Top stories today:

1. Thomson Reuters wins early AI copyright ruling in 2020 case
2. SoftBank reports $2.4B loss amid growing AI investments
3. Shopify shuts down Kanye West’s store selling swastika shirts
4. Powell says Fed doesn’t need to rush on rate cuts
5. U.S. core CPI seen rising 0.3% MoM in Jan.
6. Anduril takes over Microsoft’s $22B U.S. Army headset program

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Thomson Reuters wins early AI copyright ruling in 2020 case

• The copyright infringement case was filed against Ross Intelligence, a legal AI startup.

• “None of Ross’s possible defenses holds water” against accusations of copyright infringement, judge Stephanos Bibas said.

• “Non-generative” AI involved, not a GenAI tool, the judge noted.

• Unclear whether the same logic will apply to cases involving LLMs, such as NYT v. OpenAI.

3. SoftBank reports $2.4B loss for Q3 FY2024 amid growing AI investments

• From $6.46B net profit in Q3 FY23. 

• $2.05B loss came from the Vision Fund alone.

• +3% in Q3 revenue to $12.11B.

• The loss reported weeks after SoftBank joined the AI-focused Stargate project.

SoftBank Group’s stock has outperformed U.S. and Japanese indices since Jan. 2024 on AI-related announcements

In Jan., SoftBank made a follow-on investment of $1.5B in OpenAI, up from the $500M in Sep. 2024

•  The investment increased SoftBank Vision Fund 2 (SVF2)’s total investment share.

4. Shopify shuts down Kanye West’s store selling swastika shirts over “risk of fraud”