Software companies experienced a significant market downturn last week, losing $2 trillion in market capitalization, even as the broader market showed signs of recovery. This decline, the largest non-recessionary 12-month drawdown in over 30 years, reduced software's weight in the S&P 500 from 12.0 to 8.4, according to Dubravko Lakos-Bujas. Meanwhile, Google is enhancing its AI tools to help users remove exposed personal data from search results, and open-source developers are creating new AI-powered tools.
The S&P 500 futures were up 0.18 this morning before the opening bell in New York after the index closed up 0.47 yesterday, leaving it just a tick below its all-time high, according to Fortune. Traders bought up stocks after most companies in the SP reported that they had beaten consensus earnings estimates so far. This bullish rally contrasted sharply with the previous week's AI-induced selloff, which significantly impacted software companies.
In other tech developments, Google's "Results About You" tool is being updated with AI enhancements to detect and help remove exposed personal data, such as ID numbers, from search results. This update also aims to improve the speed of removing non-consensual explicit imagery, addressing the growing challenges of data exposure and harmful content in the digital age, as reported by Ars Technica. This raises important questions about data security and the balance between user privacy and the information needed for AI to function effectively.
Simultaneously, the open-source community is developing new AI tools. Rowboat, an open-source AI coworker, is designed to turn work into a knowledge graph. It connects to email and meeting notes, builds a long-lived knowledge graph, and uses that context to help users get work done privately on their machines. Users can generate documents, prepare for meetings, and visualize their knowledge graph, according to Hacker News.
In other news, Discord is implementing age verification, Let's Encrypt is updating its certificates, and a grassroots movement is using 3D-printed whistles for alerts. A blind scientist is being celebrated, and a self-made billionaire credits poker for her success, according to multiple news sources.
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