🍋 Wall Street's ChatGPT Crackdown

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Good Morning! Yelp finally revealed the aftermath of going remote-first and found that after a few years, a whopping 70% of its San Francisco staff and 67% of employees from New York, Chicago and DC relocated to areas with lower costs and higher temperatures.

A new study found that today's architects are trying to lure hybrid and remote workers back to the workplace with flexible, comfortable designs that feel just like home. Think plush couches, intimate bistro areas, and even nap spaces.

Millennials are taking the "spend now, regret later" mantra to a whole new level. They've racked up an impressive $3.8 trillion in debt - a 27% increase from just three years ago. And the CEO of Domino’s says that, because of high inflation, more Americans are skipping pizza delivery and making meals at home.

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1. Story of the Day: Wall Street’s ChatGPT Crackdown

The battle between Wall Street giants and ChatGPT is heating up, with investment banks like Citigroup, Deutsche Bank, Goldman Sachs, and Wells Fargo putting a tight leash on the cutting-edge technology.

Bank of America and JPMorgan Chase have even gone so far as to explicitly ban the use of this new tool for business purposes.

Some believe that ChatGPT could be the knight in shining armor for white-collar workers, including investment bankers. And not just because it could take your MBA associate’s job - the chatbot can help speed up presentations, create innovative stock portfolios, and even write emails and conduct research with ease. It's like having a digital assistant at your fingertips in an already lean, understaffed industry.

Banks are worried about data privacy, especially when it comes to dealmaking, sensitive client information, or source codes. Top lawyers are also warning banks that we’re still not sure who exactly owns ChatGPT-produced work. And the occasional misinformation and unreliable responses have left some employers questioning ChatGPT's accuracy.

Takeaway: There’s no doubt that AI and chatbots will play a crucial role in the financial services industry. But right now, ChatGPT might be a little too revolutionary, and banks are still scrambling to figure out what it means.

2. Markets Rundown

Stocks closed lower than expected as inflation remains more persistent than expected.

Movers & Shakers

• (+) Beyond Meat ($BYND) +10% after the company posted a smaller-than-expected loss last quarter.

• (+) Adobe ($ABDE) -8% because the DOJ will try and block the company’s $20 billion acquisition of Figma.

• (–) Carvana ($CVNA) -20% after the company posted a greater loss-per-share than expected.

Private Dealmaking

• Spreetail, an analytics platform for e-commerce companies, raised $208 million

• Vytalize Health, an in-home healthcare platform, raised $100 million

• Chain Reaction, an Israeli semiconductor and blockchain company, raised $70 million

• Cibra Solutions, a battery recycling startup, raised $50 million

• Tome, a storytelling software startup, raised $43 million

• GeoPura, a British hydrogen company, raised $38 million

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3. Top Reads

• Apple nears a healthcare breakthrough (BB)

• Warren Buffett calls stock buyback critics ‘economically illiterate’ (CNBC)

• Struggles mounting for EV companies (Axios)

• 7 biggest takeaways from Buffett’s annual letter (YF)

• The furniture hustlers of Silicon Valley (NYT)

• How companies can lose employees without imposing layoffs (WSJ)

• With easy money gone, executives starting to slash dividends (BB)

• Inside the shady world of corporate concerts (Vice)

• Supply and demand in the collectibles market (Axios)

4. Book of the Day: The Loop

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Artificial intelligence is going to change the world as we know it. But the real danger isn't some robot that's going to enslave us: It's our own brain. Our brains are constantly making decisions using shortcuts, biases, and hidden processes—and we're using those same techniques to create technology that makes choices for us.

In The Loop, award-winning science journalist Jacob Ward reveals how we are poised to build all of our worst instincts into our AIs, creating a narrow loop where each generation has fewer, predetermined, and even dangerous choices.

Taking us on a world tour of the ongoing, real-world experiment of artificial intelligence, The Loop illuminates the dangers of writing dangerous human habits into our machines.

From a biometric surveillance state in India that tracks the movements of over a billion people, to a social media control system in China that punishes deviant friendships, to the risky multiple-choice simplicity of automated military action.

Ward travels the world speaking with top experts confronting the perils of their research. Each stop reveals how the most obvious patterns in our behavior—patterns an algorithm will use to make decisions about what's best for us—are not the ones we want to perpetuate.

Just as politics, marketing, and finance have all exploited the weaknesses of our human programming, artificial intelligence is poised to use the patterns of our lives to manipulate us.

The Loop is call to look at ourselves more clearly—our most creative ideas, our most destructive impulses, the ways we help and hurt one another-so we can put only the best parts of ourselves into the thinking machines we create.

“Some people seem to believe that AI will free us, that we’ll wheel through the world unencumbered by busywork or uncertainty. I worry that as we become caught in a cycle of sampled behavioral data and recommendation, we will be instead caught in a collapsing spiral of choice, at the bottom of which we no longer know what we like or how to make choices or how to speak to one another.”

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6. Daily Visual: Venture Ethnicity

2020 venture AUM, by race/ethnicity and gender of managers

_{Source: Axios}

7. Daily Acumen

“Over time, the person who approaches life with an openness to being wrong and a willingness to learn outperforms the person who doesn’t.”

“One sign that determination matters more than talent: there are lots of talented people who never achieve anything, but not that many determined people who don't.”

"The union of intellectual humility and ambition is something that everyone can ... and should cultivate. It’s what makes learning possible."

8. Memes of the Day

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