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☆ The biggest hedge fund in the world says ChatGPT was able to pass its investment associate test - and it's like 'having millions of them at once'
▼ + stars: | 2023-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

ChatGPT was able to pass the test Bridgewater gives to its investment associates, the firm's co-CIO said. ChatGPT is the equivalent of having "millions" of investment associates working at once, Greg Jensen said. Greg Jensen, co-CIO of the world's biggest hedge fund, told Bloomberg that ChatGPT was able to pass its investment associate test, and that the power of the buzzy AI chatbot is like having "millions" of junior staffers working all at once. Bots like ChatGPT have already performed well on Bridgewater's internal tests for investments associates, Jensen said. "Because all of sudden if you have an 80th percentile investment associate, technologically, you have millions of them at once.

Persons: ChatGPT, Greg Jensen, —, Jensen –, –, Jensen Organizations: Bridgewater, Service, Bridgewater Associates, Bloomberg, Morningstar Investment Locations: Bridgewater

☆ Homebuyers flocking to Florida have driven cities in the state to become the most overvalued in the US
▼ + stars: | 2023-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Florida now contains five of the 10 most overvalued cities in the US, thanks to hoards of newcomers in recent years. Tampa, Florida is now the third most overvalued housing market in the country, with buyers paying a 43% premium. Of the top 10 most overvalued housing markets in the US, five are now located in Florida, according to a recent study from Florida Atlantic University and Florida International University. That's a big jump from August 2021, when Florida had zero cities that cracked the top 10. High mortgage rates have driven up borrowing costs for buyers, while limited housing supply has pushed prices higher.

Persons: —, That's, Ken Johnson, Johnson Organizations: Service, Florida Atlantic University, Florida International University, North, Coral, Lakeland, FAU, Sun, Sunshine State Locations: Florida, Tampa , Florida, America, North Port, Palm, Mississippi, Miami

☆ Dow falls more than 300 points as investors brace for more Fed tightening after huge ADP report
▼ + stars: | 2023-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Stocks fell on Thursday as investors braced for tighter monetary policy from the Fed. Traders anticipate more rate hikes after ADP jobs data came in hot. The 10-year Treasury yield jumped above 4%, and the 2-year yield hit the highest level since 2007. That could spell trouble for stocks, as Fed officials have cited an overly hot jobs market as a reason why interest rates could stay elevated. The 10-year Treasury yield jumped above 4%, and the 2-year yield hit 5.120%, the highest since 2007, as markets braced for a higher-for-longer interest rate regime.

Persons: Stocks, — Organizations: Fed, Traders, Treasury, Service, Federal Reserve, Labor, Dow Jones, Nasdaq Locations: Here's

☆ The US could see inflation drop like a rock without hitting a recession, Bank of America says
▼ + stars: | 2023-07-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US could see a big drop in inflation without hitting a recession, Bank of America said. Strategists pointed to the inverted Treasury yield curve, the bond market's notorious recession gauge. But this time around, the indicator is signaling a hard landing for inflation, not for the economy. This time around, though, the indicator is more reflective of a hard landing coming for inflation itself, rather than the economy, the bank said. The New York Fed, meanwhile, has priced in a 71% chance the economy will tip into recession by next year.

Persons: —, BofA Organizations: Bank of America, Service, Treasury, Reserve, Fed, New York Fed

☆ Warren Buffett's Berkshire Hathaway snaps up another $123 million in Occidental Petroleum stock, now owns 25% of the oil company
▼ + stars: | 2023-06-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway now owns a little more than 25% of Occidental Petroleum after the latest purchases. Buffett's conglomerate picked up another 2.1 million shares this week, according to SEC filings. Berkshire's total holding of Occidental is worth around $13 billion, vested in 224 million shares. Berkshire now owns 224 million shares of the oil producer worth $13 billion. Occidental shares traded at $58.52 on Friday, with the stock down 4% from levels at the start of the year.

Persons: Warren, Berkshire, —, Berkshire Hathaway, Buffett, Brent Organizations: Berkshire Hathaway, Occidental Petroleum, SEC, Service, Occidental, Securities, Exchange Commission, Berkshire, Energy, West Texas Intermediate Locations: Occidental, Ukraine, Occidental , Berkshire, China

☆ Housing affordability isn't improving soon as the market faces a decade of undersupply, Realtor.com economy says
▼ + stars: | 2023-06-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Housing affordability isn't improving anytime soon, Realtor.com economist Danielle Hale said. The tightness in the market can be chalked up to a decade of housing undersupply. In an interview with CNBC on Friday, the chief economist pointed to the precarious state of the housing market, with demand far outstripping supply. "Affordability just isn't there for buyers, especially with mortgage rates remaining as high as they have been," Hale said. Mortgage rates are likely only to ease to 6.1% by the end of the year, per Realtor.com's latest forecast.

Persons: Danielle Hale, Hale, —, Realtor.com's Danielle Hale, millennials, Realtor.com, you've, Freddie Mac Organizations: Service, CNBC Locations: underbuilding

☆ US stocks rise after fresh batch of positive economic data and bank stress tests
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Big banks on Wall Street passed their annual stress tests, dialing back fears of more banking turmoil. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStocks ended mostly higher on Thursday on upbeat economic news and positive results of the latest bank stress tests from the Federal Reserve. The Dow Jones Industrial Average gained more than 200 points, while whe S&P 500 and Nasdaq Composite traded nearly flat. Meanwhile, big lenders on Wall Street passed their annual stress tests from the Federal Reserve, leading to a rally in bank stocks. Shares of Bank of America and JPMorgan rose about 3% through the course of the day.

Persons: —, Stocks, whe, Wells Fargo Organizations: Dow, Nasdaq, Service, Federal Reserve, Dow Jones Industrial, Traders, Wall, Bank of America, JPMorgan, Wells, Dow Jones

☆ These are the 4 AI stocks retail investors are pouring into as they chase the next tech rally
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Retail investors are chasing the next tech rally with AI-related stocks like Micron, Vanda said. Though retail investor flows fell slightly, stock purchases are above the daily average since SVB's collapse. The firm identified four stocks that were gaining traction among retail investors as they search for new winners in the AI space. Still, retail investors had taken interest in the stock even before it posted its financial results, Vanda said, thanks to speculation it could be another AI gamble. Retail net purchases of the stock were about 145 times the daily average before its latest earnings report.

Persons: Vanda, —, " Vanda, NVDA Organizations: Micron, Service, Vanda Research, Silicon Valley Bank, Nvidia, Oracle, Retail, Adobe, Microsoft Locations: Silicon

☆ The US is headed for a more serious recession than Powell has predicted, Evercore founder says
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US is in for a more serious recession than Fed Chair Powell thinks, according to Evercore's Roger Altman. The market veteran pointed to the inverted Treasury yield curve and troubling signs among small businesses. A moderate recession is the most likely outcome by the end of the year, Altman warned. "To me, the likelihood is a moderate recession," Altman said. "You can look at the yield curve.

Persons: Powell, Evercore's Roger Altman, Altman, —, Jerome Powell, Roger Altman, " Altman Organizations: Service, CNBC, Treasury

☆ China's economic recovery is 'doomed to fail' as Beijing shifts away from investment, think tank experts say
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

China's economic recovery is practically doomed, experts from the Council of Foreign Relations said in an op-ed. The Chinese government has launched a plan for consumption-led growth, meaning the nation will shift away from investment. Meanwhile, 43% of China's economy is driven by investment – about double the US's long-run average of 22%. Experts have warned of trouble for China's economy as it sees a so-far disappointing economic rebound. Investors, meanwhile, have pulled their cash out of China at a faster pace as they lose faith in its grand economic reopening.

Persons: —, Xi Jinping, Zongyuan Zoe Liu, Benn Steil, Xi, Liu, Steil Organizations: of Foreign Relations, Service, Foreign Affairs, Council, Foreign Relations, Investors Locations: York, Xi's China, Beijing, China

☆ Is the AI-led 'baby bubble' bursting? BofA says tech stocks just saw their biggest outflow in 10 weeks.
▼ + stars: | 2023-06-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Investors just sold off $2 billion in tech shares, the largest outflow in 10 weeks. Previously, the bank called AI a "baby bubble," comparing it to the 2000s dot-com craze. Previously, Hartnett compared the excitement for AI to the dot-com bubble, when internet stocks boomed before the Nasdaq Composite plunged 78% in the early 2000s. In a prior note, he called Wall Street's excitement for AI a "baby bubble," and suggested that AI stocks could soon "mature" as internet stocks did in 1999. Along with Hartnett, UBS's Art Cashin and veteran economist David Rosenberg have also drawn parallels with the current boom in AI stocks to the dot-com bubble.

Persons: —, Michael Hartnett, Tesla, Hartnett, Cashin, David Rosenberg Organizations: Bank of America, Investors, Service, Tech, Microsoft, Nvidia, Apple, Nasdaq, Labor

☆ Emerging-market stocks will make up a bigger share of the global landscape than the US by next decade, Goldman says
▼ + stars: | 2023-06-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Emerging-market stocks will catch up to US stocks in global market share by 2030, Goldman Sachs estimated. That's due to faster growth in EM markets, which is largely led by China, economists said in a note. Meanwhile, US stocks will make up 35% of global market cap in 2030, 27% in 2050, and just 22% by 2075. Currently, the US accounts for 42% of the global market, while emerging markets account for 27%. That boom will largely be led by China, economists predicted, whose economy is expected to replace the US as the world's largest economy by 2035.

Persons: Goldman Sachs, — Organizations: Service, Goldman Locations: China, India

☆ The housing market is seeing its worst inventory shortage in over a decade as high rates trap homeowners and slow the spring homebuying rush
▼ + stars: | 2023-06-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Active home listings dropped 7% in May to the lowest number Redfin has ever recorded going back to 2012. That's due to high mortgage rates, which have discouraged owners from selling their homes. Meanwhile, pending home sales dropped 16%, a sign that the spring homebuying rush has faltered in the face of higher mortgage rates. Affordability and homebuying activity won't pick up until mortgage rates drop more meaningfully, Marr previously told Insider, though he said that was unlikely to happen anytime soon. He predicted mortgage rates would likely ease to just around 6% by the end of the year.

Persons: —, Redfin, Redfin's, Taylor Marr, Marr Organizations: Service Locations: Redfin

☆ Investors ramp up recession bets as the Fed vows to keep battling inflation
▼ + stars: | 2023-06-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The bond market is ramping up its bet that the US will tip into a recession. The inversion between the 2- and 10-year Treasury yields widened to a full percentage point on Wednesday. That comes as the Fed vows to stay hawkish on inflation and keep rates elevated through 2023. The inverted yield curve is a sign bond market investors are pricing in a serious chance of recession, making it a historically reliable indicator of a downturn. Central bankers have raised interest rates over 1,700% in the past year to get inflation back to its 2% goal.

Persons: —, Jerome Powell, Goldman Sachs Organizations: Service, Federal Reserve, New York Fed

☆ 'No sane investor' could be fooled by Putin's charade of optimism for Russia's economy, researcher says
▼ + stars: | 2023-06-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Putin's show of Russia's economic strength won't fool any "sane investor," Carnegie scholar Alexandra Prokopenko said. She pointed to Russia's growing budget deficit and labor shortage as its war on Ukraine drags on. Experts have warned of trouble for Russia's economy as war and sanctions bite into the nation's finances. GDP could grow as much as 2% this year, Putin estimated, adding that the nation's military spending had only resulted in a "small" budget deficit so far. The Kremlin's official statistics also give a misleading view of Russia's economy, she said.

Persons: Alexandra Prokopenko, —, Vladimir Putin, Putin, Prokopenko, it's, SPIEF Organizations: Carnegie, Service, Carnegie Russia Eurasia Center, Central Bank of Russia, St ., Economic, Carnegie Endowment, International, Defense Ministry, Yale Locations: Ukraine, St, St . Petersburg, Russian

☆ The S&P 500 has entered a bull market, but will it last? Here's what 5 Wall Street experts are saying about the stock market's big rally.
▼ + stars: | 2023-06-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

The S&P 500 has pushed its way into a new bull market, but experts are torn over whether the rally can last. Though he previously predicted a 15% increase for the S&P 500, he's turned more bearish on the market as recession odds increase. Goldman SachsThe hype for AI is real and could lead the S&P 500 to climb higher this year, Goldman Sachs said. That could take the S&P 500 as much as 14% higher in the coming years, strategists said. The S&P 500 could end the year at 4,500, strategists predicted, implying around a 5% upside from current levels and a gain of about 17% for the full year.

Persons: —, David Rosenberg, Rosenberg, That's, Steve Marcus, Jeremy Siegel, Siegel, he's, Bloomberg Mike Wilson, Morgan Stanley, Morgan, Mike Wilson, Wilson, Cindy Ord, Tom Lee, Fundstrat, Goldman Sachs Organizations: Service, New York Fed, Rosenberg Research, Wharton School, Bloomberg, Corporations, Getty, CNBC

☆ Bitcoin falls below $25,000 as Fed signals more hawkish moves ahead and regulatory screws tighten on the sector
▼ + stars: | 2023-06-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Bitcoin fell below $25,000 on Thursday, as monetary policy adds to pressure from regulators. Central bankers held interest rates steady but signaled more rate hikes to come. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The world's biggest cryptocurrency by market value traded lower to $24,897 on Thursday morning, down around 4% from $25,930 on Wednesday. Markets are currently pricing in a 65% chance that the Fed will raise rates another 25 basis-points in July.

Persons: Bitcoin, —, Ethereum, Jerome Powell's, Coinbase, Binance Organizations: SEC, Service, Federal Reserve, Fed, Securities and Exchange

☆ Investors are pouring money into Tesla because it's becoming an AI bet in addition to its status as the top EV name
▼ + stars: | 2023-06-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Investors are pouring cash into Tesla stock as part of a broader bet on the future of AI. Vanda Research said retail purchases of EV stocks other than Tesla made up just 6% of average daily Tesla purchases. Retail purchases of EV stocks other than Tesla make up just 6% of average daily Tesla purchases, and make up just 5%-10% of average daily Tesla purchases compared to the fourth quarter of 2020 and the first quarter of 2021, when Tesla inflows peaked. "Hence, we can confidently say that retail investors perceive TSLA as an AI proxy more than an EV story, at least for now." Institutional investors have also ramped up their Tesla bets, the note added, a sign that the appetite for Tesla stock has room to grow.

Persons: Vanda, Tesla, —, it's, that's, Elon Musk, he's Organizations: Vanda Research, EV, Service, Tesla, Wall Street Locations: Vanda, Nevada

☆ Elon Musk's decision to not pay rent on Twitter's offices is adding to commercial mortgage headaches at Goldman Sachs
▼ + stars: | 2023-06-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Elon Musk's decision not to pay Twitter's rent is causing pain for Goldman Sach's commercial real estate portfolio, the FT reported. Goldman was part of a group that originated a $1.7 billion loan to Columbia Property, the owner of several of Twitter's offices. That dwarfs the rise of commercial real estate delinquencies seen across the entire US banking industry, with bad commercial real estate loans rising just 30% nationwide, notching $12 billion over the first quarter. But the jump in Goldman Sach's bad commercial property loans appears partly attributable to Twitter, which has not paid rent on its offices since November of last year. It owed $136,260 on its office spaces as of December 2022, Columbia Property said in its suit.

Persons: Elon, Goldman, —, Goldman Sachs, Musk Organizations: Columbia Property, Columbia, Twitter, Service, Privacy, Federal Deposit Insurance Corporation, The Financial Times, Columbia Property Trust

☆ Investors should expect Tesla to launch a full-scale financing arm as it tries to capture more of the auto market, Morgan Stanley says
▼ + stars: | 2023-06-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Investors can expect Tesla to soon offer its own options for financing, Morgan Stanley said. Analysts said it was time for the EV maker to create a subsidiary that finances retail sales. That could potentially draw in more customers as Tesla wages a price war against its rivals. That's something Tesla needs to incorporate into its business, especially if it plans on capturing more of the EV market, the analysts said. Other commentators remain bullish on the flagship EV-stock, particularly as Tesla strikes deals with other auto makers to open up its charging network.

Persons: Tesla, Morgan Stanley, —, it's, that's Organizations: Analysts, Service, Toyota, Honda, Ford, EV

☆ Russia's isolation from the global economy causes poor turnout at Putin's economic forum
▼ + stars: | 2023-06-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's isolation from the global economy caused poor turnout at Putin's economic forum in St. Petersburg. The event previously drew big names from the West, but was mostly populated by lower-level politicians this time. Experts have sounded the alarm on Russia's economy amid Ukraine war sanctions. But experts have warned that the moat between Russia and Western world could be lethal to Russia's economy. Though some prognosticators see Russia's economy posting small growth this year, those estimates are largely based on the Kremlin's "cherry-picked" statistics, according to two Yale researchers, who recently made the case that Russia's economy is struggling far more than Putin has let on so far.

Persons: —, Vladimir Putin's, Emmanuel Macron, Angela Merkel, Zhang Hanhui, Zhou Liqun, Putin Organizations: Service, Bloomberg, Union of Chinese Entrepreneurs, Yale Locations: St . Petersburg, Ukraine, Soviet Union, America, Asia, Russia, China, Moscow, Western

☆ Oil prices are facing a 'battle royale' between Saudi Arabia and the Federal Reserve, Bank of America says
▼ + stars: | 2023-06-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Oil prices will remain under pressure until the Fed eases up on monetary tightening, Bank of America said. Meanwhile, Saudi Arabia is trying to boost oil prices by cutting production. Energy markets are facing a "battle royale" between the top oil exporter and the Federal Reserve. In a note last week, BofA commodities strategist Francisco Blanch pointed to the downward trend in oil prices compared to last summer, when oil hit triple digits. Earlier this month, Saudi Arabia announced a production cut of 1 million barrels per day starting in July, piling onto prior cuts from earlier this year.

Persons: —, Francisco Blanch, Prince Abdulaziz bin Salman, Jay Powell, Blanch, Brent Organizations: Bank of America, Energy, Federal Reserve, Service, Privacy Policy, Fed, US Federal Reserve Locations: Saudi Arabia, Privacy Policy Saudi Arabia, China

☆ China slashes interest rates and mulls big stimulus package in bid to revive slowing economy
▼ + stars: | 2023-06-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

China just slashed short-term interest rates in its economy to 1.9%. Meanwhile, the government is mulling a big stimulus package to prop up key sectors. Short-term interest rates in China were cut to 1.9% from 2% on Tuesday, according to an announcement from the People's Bank of China, marking the first rate cut from China's central bank since August of last year. China's government, meanwhile, is mulling a hefty economic stimulus package, Bloomberg reported, citing people familiar with the matter. That makes the narrative that China will undergo a huge economic rebound is merely a "charade," according to Rockefeller International chair Ruchir Sharma.

Persons: —, Yi Gang, Ruchir Sharma, Desmond Lachman Organizations: Service, People's Bank of, Bloomberg, uts, Rockefeller International, International Monetary Fund Locations: China, People's Bank of China

☆ Binance.US tells customers to withdraw their cash from the exchange as the SEC pursues its 'ideological' attack on the crypto industry
▼ + stars: | 2023-06-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Binance.US urged its customers to withdraw cash from the crypto exchange in a recent notice. The moves are part of an "ideological campaign" against the US crypto industry, Binance said. After June 13, Binance.US will become a crypto-only platform until it can find "more stable" banking partners, it said. "The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance is facing 13 charges from the SEC, after being scrutinized by regulators for months over its compliance with US securities laws.

Persons: Binance.US, Binance, — Organizations: Service, Securities and Exchange, SEC Locations: American

☆ Russia is shifting to a total war economy as its progress in Ukraine stalls
▼ + stars: | 2023-06-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia is shifting to a total war economy as its invasion of Ukraine drags on and progress stalls. International relations expert Christoph Bluth pointed to toll of military spending on Russia's economy. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyRussia is shifting to a total war economy as its invasion of Ukraine takes a toll on its economy. But a longer, more intense conflict, requiring a shift to a total war economy, could be a different matter altogether," he later added. Experts have flagged pressures mounting on Moscow's financial state since Russia first began its "special military operation" in Ukraine last year.

Persons: Christoph Bluth, —, Bluth, Romir, haven't, – Organizations: Service, University of Bradford, German, Foreign Relations, Yale Locations: Russia, Ukraine

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