💡 The AI Tech Boom is Here

Market Update 📈

Top Headlines 🗞️

Delivering Alpha Investor Summit

The 13th installment of CNBC’s investor summit took place yesterday. You may be asking yourself, what is an investor summit? Simply put, it’s the gathering of top investors, entrepreneurs, business leaders, and people of finance. These summits offer a chance for top minds to collaborate, talk about current issues, and educate people on niche topics.

Was AI discussed? … Is the sky blue?

Big-time tech investor Brad Gerstner offered his opinions on the current and future states of AI and the economy:

• “AI is going to be bigger than the internet, bigger than mobile, and bigger than cloud software.”

• “We probably overestimate in the very short term, which leads to price inflation. But it’s much like the internet in ‘98 and ‘99, where there was overpricing in the short run, we dramatically underestimated the impact it was going to have over the preceding decade.”

• “We’re at the beginning of one of the biggest tech booms in the history of technology.”

How this affects your wallet 💵

As AI shapes the future of technology, it’s important to remain up-to-date and educated on developments within the field. (Lucky you, we’re gonna do that for you!) Keep an eye on other areas influenced by AI, like healthcare and autonomous vehicles. While there have been some ethical issues attached to AI, staying in the know will help you invest your money wisely and take advantage of attractive opportunities.

Sir Jony Ive & OpenAI

Sir Jony Ive you say? The Apple legend with the soothing voice? (You’re welcome) The rumors are true. Ive and OpenAI are reportedly teaming up to create the “iPhone of artificial intelligence”, thanks to $1 billion in funding already.

The project aims to “provide a more natural and intuitive user experience” for AI interaction. With a “moral responsibility” in mind, Ive and OpenAI CEO Sam Altman plan to make the technology less addictive, even screenless. Is wearable AI on its way?

How this affects your wallet 💵

This is certainly a long shot as the product will need widespread adoption and faces up against difficult competition in the smartphone industry. But, if there was ever a guy for this, I’d like to think it’s Sir Ive. Something to keep an 👁️ on.

Quick Hits 🥊

California Boosting Minimum Wage 🔺

Fast food workers will now make a minimum of $20 in California come next April. This is a big win for over 550,000 hard-working people, as the bill ultimately removed the push by fast food companies to stop improving wages. This is up $4 from the average, and up $12.75 compared to minimum wage. That’s right, federal minimum wage is still $7.25, unchanged since 2009.

Costco Sells What?

How could Costco possibly get better, there’s no way right? Hold that thought….the store now sells 1 ounce gold bars. 🤯 Each bar costs roughly $1,900 and customers are limited to just two. This genius marketing campaign has allowed Costco’s brand to spread like wildfire, selling out bars within a few hours of being posted online.

Food for thought: If you’re baller enough to have a Costco membership, gold is up 15% over the past year and more than 55% in the past five.

Investing In Space

Moon rush? That’s right, ispace out of Denver, CO aims to be the leader in moon transportation. While we are still years away, there is a drive in the industry to create a commercial market. The belief being that once a commercial market is created, humanity can expand to ultimately live and work on the moon. The only question now is, how long until the 9-5 makes it to the moon?

Personal Finance Tip 💸

Today’s tip comes in the form of a book recommendation. The Psychology of Money by Morgan Housel is an easy read that offers a thought-provoking view into the mental side of money. Remember, never stop learning.

Quote of the Day 💭

“The safest way to double your money is to fold it over and put it in your pocket.” - Kin Hubbard, American Cartoonist

Meme of the Day 😏