Finimize - 🤖 OpenAI's in it for profit

Open AI wants to ditch the "non" in nonprofit, China's stock rally kept, uh, rallying, and monkeys predict the US election |
Finimize

Hi Reader, here's what you need to know for September 27th in 3:08 minutes.

  1. OpenAI started pushing to become a for-profit company – and key execs left the building the very same day
  2. Here’s where the world’s wealthy have been investing – Read Now
  3. China’s stock market rally continued, thanks to the country’s announcement of support for its struggling property market

🧐 You know what they say: one door closes, and a window opens... Or something like that. Anyway, make sure you know your options with our latest free guide.

Public Displays Of Defection
Public Displays Of Defection

What’s going on here?

OpenAI is pushing to remove the “non” from nonprofit – and that change of attitude might’ve been a bridge too far for some of the startup’s founders.

What does this mean?

OpenAI was founded as a nonprofit company to ensure that AI benefits all of humanity. But apparently, the greater good and making money can coexist. The startup’s in talks to restructure as a “public benefit corporation”: a for-profit type of company that’s required to balance money-making with positive societal impact. And in the process, CEO Sam Altman will grab a 7% stake. Although, it seems that decision may have been controversial. OpenAI’s higher-ups bolted the day the news broke, including the firm’s highly influential chief technology officer. After something of a mass exodus over the last year, that means Altman’s now one of only two founders left out of the original 11.

Why should I care?

For markets: The chips are… Up.

You can’t build multi-billion-dollar tech startups without the right chips – so much so that the order books of semiconductor companies can indicate how long the AI furor might last. And manufacturer Micron issued a surprisingly strong sales forecast this week, reassuring investors that firms are still shopping for anything AI. That sparked a significant rally in semiconductor stocks, with investors buying up shares of Micron, Samsung, SK Hynix, ASML, and Arm-owner SoftBank.

The bigger picture: Never let them know your first move – unless you work in tech.

OpenAI triggered rallies across tech stocks and existential crises across continents by introducing ChatGPT. But after setting the standard, the startup is now facing competition from rivals with serious sway. Amazon has tasked thousands of workers with creating cutting-edge AI products and making its Alexa even smarter. And Meta has finally doubled down on its metaverse vision, introducing augmented reality glasses that merge the digital world with the real.

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TODAY'S INSIGHT

Here’s How The Wealthy Have Been Investing Lately

Russell Burns

Here’s How The Wealthy Have Been Investing Lately

They say the world’s wealthiest look after the pennies, so the pounds look after themselves.

So if you’re looking to build your own fortune, you could do a lot worse than consulting Citi Private Bank’s Global Family Office 2024 Survey.

The results provide a behind-the-scenes look at the investments of the very well-off, as well as their money managers’ current views on the financial markets.

I’ve pulled together my top takeaways and given my take, so you can see how the other half invest.

Read or listen to the Insight here

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Selling Sunset
Selling Sunset

What’s going on here?

China’s main stock index ticked up by 4%, after the country’s leaders seemed to finally take its real estate crisis seriously.

What does this mean?

China’s head honchos announced they’ll be dishing out support for property developers and homeowners after a surprise meeting on Thursday. That marks the first time the problematic property market has been targeted specifically by the country’s Politburo – its top officials – since the troubles started in 2020, even though it’s been one of China’s biggest economic problems for years. You can see why they felt the urge: recent data suggested that China’s economy would miss its 5% growth target this year.

Why should I care?

For markets: Many hands make light work.

China’s central bank had already announced plenty of policy changes on Tuesday, including lower interest rates. Economists didn’t think that’d cut it, though, saying the economy would also need fiscal support – think cash handouts – to get folk spending. And in what seems to be a coordinated approach, the Chinese government duly greenlit such measures on Thursday. Markets seemed to approve of the one-two: China’s main index picked up around 4% after the news, while related property stocks in Hong Kong jumped an average of 12%.

The bigger picture: Swings and roundabouts.

One surprise bled into another this week. Both oil and copper prices usually pick up when it seems the Chinese economy is headed in the right direction – but on Thursday, the duo took off on different paths. Copper prices rallied, as China accounts for nearly half of the metal’s global demand, while the slippery stuff fell for a second day. That’s because Saudi Arabia, the world’s second-biggest oil supplier, was reported to be considering increasing its output in December. And thanks to the classic rule of supply and demand, that’s put oil’s price on the slide since.

You might also like: How to invest in China now.

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QUOTE OF THE DAY

"Let us remember: One book, one pen, one child, and one teacher can change the world."

– Malala Yousafzai (a Pakistani female education activist)
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5. Monkey see, monkey do. Scientists are using macaques to predict the US election.

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