🍋 New Gold Rush

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Good Morning! PwC is set to make a $1B investment in generative AI in hopes of automating its tax, auditing, and consulting business. Microsoft’s Activision deal got the thumbs down from UK regulators, but the company is focusing on AI, and investors are here for it.

Meanwhile, Netflix's attempt at cracking down on password sharing seems to have backfired - they’ve lost over 1 million users in just two months after rolling the new rules out in Spain. And Apple's got its latest offering up its sleeve - they're using AI and mood-tracking technology to create personalized health coaching programs.

Today's sponsor, Daloopa is giving Short Squeez readers access to ten financial models (any public company) when you sign up for a free account on their website.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch.

1. Story of the Day: New Gold Rush

It’s been a rough year for almost every asset class. The crypto craze lost steam, the S&P 500 struggled in 2022, and private equity and venture capital investors are hesitantly sitting on the sidelines. But some investors are seeking refuge in the ancient and timeless asset that has stood the test of time: gold.

Google searches for "crypto" and "gold" in the same query hit their highest levels in three years, and searches for "how to buy gold" have reached record highs this month. The SPDR Gold Shares ETF, the largest ETF backed by physical gold, has surged by 20% in the past six months, while sales of American Eagle gold coins have hit their highest levels in over a year.

In the race to become the ultimate store of value, crypto was once touted as the next big thing, set to dethrone gold as we move into the 21st century. And investors have flocked to both asset classes for similar reasons - gold and crypto both hedge against inflation and are in limited supply.

But crypto could never quite catch up to gold, one of the world’s oldest and trusted assets. While the market value of all cryptocurrencies stands at $1.2 trillion, the total estimated value of gold is a whopping $14.5 trillion.

Bitcoin, once the darling of the investment world, has lost half of its value since late 2021, as well as much of its mystique. On the other hand, gold prices have remained steady, while stocks and bonds have posted double-digit losses. And with recent turmoil in the banking sector, gold futures prices have surged above $2,000 a troy ounce, nearing record highs.

Takeaway: Investors are always looking for the latest and greatest thing, and it’s easy to get swept up in the latest trends and hype. But who would have thought the tried-and-true asset class favored by pirates and pharaohs alike is still holding its own in 2023?

2. Markets Rundown

Stocks closed mixed as positive tech earnings boosted the Nasdaq.

Movers & Shakers

• (+) Chipotle ($CMG) +13% because hiking food prices boosted the company’s revenue.

• (+) Microsoft ($MSFT) +7% after the company's earnings exceeded expectations, bullish sentiment on AI.

• (–) Enphase Energy ($ENPH) -26% after the solar company’s weak guidance spooked investors.

Private Dealmaking

• Orbital Therapeutics, an RNA medicines developer, raised $270 million 

• MedShift, a medical equipment manufacturer, raised $108 million

• Replit, a platform that helps computer programmers write code, raised $97.4 million 

• Avalanche Energy, a nuclear fusion startup, raised $40 million 

• Clerkie, a debt repayment platform, raised $33 million

• Andrena, an internet service provider, raised $15 million

A Message from Daloopa: Get Access to 10 Financial Models

Part of being a finance professional consists of being one of the world's best-paid data-entry professionals.

It's a pain—and a rite of passage—to build a financial model by painstakingly transcribing information from 10-Qs, 10-Ks, presentations, and transcripts. Or, at least, it was: Daloopa uses machine learning and human validation to automatically parse financial statements and other disclosures, creating a continuously-updated, detailed, and accurate model.

Thomas Li (CEO) puts it best: "Daloopa collects literally everything a company discloses."

Daloopa is giving Short Squeez readers access to ten financial models (any public company) when you sign up for a free account on their website.

3. Top Reads

• The debt overhang facing frontier markets (Axios)

• How the world is spending $1.1 trillion on climate technology (BB)

• Remote work’s hidden penalty for young professionals (NYT)

• Shock firings signal new era for cable news (Axios)

• The impending fight for private equity buyout lending (TI)

• Venture capital’s big questions in the AI era (Axios)

• Hedge funds, buybacks drive $2.3 billion into stocks (BB)

• UBS can only move so fast on Credit Suisse (WSJ)

• First Republic lost $72B in deposits amid banking turmoil (YF)

• Stocks still aren’t close to cheap (WSJ)

4. Shortform Book of the Day: The Man From The Future

The smartphones in our pockets and computers like brains. The vagaries of game theory and evolutionary biology. Nuclear weapons and self-replicating spacecrafts. All bear the fingerprints of one remarkable, yet largely overlooked, man: John von Neumann.

Born in Budapest at the turn of the century, von Neumann is one of the most influential scientists to have ever lived. A child prodigy, he mastered calculus by the age of eight, and in high school made lasting contributions to mathematics.

In Germany, where he helped lay the foundations of quantum mechanics, and later at Princeton, von Neumann’s colleagues believed he had the fastest brain on the planet―bar none.

He was instrumental in the Manhattan Project and the design of the atom bomb; he helped formulate the bedrock of Cold War geopolitics and modern economic theory; he created the first ever programmable digital computer; he prophesized the potential of nanotechnology; and, from his deathbed, he expounded on the limits of brains and computers―and how they might be overcome.

Taking us on an astonishing journey, Ananyo Bhattacharya explores how a combination of genius and unique historical circumstance allowed a single man to sweep through a stunningly diverse array of fields, sparking revolutions wherever he went. The Man from the Future is an insightful and thrilling intellectual biography of the visionary thinker who shaped our century.

“An electrifying biography of one of the most extraordinary scientists of the twentieth century and the world he made.”

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

Short Squeez readers - start your FREE trial and get 3 Months FREE when you sign up for the annual subscription!

5. Short Squeez Picks

• Are you spending your talent wisely?

• How to change someone’s mind and make them think

• Will generative AI make you more productive at your job?

• A massive geothermal apartment complex in Brooklyn is the first of its kind

• What’s different now that Newark is no longer considered an NYC airport?

A Message from Artscapy: The Startup Racing to Manage $1.7Tn in Wealth Stored in Art

Meet Artscapy: the dedicated platform winning this race.

Recently awarded as “Top 30 most innovative startup in the UK” by Tech Nation, Artscapy is quickly becoming recognized as the leading art collection platform.

Artscapy created a digital ecosystem for collectors and investors that encompass from management tools up to financial services, insurance, brokerage and more.

Artscapy has experienced a 400% growth rate over the past 12 months and continues to grow at a rate of 20% per month.

With over $130M in AUM (art-under-management) and 5,000 collectors Artscapy has now opened its seed round which is already 60% subscribed.

This is your last chance to buy equity in Artscapy before the next round, which will be reserved for institutional investors.

Submit your interest in investing in Artscapy today here.

6. Daily Visual: T-Bills Yields Hit 15-Year High

_{Source: Axios}

7. Daily Acumen

Did you know that loneliness has more to do with what's going on in your noggin than how many pals you've got? Yup, it's true! You could be surrounded by a horde of friendly folks and still feel like the last pickle in the jar. Or, you could be perfectly content with just your cat for company (we won't judge).

But here's the good news: art can help you beat those lonely blues! Whether you're into painting, poetry, or interpretive dance, creating or experiencing art can help you connect with your emotions, your inner self, and even with other like-minded loners out there.

So go ahead and grab those paintbrushes, strum that guitar, or write that sappy love poem (to yourself, of course). Let your creative juices flow and see where it takes you. Who knows? You might just find that you're not as lonely as you thought. Plus, you'll have some awesome art to show for it!

8. Memes of the Day

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