Asked by CNBC whether Lyft might be fined for publishing inaccurate information in an earnings press release—which triggered a 67 per cent jump in its stock price Tuesday—U.S. Securities and Exchange Commission chair Gary Gensler said he couldn’t comment specifically on the ride-hailing company, but that there’s “a responsibility to ensure that you have accurate information that you’re putting out.” Traders using AI need “certain guardrails in place,” Gensler said. (CNBC) 

Talking point: Lyft initially reported that its adjusted earnings margins—an indicator of profitability—was expected to increase 500 basis points, or five per cent, in 2024. While the company quickly corrected the error to forecast a 50-basis-point increase, the stock still jumped  as high as 38 per cent on Wednesday. Wedbush Securities analyst Dan Ives called it “a debacle of epic proportions” and something he had never seen in his 25-year career. The error overshadowed Lyft’s generally positive quarterly results, with gross bookings up 17 per cent and a net loss of US$26.3 million, down from US$588.1 million a year earlier.