Morning Market Download from Invincible Money

Personal finance + economics + markets

Staying on top of the markets, economics and the global issues that affect your money takes a lot of time and effort. We distill it down to a quick 5 minute read to help you make better money decisions.

EconomyTwo academic papers shook Wall Street by claiming that ChatGPT can analyze Fed statements and tell the difference between a "dovish" and "hawkish" tones as well as stating whether a headline could be good for bad for a stock. One thing to note is that the AI doesn't have to be trained on it. It just knows and is called "zero-shot technology."

NewsThe $1.6 B Dominion Voting Systems lawsuit against Fox has been settled for $787.5 million.Google has put together a 160 person team to build AI into chat as their competitor Bing is being considered as the default search engine by Samsung in a $3B deal. Chat GPT is the first real competitor or disruptor to Google's $162 Billion search engine business in over a decade.

On Sunday, Google CEO Sundar Pichai said AI needs to be regulated and published recommendations. He said the public needs to adjust to it and Google is even withholding some features until they feel the public is ready.

Elon Musk recently said he used the one meeting he ever had with former President Obama to warn him about the dangers of AI. Goldman Sachs recently published a report that stated that AI has "potentially large macroeconomics effects" and may produce "significant disruption" to labor markets.

StocksDavid's Bridal, the largest wedding dress retailer, is the latest victim of changing spending habits. After laying off 9,236 of 11,000 employees, it's filing for chapter 11 bankruptcy while it looks for a buyer to continue operations.

Netflix (NFLX) delayed the must anticipated (and feared?) rollout to crackdown on password sharing after sharing mix financial results. However, they still plan to roll it out in Q2.

CryptoBinance.US delisted Tron's TRX and Abracadabra's SPELL, used to govern the decentralized stable coin MIM (Magic Internet Money). This could be part of an ongoing crackdown on stablecoins by U.S. regulators.

Binance will allow unstaking of BETH (Binance ETH) today, which could add some sell pressure. So far there hasn't been any significant sell pressure as a result of the unlocking from Shapella and the price has continued to rise.

More crypto regulations are being discussed today in the E.U. namely the Markets in Crypto Assets or MiCA bill. It was finalized prior to the collapse of FTX and now the European Central Bank is saying there needs to be more regulation.

Personal FinanceApple rolled out a personal savings account yielding 4% - another gradual move into the finance space. Users can manage it through the iPhone, but Goldman Sachs manages the backend.

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Three common mistakes investors make:

1. Failing to consider the tax implications of investment decisions.

2. Not having an emergency fund or cash reserve before investing.

3. Following investment advice from unqualified sources, such as friends, family, or social media.

Legal StuffNothing in this newsletter is financial advice. Always do your own research and think for yourself.