A warning from OpenAI's CEO

OpenAI CEO warns Congress of AI risks, Biden hints at debt ceiling progress, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [OpenAI CEO urges Congress to address AI risks]( OpenAI CEO Sam Altman on Tuesday warned lawmakers artificial intelligence could "cause significant harm to the world." Altman, testifying to Congress for the first time, said he was willing to cooperate with lawmakers to reduce risks by his company's ChatGPT and rival AI products. Altman called for regulations to address potential hazards, like the spreading of disinformation, emotional manipulation, or even the use of AI to target drone strikes. "If this technology goes wrong, it can go quite wrong," Altman said, although he said his company would continue developing and releasing new technology. Members of the Senate Judiciary subcommittee expressed fear that the technology was developing too fast for policy makers to keep up, with AI already killing some jobs and spreading misinformation. [[The Washington Post]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=OpenAI+CEO+urges+Congress+to+address+AI+risks&body=Read the story here: utm_campaign=business_briefing_newsletter_20230517&utm_source=business_briefing_newsletter) 2. [Biden, congressional leaders express optimism but remain 'far apart' on debt ceiling]( President Biden met with congressional leaders at the White House to resume discussions on raising the debt ceiling to avert a potential catastrophic default as soon as June. Biden called the meeting "good and productive." House Speaker Kevin McCarthy (R-Calif.) said Republicans and Democrats remained "far apart," but were hopeful progress was emerging toward a deal. Biden and his fellow Democrats are calling for raising the borrowing cap without conditions. Republicans are demanding spending cuts in exchange for raising the debt limit. White House officials said Biden would still go to a Group of Seven meeting in Japan but would shorten what was supposed to be a seven-day trip by canceling several stops to allow more time for talks. [[The Associated Press]( [The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Biden,+congressional+leaders+express+optimism+but+remain+'far+apart'+on+debt+ceiling&body=Read the story here: utm_campaign=business_briefing_newsletter_20230517&utm_source=business_briefing_newsletter) Advertisement by Enbridge [Lowering emissions today for clean energy systems tomorrow. Learn how.]( [Advertisement by Enbridge]( 3. [FTC sues to block Amgen's $27.8 billion purchase of Horizon Therapeutics]( The Federal Trade Commission filed a lawsuit Tuesday seeking to block Amgen's planned $27.8 billion acquisition of Horizon Therapeutics, arguing it would hurt drug-industry competition. The FTC said the deal would give Amgen greater power to offer discounts on a larger portfolio of drugs to get insurers to favor its products and squeeze out rivals. The move was seen as an unusually aggressive move after years of indications the commission would get tougher on drug industry mergers. FTC official Holly Vedova said the suit "sends a clear signal to the market: The FTC won't hesitate to challenge mergers that enable pharmaceutical conglomerates to entrench their monopolies at the expense of consumers and fair competition." Amgen shares fell 2 percent on Tuesday. Horizon shares fell 14 percent. [[The New York Times]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=FTC+sues+to+block+Amgen's+$27.8+billion+purchase+of+Horizon+Therapeutics&body=Read the story here: utm_campaign=business_briefing_newsletter_20230517&utm_source=business_briefing_newsletter) 4. [Stock futures rise after debt ceiling meeting]( U.S. stock futures rose early Wednesday after President Biden and congressional leaders expressed optimism after meeting to discuss raising the debt ceiling. Futures tied to the Dow Jones Industrial Average and the S&P 500 were up 0.3 percent at 6:45 a.m. ET. Nasdaq futures were up 0.1 percent. "People are going to try to be anticipating what the next headline will be," said Sam Stovall, chief investment strategist at CFRA Research. Investors also continued to focus on corporate earnings. Home Depot reported on Tuesday that a three-year boom driven by consumers undertaking home-improvement projects during the pandemic ended in the first quarter of fiscal 2023, with sales falling 4.2 percent from the same quarter last year to $37.3 billion. [Target on Wednesday reported earnings that exceeded expectations]( even as shoppers watched their spending. [[CNBC]( [The Hill]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+rise+after+debt+ceiling+meeting&body=Read the story here: utm_campaign=business_briefing_newsletter_20230517&utm_source=business_briefing_newsletter) Advertisement from Wisebread [Spend $500 And Earn $200]( [Advertisement from Wisebread]( 5. [Cities struggle as office-usage rate stalls]( The return to the office has stalled, after average city office-occupancy rates reached 50 percent at the start of 2023 for the first time since the pandemic hit the United States three years earlier. Since then, office-usage rates haven't moved much. About 58 percent of companies let employees work part of the week at home, according to software firm Scoop Technologies. Just 42 percent of companies require full-time in-person work, down from 49 percent three months ago. The situation is devastating real-estate values, lowering property-tax revenue, and hurting small businesses like bars and restaurants that depend on office workers. "Every office sitting empty means less funding for everything from schools to affordable housing," New York City Mayor Eric Adams said. [[The Wall Street Journal]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Cities+struggle+as+office-usage+rate+stalls&body=Read the story here: utm_campaign=business_briefing_newsletter_20230517&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Fossil fuels contributed to more than one-third of western wildfires]( Devika Rao [Related image]( [Colorado man allegedly tries avoiding DUI by switching seats with dog]( Justin Klawans [Related image]( [Artificial sweeteners may not help with weight loss, WHO advises]( Theara Coleman [Related image]( [The next James Bond: Everything we know]( Brendan Morrow [Related image]( [Florida's controversial plan to pave roads with a radioactive material]( Justin Klawans [Speed reads banner] [Article image]( [Pennsylvania elections leave Democrats in narrow control of state House amid abortion fight]( May 17, 2023 [Article image]( [North Carolina legislature enacts 12-week abortion ban, overriding governor's veto]( May 17, 2023 [Article image]( [Democrat Donna Deegan flips Florida's largest city in mayoral upset]( May 17, 2023 [Article image]( [Secret Service investigating how intruder slipped into national security adviser's home]( May 17, 2023 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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