Odd Lots

• Lots More on the Worsening State of the US Labor Market

  If the government were open, we'd be getting a jobs report today. But as it is, we're in this blackout of official economic data. That's unfortunate, because the economy is already in a very confusing spot, and so any additional data right now would be very helpful in figuring out where things are heading. In the absence of Non-Farm Payrolls, we talked with Bloomberg Opinion columnist Conor Sen about the worsening state of the labor market, and why he thinks the Federal Reserve needs to step in before the unemployment rate deteriorates further. We also talk about the role AI is (or isn't) playing in the labor market.Read more: US Companies Announce Most October Job Cuts in Over 20 YearsFed’s Hammack Says Inflation a Bigger Concern Than Labor MarketSee omnystudio.com/listener for privacy information.

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• Dmitry Shevelenko on Perplexity's Vision for Reshaping the Internet

  The news business isn't a great one these days. At least for a lot of legacy outlets (newspapers, cable networks, print magazines etc.), the Internet has obliterated their business model. And now AI is coming along and there's a risk that it makes conditions even worse, because unlike in the glory days of the search era, the user doesn't even have to click to get what they're looking for. So how does an AI company like Perplexity, which combines search and AI to create a real-time destination for learning about the news, affect industry economics? On this episode, which was recorded live at Lazard's Foursquare conference (an annual gathering for business leaders in sports, media, and entertainment), we speak with Perplexity's Chief Business Officer Dmitry Shevelenko. We talk about the company's relationship with the news business, a new battle against Amazon, and the general economic and finance environment for hot AI startups. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

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• San Francisco's New Mayor on Homelessness, Unaffordability, and AI

  New York City is about to elect a new mayor, and whoever it is will have to address growing challenges like unaffordability, homelessness, and other basic quality-of-life challenges. Very few of these challenges are distinct to NYC. San Francisco, in particular, has also faced this weird tension, where it's incredibly dynamic and wealthy, and also famous for its obvious symptoms of dysfunction. The city is one year into the new Daniel Lurie administration, and many of the quality-of-life statistics have been improving (which is the case in other cities as well). The city is ground zero for the world's AI industry, which is heavily concentrated in SF, rather than the Bay Area writ large. So we spoke with Lurie about his approach to city management, what he's learned in his first year on the job, his vision for improving zoning, and what, if any, advice he'd offer to the next NYC mayor. Read more:Uber to Take on Waymo in San Francisco With Lucid, Nuro RobotaxisTrump Cancels San Francisco Raids After Benioff, Huang Calls Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

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• How Hudson River Trading Actually Uses AI

  Unfortunately, it doesn't seem as though you can get great stock picks just by going to ChatGPT and asking it to recommend some investments. And yet financial firms of all sorts — including trading firms — say they're increasingly using AI. But are the tools actually being deployed? And how do these tools differ from traditional machine learning or algorithmic approaches to trading, the likes of which have been used by quant firms for decades now. On this episode of the podcast, we speak with Iain Dunning, the head of AI research at Hudson River Trading, a major US market maker. We discuss the firm's attempts to use AI not just for more efficient trading, but also to make short-term predictions about price, which further gives its traders an edge. Dunning walks us through his work, his views on the main constraints facing the space (labor, power, chips, etc.) and how his work is both different and similar to what's happening at the major cutting edge research labs like ChatGPT.See omnystudio.com/listener for privacy information.

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• The Movement That Wants Us to Care About AI Model Welfare

  You hear a lot about AI safety, and this idea that sufficiently advanced AI could pose some kind of threat to humans. So people are always talking about and researching "alignment" to ensure that new AI models comport with human needs and values. But what about humans' collective treatment of AI? A small but growing number of researchers talk about AI models potentially being sentient. Perhaps they are "moral patients." Perhaps they feel some kind of equivalent of pleasure and pain -- all of which, if so, raises questions about how we use AI. They argue that one day we'll be talking about AI welfare the way we talk about animal rights, or humane versions of animal husbandry. On this episode we speak with Larissa Schiavo of Eleos AI. Eleos is an an organization that says it's "preparing for AI sentience and welfare." In this conversation we discuss the work being done in the field, why some people think it's an important area for research, whether it's in tension with AI safety, and how our use and development of AI might change in a world where models' welfare were to be seen as an important consideration. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

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