AI’s leading executives are divided over what the industry should do to advance its most capable models. Anthropic’s CEO, Dario Amodei, proposed slowing the advances in AI so that safeguards can catch up. His proposal includes embedding independent evaluators in AI labs, with the cooperation and coordination of AI companies and governments. OpenAI’s CEO, Sam Altman, endorsed the idea of pacing the technology. Elon Musk agreed to some extent, particularly with the idea that companies should test each other’s models, but remains skeptical of more government oversight. NVIDIA’s CEO, Jensen Huang, and Meta’s CEO, Mark Zuckerberg both emphasized the responsibility of individual companies to develop safe products. The disagreement seems to turn on whether company-level accountability is sufficient or collective oversight will be necessary. As @downingARK wrote in this week's newsletter, we hope cool heads prevail, allowing the industry to address recent failures while continuing to deliver on the promise of AI’s benefits to humanity. Read the full newsletter ⬇️

.@Uniswap settled 140 million trades in August, more than Cboe BZX and NYSE American combined. NYSE American has been around since 1908. Uniswap launched in 2018. Five years ago it was ~2 million trades a month. Next rung up: NYSE Arca, at 232 million.

Tokenizing the ARK Venture Fund puts our conviction in the evolution, if not revolution, of capital markets into practice. Based on our research, tokenization has the potential to reshape fundamentally the way that investors access and participate in both private and public financial markets. Making the ARK Venture Fund available on chain is a natural extension of our mission to democratize access to technologically enabled disruptive innovation. Because it has built the regulated infrastructure to help make that vision a reality, we are excited to partner with @Securitize in taking this important step forward. Fund holdings and information:

In our view, thanks to this Technology Revolution, the equity market will continue to climb a “wall of worry” as real GDP growth accelerates to 7-8% while inflation surprises significantly on the low side of expectations, interest rates rise, and the yield curve inverts.

As the stock market hits record highs in the face of higher interest rates, I believe the current Technology Revolution will continue to impact the global economy and equity markets more than the Industrial Revolution. This letter charts that perspective back through the 1800s.

Inflation. Deficits. Wars. Fears of an artificial intelligence bubble. It feels like an unusually long list of reasons for investors to worry. Yet the headlines looked remarkably similar in the 1980s and 1990s, before the most durable equity bull market since the Roaring Twenties. Today, interest rates are hitting higher highs for the first time in more than 40 years, even as equities approach record levels. Official inflation measures remain elevated, but real-time data tell a different story. Oil remains a wildcard. Meanwhile, the cost of artificial intelligence is collapsing. These trends might seem contradictory. We believe they make more sense when viewed through 230 years of market history, not just the last 60. Could falling inflation, accelerating real growth, and disruptive innovation be setting the stage for history to rhyme again? Read @CathieDWood’s Investor Letter.

After investing in their Series D round, the ARK Venture Fund is proud to offer investors access to @boringcompany! Download SoFi or Titan and gain access today. Current holdings and information, subject to change:

Crypto just had a milestone week in terms of regulation. While Clarity didn't pass, the SEC and CFTC are acting within their power to ensure this industry has a clear framework to accelerate in the US. Full coverage below:

The AI safety discussion exploded last week. We think AI leaders' intentions are in the right place, but the extrapolations are going too far. Focusing on product safety is a good thing, and "pacing" the frontier doesn't necessarily mean stagnation in infrastructure investment or AI lab revenue. More in this week's newsletter 👇

one of the reasons why vertical integration through connectivity and even endpoint devices could provide the best end-user experience: businesses will systematically discriminate against AI agents for strategic and tactical reasons So an AI agent indistinguishable from its user will be able to do more Full stack connectivity and endpoint hardware integration will provide the most hardened AI agent cloak

@CathieDWood teases an upcoming Letter on today's rate hike in 200+ years of context, @rhadiARK covers the SEC's and CFTC's new rules after the Clarity Act's failure, and @downingARK highlights AI leaders at odds over safety, all in this week's newsletter.

Consumer adoption for personal agents is accelerating significantly faster than the previous chatbot era as Muse debuted just 13 days ago. Within 8 days Muse has cleared 200k daily downloads. Comparing that to ChatGPT's launch it took almost an entire year to hit that milestone.

“AI can bring about a world that Bitcoin was created to prevent from happening.” @unchained's @dhruvbansal on why the two technologies are locked together and why he is glad Bitcoin got here first, on Bitcoin Brainstorm.