☕ AI goes to work

Why wind is a tough business... [Advertisement] November 02, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [EnergyX]( Good morning. It’s not just another day in the life for Beatles fans, because the iconic group is releasing its final “new” song today. Called “Now and Then,” it was written by John Lennon in 1977 and left on an unreleased demo tape until a production team used AI to isolate Lennon’s voice and let Paul McCartney and Ringo Starr turn it into a fully realized track. Just think how far they’ve come: The first Beatles single, “Love Me Do,” was released on a Parlophone 45 rpm vinyl record, and their last song will be spliced up for TikTok traffic. —Molly Liebergall, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 13,061.47 +1.64% S&P 4,237.86 +1.05% Dow 33,274.58 +0.67% 10-Year 4.734% -20.0 bps Bitcoin $35,329.88 +1.94% AMD $108.04 +9.69% *Stock data as of market close, cryptocurrency data as of 3:00am ET. [Here's what these numbers mean.]( - Markets: Stocks started November off [strong]( yesterday after the Fed kept interest rates the same for the second month in a row while leaving the door open for future hikes. For the Fed watchers: JPow and friends also upgraded their assessment of the economy to growing at a “strong pace” from a “solid pace” last time. Tech stocks led the way, with companies like Alphabet and Meta rising, and semiconductor-makers AMD, Micron, Nvidia, and Intel all gaining.  AI [Microsoft’s AI Copilot may be coming to your office]( [Copilot logo rising from Microsoft logo]( Illustration: Francis Scialabba, Image: Microsoft ChatGPT stans have been saying for months now that the AI-powered chatbot will revolutionize the way we work—and their predictions could finally be coming true. Your boss may now be considering adding [Microsoft Copilot]( to your company’s enterprise Microsoft 365 subscription. The ChatGPT-powered tool, which Gizmodo [described]( as “if Clippy went to get his MBA,” is a smart assistant intended to save you time by turning Word documents into PowerPoint presentations, drafting email responses, summarizing video meetings, and automating other tasks within the Microsoft 365 suite. Interested businesses have to buy a minimum of 300 user licenses—for $30 each—to add Copilot to their Microsoft 365 E3 or E5 subscriptions, on top of the existing subscription fees of $36 and $57 per person per month, respectively. Will “proficient in Copilot” be the new resume skill? Microsoft is the first to integrate ChatGPT’s technology into a wildly popular business software product, which has some people wondering if this is Microsoft’s “[iPhone moment]( Having a little AI guy ride shotgun throughout white-collar workdays could earn Microsoft $10 billion in annual revenue by 2026, Piper Sandler analysts project. Some high-revenue-earning US companies got early access to Copilot months ago, and at one, [employees reported]( that the tool saved them five to 10 hours per month, according to the Wall Street Journal. Analysts are optimistic that it’ll scale: - By the end of next year, almost 6.9 million knowledge workers in the US could be using Copilot, market research group Forrester estimates. - Piper Sandler also projects that FOMO will push businesses to purchase Copilot to stay competitive with industry rivals using the tool. But…if nearly one year of ChatGPT has taught us anything, it’s that AI can often get things [wrong]( which is why tech experts advise Copilot adopters to check the bot’s work for anomalies before hitting “send” on that deck.—ML   PRESENTED BY ENERGYX [Lithium: The next gold rush?]( [EnergyX]( Lithium is essential for batteries in electric cars, renewable energy storage, and even smartphones. That’s why demand for lithium is projected to grow 20x by 2040. So when [EnergyX]( revealed that their technology could extract 300% more lithium than traditional methods, investors everywhere took note—General Motors included, BTW. GM is the lead investor in EnergyX’s $50m funding round, and [you can join them](. That means you have the unique opportunity to get in on the ground floor of a company just as they’re set to unlock the US lithium supply. Don’t miss your chance: [Click here]( to become an EnergyX shareholder and transform the future of renewable energy. WORLD [Tour de headlines](#) [US Treasury Secretary Janet Yellen]Pool/Getty Images The US Treasury laid out its plan for new bonds. Even though the Federal Reserve announced its interest rate decision yesterday, Jerome Powell wasn’t the government official investors were most anxious to hear from. Instead, he was upstaged by Treasury Secretary Janet Yellen, who gave an update on the size of upcoming bond auctions. Although many were concerned about the US selling new debt into a market where interest rates are high and demand for bonds has flagged (pushing yields way up), the market liked what she had to say. Yellen [explained]( that the government would focus on shorter-term notes rather than longer-term ones, which prompted a rally for 10- and 30-year bonds. Toyota gives its US factory workers a raise. The UAW’s big wins on wages and benefits for its members working at Detroit’s Big Three seem to have pushed Toyota to [boost pay]( in its US factories. Come January, the Japanese automaker’s US manufacturing workers, who are not unionized, will receive a ~9% pay bump. The company is also shortening the time it takes employees to make it to the highest pay group to four years from eight and offering more PTO. SCOTUS looks ready to rule against “Trump Too Small” trademark. The activist who wants to trademark the naughty phrase for t-shirts [didn’t appear]( to get much sympathy from Supreme Court justices of either political persuasion during yesterday’s oral arguments. Members of the court seemed skeptical of his attorney’s claims that refusing to allow him to register the trademark without Trump’s permission ran afoul of the First Amendment, noting that no one was stopping him from selling the t-shirts, only from gaining the ability to prevent others from using the slogan. ENERGY [Offshore wind is straight up not having a good time]( [Wind mill]( John Moore/Getty Images Like all those suburban fro-yo shops that opened the summer of 2014, many planned offshore wind energy projects just aren’t as profitable as they used to be. Orsted, the world’s largest offshore wind farm developer, announced this week that it’s [pulling the plug]( on two big projects in New Jersey—which will leave the Biden administration’s clean energy ambitions wheezing. The Danish company said financing the operation became unsustainable due to higher interest rates and supply chain delays, forcing it to write off $4 billion. Building a wind farm in the US is anything but breezy. Orsted CEO Mads Nipper [told the NYT]( that while the renewable energy industry has also struggled in Europe, its problems are “more acute” in the US. In addition to the financing issues, public opposition and inadequate subsidies plague the industry. - Orsted warned in August that NJ’s tax break wasn’t enough for the projects to continue amid rising costs. - Republican lawmakers and Jersey Shore residents challenged the projects in court, leading to costly delays. And yet…yesterday, the federal government [greenlit]( the Coastal Virginia Offshore Wind Project, which would be the largest offshore wind farm in the US. So, there’s still a chance offshore wind production can have its “we are so back” moment.—CC   TOGETHER WITH FIDELITY [Fidelity]( That’s a wrap . We finished the 4th season of Fresh Invest, the investing podcast sponsored by Fidelity and powered by Morning Brew. In [our final ep]( we return to key moments throughout the season and answer all the questions you dropped on our hotline. Listen on Fidelity’s YouTube [or wherever you listen to podcasts](. ENTERTAINMENT [Mariah says ’tis the season]( [Google trends screenshot of “all I want for christmas is you” from 2004-present that shows it rising sharply every holiday season.]( Google Trends Tear down your fake cobwebs and light your leftover Lemonheads on fire: Gourds are out and tinsel is in, according to Mariah Carey. The [untrademarked]( Queen of Christmas [tweeted]( a video of her being unthawed and belting out the first few notes of her iconic holiday song the second October 31 switched to November 1, kicking off the yearly spike in Google searches for “All I Want for Christmas Is You.” The unofficial song of the holiday season and official earworm of retail workers was first released in 1994, and almost every year since it has been back on the charts in the months leading up to Christmas. Last year, it was one of 25 songs the Library of Congress chose to add to the National Recording Registry. Not everyone’s a fan. A Texas bar went [viral]( in 2021 for banning the song before the month of December. Big picture: It’s not just Carey kicking off Christmas before we’ve even started thawing the turkey. Starbucks and Dunkin’ [added]( peppermint and other holiday drink flavors to their menus this week. And Rockefeller Center [announced]( it had selected its 12-ton tree for this year.—MM   GRAB BAG [Key performance indicators](#) [A delivery person on a bike]Anadolu Agency/Getty Images Stat: Want those tacos it seemed like a good idea to order after a night out to show up fast? Remember to tip your delivery driver. DoorDash has been testing out alerts reminding customers to include a gratuity if they want their food to arrive in a [timely manner](. The delivery company pays drivers between $2 and $10 per order—and lets them keep the entire tip. Because its delivery people get to pick which orders they want to shuttle, the ones without tips tend to take longer to get selected, leading to slower delivery. Quote: “If he hadn’t already been concerned about what could go wrong with AI before that movie, he saw plenty more to worry about.” Tom Cruise not only still does his own stunts at age 61, but he also apparently influences global AI regulation. White House deputy chief of staff Bruce Reed [told]( the Associated Press that a viewing of Mission: Impossible—Dead Reckoning Part One, in which the villain is an evil AI, helped drive home the dangers of the tech for President Biden. News of the president’s cinematic revelation broke as he issued an executive order for putting safeguards on AI this week. A two-day global summit on AI safety kicked off in the UK yesterday with VP Kamala Harris, Elon Musk, and Sam Altman in attendance, but, as far as we know, Cruise wasn’t invited. Read: The economy is great. Why are Americans in such a rotten mood? ([Wall Street Journal]( NEWS [What else is brewing](#) - [Foreign nationals]( including US citizens, and injured Palestinians were allowed to cross the border from Gaza into Egypt yesterday for the first time since the Israel–Hamas war began. After a protester interrupted a speech he was giving, [President Biden]( said he believed there should be a “pause” in the fighting “to get the prisoners out.” Here’s [the latest]( on the conflict. - [Disney]( will soon own all of Hulu, having agreed to buy out Comcast’s one-third stake in the streamer for at least $8.61 billion. - [The infant mortality rate]( in the US rose last year for the first time in 20 years, according to the CDC. - [The Texas Rangers]( won their first World Series title in franchise history, defeating the Diamondbacks in five games. - [Bob Knight]( the legendary college basketball coach known for big wins and a big temper, died at age 83. RECS [To do list Thursday] Watch: The [tech demonstration]( that wowed baseball star Alex Rodriguez. Hydrate: A [map of the countries]( with drinkable tap water. Feel better: What to do for a [stuffy nose]( now that we know most medicine doesn’t work. Étudiez: A method to [learn French]( in one year. Farewell, WFM woes: Workday’s handy new guide outlines [3 outdated workforce management practices]( to ensure you’re not wasting time and resources. [Take a look]( In the green room: We went [behind the scenes]( of Fresh Invest, our investing pod with Fidelity, to ask a subject-matter expert some rapid-fire bonus Q’s. [Watch here]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Work your way through today’s funky-looking crossword puzzle. [Play it here](. Three Headlines and a Lie Three of these headlines are real and one is faker than your plan to ration any leftover Halloween candy. Can you spot the odd one out? - It was not a good idea to have Flavor Flav [sing]( the national anthem - Lawmakers [work]( to make brandy old fashioned Wisconsin’s State Cocktail - Survey of men [found]( ‘beard oil’ was worst gift they’ve received - Joe Rogan reveals he [poisoned]( himself by eating too many sardines SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER We made up the one about beard oil. Word of the Day Today’s Word of the Day is: anomalies, meaning “things that are abnormal or not easily classified, irregularities.” Thanks to Matt who hails from “somewhere in the middle” for the unconventional suggestion. Submit another [Word of the Day here](. ✢ A Note From EnergyX This is a paid advertisement for EnergyX’s Regulation A+ Offering. Please read the offering circular at [(. ✳︎ A Note From Fidelity Investing involves risk, including risk of loss. Fidelity and Morning Brew are independent entities and are not legally affiliated. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Raise](  [Bossy]( Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. 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