September 26, 2023
ChatGPT Can Now ‘See, Hear and Speak'
📰 News Organizations
ChatGPT Can Now ‘See, Hear and Speak.’ The update to the chatbot allows users to opt into voice conversations on ChatGPT’s mobile app and choose from five different synthetic voices for the bot to respond with. Users will also be able to share images with ChatGPT.
Amazon to Invest Up to $4 Billion in AI Startup Anthropic. As part of the deal, Anthropic will move most of its software to Amazon Web Services data centers, and use the cloud computing company’s homegrown chips to train the models it uses to power chatbots.
Microsoft Is Hiring A Nuclear Energy Expert To Help Power Its AI. Microsoft is looking to hire someone to lead the company’s technical assessment for integrating small modular nuclear reactors and microreactors to power the datacenters for cloud and AI.
Sierra Space Raising Nearly $300 Million From Japanese Consortium. The round values the space company at about $5 billion. The fresh funds come as Sierra focuses on getting its Dream Chaser spaceplane flying.
Strong Dollar Sends Yen to 11 Month Low. The dollar hit an 11-month high against the Japanese yen on Monday after the Bank of Japan on Friday maintained ultra-low interest rates and its pledge to keep supporting the economy until inflation sustainably hits its 2% target.
The 10-year U.S. Treasury hasn't yielded 5% since 2001. But in that year the U.S. National Debt was under $6 trillion. Now it's over $33 trillion. When the yield hits 5% again later this year, the financial burden imposed on the government and the economy now will be far greater. Source.
Market's are still pretty much pricing in a certain perfect soft landing in rates and stocks, and most of these paths are inconsistent with that outcome which makes the trade against it pretty clear - higher rates and lower stock prices. Source.
The cracks in the US labor market are becoming more and more evident. The rate of permanent job losses is currently escalating at its swiftest pace since the major economic downturns of the past 30 years, marking the sixth consecutive month of such increases. Source.
New cycle highs for 10-year and 30-year Treasury yields. 4.5% on 10-year yields, 4.6% on 30-year yields. The curve is flattening as traders get used to the idea of higher for longer. Source.
The monthly mortgage payment for purchasers of existing homes, using the 30-year average mortgage rate, stands at $2,309. This is a substantial increase from $977 in March 2020. Source.
📓 Online Publications
Renters Are Being Priced Out of the Suburbs. Suburban rental prices have jumped almost 26% over the past three years. The influx of people moving to suburbs caused rents to increase quickly, and higher house prices and soaring mortgage rates have kept people in rentals.
Final Look at Local Housing Markets in August. The big story for August existing home sales was the near cycle low sales volume, and the large year-over-year decline in sales. Also new listings were down YoY, but much less than in previous months.
Google is Adding Empathy to it's Smart Speakers. The company filed a patent application for a voice assistant capable of "emotionally intelligent responses" to questions. Google's tech attempts to respond based on the customer’s emotion.
Serious Mortgage Delinquencies Poised To Bounce From 17-Year Low. Early-stage delinquencies have increased for 3 months in a row, suggesting that delinquency rates may be nearing a bottom, according to first look at Black Knight Mortgage Monitor report.
Surging Home Prices in Affordable Regions. Home prices are rising in traditionally affordable regions like the Rust Belt and Midwest as buyers, priced out of expensive areas, seek affordability elsewhere, ironically driving up prices in these regions.
Russia Dodges G7 Price Cap Sanctions On Most Of Its Oil Exports. Russia has been avoiding sanctions from the G7 that put a price cap on oil exports. The FT found Russia created a so-called dark fleet of oil tankers that operate outside of Western surveillance. Source(0:47)
China’s World Bank Plans To Triple Climate Change Lending By 2030. The AIIB told the Financial Times that it will triple its climate financing by the end of the decade. This would make climate the bank’s top lending priority, making up more than half of the funds it gives out. Source(5:40)
WGA and Studios Reach Tentative Agreement. The Writers Guild of America and studios/streamers appear to reach a tentative agreement. A marathon 10-hour discussion involving industry leaders took place, with AI-related issues reportedly causing delays in finalizing the deal. Source(1:40)
Tinder for $499/a Month. Tinder is launching Tinder Select, an ultra-premium subscription tier costing $499 per month, offering exclusive searching and matching features. This premium service is initially available to less than 1% of the most active Tinder users. Source(5:30)
Big Mamma Restaurant Group Sells Majority Stake To Private Equity. Big Mamma is a popular Italian restaurant chain with restaurants in five European countries. Now its co-founders want to expand into the US and the Middle East. And Big Mamma is gonna do it through private equity. Source(6:22)
Biden to Support UAW Strike. President Biden plans to visit Michigan to support the United Auto Workers strike, a move uncommon for U.S. presidents since Theodore Roosevelt in 1902. Despite his pro-union image, he has yet to secure the UAW's endorsement. Source(20:27)