🧠🤖 Humans Are Still Cheaper Than AI
Happy Wednesday all,
Just wanted to share with you this tweet that I found hilarious!
This week, I’m in Nashville shooting some content in collaboration with a big voice in the personal finance space. Taking guesses at who I could be shooting with in the comments!
Also, if you haven’t already, be sure to join the Discord community below. We’ve got a few hundred members already, and I’m looking forward to connecting with you guys!
Enjoy this week’s Hump Days!
- Humphrey, Rickie & Tim
👀 Eye-Catching Headlines
👶 Johnson & Johnson to Pay $700 Million to Settle Baby Powder Probe (WSJ)
🇨🇳 China’s Economy Grew Last Year, but Strains Lurk Behind the Numbers (NYT)
🥊 Netflix to Pay $5 Billion for ‘WWE Raw’ Rights in Live Events Push (WSJ)
🛢️ As more crude tankers divert from Suez Canal, there’s a ‘sea change’ in way Europe is buying crude oil (CNBC)
👨💻 Does working from home boost productivity? We're starting to get answers (Axios)
🚙 Amazon wants to shape the future of car-buying. Dealers are skeptical (CNBC)
💸 Labor Supply Helped Tame Inflation. It Might Not Have Much More to Give. (WSJ)
🦾 Microsoft Hits $3 Trillion, Cementing Strength of AI Rally (Bloomberg)
The Weekly Brief
1. China Weighs Stock Market Rescue Package Backed by $278 Billion (Bloomberg)
Chinese authorities are reportedly planning a comprehensive package to stabilize its slumping stock market.
These measures are aimed at buying shares through the Hong Kong exchange and investing in onshore shares in response to the recent decline in Chinese market confidence and the Chinese Index hitting a five-year low.
This plan, which includes restricting short selling, comes as a part of broader government efforts to boost investor confidence amid economic pressures and a significant loss in market value of Chinese and Hong Kong stocks since 2021.
2. Apple Dials Back Car’s Self-Driving Features and Delays Launch to 2028 (Bloomberg)
Apple is adjusting its strategy for entering the electric vehicle market by scaling back its initial plans for a fully autonomous car to a more feasible EV with basic driver-assistance features, similar to Tesla's current capabilities.
The company now aims to launch the car in 2028, a delay from an earlier target of 2026.
Despite significant investment and efforts since 2014, the project has experienced numerous leadership changes, strategy revisions, and technical hurdles. Apple is exploring management changes in its engineering and autonomous software teams.
3. Humans Still Cheaper Than AI in Vast Majority of Jobs, MIT Finds (Bloomberg)
In a study by the Massachusetts Institute of Technology, it was found that AI can’t replace the majority of jobs right now in practical ways.
Researchers modeled the cost attractiveness of automating various tasks in the U.S., focusing on jobs where computer vision was employed (teachers, property appraisers) and found only 23% of workers could be effectively replaced.
One case study from the paper used a hypothetical bakery where bakers inspect ingredients for quality control.
They found that this only comprised 6% of their duties, and the savings from implementing cameras and an AI system did not justify the upfront cost.
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