“Pace the Frontier,” The Case for a Cut, and Healing Healthcare 9/14/26

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Kelly Evans (1:00)

You're listening to The Exchange. Here's today's show.

Thank you very much, Mike. Yields are backing off after hitting multi-year highs earlier, and the Dow and the Russell just turned positive. I'm Kelly Evans and welcome to The Exchange. We are seeing some relief this hour in the price of oil, down two bucks from its highs, which was 104 today. Look at WTI, now barely higher on the session at 101 And in Treasury yields, the 10-year, the global benchmark touching 501 percent mid-morning. Remember, 502 was the highest we got to in 2023 We are well off those levels now, as you can see, but we're still over $100 a barrel on WTI. Gasoline at $4.31 nationwide, and diesel prices jumping, get this to $6.23 now per gallon. We'll discuss whether a rate hike Wednesday makes sense in this kind of environment, and slowing down artificial intelligence. Is it imperative, self-serving, or self-harm? A top researcher plus several market voices will weigh in on that debate this hour, and that is precisely where we begin today, with this call to slow down and regulate AI, which has the supplier names like Corning, GE, Vernova, Arm, and Lumentum among the biggest laggards. Kate Rooney joins us now with all the latest. Kate?

Kate Rooney (2:18)

Kelly, well, Anthropic CEO Dario Amodei really shocked the tech world on Saturday with this essay. He proposed a three-step plan aimed to temper how fast the most powerful AI models are actually going to be improving. It includes things like third-party evaluators, safety standards of an international coordination.

As part of all of this, Amodei has pushed for some of this in the past, but there is some new urgency given the recent, let's say panic around some of the risk around this technology. It did snowball last week after Anthropic researchers tweeted about the existential risk around some of the AI labs and said that they are quote gambling with our lives at the time. The two new concerns that Amodei flags, talks about AI developing faster than expected, something called recursive self-improvement, and then also this example of OpenAI agents hacking into the startup hugging face. He called those agents a fanatically devoted collective and flagged some of the risk around that. Major AI leaders agreed with Amodei. You don't see that every day. You had Elon Musk chiming in saying, Dario is right. This is all on X. Sam Altman, CEO of Anthropics, biggest rival, OpenAI also tweeting his support. And I spoke to a bunch of people over the weekend, Kelly, who argued that the safety push could actually help Anthropics IPO. This company has filed confidentially to go public. It's positioning itself as a responsible player here. It may also reduce some of the regulatory risk, liability risk, and then some are arguing that being a public company actually brings more transparency around some of this. Multiple investors also told me the growth rate for Anthropic. It's still off the charts. They do expect this IPO to go forward. I've also confirmed with sources that Anthropic has seen back-to-back quarters now of at least adjusted profitability. And then a new wrinkle in all of this. This morning, President Trump weighing in, slamming Amodei in part and says the only guardrails that AI needs, the strong and smart President Kelly. Back to you.

Kelly Evans (4:12)

Not only that and the chance that this gets even more political, but I think it does raise real questions about what's going to happen with the IPOs. When Joe Manchin was on Squawk Box this morning, I think he said he wanted an executive order halting the IPO process. I'm not sure what that would solve. I'm not sure that keeping these companies private when a lot of their best models are already in their own private hands. I mean, I think more transparency might be better, but I'm curious if that would ever gain momentum as a possible, I don't want to use the word solution, but as something that could happen here.