🍋 FinanceGPT

Together With

Good Morning! Elon Musk is scrambling for ways to make Twitter profitable - he’s now saying he wants to offer a digital banking platform. From Last Week’s Twitter Poll: Only 4% of you would pay for Twitter Blue. Tesla reported a strong uptick in vehicle deliveries (up 36% from Q1 2022) after slashing prices a few months ago.

The AI craze is sweeping across Corporate America, but a new study found 20-50% of American companies are already using some form of AI in the hiring process. UBS wants to cut staff by 30% after the Credit Suisse deal. But that rushed takeover deal is now being probed by prosecutors. And let us know who you’ll be rooting for to win the March Madness final tonight:

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1. Story of the Day: FinanceGPT

Many finance professionals have been keeping tabs on the AI craze, but so far, it hasn’t been that applicable to our jobs. At least not yet. While many have eagerly anticipated a game-changing product to revolutionize the way they work, Bloomberg hopes its latest AI model is the answer they’ve been waiting for.

Bloomberg announced its latest AI model, BloombergGPT last week. The company says the model could take the finance game to a new level. This AI model has the potential to transform the industry by not only assisting with risk assessments and financial analysis but also automating complex accounting and auditing tasks.

But what sets BloombergGPT apart is its connection to the Bloomberg Terminal. The Terminal is already the most powerful software for finance professionals - and Bloomberg wants to add an AI twist to it. This model has been specifically designed to have an in-depth understanding of the intricacies of the finance industry, providing instantaneous access to the vast array of data available on the Bloomberg Terminal.

Takeaway: Is BloombergGPT really the cutting-edge software that will transform our jobs, or is it all just marketing hype? It’s too early to tell right now. But AI-powered tools are coming to simplify and enhance our job responsibilities - hopefully, this is the first of many platforms designed to help finance workers.

2. Markets Rundown

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Stocks rallied to close out Q1 after investors got bullish on tech stocks.

Movers & Shakers

• (+) Blackberry ($BB) +14% after the company boosted its outlook despite earnings miss.

• (–) Nikola ($NKLA) -14% after the EV maker announced it will sell $100M of stock.

• (–) Virgin Orbit ($VORB) -10% after announcing it will halt operations “for the foreseeable future.”

Private Dealmaking

• Ledger, a French crypto wallet startup, raised $108 million

• Agreena, a regenerative farming startup, raised $50 million

• P97 Networks, a mobile commerce and payments provider, raised $40 million

• ID Finance, a financial wellness app, raised $32 million

• Reebelo, a refurbished consumer electronics marketplace, raised $29 million

• Trust & Will, a digital estate planning company, raised $15 million

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3. Top Reads

• Q1 sent investors back to the future (YF)

• ChatGPT banned in Italy over data privacy concerns (Fox)

• The $2.3 trillion Fed program banks hate (Axios)

• How the S&P 500 is dominated by Apple and Microsoft (NYT)

• The hottest job markets in the US (WSJ)

• What went wrong with Virgin Orbit (CNBC)

• Can sharing salaries boost productivity? (YF)

• San Fran feeling banking crisis, Big Tech layoffs (BB)

• Why the FDIC shared losses on SVB’s assets (YF)

• Easter spending is expected to hit a record $24B (Fox)

4. Shortform Book of the Day: How Minds Change

What made a prominent conspiracy-theorist YouTuber finally see that 9/11 was not a hoax? How do voter opinions shift from neutral to resolute? Can widespread social change only take place when a generation dies out? From one of our greatest thinkers on reasoning, How Minds Change is a book about the science, and the experience, of transformation.

When self-delusion expert and psychology nerd David McRaney began a book about how to change someone’s mind in one conversation, he never expected to change his own.

But then a diehard 9/11 Truther’s conversion blew up his theories—inspiring him to ask not just how to persuade, but why we believe, from the eye of the beholder. Delving into the latest research of psychologists and neuroscientists, How Minds Change explores the limits of reasoning, the power of groupthink, and the effects of deep canvassing.

Told with McRaney’s trademark sense of humor, compassion, and scientific curiosity, it’s an eye-opening journey among cult members, conspiracy theorists, and political activists, from Westboro Baptist Church picketers to LGBTQ campaigners in California—that ultimately challenges us to question our own motives and beliefs. In an age of dangerous conspiratorial thinking, can we rise to the occasion with empathy?

An expansive, big-hearted journalistic narrative, How Minds Change reaches surprising and thought-provoking conclusions, to demonstrate the rare but transformative circumstances under which minds can change.

“If you really want to shift long-held beliefs, you have to listen.”

Read More Books in Finance, Economics, and More with Shortform

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5. Short Squeez Picks

• 5 books that will make you think critically

• Mental liquidity

• 5 apps to maximize productivity when working remotely

• Why do we care about work so much?

• The Super Bowl rental Rihanna spent $500k a week on

What Else to Read

Do you work in finance in the UK? Bullish is the daily 3-minute email that 10,000+ UK bankers read every morning. Summarizing the most important news from finance 📈, tech 📱 and business 🚀 in the UK 🇬🇧.

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6. Daily Visual: China’s Venture Capital Deal Activity

_{Source: Axios}

7. Daily Acumen

Picture your mind as a bustling marketplace, with ideas, beliefs, and opinions buzzing around like eager shoppers.

Now, imagine that some of these shoppers are stubborn, refusing to budge or consider anything new. That's when your mental marketplace gets a little...stuffy. What you need is some mental liquidity!

Mental liquidity is all about keeping your mental marketplace flexible, open, and adaptable. It's like having a pop-up sale on new ideas or a clearance event on outdated beliefs.

The more mentally liquid you are, the easier it is to swap out old thoughts for fresh perspectives.

Think of your mind as a currency exchange booth, always ready to trade one idea for another.

You don't want to be that tourist clinging to their home currency, refusing to adapt to the local market. Embrace the fluctuations and be open to diverse mental transactions!

To boost your mental liquidity, try a few of these cheeky tips:

Play "devil's advocate" with yourself, arguing the opposite of what you believe.

8. Memes of the Day

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