think that the business
00:08:58business case, the technology is
00:09:01is there and now it's about really
00:09:02really to make sure that we are putting
00:09:05putting also the right conditions conditions to provide business models
00:09:09models for scaling. The plan includes
00:09:12includes strategically placed refuelling refuelling corridors along key transport
00:09:15transport routes designed to give
00:09:18give operators confidence that hydrogen hydrogen will be available where
00:09:21where and when they need it. This This is a teamwork between private
00:09:24private and public to make it happen. happen. But again, we believe and
00:09:28and we have seen that also that countries
00:09:31countries and regions that are driving
00:09:33driving this agenda can combine a
00:09:37a competitiveness and resilience
00:09:39resilience or energy resilience so
00:09:42so to speak. Regional security and
00:09:44and also competitiveness and eventually,
00:09:47eventually, which is super important important decarbonisation, less pollution
00:09:50pollution and less noise when it it comes to mobility. Hydrogen offers
00:09:54offers fast refuelling, high energy energy density and the ability to
00:09:57to keep freight moving without adding
00:09:59adding huge battery packs. Experts
00:10:03Experts say that shifting these trucks
00:10:05trucks to hydrogen is essential if
00:10:08if Europe's going to meet its climate
00:10:10climate targets. Europe's transport
00:10:12transport sector is preparing for for a hydrogen powered future and
00:10:16and the race to build it has officially
00:10:19officially begun. Julius Caesar, Caesar, BBC News. Let's take a look
00:10:22look at some other stories making making the news. Waymo is expanding
00:10:26expanding its robotaxi service in in Las Vegas. The alphabet owned
00:10:29owned company is starting with dozens dozens of vehicles and plans to scale
00:10:33scale over time. The move comes as as autonomous ride hailing competition
00:10:36competition intensifies with Tesla Tesla and Zoox also seeking to expand
00:10:39expand their services in the city city and across the United States.
00:10:43States. Apple has released its redesigned redesigned Siri AI assistant ahead
00:10:47ahead of the latest iPhones hitting hitting stores this week. The new new Siri is launching in better,
00:10:51better, with users able to search search personal data like messages messages and calendars, ask questions
00:10:55questions and have more conversational conversational exchanges. Apple says
00:10:57says some advanced AI features will will eventually require a fee. That's
00:11:01That's it for this edition of Business Business Today. Thanks for watching.
00:14:28MUSIC
00:14:41Being able to inspire someone
00:14:43is always the greatest joy. I saw
00:14:46saw Souza one time at the Grammys Grammys and she said that she studied studied some of my songs for their
00:14:50their songwriting and I thought that that that was the biggest compliment
00:14:52compliment ever. My support for Ukraine
00:14:56Ukraine is unwavering. It is 100%
00:14:59100% when. The big names talk, they
00:15:01they talk to us. Now on BBC News,
00:15:05News, a round-up of the day's sporting sporting action plus talking points
00:15:09points analysis and original journalism.
00:15:13journalism. BBC Sport. Hello, I'm
00:15:21I'm Tanya Arnold. Here are the top top sports stories. Leeds United
00:15:24United are up to third in the Premier Premier League after hammering Newcastle.
00:15:28Newcastle. Brendon McCullum wants wants Kevin Pietersen to challenge
00:15:31challenge him as the former England
00:15:37The former England batter joins the coaching set up. And Madrid's Madrid's Madring circuit will be be changed after criticism from Formula
00:15:40Formula One drivers and fans. MUSIC
00:15:57Leeds United moved up to third in the Premier