microsoft has boomed as satya nadella has gone all-in on artificial intelligence i asked him about its risks and the upcoming election, and what comes next a.i. feels new to most of us who really kind of discovered its potential within the last year or so. but we talk about the exciting things, detecting and perhaps treating cancer, and then we talk about the worrisome thing, fakes, fraud, disinformation we've seen that already in the political arena. does it give you pause as to what the potential and how far you can take this? >> absolutely. in the sense that one of the things that i feel that's very healthy is we're not just talking about all of the things this new technology can do, but we're also talking about the unintended consequences we have learned even as a tech industry is that we have t simultaneously address both of these. how do you really amplify the benefits and dampen the unintended consequences >> we're marching down the road to the first a.i. election. are you holding your breath as to see what -- how a.i. can help and how it may be weaponized >> in fact, it goes ba

sam alt man, mark zuckerberg, satya nadella. would they agree to any of your suggestions about everyday people having a say and a seat at the table in the development of artificial intelligence? >> well, i think it depends who you're talking about. i think satya may be open to it, and i actually sent the piece to him and waiting to hear back what he thinks. but one of the suggestions i made is that you should have workers involved in making decisions about how a.i. is going to be used, whether it can enhance their functions. and if a.i. is automating and displacing workers, for them to be part of the conversation to find new roles or the company's obligation to help credential them so you just don't have tens of thousands of people being displaced without workers or employees having a say. and i think that's the balance we're going to have to strike both for the valley where this is going to be an urgent issue in 2024 and for the country. >> is anyone listening to you, your colleagues in capitol hill, because you are here in the

microsoft has boomed as satya nadella has gone all in on artificial intelligence. i asked him about its risks and the upcoming election, and what comes next. >> a.i. feels new to most of us who really kind of discovered its potential within the last year or so. but we talk about the exciting things, detecting and perhaps treating cancer, and then we talk about the worrisome thing, fakes, fraud, disinformation. we've seen that already in the political arena. does it give you pause as to what the potential and how far you can take this? >> absolutely. in the sense that one of the things that i feel that's very healthy is we're not just talking about all of the things this new technology can do, but we're also talking about the unintended consequences. we have learned even as a tech industry is that we have to simultaneously address both of these. how do you really amplify the benefits and dampen the unintended consequences. >> we're marching down the road to the first a.i. election. are you holding your breath as to see what -- how a.i. can help and how it may be wea

. >> reporter: ten minutes down the road from kate, and address and jennifer met have opened satya therapeuticstwo are also licensed manufacturers of magic mushrooms. >> and this is our second harvest of this tote. >> reporter: in january of this year, oregon became the first state in the u.s. to legalize the growth, sale, and use of psilocybin in monitored settings. >> every product is tracked from the moment of its inception to the actual end client. see, i'll spread it open more. see how it's starting to bruise more. >> that's the oxidation? that's the oxidation of the psilocybin. >> reporter: a single session costs about a thousand dollars, not including travel expenses. >> 85% of the people we've seen have come from out of state. >> we have people that have depression, anxiety, some medicine resistant ptsd. >> what do you think this looks like in five years? >> i think it's a revolution. >> and i see the future as what could be the benefits of the mushroom in helping what i see as a broken system. and i see this as hopeful. >> reporter: back in colorado -- >> so this is our chocolate machi

lester posed that in an exclusive interview with microsoft's ceo, satya nadella. >> these taylor swiftges, does it set an alarm bell off in terms of what can be done you're microsoft you've got a high social, you know, corporate responsibility there are other players in this game who may not have that same benefit. >> absolutely. this is alarming and terrible, and, so, therefore, yes, we have to act, and, quite frankly, i think all of us in the tech platform, irrespective of what your standing on any particular issue is, i think we all benefit when the online world is a safe world. i think that it behooves us to move fast on this. >> reporter: but some say the technology itself makes deepfakes frighteningly simple for anyone to create >> there are services that will do it for you. all you have to do to produce a deepfake is to provide source material, and now that can be as little as two or three images of a person. >> reporter: in the case of taylor swift, her army of fans took action reporting the images and ultimately causing accounts that shared them to be suspended, help the avera

and it features powerful ceos, you have sam altman of openai and meta's mark zuckerberg, microsoft satyanadella and, of course, emon musk, but no concrete progress has been made on the part of lawmakers. this comes as the newest version of chatgpt 5 is expected to come out in the coming months and it's expected to be a new increasingly complex set of capabilities. all of this happening is the backdrop of goldman sachs predicting 300 million jobs will disappear or change thanks to ai and you can expect voters to be asking about that impact in the year ahead. >> absolutely. in the immediate term, the biden administration has been concerned about what this will mean for our politics on the campaign trail, the use of deep fakes or misleading voters. what are the companies doing to prevent that? >> the social media companies are telling me they're throwing every resource they have to stop misinformation and disinformation. this is a sprawling endless game of whack a mole. that information spreads constantly online and it is continuing to be very hard to stop, especially with the arguments and

lester posed that in an exclusive interview with microsoft's ceo, satya nadella. >> these taylor swift images, does it set an alarm bell off in terms of what can be done you're microsoft you've got a high social, you know, corporate responsibility there are other players in this game who may not have that same benefit. >> absolutely. this is alarming and terrible, and, so, therefore, yes, we have to act, and, quite frankly, i think all of us in the tech platform, irrespective of what your standing on any particular issue is, i think we all benefit when the online world is a safe world. i think that it behooves us to move fast on this. >> reporter: but some say the technology itself makes deepfakes frighteningly simple for anyone to create >> there are services that will do it for you. all you have to do to produce a deepfake is to provide source material, and now that can be as little as two or three images of a person. >> reporter: in the case of taylor swift, her army of fans took action reporting the images and ultimately causing accounts that shared them to be suspended, help the a

lester posed that in an exclusive interview with microsoft's ceo, satya nadella. >> these images, doesell off in terms of what can be done? you're microsoft. you have a high social corporate responsibility. there are other players in the game who may not have that same benefit. >> absolutely. this is alarming and terrible, and so, therefore, we have to frankly, i think all of us in the tech platform irrespective of what your standing on any particular issue is, i think we all benefit when the online world is a safe world. i think it behooves us to move fast on this. >> reporter: some say the technology itself makes deepfakes frighteningly simple for anyone to create. >> there are services that will do it for you. all you have to do to produce a deepfake is provide source material, and now that can be as little as two or three images of a person. >> reporter: in the case of taylor swift, her army of fans took action reporting the images and ultimately causing accounts that shared them to be suspended, help the average victim wouldn't have. savannah sellers, nbc news, new york. >>> and u

something that satya nadella weighed in while speaking withes lester holt. >> i want to ask about therom "the new york t times" gets openai and using their content to train a.i. i know it is a legal open case and you can only say so much about it. it does open up a thought about where this information comes from and who benefits. >> i think one of the things that will be very important is what is the copyright protection as well as what is fair use in a world where there is transformative new technology. that is really where the copyright laws have to essentially now be interpreted for a new transformation technology. we have done this in the past. i'm sure we will come out with the right set of guidelines used for training and it is clear you can't use copyrighted material and regurgregurgitate anything. what japan is doing is how to think about copyright in an enlightened way. the technologycan be developed and competitors can be introduced and protecting copyright. >> and frank, sam altman had been in talks with "the new york times" before the news of the lawsuit came out. >>> than

so to call it hype, to me, one must have never listened to satya, to mark zuckerberg, to lisa sue, to jensen huang. i'm saying the spending is matching the narrative. if you look at microsoft and meta, they are trying to monetize that. microsoft is trying to monetize that with co-pilot this is going to be a long ten-year spend. jensen thinks a trillion dollars of rebuild. can stocks get too ahead of themselves? sure. i think trying to time that and be cute about it is tough. once nvidia gets close to 500. that's a great way to play that as the market, to his point, has not wanted the stock to get over 500 and shuts it down every time. this is not hype. >> steph, a key question is going to be at what level, forget the multiples, but the prices, attract buyers, alphabet, now green. microsoft, now green. we'll see if it lasts. but you have to believe that at some level leavers are not going to let these stocks go down too much. >> sure. so i'm inclined to sell the rest of apple. i know you didn't ask, but i only own a 50 basis point position. i would be more inclined to sell that. you're

satya nadella for nearly a decade now laid the groundwork for where microsoft is today, laying out cloud i met nadella nine months into his run and he was hyping up ai. he told me a story how they're working on real time translation and the machine learning capabilities this has been a very long time coming for microsoft and now we see the benefits play out taking over apple, scott. >> our shareholders on the desk are reaping the rewards on the desk that is why, rob, everything steve kovach says justified why the valuation deserves to be where it is. this isn't a pipe dream or a deep look into the future, they're already doing it both through enterprise and from regular consumer customers >> and it is the single largest position at new edge across all our portfolios although it's a neutral. what i would say is, yes, it's expensive and is all about the earnings and what portion can you directly tie to ai they are a huge ai beneficiary there's no way you can't own it. the question is, how do you own it relative to the portfolio sizing and that's what we're thinking about. the momentum is 3

london time, we will hear from microsoft ceo satya nadella, among a slew of other names.the markets today program at 8:10 a.m. u.k. time, an interview with charlie nunn, lloyds banking group ceo. and don't miss our interview with the deutsche bank cfo at 9 a.m. u.k. time. francine as well speaking to be ukraine's first of deputy minister of the economy, don't miss that interview at 9:30 a.m. u.k. time. there's a lot to digest. a lot of major speakers all talking about the aid going to ukraine, as well as the other dynamics that reign true at davos. talking about technology, ai and regulation, and about geopolitics, not to mention all the monetary policy that is expected to happen in 2024. a lot of that driven by the labor market. at 7 a.m. u.k. time, u.k. jobs data. 1:00 p.m., german cpi also on board. both pieces of data will speak to that strength in the european economy. but it's a similar story when it comes to the u.s. economy. at about 4 p.m. u.k. time, this is what a lot of eyes are on, the fed's waller speaking on this idea that does the fomc start to see more div

the only thing that could disrupt the narrative is if satya nadella pushes out the time frame on the delivery of revenue beyond 2025. >> so where is the bar? the market cap is now above $3 trillion. it is the most valuable by market cap, has eclipsed apple. the stock is up 9% in three plus weeks, almost four weeks. valuation is at 33.3 times. what does that do to the par? how good does this have to be? >> i think it's 23. >> so it's -- forget about that. >> i'm fine with that. i'm fine with paying a premium on microsoft, for alphabet, because you should be. go back to october 1st the only sector where growth estimates have risen, technology. that's quality. it has the innovation i could see in the future is going to accelerate the revenue growth even more. >> where is the bar? how high is the bar? a lot of what you said is obviously in the stock at this point. >> in terms of owning it, is the bar high? of course the bar is high. is the stock susceptible to a correction? yes. but is the stock susceptible to an inflection point? i don't think so. for all the skeptics out there, and we

mcmillan's ces presentation also included a very cool cameo by microsoft ceo satya nadella where the two chatted about how ai could be used to enhance both the front ends and back ends of walmart's business. overall the last couple days have highlighted walmart's capacity for innovation, which is not something these guys usually get enough credit for. they ought to. for a long time it seemed like walmart was trading as a simple defensive stock but this week gave us a reminder that it's much, much more than that. i think it's helped which is why the stock's up more than 2% this week. by the way, i wouldn't be surprised if it would keep climbing steadily from here. i don't think it should have sold off on that last quarter. i saw a lot i liked about it. this one's a good one to put away. so there was a lot to learn from the icr conference this past week. we won't hear a ton about this group until the sector starts reporting results inmid february. but hopefully this gives you some color on the space to tide you over until then. i think it does. bottom line, nearly everything consumer f

ahead of that, ceo satya nadella sat down with lester holt from "nbc nightly news."alked about. here's an exchange the two had on how the technology could impact this year's race for the white house. >> we're marching down the road to the first ai election. you holding your breath, to see how ai can help and how it may be weaponized? >> in fact, it goes back again. this is not the first election where we dealt with disinformation or propaganda campaigns by adversaries and election interference and all of those things. so therefore, i think what we have to go back again is, for example, i think we're doing all the work across the tech industry, around what water marking, detecting deep fakes, there's going to be enough in technology, quite frankly, in order to be able to identify the issues around disinformation and misinformation. then the question again comes back to, how do we build consensus between parties, candidates, and the norms around what is acceptable and not acceptable. >> that interview between lester holt and satya nadella will roll out tonight on nbc n

what bothers me is there's amy hood and satya nadella talking about, we use it for summations.n our daily lives, we don't know how it's going to change us. how will it? >> i think it's still quite new. if you think about some of the applications that are out there, first of all, for a.i. to work, we really have to train these large models. these models get much better over time. i think everyone has seen what chatgpt can do, the fact that you can get so much information in such a short amount of time. now, imagine incorporating that into every aspect of how you run a business, every aspect of how you make decisions in businesses, how you do research and make that more efficient, how you get better health care and the fact that it will make your doctors more capable and more efficient. it will make all of those processes easier. we're just at the very beginning, and the work that we're doing is we're really building, let's call it, the foundation, sort of the processing and the compute capability that will enable us to train these models and then also when you ask chatgpt a ques