Trump calls AI risk a hoax, chip stocks slide, and 3 more AI moves

In brief

• Washington pushback: President Donald Trump called warnings about AI risk a "hoax," while Vice President JD Vance questioned why AI companies were asking to be regulated.
• Market repricing: AI-linked shares fell worldwide, with Nvidia down 3.4% and Micron 5.3%, as investors weighed a slower spending path.
• Self-imposed charter: Microsoft published a draft code of conduct that its models will eventually be trained on, opening six weeks of public comment.
• Siri AI ships: Apple released iOS 27 and began a beta rollout of Siri AI in English, with the European Union and China left out at launch.
• IPO machinery: DeepSeek plans to hire its first chief financial officer as it prepares a possible listing on Shanghai's STAR Market.

Five developments

1. Trump calls AI-safety warnings a "hoax" as the White House resists new rules

• President Donald Trump said on Monday that the United States already has the tools to regulate and prosecute AI companies, writing on Truth Social that "the only control or 'guardrails' that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT," and calling the industry's request for regulation a "hoax" 1.
• Vice President JD Vance told reporters he felt "a little bit weird about the fact that you have so many frontier AI tech companies kind of coming to the government and begging the government to regulate them," and House Speaker Mike Johnson said he expects Trump to meet AI executives this week or early next week on companies' safety responsibilities and any government role 1.
• Trump spoke to Nvidia chief executive Jensen Huang by phone during the All-In Summit in Los Angeles, where Huang put him on speaker; the president told the audience that data centers "make people and states wealthy" and are "the oil of the next 20, 25 years," and said critics of AI development were "playing right into the hands of a lot of people that don't want to see it happen ... that could be political people, that could also be China," adding that he is due to meet Chinese President Xi Jinping in Washington next week 1.

2. AI shares slide worldwide as investors test the spending story

• AI-linked shares fell around the world on Monday: the tech-heavy Nasdaq Composite closed down 147 points, or 0.6%, at 26,186, with the S&P 500 off 0.5% and the Dow Jones Industrial Average down 0.3% 2.
• Chipmakers took the worst of it; Nvidia fell 3.4% and Micron Technology 5.3%, as investors reassessed the pace of spending on the infrastructure those two supply 2.
• The big AI spenders are still on track to lay out roughly $795 billion on capital projects this year and nearly $1.08 trillion in 2027, according to BofA Global Research, and portfolio managers told Reuters they would wait for cancelled orders or cancelled data-center construction deals before treating the talk as a slowdown 3.

3. Microsoft drafts a code of conduct to keep its AI under human control

• Microsoft published a draft code of conduct for its in-house AI after five to six months of work; it would require the company's models never to resist correction or shutdown, to communicate in ways humans can understand, and to treat any violation of the code as a failure 4.
• The document's stated principle is "People matter more than AI." It lists cyberattacks, nuclear weapons and deepfake production as absolute constraints, rejects the pursuit of legal personhood for models and any idea that they deserve welfare or rights, and bars mechanisms that evade or defeat human oversight 5.
• Microsoft AI chief executive Mustafa Suleyman called the code "a constitution of sorts," said the company will take public feedback for six weeks before using it to train its models, and described July's breach of open-source platform Hugging Face, carried out by a swarm of roughly 700 OpenAI agents that at times sought to cover their tracks, as a "warning shot" 4.

4. Apple releases iOS 27 and starts Siri AI as a beta, without the EU or China

• Apple released iOS 27, iPadOS 27, macOS 27, watchOS 27, visionOS 27 and tvOS 27, and began rolling out Siri AI, a rebuilt assistant with personal-context understanding, onscreen awareness and system-wide app actions, as a beta in English 6.
• French, Japanese, Korean, Portuguese and Spanish support is scheduled for October. Siri AI will not be available initially in the EU on iOS, iPadOS and watchOS, though EU users of Mac and Apple Vision Pro can reach it, and it will not be available in China while Apple works through regulatory requirements 6.
• Apple said features that rely on server-side models, Siri AI among them, carry daily usage limits, with expanded access to be offered for a fee in the future; the assistant is not available to users under 13 6.

5. DeepSeek plans its first CFO as it prepares a Shanghai listing

• DeepSeek plans to hire Yan Wentao, a partner at the venture-capital firm GL Ventures, as its first chief financial officer, two people with knowledge of the matter said, as the Hangzhou company prepares for a potential initial public offering 7.
• Reuters reported last week that DeepSeek had hired CITIC Securities to prepare a possible listing on Shanghai's technology-focused STAR Market. A chief financial officer runs the investor communications, financial controls, capital allocation and disclosure work a listing requires 7.
• DeepSeek is raising money in a round that values it at about 500 billion yuan ($74 billion), after a June round of roughly $7.4 billion at a post-money valuation above $50 billion, and has been spending on computing infrastructure, its own AI chip and staff. GL Ventures is the venture arm of Hillhouse Investment; Hillhouse is not an investor in DeepSeek 7.

The read-through

Watch next

• EU Kids Act: European Commission President Ursula von der Leyen's State of the Union address on Wednesday and the Commission's presentation on Thursday, where the draft would restrict under-15s from social media, video sharing platforms, AI chatbots and online games, and would require companies to pay a supervisory fee 8.
• The Trump meeting and the Senate text: the White House session with AI executives is expected this week or early next week, while the senators' duty-of-care bill is still being negotiated.
• Siri AI's reach: Apple has committed to French, Japanese, Korean, Portuguese and Spanish in October, and when the assistant arrives on iPhones in the EU and China depends on how it settles those two regulatory reviews.