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

Good afternoon, today is Tuesday, August 27th, and I'm your host Kim Khan. Our top story so far.

Elon Musk has voiced support for California's controversial AI Safety Bill.

This is a tough call and will make some people upset, but all things

considered I think California should probably pass SB 1047 AI Safety Bill.

Musk said in a post on X. For over 20 years I have been an advocate for AI regulation just as we regulate any product or technology that is a potential risk to the public, he added.

The bill has been passed by the state senate and is scheduled for a vote in the state assembly by the end of the week.

The bill aims to establish clear safety standards for developers of AI systems.

California State Senator Scott Wiener, co-author of the bill, accused some opponents of fear-mongering.

Must support for SB 1047 sets them apart from other AI companies.

Tech giants like Open AI, Meta, and other AI startups have voiced their

opposition against the bill. They argue that the bill's strict rules could

hinder AI development and make California less attractive for AI research and startups.

On the economic front, the conference board's measure of August consumer confidence

rose to 103.3 above the 100.9 consensus and 101.9 in July, but even with the modest increase, the index

remains within the narrow range that has prevailed over the last two years.

Pantheon macroeconomist Oliver Allen notes that the net share of consumers saying

that jobs were relatively plentiful dipped to 16.4% in August from 17.6% the lowest

level in more than three years. That said, the net share of consumers

reporting that they expect jobs to become more plentiful over the next six months,

which has a reliably leading relationship with the unemployment rate,

has ticked back down over the past few months

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