Finimize - ➡️ AI just turned a corner

Hi Reader, here's what you need to know for February 8th in 3:14 minutes.

3️⃣ Three is a magic number – and with Ludovic Subran, chief economist at Allianz, joining us for the third Finimize Podcast, there’s no doubt that this one’s turned out pretty magically. Listen in and get to grips with China’s reopening, central banks’ current playbooks, and the risks for stocks in 2023. Listen on Spotify or YouTube

Today's big stories

Baidu told the world to get ready for China’s answer to ChatGPT
Here’s why the big banks are still cautious about stocks – Read Now
Japanese firm SoftBank reported a loss last quarter, dragged down by sinking tech investments

Bard And Ernie

What’s Going On Here?

Chinese internet giant Baidu announced on Tuesday that it’s planning to launch its own artificial intelligence (AI) tool.

What Does This Mean?

Tech's having something of a midlife crisis right now, but instead of bagging motorbikes, graying firms have seized on something much more exciting: AI. Earlier this week Google revealed it’s got an AI-powered chatbot called Bard in the works, and Microsoft’s already poured $10 billion into OpenAI – a higher price tag than the Harley-Davidsons most midlife crises involve. And now that Baidu’s heard the neighborhood dads revving their brand-new engines, China’s biggest search engine’s decided to test drive some wheels of its own: after spending billions on AI research, the firm's planning to roll out Ernie, China’s answer to ChatGPT, next month. That was all investors needed to hear: they jacked shares up 15% to give Baidu its best day since March.

Why Should I Care?

For markets: Rare riches.
Investors everywhere have caught artificial intelligence fever, snapping up AI-related shares like it’s 1997 and the mall just stocked new Beanie Babies. That enthusiasm also means that startups aiming to overtake OpenAI are flush with funding, creating a rare bright spot in the otherwise dim tech space. Case in point: three months into 2023, multiple AI companies have either already raised or are on track to raise almost a cumulative billion dollars in funding – no mean feat these days.

For you personally: Dare to doubt.
Let’s be real: the ChatGPT hype is really about the platform’s potential, and less about what it’s delivering in the here and now. After all, there are examples aplenty of the chatbot spitting out straight-up errors with serene robotic self-confidence. That’ll probably change over time, as lively competition forces companies to improve their offerings, but for now, think of ChatGPT and its ilk as useful but fallible tools, whose efforts need sharp-eyed fact checking and a healthy dose of common sense. In short, don’t be like CNET.

You might also like: ChatGPT has Big Tech’s CEOs talking about AI.

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Analyst Take

Fear, Greed, And Why The Big Banks Are Still Cautious About This Rally

By Russell Burns, Analyst

The rocketship rally we’ve seen this year in stocks wasn’t in any of the forecasts from big investment banks.

And even now, those Wall Street giants aren’t changing their outlooks for the year.

But it has sure got investors’ attention: the so-called fear and greed index is now pointing toward extreme greed.

So that’s today’s Insight: let’s look at the rally, what the banks see coming, and what it all means for you.

Read or listen to the Insight here

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