Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, February 11th, and I'm your host, Kim Khan. Our top story so far, Apple is working with Alibaba to bring artificial intelligence features to iPhones in China.

The information reports that the two companies have submitted the AI features to China's

cyberspace regulator for approval.

Timing of the Apple intelligence launch in China was not immediately clear.

However, the company said on its recent earnings call that its next round of language

rollouts will be in April.

In addition,

the European Commission launched an initiative called Invest AI to mobilize 200 billion euros for

investment in artificial intelligence, including a new European fund of 20 billion euros for

AI gigafactories. The regulator said the large AI infrastructure is needed to allow open, collaborative development

of the most complex AI models. Commissioner Ursula Vandalion said the unique public-private

partnership akin to CERN for AI will enable all our scientists and companies, not just the biggest,

to develop the most advanced, very large models needed to make Europe an AI continent.

Heading to Capitol Hill, Federal Reserve Chairman Jay Powell addressed the Senate Banking Committee

in the first part of his semi-annual testimony before Congress,

still known to some of us Gen Xers and boomers as Humphrey Hawkins.

Powell said the Fed does not need to be in a hurry to adjust its rates further

now that its policy stance is significantly less restrictive than it was a few months ago.

We know that reducing policy restraint too fast or too much could hinder progress on inflation.

At the same time, reducing policy restraint too slowly or too little could unduly weaken

economic activity and employment, he said.

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