…and Amazon's $4B AI chatbet
| The contract took a few drafts (Mario Tama/Getty Images) | |
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Yesterday's Market Moves | | Dow Jones
34,007 (+0.13%) | S&P 500
4,337 (+0.40%) | Nasdaq
13,271 (+0.45%) | Bitcoin
$26,277 (+0.10%) |
| Dow Jones
34,007 (+0.13%) | S&P 500
4,337 (+0.40%) | Nasdaq
13,271 (+0.45%) | Bitcoin
$26,277 (+0.10%) |
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Hey Snackers, If love's a game, then the price of admission just went up. Tinder's new premium tier costs $500/month and includes "VIP" search and matching. Swiping, it seems, is for plebs. Stocks ticked up yesterday as investors shook off last week's market slide. Meanwhile, economists worried that rising oil prices could dent US consumers' discretionary spending, a big economic driver. | |
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Writers and Hollywood studios reach an agreement after nearly 5 months of strikes | The shows must go on… After a drawn-out labor dispute that cost California's economy at least $5B, the 11.5K-member Writers Guild of America said on Sunday that it had reached a tentative agreement with Hollywood studios and streamers, potentially ending one of the longest work stoppages in Tinseltown's history. The deal, which still needs to be approved by rank-and-file membership, is a sign that the strikes that drastically upended the entertainment industry could finally be nearing an end. The deets: For writers, the contract may be sweeter than analysts first thought possible. Picture: higher royalties from streamers as well as AI protections. For studios and streamers, the deal allows for some lucrative productions (like late-night talk shows) to resume. The financial toll has been steep. Hollywood workers pulled $45M from their retirement plans and analysts say studios could lose $1.6B in global ticket sales because of delayed movies.
Worker-tested, public-approved… Despite fan-favorite shows and movies being delayed, the public has remained supportive of striking entertainment workers. 72% of Americans sided with the writers (compared to 19% with studios) as labor-union approval continues to hover around highs not seen since the 1960s. The writers aren't alone: striking autoworkers have similarly SUV-sized approval ratings. While their industries are different, workers in both have struck a chord with messaging around excessive executive pay and declining wages. |  | THE TAKEAWAY |
| Collective bargaining's To Be Continued… Hollywood's labor woes aren't over. The WGA encouraged its membership to join SAG-AFTRA picket lines today, but there's hope the writers' deal could serve as a contract blueprint for resolving the actors' concerns. FYI: 150K+ striking actors are still at odds with studios over contracts, and the two sides haven't spoken in more than two months. | |
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| | Upway: As easy as riding an (electric) bike | Electric power trip… Upway carries both brand-new and certified pre-owned e-Bikes at up to 60% off retail, with the widest selection from top brands, like Specialized, Gazelle, and Aventon. The best part? Each e-Bike is delivered directly to your doorstep, 99% assembled. Tuned up… All of Upway's e-Bikes undergo a rigorous inspection, tune-up, and certification process in Brooklyn, NY by their team of master mechanics, and come with a one-year warranty on the battery, motor, and electronics. Re-cycle… Have an e-bike you're looking to sell? Upway buys e-Bikes and pays for shipping costs. The takeaway: If you're looking to ride farther and faster, Upway will deliver a ready-to-ride e-Bike. Use code SNACKS for an extra $150 off your e-bike. |
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Amazon's investing billions in OpenAI rival Anthropic as tech biggies race to take on ChatGPT | Battle of the (chat) bots… Yesterday Amazon said it would invest up to $4B and take a minority stake in AI startup Anthropic. Refresher: Anthropic debuted its AI-powered chatbot (Claude) back in March, and this month it launched a $20/month premium sub plan. Now the e-comm giant will serve as Anthro's primary cloud partner, and said it plans to use the startup's tech to improve its biz. 3-hour online convo… with no one on the other end. Amazon's Anthropic deal follows a trend popularized by cloud heavyweight Microsoft, which made waves after investing $1B in OpenAI in 2019. This year Microsoft upped its investment to $10B with plans to incorporate ChatGPT tech into consumer products like Bing search. Others are playing catch-up, with analysts saying genAI bots could eventually have over a billion users. Bot buddies: Last week Google connected its AI chatbot, Bard, to YouTube and Gmail. IG-AI: Meta's reportedly planning to launch its own AI chatbots across its social-media apps as soon as this week.
| | THE TAKEAWAY |
| Deep pockets can power big disruptors… By working with tech titans like Amazon and Microsoft, AI startups get an opportunity to supercharge growth. Think: access to huge consumer databases and costly computer servers. While ChatGPT is quickly becoming a household name, only about 18% of US adults have ever used it — leaving plenty of room for the competition. It's estimated that, as of next year, more than a third of the US population will use GenAI tools like ChatGPT at least once a month. | |
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What else we're Snackin' | Hazard: The US Labor Department is investigating whether Tyson Foods and Perdue Farms employed underage workers at slaughterhouses. An earlier investigation had found that 100+ children were working at plants in several states. Eurolectric: Nissan said that all the new models it launches in Europe will be fully electric, and that it will electrify all its rides there by 2030. EVs make up a bigger % of new-car sales in the EU than in the States. TwoLines: Americans can now order four free at-home Covid tests through the gov't. Corona-related hospitalizations have been on the rise as newer strains of the virus emerge. NoSkipping: As streamers raise prices, Amazon said ads would be Prime's default streaming mode starting early next year. It'll cost an extra $3/month to binge "The Rings of Power" commercial-free. Solidarity: President Biden said he'll join the United Auto Workers' picket lines in Michigan today. More factory workers are joining walkouts as negotiations with GM, Ford, and Stellantis drag on.
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Snack Fact Of the Day | Demand for instant noodles hit a record 121B servings last year | | |
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Tuesday | Earnings expected from Cintas, Costco, and MillerKnoll | |
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