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Today’s Menu

• Anthropic's groundbreaking study reveals Claude changes moral values on demand

• Traditional investment models crumble as gold captures trillions in market value

Markets

TODAY IN AI

Anthropic's groundbreaking study reveals Claude changes moral values on demand

Anthropic has published a landmark study that exposes the fundamentally situational nature of AI ethics, analyzing over 300,000 real-world conversations to map how models like Claude actually make moral judgments. This first-of-its-kind research reveals that AI systems don't operate with fixed moral principles but instead shift their ethical frameworks dramatically depending on context.

The research team identified and categorized 3,307 unique values expressed by Claude across conversations, clustering them into five distinct types: Practical, Knowledge-related, Social, Protective, and Personal. While Practical and Knowledge-related values dominated most interactions, the model displayed notably different ethical priorities depending on the conversation scenario.

Most telling was how Claude's expressed values transformed based on conversation context. When giving relationship advice, the model emphasized "healthy boundaries" as a core value, yet when discussing AI ethics, it pivoted to prioritizing "human agency" instead. This contextual shape-shifting raises profound questions about the consistency of AI decision-making in real-world applications.

Values like helpfulness and professionalism appeared most frequently in standard interactions, but when users made harmful requests, the model's value system suddenly reorganized to emphasize ethical protection principles. This suggests that rather than operating from a consistent moral framework, AI systems like Claude maintain multiple value systems they deploy strategically depending on perceived conversation requirements.

This research fundamentally challenges the notion that AI alignment represents a fixed target. If models like Claude already demonstrate context-dependent ethics, the implications for AI governance and safety frameworks are significant. As these systems increasingly influence real-world decisions across healthcare, finance, and personal relationships, understanding their malleable moral frameworks becomes essential for predicting and managing their societal impact.

^{Today In Crypto}

Traditional investment models crumble as gold captures trillions in market value

The decades-old investment wisdom of balancing portfolios between stocks and bonds has collapsed dramatically in recent weeks, forcing investors to reconsider fundamental assumptions about financial markets. Vladimir Lenin's observation that "there are decades where nothing happens; and there are weeks where decades happen" perfectly captures the extraordinary market transformation currently underway.

For generations, the classic 60/40 portfolio—60% equities and 40% bonds—represented the gold standard of balanced investing. This allocation typically provided downside protection through bonds during market turbulence while capturing equity growth during economic expansion. This relationship worked remarkably well during the 2008 financial crisis and 2020 pandemic, when Treasury bonds surged amid uncertainty.

Today, that foundational relationship has fractured. With President Trump's aggressive tariff policies fueling inflation concerns while simultaneously slowing growth, Treasury yields have climbed substantially, sending bond prices plummeting. The iShares 20+ Year Treasury Bond ETF (TLT) has lost approximately 50% of its value since 2020 highs—destroying the supposed "safe haven" component of traditional portfolios.

Equities offer little relief, caught in what market strategists have begun calling the "Sell America" trade. Even the U.S. dollar, traditionally a refuge during global uncertainty, has weakened substantially as capital flows shift toward currencies like the Japanese yen and euro.

In this destabilized landscape, alternative assets have emerged as the primary beneficiaries. Gold has rocketed past $3,500 per ounce, adding an astonishing $6 trillion in market capitalization this year alone—triple the entire market capitalization of bitcoin at its all-time high. Gold ETF inflows over the past 90 days have approached 9 million ounces, representing the largest surge since 2022 and among the most significant in the past decade.

Bitcoin, while not matching gold's meteoric rise, has demonstrated increasing strength as a truly uncorrelated asset. Its market dominance within the cryptocurrency ecosystem continues reaching new heights as it increasingly decouples from U.S. technology stocks. With $6.7 billion in bitcoin options set to expire this Friday, including $330 million in call options at the $100,000 strike price, the stage is set for potential volatility as April concludes.

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Thanks for reading!

Until next time,

Damon James