Re: FreshForex News
Get ready for NFP
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Dear clients,
Non-farm Payroll is borderline most important trading point of a month. And you really want to be prepared for it. This time, we'll be looking at a simple, but fruitful strategy to use in NFP trading.
Join us on March 1 at 12:00 GMT.
During webinars, FreshForex analyst will answer your questions regarding the market situation and comment on the latest news.
The First Day of Spring Profit: 202% drawdown bonus
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Spring is just around the corner and with it comes new trading opportunities. Whether you decide to go uncharted paths or stay on the old beaten road, the main thing is confidence. And to give you double the calm, we double the drawdown bonus!
If you want to support your account or boost it, make a deposit from $202 and get 202% of the drawdown amount.
Meet spring with profit!
A New Challenger. Meta enters the AI race
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Meta Platforms Inc has announced last Friday it is releasing a large language model, the core software of a new AI system, to researchers, fueling the AI race as big tech companies rush to integrate the technology into their products and impress investors.
The battle for AI dominance began late last year with the launch of Microsoft-backed OpenAI ChatGPT and prompted tech heavyweights from Alphabet Inc to China's Baidu Inc to pitch in with their solutions.
LLaMA, short for Large Language Model Meta AI, will be made available under a non-commercial license to researchers and organizations associated with government, civil society and academia, according to a promo blog.
The model, which Meta says requires "much less" processing power than other alternatives, is trained in 20 languages, with a focus on Latin and Cyrillic languages.
AI has reinvigorated investments into the tech industry, whose slowdown has led to mass layoffs and cuts to experimental bets.
Meta claims that LLaMA outperforms competitors who explore more parameters or variables taken into account by the algorithm. In particular, the LLaMA version with 13 billion parameters could outperform GPT-3, the recent predecessor to the model on which ChatGPT is built.
Get ready for NFP
[img][/img]
Dear clients,
Non-farm Payroll is borderline most important trading point of a month. And you really want to be prepared for it. This time, we'll be looking at a simple, but fruitful strategy to use in NFP trading.
Join us on March 1 at 12:00 GMT.
During webinars, FreshForex analyst will answer your questions regarding the market situation and comment on the latest news.
The First Day of Spring Profit: 202% drawdown bonus
[img][/img]
Spring is just around the corner and with it comes new trading opportunities. Whether you decide to go uncharted paths or stay on the old beaten road, the main thing is confidence. And to give you double the calm, we double the drawdown bonus!
If you want to support your account or boost it, make a deposit from $202 and get 202% of the drawdown amount.
Meet spring with profit!
A New Challenger. Meta enters the AI race
[img][/img]
Meta Platforms Inc has announced last Friday it is releasing a large language model, the core software of a new AI system, to researchers, fueling the AI race as big tech companies rush to integrate the technology into their products and impress investors.
The battle for AI dominance began late last year with the launch of Microsoft-backed OpenAI ChatGPT and prompted tech heavyweights from Alphabet Inc to China's Baidu Inc to pitch in with their solutions.
LLaMA, short for Large Language Model Meta AI, will be made available under a non-commercial license to researchers and organizations associated with government, civil society and academia, according to a promo blog.
The model, which Meta says requires "much less" processing power than other alternatives, is trained in 20 languages, with a focus on Latin and Cyrillic languages.
AI has reinvigorated investments into the tech industry, whose slowdown has led to mass layoffs and cuts to experimental bets.
Meta claims that LLaMA outperforms competitors who explore more parameters or variables taken into account by the algorithm. In particular, the LLaMA version with 13 billion parameters could outperform GPT-3, the recent predecessor to the model on which ChatGPT is built.
Dear clients, The beauty of a pin bar is how simple yet useful it is, always ready to reveal more. This time, we're going back to pin bar strategies. Join us on April 19 at 12:00 GMT. During webinars, FreshForex analyst will answer your questions regarding the market situation and comment on the latest news. Trading Signals: U.S. Crude Oil Stocks [img][/img] April 19 will be announced data on crude oil reserves from the US Department of Energy. Crude oil reserves of Energy Information Agency (EIA) are estimated by the weekly increase in barrels of commercial oil held by US firms. Reserve levels affect the price of petroleum products, which in turn affect inflation and other economic forces. What data is expected this time, we will find out from our expert: The American Petroleum Institute reported a reduction in black gold reserves in US storage facilities by 2.6 million barrels, which is favorable for rising oil prices. The oil market enters the "high season", when the consumption of petroleum products increases every week. Today consider buying #WTI, #BRENT, #Exxon. All according to Plan [img][/img] Oil prices edged up on Tuesday after falling 2% in the previous session, as stronger economic data from the world's biggest crude oil importer, China, supported the demand outlook. Brent rose 34 cents to $85.10 a barrel at 06:18 GMT, while West Texas Intermediate got 29 cents to $81.12 a barrel. Official data showed that China's economy grew faster than expected in the first quarter, expanding 4.5% year-on-year as policymakers seek to maintain growth after the end of tough lockdown restrictions in December. A notable recovery in the Chinese economy has supported the recent rebound in oil prices, analysts said. In addition, May is the seasonal peak travel period in China and fuel demand is expected to increase very strongly year on year. The International Energy Agency (IEA) predicts that China will account for most of the growth in crude oil demand in 2023. However, the agency also warned that production cuts announced by OPEC+ producers could exacerbate the supply shortfall expected in the second half of the year and could hurt consumers and slow down the global economic recovery. Oil prices also remain under pressure from a stronger dollar and rising Treasury yields, analysts at National Australia said in a client note. The US dollar is strengthening along with rising interest rates, and traders are betting that the US Federal Reserve will raise the lending rate again in May, which could dampen hopes of an economic turnaround.
Why does gold continue to gain popularity?Dear clients, Now is the best time to invest in gold, at least according to Bank of America. The dollar kept rising after the data on inflation, but is moving towards a monthly decline. Precious metals consolidated last month on "growth fears that led to higher expectations for a U.S. rate cut, lower bond yields and continued banking sector concerns," analysts said. A weaker dollar makes bullion cheaper for foreign buyers. Due to the banking crisis and the threat of a recession, the precious metal is regarded as a reliable defensive asset. Interest in gold is also actively shown by central banks, only last year demand grew by 20%. In fact, they account for a record 33% of monthly global demand and are buying more gold than at any time since data collection began in 1950. The buying spree helped lift the price of gold to near-record levels and more than 50% higher than models based on real interest rates suggest. Experts see this as an attempt to get away from the dollar as the dominant currency. The difficult macroeconomic environment makes gold one of the most reliable investments, and with a drawdown 
Dear clients, Wall Street was stumped by the Federal Reserve on Wednesday. In a statement accompanying a quarter-point rate hike, the central bank ditched previous language that said "some additional policy tightening" might be warranted. Chairman Jerome Powell then said banking sector conditions had “generally improved†since early March. But investors still had many questions. Despite Fed officials' forecasts of a mild recession, Powell expects the US economy to grow at a modest pace this year. And while he said rates are "maybe at" a fairly restrictive level, getting back to the 2% inflation target won't be a "smooth process." As Powell spoke, the S&P 500 went up and down, then closing down 0.7%. Treasury revenues fell. The fact that the stock market is having a hard time figuring out where to go next is evidence that this has already been priced in, experts say. Looking ahead, investors want to know what value the Fed will place on tightening lending conditions caused by stress in regional banks. Powell's speech failed to reassure the market, investors heard what they expected, but not exactly what they wanted; the lack of clear guidance from the Fed is also worrisome. The general mood is quite calm, no revelations from Powell have been made and the situation is still developing according to market forecasts. A number of analysts note that the Fed is still set to tighten: they will need confirmation from the data that the monetary policy stance is quite restrictive. The prospects for a pause or rate cut are viewed very cautiously, with particular attention to the possibility of a recession. At the same time, few people believe in further increases, according to analysts, this will require catastrophic inflation. Fed futures showed that the likelihood of a rate hike in June had dropped to around 2%. TRADING SIGNALS: US FEDERAL RESERVE MEETING 
Dear clients, On May 3, a meeting of the US Federal Reserve System, the body that performs the functions of the Central Bank of America, will take place. The decision on the interest rate will determine the further movement of the market, which draw attention of traders. How the situation with rates will develop now, our expert tells: The Fed may raise the rate by 0.25% and signal to the market that it will not raise the rate at the next meetings, as inflation is declining, which is favorable for economic growth. On Wednesday consider buying AUDUSD, GBPUSD, #NQ100, #SP500. A reversal can quite shake up the market — be ready with a 
Dear clients, Apple Inc's results beat expectations on Thursday, demonstrating the tech giant's resilience amid the global economic slowdown, thanks to stronger-than-expected iPhone sales and notable gains in India and other emerging markets. Shares of the largest US company by market value rose 2% after Apple beat Wall Street's earnings and profit expectations for the quarter on April 1st. The company's results contrast with disappointing performance from major chip makers due to a slower-than-expected recovery in China's economic growth. Apple executives on Thursday said gross profit for the current quarter will be better than forecast, despite an expected drop in revenue due to the resolution of supply chain problems. Apple said sales for its fiscal second quarter ended April 1 fell 2.5% to $94.8 billion, beating expectations for a 4.4% decline, according to data from Refinitiv. Earnings remained unchanged at $1.52 per share, compared to $1.43 per share forecast. iPhone sales rose 1.5% to $51.3 billion, beating expectations for a 3.3% fall, even as consumers and businesses cut spending due to rising inflation. Analysts expect growth of 2.1% to $84.7 billion in the third financial quarter, which ends in June. Apple shares outperformed most Wall Street stocks in 2023, up 28% year-to-date. Investors view the company as a protective measure during a period of economic uncertainty. Apple raised its dividend to 24 cents per share from 23 cents a year ago. The Board authorized a $90 billion share buyback program, just as it did a year ago. Investors are still waiting for the company's next big product. Bloomberg reported that the iPhone maker could unveil a mixed reality headset as early as next month when it holds its annual Software Developers Conference. The company recently announced new services such as a high yield savings account. TRADING SIGNALS: THE BANK OF ENGLAND'S INTEREST RATE DECISION 
Dear clients, On May 11 the Bank of England, the key financial authority of Great Britain, will make a decision on the interest rate, which is among the most important events affecting the pound sterling quotation. Our expert comments on how the situation with the rates develops: The Bank of England may raise the rate by 0.25% and signal to the market the need for further interest rate hikes at the summer meetings due to high inflation in the United Kingdom economy. On Thursday consider buying GBPJPY, GBPUSD, GBPCHF. On any twists and turns, confidently keep your balance with a 
ELECTIONS IN TURKEY 12 May 2023 Elections in TurkeyDear traders! We would like to draw your attention to the fact that presidential elections in Turkey will be held on May 14, 2023. This event may provoke a sharp increase in volatility of Turkish Lira instruments and, as a consequence, lead to increased trading risks. As we care about our clients, we strongly recommend all traders to be more attentive and also: Maintain a margin level of at least 500%; Use protective Stop-loss orders; to adjust the volume of current open positions at their own discretion, if necessary. It should be noted that in case of significant increase of volatility on financial markets with changing conditions at the liquidity providers of the company the following is possible: increase of spreads and levels of orders setting, change of margin requirements for any instruments both for previously opened positions and for new ones, introduction of "Close only" mode or suspension of trading in accordance with the regulatory documents of the company. Please consider this information when planning work on the financial markets. DOWNWARD SPIRAL. A LONG DROP IN OIL PRICES 
A long drop in oil pricesDear clients, Oil prices fell Friday, setting a fourth weekly decline, as renewed economic troubles in the U.S. and China revived worries about fuel demand growth in the world's two largest oil consumers. Brent crude futures fell 48 cents, or 0.64%, to $74.50 a barrel by 06:35 GMT. U.S. West Texas Intermediate, on the other hand, lost 39 cents, or 0.55%, to $70.48. Both benchmarks will fall about 1.1% over the week, marking the longest streak of weekly declines since November 2021. With negotiations over the U.S. government debt ceiling deadlocked and renewed fears that another regional bank is in crisis, fears that the U.S. will enter a recession are growing. A decline in new corporate loans in China and weaker economic data released there earlier in the week raised doubts again about the stimulation of oil demand growth as the country recovers from COVID restrictions. The price rose earlier Friday, after falling during the previous two sessions, on some demand expectations following comments from the U.S. Secretary of Energy that the States might buy oil for the Strategic Petroleum Reserve (SPR). The U.S. government has said it will buy oil when prices are at or below $67-72 a barrel at all times. However, negotiations to raise the $31.4 trillion U.S. federal debt limit may not reach an agreement in time to prevent a default on the national debt, which could cause serious market turmoil. China's consumer price data for April rose slower than expected and factory price deflation has deepened, suggesting more stimulus is needed. The oil market largely ignored the Organization of the Petroleum Exporting Countries (OPEC) global oil demand forecast for 2023, which projected demand growth in China, the world's biggest oil importer. HERE WE GO AGAIN: THREATS TO THE TECHNOLOGY SECTOR 
Dear clients, A prolonged period of economic downturn in the U.S. will cause tech stocks to plummet at a time when they are attracting a lot of investor money, strategists at Bank of America Corp. say. Michael Hartnett's team expects the recession to "crack credit and tech" just as it did in 2008, according to Friday's note. Investors poured $3.8 billion into technology stocks in the week ended May 10, the largest inflow since December 2021, BofA reported, citing data from EPFR Global. On the other hand, $2.1 billion was pulled out of financial stocks, the biggest buyout since May 2022, amid turmoil at regional U.S. banks. The tech-heavy Nasdaq 100 index is up 22% this year as investors expect the Federal Reserve to begin easing monetary policy soon, easing pressure on the rate-sensitive sector. And while earnings in this sector will continue to fall from last year, traders already expect a recovery in 2024. Hartnett, who correctly predicted last year that recession fears would cause stocks to pull back, warned that the U.S. central bank was unlikely to pause rate hikes amid high inflation, as well as low unemployment and presidential approval. That echoes the views of Bloomberg Intelligence strategists, who view the likelihood of weakening tech, media and telecom stocks as they "face the reality of longer-term interest rate hikes and a softening of the earnings outlook." Hartnett thinks negative wage data will be a buying signal for cyclical economic-related stocks, such as tech stocks, in 2023. The U.S. labor market has proven resilient, with hiring and worker wage growth accelerating in April. Other notable flows over the past week included a slowdown in cash inflows - $13.8 billion went into that asset class. At the same time, Treasuries saw the largest inflows in the past six weeks, with $6.3 billion. U.S. and European equity funds bought $2.7 billion and $2.2 billion each, respectively.
Dear clients, Foreign buying of US Treasury bonds in March rose to the highest level in more than two years, Treasury Department data showed on Monday, as investors bought government debt amid bank stress during the month. US Treasuries rose to $7.573 trillion in March, up about $230 billion from $7.343 trillion the previous month. Monthly Treasury bond accumulation in March was the highest since June 2021, analysts at TD Securities said. According to the cited data, March was particularly significant as it was a time of volatility in the banking sector. The most interesting point was the huge amount of treasury bond purchases. Investors were de-risking at the time because of banking stress. There was a lot of buying on the Chinese side, a lot of buying on the Japanese side. There were interesting purchases from the UK side or via the UK, indicating purchases by hedge funds. The benchmark 10-year Treasury yield started March at 3.996%, falling by 50 basis points to 3.49% by the end of the month. In October last year the yield on 10-year US Treasuries reached a 15-month high of 4.338%. Foreign inflows into Treasuries were $35.8bn per trade in March, up from $57.6bn in the previous month. US equities were also bought by foreigners, with inflows of $36.1bn following net sales of $16.2bn in February and outflows of $27.5bn in January. US residents, meanwhile, increased their holdings of long-term foreign securities, with net purchases of $22.8bn compared with net sales of $8.3bn in February. Overall, net purchases of long-term overseas securities totaled $133.3bn in March, up sharply from February's inflow of $56.6bn, the data showed. PLATINUM DROUGHT 
Dear clients, Rising demand from automakers, industry and investors will push the global platinum market into the biggest deficit in years, three industry reports predict. The reports highlight the changing fortunes of platinum and its cognate metal palladium, which are used mainly in vehicle exhausts to help neutralise harmful engine emissions. For many years, growing demand and shortages of palladium have pushed prices upwards, while low consumption and a more abundant supply of platinum have kept prices low. Two reports released on Monday suggest that if palladium remains in short supply this year, the platinum supply shortfall will be greater. Automakers are switching from palladium to platinum as a cost-saving measure, heavy-duty vehicles with a high platinum content are on the rise, while zero-emission electric cars are making their way into the palladium-focused light vehicle market. Platinum is also being supported by industrial and jewellery consumption, while palladium demand is almost entirely dependent on the automobile sector. The World Platinum Investment Council forecast a platinum deficit of 983,000 oz, the highest since the 1970s, following last year's surplus of 854,000 oz. Meanwhile, net platinum holdings in the ETF increased by 43,000 ounces in Q1 '23, reversing six previous quarters of net disinvestment. The board believes that the revised 2023 deficit forecast of almost 1 million ounces based on historical data is likely to attract additional investor interest in bullion and coins as well as physical asset-backed ETFs. FOR A RAINY DAY. HOW WALL STREET IS PREPARING FOR A POSSIBLE DEFAULT 
Dear clients, As negotiations to raise the debt ceiling of the USD 31.4 trillion government debt intensify, Wall Street banks and asset managers have started to prepare for the consequences of a possible default. The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short timeframe for a compromise has bankers on their guard, said one senior industry official. US government bonds underpin the global financial system, so it is difficult to fully assess the damage a default would cause, but executives expect strong volatility in equity, debt and other markets. The ability to trade in and out of treasury bonds on the secondary market will be severely limited. Even a short-term breach of the debt ceiling could lead to a spike in interest rates, a plunge in equity prices and a breach of credit documentation and leverage agreements. Banks, brokers and trading platforms are preparing for disruptions in the treasury market as well as wider volatility. This typically includes planning for how payments in treasury securities will be made; how the critical funding markets will react; ensuring there is sufficient technology, staffing and cash to handle large trading volumes; and checking the potential impact on contracts with clients. Large bond investors have warned that maintaining a high level of liquidity is important in order to withstand potential sharp fluctuations in asset prices and avoid having to sell at the most inopportune time. The Securities Industry and Financial Markets Association (SIFMA), a leading industry group, developed an action plan that details what Treasury bond market participants — the Federal Reserve Bank of New York, the Fixed Income Clearing Corporation (FICC), clearing banks and Treasury bond dealers — should do in the run-up to and on the days of a possible Treasury bond payment miss. SIFMA considered several scenarios. The most likely scenario is that the Treasury would buy time to pay bondholders by announcing on the eve of the payment that it would reschedule these securities, extending them one day at a time. This would allow the market to continue functioning, but no interest would likely accrue on the deferred payment. In the most destructive scenario, the Treasury does not pay any principal or coupon and does not extend the maturity date. The outstanding bonds would no longer be tradable and could not be transferred through the Fedwire Securities Service, which is used to hold, transfer and settle Treasury bonds. Each scenario is likely to cause significant operational problems and will require daily manual adjustments to trading and settlement processes. In addition, in past periods of confrontation over the debt ceiling issue — in 2011 and 2013 — Fed staff and policymakers developed their plan, which is likely to serve as a starting point, with the last and most sensitive step being the complete removal of defaulted securities from the market.
Dear clients, What can you do in a mere 5 minutes? Hit the restroom, have a smoke or... make a profit. This time, we'll be looking at a simple trading strategy fit for both newcomers and experienced traders. Join us on May 24 at 12:00 GMT. During webinars, FreshForex analyst will answer your questions regarding the market situation and comment on the latest news. If you missed the previous webinars, you can always find them 
Dear clients, According to Glassnode, daily transactions hit an all-time high of 682,000 this month, up almost 40% from the previous peak in 2017. Bitcoin's dominance, or share of the total $1.16 trillion cryptocurrency market, has risen to 44% from 38% at the start of the year. This is due to BRC-20, the first class of cryptocurrency tokens created on the bitcoin blockchain apart from bitcoin itself. Nearly 25,000 experimental coins have already been minted this year, leading to a surge in transactions. Mostly due to the creation of these tokens, the average daily transaction volume in seven days was more than 531,000, almost double what it was a month ago, according to Blockchain.com. This new class of cryptocurrency has no specific use beyond speculation, much like memecoins. However, its nascent popularity points to interest in bitcoin not just as a store of value or a payment method, but also as a basis for developing new coins and applications - previously considered the domain of more modern blockchains such as Ethereum and Solana. Some investors and developers see bitcoin blockchain as a safer long-term basis for creating tokens and applications amid the cryptocurrency carnage that has followed the collapse of high-profile companies such as FTX and a general flight away from risky assets, market participants say. Nevertheless, the excitement around BRC-20 has been volatile. The total value of these tokens, which are typically traded on secondary markets, especially on decentralised exchanges, surpassed $1bn in early May, but has since fallen to $446m, according to tracker BRC-20.io. Because the bitcoin blockchain was not originally designed to support the crypto ecosystem, unlike Ethereum and Solana, BRC-20 tokens are created using ordinar theory, which allows data to be written on each satoshi - the smallest bitcoin denomination, or hundred-millionth of a bitcoin. The race to create these new coins has had little impact on the price of bitcoin, which has been trading below $30,000 since mid-April. However, experts see this trend as "promising" in terms of interest in creating products on the bitcoin blockchain. ONE STEP BEHIND. THE AI LEGISLATION 
Dear clients, As the race to develop more powerful artificial intelligence services such as ChatGPT accelerates, some regulators are still relying on old laws to control a technology that could change the way society and business operate. The European Union is at the forefront of developing new rules for AI that could become a global benchmark to address the privacy and security concerns raised by the rapid development of generative AI technology underpinning OpenAI's ChatGPT. However, it will take several years for the legislation to take effect. "In the absence of regulations, the only thing governments can do is to apply existing rules," experts say. "If it's about protecting personal data, they apply data protection laws, if it's about threatening people's security, there are rules that have not been specifically defined for AI, but they still apply." In April, European national privacy regulators set up a task force to tackle ChatGPT after Italian regulator Garante pulled the service offline, accusing OpenAI of violating the EU's GDPR, a wide-ranging privacy regime adopted in 2018. ChatGPT was reinstated after the US company agreed to install age verification features and allowed European users to block their information from being used to train AI models. Generative AI models have become well known for making mistakes, or 'hallucinations', providing misinformation with supernatural certainty. Such errors can have serious consequences. If a bank or government department uses AI to speed up decision-making, people could be unfairly denied credit or benefits. Major technology companies, including Google and Microsoft Corp, have stopped using AI products considered ethically questionable, such as financial products. US and European experts say regulators intend to apply existing rules covering everything from copyright and data privacy to two key aspects: the data entering models and the content they produce. While regulators adapt to the pace of technological advances, some in the industry are calling for more engagement with corporate leaders. Dialogue between regulators and companies has so far been "limited", they say. "This does not bode well for the future," they say. "Regulators seem either slow or unwilling to adopt approaches that strike the right balance between consumer protection and business growth."
Dear clients, Nvidia Corp on Wednesday forecast second-quarter revenue more than 50 percent above Wall Street forecasts and said it was increasing shipments to meet growing demand for its artificial intelligence chips, which are used to run ChatGPT and many similar services. Shares in Nvidia, the world's most expensive semiconductor company, soared 28 per cent after the signal to a record high of $391.50. That boosted the market value of Nvidia stock by about $200 billion to more than $950 billion, extending the Silicon Valley-based company's lead as the world's most expensive chip maker and the fifth most valuable company on Wall Street. Nvidia is forecasting revenue of $11bn for the current quarter, with analysts polled by Refinitiv citing a figure of $7.15bn. They note that amid a gold rush of generative artificial intelligence, demand for Nvidia chips is secure for the rest of the year. Adjusted revenue for the quarter ended April 30 was $7.19bn on revenue expectations of $6.52bn. The company's data centre chip sales were $4.28bn, beating analysts' forecasts of $3.89bn, according to FactSet. Nvidia faces competition in AI chips from traditional rivals such as Advanced Micron Devices Inc and Intel Corp, as well as from startups such as Cerebras Systems and its own AI chip efforts at companies such as Google and Amazon. According to FactSet, revenue from gaming chip sales exceeded Wall Street expectations, coming in at $2.24 billion against forecasts of $1.97 billion. Net income rose to $2.04 billion, or 82 cents per share, from $1.62 billion, or 64 cents per share, a year earlier. Excluding items, the company earned $1.09 per share in the first quarter, beating estimates of 92 cents. THE STRUGGLE FOR DEPENDENCY. OPENAI AND EU CONFLICT 
Dear clients, Sam Altman, CEO of OpenAI, has spent the last week travelling around Europe, meeting leading politicians in France, Spain, Poland, Germany and the UK to discuss the future of AI and the progress of ChatGPT. On Wednesday, he warned that the company could leave the EU if the bloc becomes "over-regulated". By February, ChatGPT had set a record for the fastest user base growth of any consumer app in history. More than six months after OpenAI unveiled its AI-powered chatbot to the world, concerns about its potential sparked excitement and anxiety - and led to conflict with regulators. "The current EU bill on artificial intelligence would be over-regulatory, but we have heard that it is going to be pushed back," Altman said on Wednesday. EU lawmakers responsible for drafting the AI law have disputed Altman's claims. EU industry chief Thierry Breton also criticised the threat, saying the draft rules were non-negotiable. Dutch MEP Kim van Sparrentak, who also worked on the EU bill, said she and her colleagues "should not allow themselves to be blackmailed by US companies". "If OpenAI cannot meet the basic requirements of data management, transparency, security and protection, then their systems are not suitable for the European market," she said. OpenAI first clashed with regulators in March, when Italian data regulator Garante shut down the app domestically, accusing OpenAI of breaching European privacy rules. ChatGPT returned to the web after the company introduced new privacy protections for users. Meanwhile, EU lawmakers have made new proposals to the Artificial Intelligence Act, which would oblige companies using generative tools such as ChatGPT to disclose all copyrighted material used to train systems. EU parliamentarians agreed a draft law earlier this month. Member states, the European Commission and Parliament will finalise the final details of the bill. The departure of OpenAI is seen as an unlikely outcome as the European market is too valuable economically. Experts note that some legislative relieves are still possible, but the overall trajectory has already been set.
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