🤪📈 Meme Stocks Back from the Dead
Happy Wednesday all,
Did you guys see the news coming out of OpenAI earlier this week about GPT-4o?? If you haven’t check out this clip out on Twitter. It’s kind of scary how quickly they keep on improving their technology… Before you know it, AI girlfriends will be a real thing.
In meme stock news though, who’s still held since 2021? Those are the real diamond hands.
Enjoy this week’s Hump Days!
- Humphrey, Rickie & Tim
👀 Eye-Catching Headlines
🏡 China Mulls Government Purchases of Unsold Homes to Ease Glut (BBG)
🏹 Biden Moves Forward on $1 Billion in New Arms for Israel (WSJ)
🤖 OpenAI Chief Scientist Ilya Sutskever Is Leaving the Company (BBG)
🏬 Walmart’s Reign as America’s Biggest Retailer Is Under Threat (WSJ)
📚 How the ‘Harvard of Trading’ Ruined Thousands of Young People’s Lives (BBG)
🇨🇳 The Lopsided Reality of the Russia-China Relationship (WSJ)
🍔 McDonald’s is working to introduce a $5 value meal (CNBC)
The Weekly Brief
Producer Inflation Lingers Around the 2% Mark
In April, the US producer price index (PPI) rose by 0.5% from the previous month, primarily due to increased service costs, after a 0.1% decline in March. Year-over-year, the PPI climbed 2.2%
The report showed overall services costs climbed 0.6%, the most since July and accounting for nearly 75% of the overall increase in the PPI.
Google’s Annual Developer Conference Highlights Focus on Integrating AI Tools
At its annual I/O developer conference, Google introduced a range of new AI products and updates.
Highlights included updates to the Gemini AI model, which now offers more cost-effective options for smaller tasks, improvements in translation, and enhanced integration with Gmail for summarizing content.
New tools like "Veo" for high-definition video generation, "Imagen 3" for lifelike text-to-image creation, and "Audio Overviews" for generating audio summaries were also showcased.
Additionally, Google announced "AI Overviews" for search, "AI Teammate" for Google Workspace, and a prototype AI assistant called Project Astra.
Hardware advancements included the Trillium TPU for AI operations and a continued partnership with Nvidia for deploying advanced GPUs in the cloud.
Meme Stock Craze is Back???
AMC Entertainment's stock has skyrocketed this week, more than doubling since Friday, following a post from Keith Gill, known as "Roaring Kitty," who inspired the 2021 meme stock craze.
This resurgence offers AMC a chance to address its significant debt load, which ballooned due to pandemic-related struggles.
Despite paying down nearly $1 billion in debt since 2022, AMC still faces substantial repayments, including $2.96 billion due in 2026.
The recent stock rally could enable AMC to secure better refinancing terms and raise additional equity to bolster its finances, as it recently did with a $250 million stock sale.
Which Jobs Will Be In-Demand in a AI-Dominated World?
Since the release of ChatGPT and other AI tools, discussions about the potential of AI to replace certain jobs have intensified, but these technological shifts, along with societal changes, also create new employment opportunities.
For instance, the rise of e-commerce has reduced retail jobs but boosted employment in transportation and warehousing.
According to the U.S. Bureau of Labor Statistics, transportation and warehousing will grow by 8.6% from 2022 to 2032, while the healthcare and social assistance sector is expected to see a 9.7% increase, driven by demographic shifts like an aging population.
Healthcare roles, especially home health and personal care aides, registered nurses, and medical managers, will be among the fastest-growing occupations, with the sector projected to add 2.1 million new jobs by 2032.
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