➡️ AI just turned a corner

Baidu's launching an AI chatbot | SoftBank lost money lost quarter | [TOGETHER WITH]( Hi {NAME}, 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 [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.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Bard And Ernie&utm_campaign=daily-global-08-02-2023&utm_source=email) Analyst Take Fear, Greed, And Why The Big Banks Are Still Cautious About This Rally [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]( Finimize x Revolut You’re buzzing with renewed optimism and energy – we can practically feel it from here. So if you want to revamp your financial setup this year, this deal might do the trick. If you sign up for [Revolut Premium]( today, you’ll get three months of the financial super-app for free. Zero. Zilch. You’ll also unlock six free months of [Finimize Premium](, so you can brush up on the best investment opportunities for free. Oh, you’ll find £10 (or equivalent) in your new Revolut account too: just [sign up today](. SPONSORED BY NOBODY STUDIOS One investment, 100 powerful startups Nobody Studios is [creating 100 companies in five years](, each designed to solve a real problem. This isn’t just a race to the finish, mind you. [Nobody Studios]( predicts some massive shifts in tech and global business over the coming decade, and it doubts that today’s companies are prepared. So if Nobody wants to [create companies that really can keep up](, the souped-up venture studio is going to have to act fast. That’s where you come in. See, Nobody isn’t about to settle: the firm might want to build [100 companies](, but that means checking out thousands of [business ideas](, talent candidates, and potential backers. To do that, Nobody will need some like-minded, ambitious investors to [fuel the world’s next generation of business](. So if you share Nobody’s vision, this is your chance to get involved: you could [own a piece of 100 high-octane companies with a single investment](. [Find Out More]( No Soft Touch [No Soft Touch] What’s Going On Here? Japanese conglomerate SoftBank [announced]( on Tuesday that it lost money last quarter. What Does This Mean? When the going gets tough, the tough get going – so it’s a real shame the Japanese giant isn’t named “ToughBank”. Instead, the conglomerate showed it was aptly named last quarter, adopting a softly-softly approach and a more “defensive” position. Thing is, that didn’t actually help: SoftBank’s Vision Fund business – which oversees the world’s biggest tech-focused investment funds – saw the value of its holdings in unlisted companies take a nosedive. And the firm’s listed investments didn’t fare much better, with losses in companies like Coupang and WeWork overshadowing some small recoveries. The end result was that the Vision Funds lost $5.5 billion. That’s about half what they lost the quarter before, sure, but it’s the fourth straight time they’ve finished in the red – meaning SoftBank startled analysts by posting an overall loss too. Why Should I Care? For markets: Loser’s quandary. These back-to-back losses have tied SoftBank’s hands and hampered its ability to make the big, bold bets it’s best known for. And that has the firm facing a tricky Catch-22, because a successful moonshot could be just what SoftBank needs to lift it out of the hole it’s stuck in. Last quarter, though, the firm split under $350 million in investments between a handful of startups – chump change compared to the $144 billion plus it invested over the previous five and a half years. The bigger picture: Armed and dangerous. SoftBank’s having a tough time right now, and the firm’s counting on a big upcoming move to turn things around. The firm’s planning to list chip design giant Arm on the stock market – but while the venture could be a whopper, success is far from guaranteed. After all, the plan is to list by December, but weak markets could cause all kinds of delays, keeping poor old SoftBank cash-strapped. You might also like: [Here’s what’s driving semiconductor stocks now.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=No Soft Touch&utm_campaign=daily-global-08-02-2023&utm_source=email) 💬 Quote of the day “The only function of economic forecasting is to make astrology look respectable.” – John Kenneth Galbraith (a Canadian-American economist, diplomat, and intellectual) [Tweet this]( 🌍 Finimize Live 🥳 Coming Up Soon… All events in UK time. 💰 [How To Build A Smart Portfolio](: 1pm, February 14th 💸 [Healthy Investing Habits For Uncertain Times](: 6pm, February 14th 👩‍💻 [Opportunities For Women In Blockchain 2023](: 12.30pm, February 16th 🏠[How To Start Investing In UK Real Estate](: 6pm, February 20th 🗞 [The Relationship Between News And The Markets](: 5pm, February 21st ✍️ [What Are Investment DAOs And How Do They Work?](: 6pm, February 22nd 🌥 [Do Recessions Have A Silver Lining?](: 5pm, March 8th 🎯 On Our Radar - R-rated VR. The popular VRChat platform is [getting steamy]( behind closed doors. - No thinky, just sleepy. Here’s how to [shut your brain off]( at night. - Purple rain. Street lamps all over the world are casting a very [strange-colored light](. - WikiGPT. The world-famous AI platform could help [write Wikipedia articles](. - 2022 was a wild one. But at least it gave us some [pretty decent memes](. ❤️ Share with a friend Your Referrals: 0 Thanks for reading {NAME}. If you liked today's brief, we'd love for you to share it with a friend. Share your unique link: [ You stay classy, {NAME} 😉 We’d love to hear your thoughts. [Give feedback]( Want to advertise with us too? 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