245. AppHarvest in Trouble, Montana Bans TikTok, Sam Altman Testifies, The Future of AI Regulation
In this week's episode, Logan and Evan discuss AppHarvest's latest SEC filings, TikTok's ban in Montana, and Sam Altman's testimony to the Senate about the dangers of AI and calls for regulation.
AppHarvest, a vertically integrated indoor farming company, filed its 8-K and 10-Q with the SEC on May 10th. The 8-K report details unscheduled material events, while the 10-Q report provides a quarterly update on the company's financial position. The SEC filings paint a grim picture for AppHarvest, which has been struggling financially since its IPO in 2021. The company has defaulted on loans, its crop yields have been impacted by pests and a Listeria outbreak, and it has received a delisting notice from the Nasdaq. AppHarvest is now expected to run out of operating capital in Q3.
In other news, Montana has become the first state to ban TikTok, a popular social media app owned by Chinese company ByteDance. Montana Governor Greg Gianforte said he is banning TikTok to protect his state's residents from China, which he claims is using the app to spy on Americans. TikTok has denied these allegations, and it has said it will challenge Montana's ban in court.
Finally, Sam Altman, the CEO of OpenAI, testified before the Senate Judiciary Committee on May 17th about the dangers of AI and the need for regulation. Altman warned that AI could be used to create autonomous weapons systems, spread misinformation, and undermine democracy. He called for AI businesses to be subject to licensing and testing requirements, and he said that firms like OpenAI should be independently audited.
Intro: 0:00
What's Going Wrong at AppHarvest: 4:42
Montana Bans TikTok: 17:18
AI Edge: Sam Altman, the Senate, and AI Regulation: 29:29
Articles:
AppHarvest SEC Filings 8-K filing & 10-Q filing
Montana becomes the first state to ban TikTok
Sam Altman: CEO of OpenAI calls for US to regulate artificial intelligence
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