OpenAI's ChatGPT Blocked in Italy

Market Movers

• Italy orders ChatGPT blocked. The Italian DPA said it’s concerned ChatGPT’s maker is breaching the European Union’s GDPR, and is opening an investigation. Specifically, the Garante said it has issued the order to block ChatGPT over concerns OpenAI has unlawfully processed people’s data — and also over the lack of any system to prevent minors from accessing the tech.

• Key Fed inflation gauge rose 0.3% in February, less than expected. The personal consumption expenditures price index excluding food and energy increased 0.3% for the month, the Commerce Department reported. The figure was below the 0.4% Dow Jones estimate and lower than the 0.5% January increase.

• Virgin Orbit holdings to cut workforce by 85%. The company, which launches satellites, said it expects the workforce reduction to be substantially complete by April 3*, according to a regulatory filing. The company disclosed that it expects to incur charges around $15 million, with about $8.8 million in several payments and employee benefits costs and $6.5 million in other costs.

• Ford raises price again on electric F-150 Lightning Truck. The cheapest of the company’s electric trucks now costs $59,974, marking the latest in a series of price increases since the full-size, battery-powered pickup trucks began rolling off Detroit assembly lines in April of last year. The company has attributed the price increases to the rising costs of raw materials.*

• Electronic Arts says it Is laying off 6% of workforce. The game maker didn’t specify how many people would be let go or from which departments. The company said it plans to redeploy some of the affected employees to other areas. EA said the layoffs began earlier this quarter and are expected to continue* through the early part of its next fiscal year, which begins in April.

Maven Intelligence Report

Curious how T-Mobile ($TMUS) stacks up against the rest of the telecom industry (SPSITE) after Deadpool showed up to the party?

Or whether Ethereum (ETH) is a stronger buy than Bitcoin (BTC) at the moment?

Get today's lesson, and tap into a bit of Maven Intelligence — get micro content for macro returns.

What to Watch

• Bed Bath & Beyond again warns of bankruptcy. The company is offering $300 million in stock as the company warns, once again, it may need to file for bankruptcy protection. The troubled retailer has been searching for buyers in order to stave off a bankruptcy filing. The beleaguered retailer said if it doesn’t receive proceeds from the stock offering it will likely need to file for bankruptcy protection.

• Nikola announces a $100 million stock offering. Nikola said it will raise $100 million via a secondary stock offering to the public. If the public stock offering raises less than $100 million, a private investor has agreed to buy enough stock to make up the difference. They plan to use it for working capital and other general purposes.*

• EY fails to reach deal on split. The unexpected revolt that has upended the planned breakup* of accounting firm Ernst & Young is being driven by two longtime U.S. auditors who believe their part of the firm could end up weakened by a deal. Opposition to the breakup plan is being led by two longtime U.S. auditors.

• White House calls for tougher midsize bank rules. The recommendations call for new rules from the Federal Reserve and other banking regulators that would apply to banks with $100 billion to $250 billion in assets.* There were approximately 20 firms in that asset range as of the end of 2022, according to the Federal Financial Institutions Examination Council.

• Companies will replace jobs with A.I. sooner than we think. Chamath Palihapitiya says AI is poised to eliminate unit testing and most forms of coding, but it will make the remaining engineers more productive. This will first become apparent in companies like Accenture, TCS, and Cognizant, where there is a strong incentive to use AI tools to drive efficiency and profitability, which is rewarded by shareholders. Source(1:14:24)