🍋 Byte-Sized Billionaires

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Good Morning and Happy Friday! Google is doubling down its return to office push, and NYC is scrutinizing its indoor air quality and building code regulations after the Canadian wildfire turned the city’s sky orange.

Jobless claims skyrocketed to their highest levels since 2021, Uber wants individuals to rent out their own cars, and GameStop fired its CEO and named ‘meme king’ Ryan Cohen the executive chairman.

1. Story of the Day: Byte-Sized Billionaires

Didn’t take long for generative AI to catch steam on Wall Street. Over the past few months, analysts have been wondering when and how the underlying technology will be implemented. But we’re finding just how exactly now.

Take hedge funds, for example. Money managers are discovering that ChatGPT can handle a lot of the grunt work - the bane of junior Wall Street talent’s existence.

A few hedge fund employees told Bloomberg this week that they’re using ChatGPT to automate tedious tasks like writing code, summarizing fund performance, and even analyzing market research. And so far, they say it helps them increase efficiency and streamline operations.

Right now, ChatGPT isn’t changing money managers' day-to-day responsibilities - at least not yet. But the industry is bullish on the potential of generative AI. If chatbots are exposed to vast amounts of financial knowledge, it’s only a matter of time before they could price complex options, construct portfolios, or decipher corporate news headlines.

Takeaway: How long is it going to take before generative AI could lead to material investment gains? It turns out, a lot faster than some people might have anticipated. The bots of Wall Street and AI revolution is here. While AI may help us get better at our jobs, it may also take away our jobs.

2. Markets Rundown

Stocks closed higher as investors focus on the Fed’s next steps, and the S&P 500 entered a new bull market.

Movers & Shakers

• (+) Carvana ($CVNA) +56% after the company’s profit outlook improved.

• (+) Adobe ($ADBE) +5% because of hype about the company’s AI products.

• (–) GameStop ($GME) -18% after the company fired its CEO.

Private Dealmaking

• Bunge, an agribusiness company, finalizing its $30 billion-plus merger with Viterra

• Cohere, a generative AI startup, raised $270 million

• Blackpoint Cyber, a cybersecurity solutions provider, raised $190 million

• Bitterroot Bio, a developer of immunotherapies for cardiovascular diseases, raised $145 million

• Pigment, a business planning platform, raised $88 million

• SustainCERT, a climate impact verification platform, raised $37 million

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3. Top Reads

• GM to invest $500 million to build new Cadillac escalade SUVs (CNBC)

• Inflation is making handbags unaffordable (YF)

• Now might finally be the time to quit crypto (Vox)

• Wildfire smoke boosts N95 demand (WSJ)

• Leaving New York for Miami can save nearly 200k (BB)

• Lululemon takes heat for employee firings (CNN)

• How Taylor Swift fans are sticking it to resale market (WSJ)

• Tesla shares target 10th win in a row (Fox)

• Coinbase CEO says clash with regulators is good for crypto (CNN)

• The housing market looks bad - except to these folks (YF)

4. Book of the Day: The Money Illusion

Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century.

Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet.

The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics.

Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.

“The first book-length work on market monetarism, written by its leading scholar.”

5. Short Squeez Picks

• Your career is not a ladder - 2 mental models to follow

• To build a top-performing team, ask for 85% of effort

• 7 books for a happy, fulfilling life

• The best way to deal with unpleasant emotions might be by doing nothing

• The work you do, the person you are

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6. Daily Visual: Japan’s Stock Market Index

Nikkei 225

_{Source: Axios}

7. Daily Acumen

Gratitude is a transformative force that shifts our focus from what's lacking to appreciating the abundance in our lives.

By cultivating gratitude, we can enhance our well-being, strengthen relationships, and foster a positive outlook.

Gratitude shifts our perspective, enabling us to recognize the countless blessings that enrich our lives and fostering a profound sense of contentment and joy in each passing moment.

Gratitude allows us to embrace life's blessings, both big and small, and express appreciation for the people, experiences, and opportunities that shape our journey.

8. Memes of the Day

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