Hi, today we explore: (1) OpenAI's soaring valuation, (2) The growing number of Americans behind on their auto loans and (3) Air traffic. TOGETHER WITH Today's Topics Hello! Tesla disclosed in a recent SEC filing that the DOJ is expanding [its investigations]( into the carmaker, issuing subpoenas for information rather than just requesting it â check out our deep dive on the company from Sunday [here](. Today weâre exploring: - Machine earning: OpenAI's valuation looks set to soar again.
- Driving into debt: Americans are falling behind on their car loans.
- Busy flights: Air travel is back. Have feedback for us? Just hit reply â we'd love to hear from you! [Read this on the web instead]( Complicated airflow Talk is meant to be cheap, but OpenAI, the force behind the viral hit ChatGPT, has turned it into an absolute goldmine, with the company currently in discussions to sell shares at a valuation of $86 billion. That's a remarkable three-fold increase from just 6 months ago, with the [WSJ reporting]( an initial range of $80-90bn, before [Bloomberg]( narrowed the figure to around $86bn, citing sources familiar with the matter. That would place OpenAI among the most valuable tech startups in the world, [only behind]( giants like ByteDance (TikTok owner) and SpaceX. For context, itâs also roughly equivalent to the value of 12 of the biggest consumer brands in America combined â a theoretical corporate frankenstein including SNAP, The New York Times, Etsy, Dominoâs and 8 others. Hype house The launch of ChatGPT in November attracted more than 100 [million active users]( in just 2 months, making it the fastest-growing app in history at that time. It wasnât just the extremely online community that was excited either, as everyone seemingly raced to either develop, invest in, or use the chatbot for everything from coding to cover letters. Over the summer, it looked as if the hype was [maybe just starting to fade]( â though when you spark a tech revolution almost overnight, and hit a $1.3bn revenue run-rate with your first major product, it's fair to say you have a "position of strength" for any valuation negotiations. Road to nowhere? The share of borrowers who are currently off track with their car repayments hit an almost 3-decade high in September, as 6.1% of Americans with subprime car loans fell 60+ days behind on their dues. According to data from credit rating agency Fitch Ratings, as reported [by Bloomberg]( the figure hasnât risen above the 6% mark since the start of 1994 â when the share sat around 1% â with borrowers increasingly squeezed by a heady mixture of rising vehicle prices and interest rate hikes. Fear the repo Pandemic savings and stimulus checks helped drivers to splash out on pricier vehicles than theyâd perhaps originally had their eyes on, but those decisions increasingly appear to be coming back to cost some of them. As expected, with more car owners becoming delinquent, tow trucks have become a more common sight on Americaâs roads, with the rate of vehicle repossessions in the US reportedly up more than 20% earlier [this year](. [Sponsored by BILL]( A maserati, a safari, and a $10,000 handbag Believe it or not, theyâve all been expensed on company cardsâ¦only flagged when the month-end report looked a little off. Most employees wouldnât go that far â but being more proactive about expenses can only be a good thing. [BILL Spend & Expense]( is just that: an all-in-one expense management solution that automatically tracks and reports on expenses. Employees get a corporate card connected to BILLâs free Spend & Expense software â letting you customize credit limits and get real-time notifications on spending. And it racks up: on average, [BILL Spend & Expense]( returns $10,630 in savings and 12 hours of work per month. The thought of another expense report is enough to give anyone the Sunday scaries â so BILL has a Halloween offer until Oct. 31. Take a [BILL Spend & Expense demo]( and theyâll send you a $200 Lululemon gift card. That oneâs on [BILL](. [Book your BILL Spend & Expense demo now]( Flying high If youâve made plans to fly over Thanksgiving, we have bad news: your flight is going to be busy. In fact, if the latest passenger volumes are anything to go by, itâs going to be busier than ever. Data from the TSA reveals that an average of 2.48 million people passed through their airport screening every day over the week ending October 23rd, up 10% on the same week in 2019. That's the first time since Covid that the figures have diverged significantly â air travel isnât just back, itâs booming. We probably don't need to remind you that the pandemic was devastating for the $1.17 [trillion travel market](. What's surprising is how long it has taken to return to pre-pandemic numbers. Reopening attempts were hampered by new Covid variants, understaffing caused chaos during the summer of 2022, and winter storms caused thousands of cancellations. More Data ⢠From the Spotify DJ to 3D-printed sneakers, check out [Timeâs 200 best inventions]( of the year. ⢠A âsuper fogâ that descended near New Orleans caused a 160+ car pileup, leading to the tragic deaths of 8 people and leaving at least [63 injured](. ⢠Germany is [reportedly set]( to overtake Japan as the worldâs third-largest economy by the end of 2023. ⢠72% of SMBs want to be proactive about managing expenses, but only 34% of accounting firms offer those services. [BILL Spend & Expense]( is a dedicated expense management solution that automates month-end reports and saves companies thousands â get the [BILL Halloween offer]( until Oct. 31.** ⢠Well done to the London restaurant serving the UKâs most expensive steak: the mouth-watering cut will set customers back an eye-watering [~$1100](. **This is sponsored content. Hi-Viz ⢠Visualizing how abortion rates have changed in each state [post-Roe](. ⢠Charting how the AI buzz is tracking against previous [hype cycles](. Off the charts: Which company were we charting about last year? Hint: This week, it revealed it had [gained 9 million daily users]( in the last 3 months. [Answer here](. Thanks for reading. See you on Friday!
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