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U.S. government investigates Trump DWAC deal, Coca-Cola and Jack Daniels team up for new drink

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Yahoo Finance Live anchors discuss federal securities regulators expanding their investigation into former president Donald Trump’s DWAC deal, Google suspending its engineer for its AI chatbot, and Coca-Cola and Jack Daniels teaming up for a new drink.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: Welcome back to "Yahoo Finance Live," everyone. It is time for "Cut For Time." Three stories, one minute each, and we've got to be super quick here on the day.

First and foremost, financial prospects for Trump's social network is on the rocks as federal securities regulators expand their investigation into Truth Social and Digital World Acquisition Corp. We are keeping a close eye on ticker symbol, DWAC, D-W-A-C. You'll see that down with much of the markets here on the day as well. Down by about 13 and 1/2, 13.7% right now.

JULIE HYMAN: Now, to be clear the SEC is looking into a lot of SPACs and a lot of SPAC deals, right? So, there are a lot of ongoing investigations. This one, though, specifically has to do with whether the two parties had discussions before DWAC even came public, which is something that would be un-kosher. You know, and already, we've seen a lot of SPACs in turmoil, and this one in particular has been high profile, so to speak.

BRIAN SOZZI: I think, I'll add here, was this ever a real company? I think I'm still waiting to get on the platform. When it came out, I tried to get on, but they wouldn't let me in.

BRAD SMITH: As a-- as a test case?

BRIAN SOZZI: I deleted the app.

BRAD SMITH: You deleted it?

BRIAN SOZZI: I'm already over it. Done. I'm a Twitter user.

JULIE HYMAN: You didn't want to wait to get on there. I mean, it definitely does not seem like it's-- I mean, as troubled as Twitter is, Truth Social does not seem to be giving Twitter a run for its money.

BRIAN SOZZI: Did you sign up?

JULIE HYMAN: No, I didn't sign up.

[LAUGHTER]

I got enough to deal with on my plate.

BRIAN SOZZI: Just trying to poke you a little bit.

JULIE HYMAN: I took Instagram off-- off my visible apps on my phone. Like, it's just--

BRIAN SOZZI: Oh, wow, that's a big move.

BRAD SMITH: It's good for mental health.

JULIE HYMAN: Too much of a time suck.

BRIAN SOZZI: Is that recent?

JULIE HYMAN: I found-- yes, it's recent. I just found myself-- actually, my husband prompted me to do it. Too much time. So, I ain't got time for Truth Social, right, if I don't even have time for that.

All right, Google suspending an engineer who claims the company's AI chat bot has become sentient. And basically, Google is saying that he violated confidentiality agreements, but it's a really strange case, I think it's fair to say. Blake Lemoine is this guy's name. He's a senior software engineer in the responsible AI organization.

And basically, this is the company's language model for dialogue applications, LaMDA is what they call it, that can converse with people. But basically, no one else besides this guy is saying that it is sentient, that it actually has consciousness and that there are ethical situations around it.

BRIAN SOZZI: It sounds bullish for Google longer term?

JULIE HYMAN: I don't know that there's any--

BRIAN SOZZI: I don't know. Yeah, I'm trying to-- I'm trying to--

BRAD SMITH: --bad for market--

JULIE HYMAN: I mean, there have been some various ethical issues around their AI applications, generally, more broadly. I'm not sure how big picture significant this part is. I'm not quite sure.

BRAD SMITH: Yeah, I mean, I think just it's kind of scary if you're an end user and you hear that, oh yeah, this is potentially in the works. I hear the buzzer. All right, that's it.

BRIAN SOZZI: All right, well, we'll end it here. Coca-Cola, talk about food and product innovation. Coca-Cola is finally diving into the alcohol space. The beverage giant announced a new partnership with Brown Forman to launch a ready to drink Jack-and-Coke cocktail. And guys, I wish they had this when I was doing my club thing back in [INAUDIBLE] [? College ?] in the year 2002, because this makes a lot of sense. And this-- there you see the can right there. If that does not catch your eye walking down the inflationary aisles of Kroger, I don't know what will.

But again, this is going to hit Mexico later this year, and then a rollout will come after that. But this is all part of Coca-Cola transforming into a total beverage company, as CEO James Quincey said. They came out, they bought BODYARMOR for almost $6 billion last year. They've inked other type of hard seltzer deals with other companies as well. So, this is an extension of that.

BRAD SMITH: I mean, it's a major time for mixed cocktails in a can. And we've seen that for some of the Anheuser-Busch's, all of the different kind of overflow into that category, and leveraging where you can just say, hey, you know what? We'll create that Mai Tai and put it in a can, or we'll create that Moscow mule and put it in a can. I don't know why they couldn't deliver it to us here on set for the day--

JULIE HYMAN: It's Jack-and-Coke. All you have to do is this.

BRIAN SOZZI: Nobody has time for that.

JULIE HYMAN: Nobody has time to pour two things in a glass?

BRIAN SOZZI: No, I will buy this. This means a lot. Comes in no sugar. Very excited about it.

JULIE HYMAN: No sugar? Bourbon has sugar in it. How does it have no sugar? That doesn't make any sense.

BRIAN SOZZI: I'm reading what they gave me. Reporting on it.

JULIE HYMAN: I got buzzed. I got buzzed twice.

BRAD SMITH: Well, we're trying to get buzzed--

JULIE HYMAN: No sugar bour== OK, all right. Sorry, sorry.

BRIAN SOZZI: [LAUGHS]