The European Commission has officially proposed its much-anticipated A.I. legislation, and there's a lot to take in. Some types of A.I. would be banned, such as China-style social-scoring systems, while "high-risk" use cases such as critical infrastructure and educational A.I. would need stringent controls. Crucially, like the EU's GDPR privacy law, the rules would affect tech firms around the world, unless they're happy to cut off the European market. Fortune
The Archegos Capital Management collapse really did hit Credit Suisse hard. The Swiss bank (now subject to Swiss enforcement proceedings over its risk management) is trying to raise nearly $2 billion in fresh capital, after losing well over $5 billion. Apart from its Archegos exposure, which led to a @275 million quarterly loss, Credit Suisse actually had a pretty strong first quarter. Fortune
Apple, which will next week disadvantage Facebook and other ad companies by beefing up its privacy controls in iOS version 14.5, is reportedly preparing to boost its own ad business by selling slots in the App Store's "suggested apps" section. Financial Times
Ozlem Tureci, BioNTech's co-founder and chief medical officer, has backed up Pfizer CEO Albert Bourla in saying people will probably need a third, booster jab of the companies' COVID vaccine. She also said she expects people will need an annual coronavirus shot, as they do with seasonal flu. CNBC
AROUND THE WATER COOLER
What will Chapter Two of the digital economy look like? At Fortunes Brainstorm Finance event yesterday, heavy hitters such as PayPal CEO Dan Schulman and Prudential Financial CEO Caroline Feeney set out their visions of "high-touch and high-tech" virtual interactions with customers, and the promise of cryptocurrencies and "super apps." Fortune
Both Reuters and Politico report that the European Commission is preparing to sue AstraZeneca over its failure to deliver the volumes of COVID vaccine that are described in its contract.
The rate of vaccinations in the U.S. has begun declining, perhaps signaling the approach of the campaign's last mile: where the supply-and-demand curve reverses, and the anti-vaxxer 20% of the U.S. populace needs convincing. Fortune
Politico has an interesting piece on the impasse over vaccine intellectual property, and whether IP rules should be waived to enable more manufacturing that could help out the developing world. Even with a waiver, obstacles remain—many pieces need to come together for the idea to work out. (Bonus read: Reuters on how the EU undermined the push for equitable global vaccine access.) Politico
This edition of CEO Daily was edited by David Meyer.