Regulations, Fraud, and the Election
Welcome to Top Conversations in Tech, where we isolate the hottest trends, falling stars and shifting market dynamics to help technology marketers maximize their relevance. This month’s data reflects news and blog citations in August 2024 versus July 2024 and August 2023. We currently monitor 270+ topics, with data and insights going back to March 2019.
August was relatively quiet in comparison to July, somewhat returning to homeostasis following the roller coaster in July. The top ten conversations in tech shifted slightly. Artificial Intelligence stayed at #1 despite a slight month-over-month decrease (down 3%). #2 Bitcoin and #3 Drone(s) also stayed at their July 2024 rankings, experiencing a respective 4% decline and a 17% increase. However, despite dropping 3% month over month, Artificial Intelligence citations still hold a margin over #2 Bitcoin with over 50,000 additional citations between the #1 and #2 spots. #4 Cryptocurrencies and #5 Smartphone swapped places in August–both experiencing a bit of an increase as well. However, eight of the top ten conversations decreased year-over-year. These year-over-year decreases demonstrate the impact of an election year.
Some of the big splashes for AI happened in the regulatory sector with a majority of the focus on the California AI safety bill. Unsurprisingly, the bill has mixed receptions. Notably, The Hill claimed that the bill divided Silicon Valley with members of Congress speaking out on the state bill, calling it “ill informed” and even sending a letter to California policymakers to voice their concerns. Tech organizations, especially those steeped in AI or adopting AI into their offerings, should be cautious about the stances they take in relation to AI regulation. Not only was Elon Musk quoted in The Hill piece, OpenAI also received top-tier coverage for its stance, opposing the California bill. Other key standouts for the August AI conversation:
- AI organizations “pitching” political campaigns to use AI powered voice technology;
- Amazon to launch an AI powered Alexa subscription later this year;
- Continued advancements in health-related industries that may help general practitioners (e.g., identify risks related to heart conditions);
- Predictions around the impact of AI on society, specifically the workforce and the electrical grid.
#2 Bitcoin the highest year-over-year increase at 60%, even though Bitcoin citations decreased 4% from July. The Bitcoin conversation addressed a primary concern: fraud, especially that which impacts the elderly. These concerns are not unwarranted; NBC News reported that bitcoin fraud increased tenfold from 2020, resulting in over $110 million in total fraud. Aside from the frightening rise in fraud, The Street proposed an interesting point of view regarding bitcoin and its increase–what impact does the election year have on the price of bitcoin?
Some of the #6 Supply Chain conversations stemmed from claims made by presidential candidates, like Harris’s commentary on price gouging, that led to economic discussions about production strategies, supply chain and more. Global economists also commented on the changing supply chain, citing impacts like chip buying processes, growing supply chains (i.e., India rivaling China) and lessons organizations continue to learn post-pandemic.
CrowdStrike continued to drive #8 Cybersecurity mentions following its quarterly earnings report. The legal dispute between CrowdStrike and Delta Airlines as both organizations deal with the fallout from the global tech outage in July. Delta alleged that CrowdStrike was “solely” behind the canceled flights and cost Delta somewhere near $500 million. Should the legal dispute continue, CrowdStrike should expect to deal with the fallout for months thereafter, fueled not only by lower earnings but also by a damaged reputation.
The Bottom Line
- The election year impacts a variety of conversations, especially those already under scrutiny for social impacts that ultimately drum up regulations and bill proposals. Monitor these conversations, taking measured steps to engage if/when appropriate. To that end, organizations should expect to spur media coverage if they take a stance for/against legislation. Many outlets not only include the organization in their headlines, but they also have a tendency to provide additional background on past organizational choices.
- CrowdStrike will deal with the tech outages for months to come–years, potentially, if the legal dispute with Delta Airlines continues. The crisis turned issues management means that CrowdStrike needs to navigate this space carefully with an eye on attribution and humility because the issues management plan and response to legal disputes will inevitably change the course of CrowdStrike’s reputation.
