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5 fake news reports that caused real dips in the stock market

May 26, 2023

A faked AI-generated image of an explosion near the Pentagon on May 22 actually moved the stock market. While it may be the first AI image to do so, it’s not the first time fake news has led to serious financial damages. Here are five times fake reports caused real dips in the stock market in this week’s Five For Friday.

5: Fake White House explosion

In 2013, a single tweet sent the Dow Jones Industrial Average down 145 points in two minutes.

The tweet came from the verified Associated Press Twitter account claiming two explosions at the White House injured then-President Barack Obama. A separate AP corporate communications account quickly got on the record saying the tweet was bogus.

It turned out hackers had gained access to AP’s main account, sending the scary claim to its roughly 2 million followers. The tweet even appeared on the Bloomberg Terminal, flashing in front of numerous investors. The Syrian Electronic Army claimed responsibility for the chaos.

That is a bogus @AP tweet.
— AP CorpComm (@AP_CorpComm) April 23, 2013

4: Scottish man’s scheme

Scottish investor James Alan Craig faced securities fraud charges for allegedly sending fake tweets in 2013 to drive down stock prices.

The Securities and Exchange Commission said he made fake accounts posing as short-selling firms Muddy Waters and Citron Research, tweeting about fake investigations into two public companies.

Audience Inc.’s share price plunged 28% before the Nasdaq halted trading while Sarepta Therapeutics dropped 16% before the fraud was revealed. Craig, though, was reportedly too slow to capitalize himself. The SEC said he only made $97 on the trades, though the indictment claimed the scheme itself cost other investors more than $1.6 million.

3: United Airlines plunges

This one cost United Airlines a cool $1 billion in market value and resulted in a lot of finger pointing. Somehow, an undated Sun Sentinel article about United’s 2002 bankruptcy resurfaced six years later under “most viewed” on the Tribune newspaper’s website with the current day’s date at the top of the website header.

The Google News algorithm reportedly picked up the article as new, a research firm then sent out a summary of the article to a Bloomberg news service, Bloomberg flashed a headline and suddenly, the stock went from more than $12 to $3 before trading halted.

Even after it became clear United was not heading for another bankruptcy, the stock still closed down 11% on the day.

2: Zoomlion bribery scam

In 2013, Chinese journalist Chen Yongzhou confessed to accepting bribes to publish defamatory articles about heavy equipment company Zoomlion.

The New Express reporter said a middleman paid him tens of thousands of dollars to submit more than 10 articles under his byline that accused Zoomlion of false financial reporting and other crimes and deceptive practices.

The stock took multiple hits from the articles published over many months. Once Chen confessed, media reports suggested a Zoomlion rival was behind the scheme.

1: Fake Pentagon explosion

The AI-generated image of black smoke billowing near the Pentagon spooked the stock market in May, causing a quick dip shortly after markets opened.

The fake shot fooled news outlets like Russia’s RT, which tweeted the image and report under its gold-check account, and Zerohedge, which has a blue checkmark. An Indian news channel even broadcasted the image live, citing RT’s report.

The image quickly spread through a number of blue-check accounts that pay for verified status, including accounts deceptively made to look like news organizations. One account called Bloomberg Feed sported a blue check but is not associated with Bloomberg and was later suspended.

It may be the first time an AI-generated image moved markets, but experts fear it won’t be the last.
OpenAI CEO tells Senate to create new agency to handle AI

May 16, 2023
U.S. senators expressed their concerns Tuesday, May 16, about the risks of artificial intelligence, as they heard testimony from the CEO of OpenAI, a nonprofit research company that promotes and develops AI. In the hearing, senators on both sides of the aisle expressed concern regarding ChatGPT’s ability to hallucinate, or produce false information, as it can affect public opinion.

OpenAI’s CEO Sam Altman recommended that companies develop internal corporate policies to govern the use of AI, and that the U.S. government develop broader regulations for AI products.

“I would form a new agency that licenses any effort above a certain scale of capabilities and can take that license away and ensure compliance with safety standards,” Altman said.

Altman went on to recommend the development of specific tests that a model has to pass before it can be deployed into the world, as well as independent audits.

He also suggested the creation of an international agency that would create responsible standards for AI, and that Section 230 should not apply to AI.

When it comes to potential regulation, leaders in AI development have warned against being too heavy-handed, as that could harm innovation. IBM’s Chief Privacy and Trust Officer Christina Montgomery, who also testified Tuesday, recommended a “precision regulation” approach, which would mean governing AI deployment in specific use-cases — not regulating the technology itself.

NYU professor Gary Marcus was present, as well. Marcus and Altman were both asked for more specific recommendations regarding agencies, policy and regulation, but they pointed out that such advice is out of their purview.
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AI in politics: How synthetic media could shape the 2024 presidential election

May 15, 2023
Following President Joe Biden’s announcement that he will be running for reelection in 2024, the Republican National Committee released an AI-generated video depicting a dystopian version of his potential second term. AI-generated images, audio, and video are considered synthetic media and it can be influential in shaping public opinion.

Henry Ajder, an advisor on generative AI, deepfakes, and AI policy, has studied the societal implications of these technologies.

“We’ve already seen, even now in 2023, that deepfakes and generative AI have become a massive part of the digital landscape, in terms of memes and satire,” Ajder said. “So, I imagine in the year of the election in 2024, we will see much more of this kind of content, some of it intended as satire. Some of it is, you know, intended as kind of intentionally deceptive.”

Synthetic media can effectively manipulate public opinion and spread disinformation. A prime example of this was when AI-generated images of former President Trump in handcuffs circulated on social media.

The availability of AI image generators, such as Midjourney, means that more people are gaining access to these powerful technologies.

“The real question for me, though, is whether we’re going to see that hyper-realistic video or audio, that even critical viewers can’t tell if it’s real or not,” Ajder said.

Convincing deepfakes could create the illusion of a political candidate engaging in incriminating or defamatory actions, potentially derailing their campaign.

While there are signs that can give away an AI-generated video, such as distorted lighting, blurry edges, or a lack of blinking, Ajder said that expecting voters to discern between real and fake content is not, ultimately, the solution.

“It’s really unfair to expect the individual to be able to dedicate so much of their time to sort of pore over all of the details of every single image they see on their social media feed, or keep up to date with all the latest techniques and the latest papers coming out about what new generative tools are going to be released,” he says.

Ajder suggested that the focus should be on restrictions and content moderation.

“The emphasis really needs to be placed actually, on the companies that are developing the technologies and the platforms that are hosting the content, as well as the government, international governments that are responsible for regulating and holding those groups to account,” Ajder said. “We need to have better safety measures implemented in these tools to stop them being misused so easily.”

In 2019, California passed legislation banning deepfakes of politicians within 60 days of elections, provided the creator intended to harm the politician’s reputation or deceive voters. However, proving such intent and enforcing the law has proven difficult. Critics, including the ACLU of California, have argued that it infringes on freedom of speech. Furthermore, the law has an exception for synthetic ads that disclose their origin, such as the RNC video.

As the nation heads toward the next presidential election, the debate over the regulation of synthetic media continues to intensify. The rapid advancement of AI technology is set to further complicate this issue.
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EU seeks to rein in power, influence of AI, ban facial recognition

May 11, 2023
The European Parliament has taken a significant step towards reining in the power of artificial intelligence and ChatGPT, as it voted Thursday, May 11, to approve pioneering legislation that would establish stringent regulations for these technologies. The new rules primarily target the use of facial recognition, biometric surveillance and other AI applications such as ChatGPT.

“This vote is a milestone in regulating AI, and a clear signal from the Parliament that fundamental rights should be a cornerstone of that,” Kim van Sparrentak, member of the European Parliament, told Reuters. “AI should serve people, society, and the environment, not the other way around.”

Thursday’s vote brings Europe closer to implementing a comprehensive ban on the utilization of facial recognition in public spaces. If the legislation is fully enacted, it would mean that neither pictures nor video footage captured in public venues, whether in real-time or afterwards, could be employed to identify individuals.

Under this proposed bill, AI tools would be classified based on their perceived level of risk, ranging from low to unacceptable. Subsequently, companies and governments would receive specific guidelines to follow, depending on the risk level associated with the AI technologies they utilize.

“It is a delicate deal. But it is a package that I think gives something to everyone that participated in these negotiations,” said Dragos Tudorache, one of the parliamentarians charged with drafting the laws. “Our societies expect us to do something determined about artificial intelligence, and the impact it has on their lives. It’s enough to turn on the TV … in the last two or three months, and every day you see how important this is becoming for citizens.”

While AI technologies and capabilities are rapidly advancing, Europe is not traditionally considered a stronghold in AI development, as the United States and China currently dominate this field. However, the United States currently lacks federal legislation regulating AI, though the Biden administration has introduced an “AI Bill of Rights” to establish certain parameters, but they remain non-binding and have no legal enforceability.
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Authorities nab suspect in California stabbings spree: May 5 rundown

May 5, 2023

A California college community is at ease following the arrest of a man suspected of a stabbing spree at city parks this week. And a horse trainer has now been suspended indefinitely from the Kentucky Derby following the sudden deaths of two of his horses. These stories and more highlight the daily rundown for Friday, May 5, 2023.

Suspect behind deadly stabbings arrested

There is a sense of relief in Davis, California, a college town, after authorities arrested a man they say is responsible for three random stabbings at parks within the past week.

Carlos Dominguez was taken into custody. He was arrested for allegedly killing two people and attempting to murder a third stabbing victim. Police say 15 people called in to say they saw a person who matched the suspect’s description at a park, leading to the arrest.

According to U.C. Davis, the 21-year-old failed out of the university two days before the first stabbing.

Wagner boss threatens to pull troops out of Bakhmut

Control of the Ukrainian city of Bakhmut is the longest and likely bloodiest battle of the ongoing war between Russia and Ukraine. The Wagner Group has been fighting in the territory on behalf of Russia, and now its leader, Yevgeny Prigozhin, is threatening to pull out of the region.

The Wagner boss posted a video message online infuriated over its treatment from Russia. He said his troops could leave as early as next week if they don’t get more ammunition and support from Russia. He said their losses are growing exponentially every day and that Ukraine has resources that outnumber theirs fivefold.

Biden, Harris meet with tech CEOs over AI

President Joe Biden and Vice President Kamala Harris met with the heads of Google, Microsoft, and other companies developing artificial intelligence to assess the safety risks involved with AI.

Biden told the tech-CEO’s what they’re doing has quote “enormous potential and enormous danger.” Biden said the discussions were to educate and guide the White House on what is most needed to advance society with technology while also protecting American’s rights and safety.

Because AI can so easily mimic humans, governments around the world, along with big-name tech leaders, have raised concerns over the technology. Saying it could wipe out jobs, trick people and spread disinformation.

The Biden administration announced an investment of $140 million to establish AI research institutes. The White House is also expected to announce within the next few months how federal agencies can use AI tools.

TurboTax settlement payments begin next week

More than 4 million Americans will begin receiving payments next week as part of a $141 million settlement between all 50 states, and the tax software company Intuit, after its “free services” advertising was found to be deceiving.

The settlement stems from a 2019 report which found the company steered eligible low income tax filers away from free services and tricked them into paying a fee for filing with the company’s TurboTax software.

According to the settlement website, the payments will be mailed automatically. payments will range from around $30 to $85.

BMW issues warning over airbag recall

BMW is warning owners of about 90,000 older vehicles to park their cars immediately and not drive them because of a serious airbag recall.

BMW has issued a “do not drive warning” for vehicles made between 2000 and 2006, cautioning drivers that their airbags could fail and explode in a car accident. The cars had previously been recalled to replace faulty air bag inflators made by Takata.

BMW is asking affected owners to park their vehicles immediately and contact their dealership for a free repair. Towing will also be covered under the recall.

Horse trainer suspended over deaths

A horse trainer, working the Kentucky Derby races, has been indefinitely suspended following two highly unusual horse deaths. Both horses were trained by Saffie Joseph Jr.

The two horses died suddenly from unknown causes at the race track in Louisville, Kentucky. A third horse trained under Joseph will not be competing in the derby due to his suspension.

The company operating the derby said in a statement the suspension of the horse trainer comes as they have reasonable concerns about the condition of Joseph’s horses.

The suspension is indefinite until details surrounding the deaths are analyzed and understood. Officials say the safety of the horses and human athletes is their top priority.

Two other horses have died from injuries while running and training within a five day stretch at the racetrack. Joseph has responded to his suspension, saying it’s an unfair decision to make him the scapegoat. Joseph said he’s never had horses die like this before and is “broken” over their deaths.
AI chatbots behind news articles pose risk for misinformation

May 2, 2023
AI chatbots have recently been found to be responsible for creating content on a variety of news websites, raising concerns about the potential for misinformation. NewsGuard, a news-rating group, has identified 49 news and information websites in seven languages that appear to have content generated by AI.

“Artificial intelligence tools are now being used to populate so-called content farms, referring to low-quality websites around the world that churn out vast amounts of clickbait articles to optimize advertising revenue,” the NewsGuard report said.

Many of the websites have generic names such as “Biz Breaking News,” “News Live 79,” “Daily Business Post,” and “Market News Reports.”

NewsGuard’s report highlights the issue of false narratives on these AI-generated websites. For example, CelebritiesDeaths.com published an article in April with the headline, “Biden dead. Harris acting President, address 9 a.m.”

The spread of misinformation through such false narratives raises questions about the ethical use of AI in content creation. While many in the journalism world have been anticipating the potential of AI to create content ethically, it appears that there is still progress to be made in ensuring accuracy and reliability.

In other AI-related news, researchers at the University of Texas at Austin have developed a noninvasive brain activity decoder that can translate the stories in people’s minds into text.

By analyzing brain activity patterns, the decoder can interpret neural responses and reconstruct the narrative someone is imagining or recalling.

This technology could be beneficial for individuals who are conscious but unable to speak due to physical limitations. However, the potential for misuse and privacy concerns also arise as this technology can access a person’s innermost thoughts.
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New AI platform can create military battle plans using classified networks

April 28, 2023
The uses for and abilities of artificial intelligence are growing at an exponential rate. Advanced militaries like the U.S. and China already use the technology to gather intelligence, pilot drones and target enemy positions. The U.S. even lets AI agents fly an F-16.

It’s just a matter of time before a military starts using AI to plan battles, and the AI agent to do that may already be here.

https://twitter.com/thealexbanks/status/1651560588362002433

In a video released on April 25, Palantir Technologies introduced the world to its Artificial Intelligence Platform (AIP). On a core level, the system integrates large language models (LLMs) and AI into a private network. A military can then use AIP to create battlefield plans as easily as students can use Chat-GPT to write a paper.

Palantir said its AIP operates on three core pillars:
- AIP launches LLMs and AI across multiple classified networks and devices.
- AIP connects the streams of data to create real-time environments.
- AIP has security features to limit the access of the AI.
The video introducing AIP demonstrated a scenario of a soldier monitoring Eastern Europe. The artificial intelligence detected enemy movement and, using a virtual-assistant type of interface, suggested ways to do more reconnaissance.

At this point in the video demonstration, AIP suggested the soldier launch a Reaper drone for an intelligence, surveillance and reconnaissance (ISR) mission. AIP and the soldier monitored the incoming data and once the threat was identified, AIP offered suggestions on ways to deal with the threat based on a slew of logistical considerations like troop and weapons availability, distance to target, even terrain.

Palantir said its Artificial Intelligence Platform keeps a complete digital record of everything it does for later review if necessary.

Also, while the human involvement in the process may seem more like someone playing a video game than crafting actual battle plans, Palantir said the fact a human is involved in each step of the process should help ensure AIP is following the rules of engagement on the battlefield, and not taking any unauthorized actions. At least let’s hope so.
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US journalist appears in Russian court, denies spying: April 18 rundown

April 18, 2023

American journalist Evan Gershkovich made an appearance in Russian court seeking an appeal against his detention after Russia charged him with espionage. And Elon Musk could be creating a counter-bot in the wake of artificial intelligence advancements. These stories and more highlight the daily rundown for Tuesday, April 18, 2023.

Journalist detained in Russia appeals case

An American journalist, facing spying charges, appeared in a Russian courtroom on Tuesday, April 18, to appeal against his detention. Even Gershkovich is a Wall Street Journal reporter and the first journalist to face spying charges since the end of the Cold War.

The Kremlin claims the 31-year-old was trying to obtain classified information. Gershkovich, who was seen pacing inside a glass enclosure in court, is trying to clear his name from espionage charges.

The U.S. ambassador to Russia was present in the courtroom with the detained reporter. U.S. leaders, from President Joe Biden to both Republicans and Democratic lawmakers, have called the arrest a wrongful detention.

84-year-old charged in KC shooting

An 84-year-old man is now facing two felony charges for shooting a 16-year-old Black teenager who, according to police, mistakenly went to the wrong home to pick up his siblings.

County prosecutors in Kansas City, Missouri, have issued a warrant for Andrew Lester’s arrest. He is facing two felonies including one that carries a potential life sentence.

Police say the teenager, Ralph Yarl, rang the doorbell, which was followed by two shots fired by Lester. There is no video evidence of what happened at the 84-year-old’s property. According to a probable cause document, Lester said he was scared to death due to the boy’s size. Prosecutors claim there was a racial component to the incident.

Yarl is recovering at home after being released from the hospital.

Dominion versus Fox News lawsuit begins

A $1.6 billion defamation lawsuit against Fox News begins Tuesday, April 18, with jury selection and opening statements. Dominion Voting Systems is suing Fox, claiming the company knowingly spread false claims that the company rigged the 2020 presidential election.

Fox has argued their news coverage is protected by freedom of the press.

The trial is expected to last about six weeks unless there is a last-minute settlement.

Search engine competition hits Google stock

Google’s parent company, Alphabet, watched its stock slide as much as 4% on Monday. It erased about $55 billion in market value after a report from the New York Times suggested that competition is heating up in the mobile search market.

The report said that Samsung is considering replacing Google with Microsoft’s Bing search as the default search-engine across its lineup of devices. But the switch could put about $3 billion in annual revenue at risk for Alphabet. And investors caught on.

Microsoft has incorporated OpenAI’s ChatGPT into its Bing search, peaking consumer interest. Google has been facing increased competition in search for the first time in decades. Google controls about 90% of the search market.

April 18 is deadline to file taxes

The deadline to file taxes with the IRS is Tuesday, April 18. Those who need more time can request an extension, and that would last until Oct. 16.

So far, more than 200 million people have filed their taxes this year, according to the latest data on the IRS website.

About 60% of households are slated to owe federal income taxes this year, an increase from the last two years because of the expiration of pandemic-era tax breaks and stimulus programs.

Musk’s TruthGPT idea to counter AI bias

There’s been a recent wave of concern over artificial intelligence and the impacts it could have on humanity. In an interview with Fox News, Elon Musk reiterated those fears. He said AI is “more dangerous” than cars or rockets and said it has the potential to destroy humans. He said he wants to create a good bot to stand up to its counter-bots. He would call it TruthGPT.

It’s a similar mission he had taking over Twitter. He claims chatbots are biased and, along with other critics, believe AI could one day be used as a powerful propaganda tool with its creative deception. Musk says TruthGPT would be able to detect the lies.
US military letting artificial intelligence ‘Hivemind’ fly fighter jet

April 17, 2023

The U.S. military wants to fly aircraft piloted by artificial intelligence. A few months ago, it succeeded when an AI piloted a U.S. jet fighter over American airspace. It’s yet another sign artificial intelligence and autonomous aircraft are advancing at breakneck speeds.

The Pentagon already said the aerial dogfights of tomorrow will no doubt feature combined squadrons of manned and unmanned aircraft. If the U.S. hopes to win that future fight and maintain air dominance, the military needs civilian contractors to help develop the technology. In the 21st century, that means partnering with software companies to develop artificial intelligence as well.

Tate Buffington is in business development at one of those companies, Shield AI.

“We’re primarily a software company,” Buffington said. “So, what we’re trying to do is climb the aviation food chain.”

Buffington said that means making the company’s AI agent adaptable. While at the Navy League’s Sea Air Space 2023 exposition, Shield AI demonstrated just how adaptable its “Hivemind” can be. The artificial intelligence became the first autonomous pilot ever deployed in 2018.

DefenseNews talks with CEO, Shield AI about MartinUAV Acquisition and Changing Contested Battlefield Dynamics with V-BAT + Hivemind https://t.co/jGMo9URdLC #UAS #RPA #AI #Autonomy pic.twitter.com/DSAspoqrLH

— USI (@USIinc) August 1, 2021

“We’re trying to get that right, the very first time,” Buffington said. “With that, it can go on multiple platforms. It can go on different UAVs, different large fighter jets, things of that nature. So as long as we get the autonomy right at the beginning, we can scale that up and down and be somewhat platform agnostic.”

The Hivemind first mastered flying smaller quadcopters. Then, the artificial intelligence agent started flying VBATs, a vertical takeoff and landing unmanned aerial system. The Marines and Navy like the VBATs because they don’t take up a lot of space, they can carry all sorts of different sensors, and can easily land on a moving platform like the deck of a ship.

In December, Shield AI’s Hivemind took another leap forward in autonomous flight. The AI agent piloted an F-16 Fighting Falcon for 82 minutes. The bulk of that time was spent flying out of visual range of the AI’s command and control unit. According to Craig “Bluto” Baker, a retired brigadier general and Air Force fighter pilot, it was a watershed moment.

Our Air Combat Evolution (ACE) program F-16 #AI algorithms graduated from computer simulation to piloting an actual F-16 in less than 3 years. AI agents recently controlled a specialized @TestUsaf F-16 in flight: https://t.co/kZbQo0gY1A pic.twitter.com/7VzwCuhSGA

— DARPA (@DARPA) February 13, 2023

“Just to see the aircraft and really hear from the pilot, who was actually in the aircraft, let go of the controls, push a button, and the agents took over. Just to hear the testimony and see the aircraft actually accomplishing the mission, flying the maneuvers based on the context of the mission and performing it almost flawlessly, was a great feat to see. Again, a technological revolution,” Bluto said.

The Pentagon already said it wants pilots in the future flying with autonomous wingmen. In some cases, a swarm of drones like VBATs could be sent into a fight while their human controllers are kept out of harm’s way.

“Not only will you see those DOD customers with one VBAT, you’ll see them with three and five and seven and 10,” Buffington said. “If you talk about different payloads, different sensors, you’re talking about a very heterogeneous team.”

Shield AI said its Hivemind can also help the military solve another major issue: the ever-expanding pilot shortage.

“If you look at conflicts that may be arising and the pilot shortages that are out there and the time required to train folks, that creates quite a bit of a gap,” Bluto said. “That gap can be filled with these unmanned aircraft that are piloted by this AI, by this autonomy.”
Musk says US gov’t had ‘full access’ to Twitter users’ DMs: Media Miss

April 17, 2023

Twitter DMs might not be as private as users think they are, according to a recent claim made by Twitter CEO Elon Musk. In an interview with Fox News host Tucker Carlson, Musk alleged that the U.S. government had access to users’ direct messages on the social media platform.

“The degree to which various government agencies effectively had full access to everything that was going on at Twitter blew my mind,” Musk said. When asked if this included people’s direct messages, he replied, “yes.”

While Musk did not provide any evidence to support his claim in the teaser clip of the interview tweeted by Carlson, his comments have raised concerns among Twitter users. This comes amid ongoing scrutiny of the relationship between tech companies and government agencies.

The “Twitter Files,” a collection of internal documents published publicly on the platform, have shed light on the extent of contact between government agencies and Twitter employees in recent months. The House Select Subcommittee on the Weaponization of the Federal Government held a hearing on the Twitter Files in March.

In addition to his comments on Twitter DMs, Musk also spoke about the dangers of artificial intelligence in the interview with Carlson, saying that it had the potential for “civilizational destruction.”

Straight Arrow News aims to identify when stories are being underreported on either side of the political aisle and media landscape. This story is a Media Miss for left-leaning outlets, with most sources reporting it being right-leaning outlets, according to Ground.News.