🍋 One Chat to Rule Them All

OpenAI has caused a stir in the tech world with the launch of its AI-powered chatbot, ChatGPT. This clever bot can simulate human conversations, answer questions, and even rewrite literary classics in new styles.

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“The cure for imposter syndrome is to realize that all the other people are just convincing imposters, too.” — Allison Gopnik

Good Morning! More than two-dozen Taylor Swift fans are suing Ticketmaster. They claim the company was anti-competitive and resold concert tickets at unreasonably high prices.

Doesn’t seem like CEOs are in the holiday spirit yet - the latest economic outlook survey was gloomier than ever. GameStop began layoffs yesterday, and the company’s blockchain wallet is reportedly struggling after the FTX fallout.

And new data released yesterday makes it seem like the economy is resilient despite interest rate hikes. Investors don’t like that news because it means the Fed will weigh higher rate hikes next year.

Check out friends over at the DONUT, which is one of favorite newsletters with 85,000+ daily readers. Their emoji game is strong.🍩😎

As promised, you can download the VC Recruiting Guide here.

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1. Story of the Day: One Chat to Rule Them All

OpenAI has caused a stir in the tech world with the launch of its AI-powered chatbot, ChatGPT. This clever bot can simulate human conversations, answer questions, and even rewrite literary classics in new styles.

ChatGPT was released last week, and it went viral right away. Yesterday the platform reached one-million users, and its website even crashed.

Many users have been impressed by ChatGPT’s capabilities, but others have dubbed it the "Fake News Bot" for its tendency to generate believable but completely false responses.

For example, ask the bot to write a biography of a public figure and it will likely insert made-up details with complete confidence. And if you ask it to explain how to program software for a specific function, it'll spit out believable but ultimately incorrect code that will have your computer crashing in no time. Basically, don't trust everything ChatGPT tells you - unless you're looking for a good laugh.

Takeaway: ChatGPT and AI-powered searches are the future of the internet and computing, but they might have a few hiccups along the way. Chatbots could potentially shake up some industries and even spread misinformation. But at least they'll provide endless entertainment as we watch them try to understand human language and logic.

2. Markets Rundown

If you want access to Wall Street insider interviews, industry deep-dives, and investment ideas, check out our Insiders newsletter.

Stocks dropped after strong economic data makes it more likely for the Fed to hike rates again.

Movers & Shakers

  • (+) United Airlines ($UAL) +3% after airlines were able to avoid a labor strike.

  • (–) Tesla ($TSLA) -6% because the company cut output for its Shanghai plant.

  • (–) VF Corp ($VFC) -11% after the parent company of North Face and Timberlands cut its profit outlook.

Private Dealmaking

  • Whoosh, a Russian electric scooter company, raised $80 million

  • Keyrock, a crypto market maker, raised $72 million

  • BeeHero, a data analytics platform for farmers, raised $42 million

  • Atom Bank British, a digital lender, raised $36 million

  • GoFreight, the ‘Shopify of freight forwarding’, raised $23 million 

  • Corteva bought Stoller Group for $1.2 billion

A Message from DONUT: How’s your news diet?

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Top Reads

  • Demand for remote jobs outpaces supply (Axios)

  • Companies need to increase salary transparency or workers will quit (CNBC)

  • No more benefit of the doubt for disruptive leaders (Axios)

  • Costco is Yahoo’s company of the year (YF)

  • SBF could face prison time - if he’s ever arrested (CNBC)

  • BofA warns S&P 500 could plunge 20% in coming months (Fox)

  • Chairman of Credit Suisse says business is stable (Reuters)

  • Jay Powell’s dream of the 90s is dead (CNN)

  • The IRS is coming for crypto - but it’s complicated (Axios)

  • The S&P 500 hasn’t bottomed before a recession since WWII (CNBC)

4. Book of the Day: The Rise of America

As a new president takes office in 2021, America is deeply divided politically and socially, while the economy seems precariously balanced on increasingly shaky legs.

Doom and gloom is the predominant sentiment in America. It has become widely accepted within the investment, political, and media sectors that America is on the decline and that China will drive the global agenda in the 21st century.

To which I say, not so fast. This book carefully examines the trends and actual hard data from the economic, geopolitical, financial, and demographic spheres.

Forged in the 20th century, America’s leadership role will expand in the 21st century, resulting in a substantial rise in the standard of living, not just for Americans but also across the world.

“America’s future has never been brighter.”

5. Short Squeez Picks

6. Daily Visual: Demand for Remote Jobs Outpaces Supply

Share of applications and job postings on LinkedIn for remote work

Source: Axios

7. Daily Acumen: Active Optimism

"Optimism is seeing problems as challenges that are solvable; it’s having the confidence that there are things that we can do to make a difference.

“Urgent optimism,” “pragmatic optimism,” “realistic optimism,” “impatient optimism” — I’ve heard many terms for this concept.

To make my case for why optimism is so essential for progress, we need to understand the positions of optimists versus pessimists.

The definition of pessimism is “a tendency to see the worst aspect of things or believe that the worst will happen.”

Optimism, on the other hand, is the “hopefulness and confidence about the future or the success of something.”

People mistakenly see optimism as an excuse for inaction.

They think that it’s pessimism that drives change, and optimism that keeps us where we are. The opposite is true."

Source: Big Think

8. Job Board

9. Memes of the Day

 

 

 

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