🐂 AI Shopping

Markets

Stocks experienced a rise on the preceding day as investors eagerly awaited the release of new inflation data today and the upcoming commencement of earnings season on Friday. If your Roomba appears disheartened, it could be attributed to iRobot's decline following a Politico report stating that Amazon had no plans to modify its European operations to persuade EU antitrust regulators, hindering its $1.7 billion acquisition of the company.

Crypto

SEC finally approved bitcoin ETF

Yesterday, the Securities and Exchange Commission (SEC) officially granted approval for spot bitcoin ETFs, marking a significant milestone. These 11 exchange-traded funds enable both traditional investors and cryptocurrency enthusiasts to gain exposure to the largest cryptocurrency, eliminating the need for managing complex crypto wallets and passwords. This development simplifies the path for even the less tech-savvy, making it easier for a broader audience, including your mom, to enter the realm of crypto investments.

So, what's the significance? Spot bitcoin ETFs streamline crypto investment accessibility, allowing investors to participate in the bitcoin market without directly purchasing the digital asset. Notably, established players like Fidelity, Ark Investments, and BlackRock were among the first approved by the SEC, symbolizing the integration of bitcoin into the traditional financial landscape. It's akin to bitcoin putting on a tie and joining its dad's insurance firm until the broader acceptance of crypto transactions in everyday life.

These ETFs facilitate the buying and selling of asset groups mirroring bitcoin's price fluctuations, eliminating the need for direct cryptocurrency trading. Similar ETF structures exist for various commodities such as energy and agriculture.

Spot bitcoin ETFs differ from previously approved bitcoin futures ETFs, which already had the SEC's stamp of approval.

Why now?

After years of anticipation and setbacks, the crypto industry finally secured a victory. A brief hiccup occurred on Tuesday when an unauthorized user hacked the SEC's account, creating false information about ETF approval. The official decision came after persistent requests from crypto investors since around 2013. The SEC, historically cautious about integrating such a volatile asset, was wary of potential manipulation risks associated with a bitcoin ETF.

Grayscale Bitcoin Trust, a platform facilitating bitcoin investment, had attempted to launch an ETF for years. In August, a court ruling favored Grayscale, compelling the SEC to reconsider its stance. This legal development prompted a rush of filings by major investment firms for spot bitcoin ETFs, with the SEC facing a deadline for decisions.

The approval signals a swift turnaround, with trading potentially commencing as early as today. Financial institutions are already competing to offer the ETF with the lowest fees.

Tech

Amazon cuts streaming jobs

The e-commerce giant, despite investing billions in developing its content and streaming service, is now focused on cost reduction. As part of this effort, Amazon is laying off a significant number of employees in its Prime Video and MGM Studios units, the latter of which was acquired for $6.5 billion in 2022. Additionally, 500 staff members from its livestreaming platform, Twitch, are also facing job cuts. These workforce reductions follow Amazon's termination of approximately 27,000 employees across the company in late 2022 and early 2023, aiming to control costs. However, Amazon is not alone in its pursuit of streamlining streaming expenses; Disney, Paramount, and Warner Bros. are also actively seeking ways to cut costs. Meanwhile, Netflix has maintained its content budget for the past two years without increases, according to Bloomberg.

Politics

Trump can’t make his own closing argument

The former president, Donald Trump, will not be delivering closing arguments in the New York attorney general's civil fraud case against him. Despite expressing a desire to speak during this phase, Judge Arthur Engoron, overseeing the trial, revealed yesterday that Trump did not agree to the "reasonable, lawful limits" imposed by the judge, which included ensuring that any remarks made were "relevant." While Trump won't be addressing the court, his legal team will still attempt to counter the attorney general's request for a $370 million fine and a prohibition on Trump engaging in business activities within the state.

Artificial Intelligence

New shopping features for chatGPT?

In the rapidly advancing field of artificial intelligence, OpenAI is striving to solidify its position as a premier AI tool by introducing a novel application store.

Recently unveiled, the GPT store is a platform where users of ChatGPT, who subscribe to the service, can exchange their custom bots, known as GPTs, or freely download those created by others. Originally scheduled for a November launch, the store faced delays amid conflicts between Sam Altman and the OpenAI board.

OpenAI reports that there are already three million custom chatbots available on the platform, including bots like AllTrails' recommendation bot for hikes and another that generates SEO-optimized blog posts. The GPT store organizes these bots by function (writing, productivity, etc.), and the company plans to implement a leaderboard showcasing the top-performing GPTs in the future.

What sets this platform apart is its user-friendly nature. OpenAI introduced GPT Builder in November, enabling individuals without programming experience to easily craft their customized GPT models. Now, these "builders," as termed by OpenAI for developers, can share their creations within the store.

However, one aspect still awaiting clarification is the payment structure for builders. OpenAI has indicated that it will unveil a payment model in the first quarter, based on user engagement, but has not provided specific details yet.

Health

Microplastic galore

If tap water had a marketing representative, they would be celebrating vigorously right now: a recent study revealed that the typical plastic water bottle contains up to 100 times more plastic fragments than previously believed.

This groundbreaking research is the first to examine water bottles for "nanoplastics," even smaller than microplastics, and potentially responsible for the majority of plastic contamination. This is particularly alarming because nanoplastics are small enough to enter the bloodstream, breach cell walls, and even pass into a developing fetus.

Conducted by researchers at Columbia University and Rutgers University, the study focused on bottled water from three popular American brands. The findings include:

• One-liter water bottles contain anywhere from 110,000 to 370,000 plastic particles, with 90% of them being nanoplastics.

• The plastic originates not only from the bottles themselves but is also present at every stage of water production, according to the researchers.

The issue extends beyond water bottles to our food. A recent study by Consumer Reports identified a "widespread" presence of plastic in 84 out of 85 tested foods, including popular grocery store items.

In terms of action, while concrete data on how plastic affects our bodies is still lacking, concerned individuals can take the following steps:

1. Opt for glass over plastic when possible.

2. Choose tap water, as it generally contains fewer microplastics.

3. Avoid microwaving plasticware.

Meme of the Day

Who do you think?