In the world of the financial industry, the spotlight has recently been on artificial intelligence (AI) as it ignites a frenzy in the initial public offering (IPO) market. This week, all eyes were on three major companies making their debut, each with their own unique approach to AI. Notably, chip designer Arm stole the show by raising an impressive $5 billion, making it the largest stock-market debut since late 2021.
The resurgence of interest in tech IPOs, which had been on hold for the past two years, may also be indicative of a wider revival in new listings. However, amidst this excitement, there is a new development that is raising eyebrows – the Internal Revenue Service’s (IRS) foray into the world of AI. The taxman plans to deploy its sophisticated computers to scrutinize partnerships, targeting 75 unfortunate hedge funds, real-estate partnerships, law firms, and others for closer examination.
While regulations for AI in various industries, including finance, are being explored, AI’s pioneers recently convened in Washington D.C., engaging in discussions about shaping the impending regulatory crackdown. The aim is to ensure that AI adoption remains ethical and efficient. As the financial sector eagerly welcomes the potential of generative AI, we witness its arrival on Wall Street and in the hands of legal professionals.
Market Capital Research 