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Good Morning!
Today were talking Jamie Dimon, SBF, and Emergency Alert
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Let’s get into it!
JAMIE DIMON PREDICTS 3.5-DAY WEEK
Source: CNN, Bloomberg
Jamie Dimon believes that artificial intelligence will allow Children to live to 100+ because they won’t die from cancer or other diseases, and they will even have a 3.5 day work-week. Dimon noted that artificial intelligence is employed by numerous staff members at his bank. He believes it has the potential to significantly enhance the quality of life for workers, even if it results in the loss of some positions. Dimon believes that artificial intelligence is critical to the future success of JP Morgan.
🎯 GRIT TAKE: Artificial Intelligence will be the biggest technology disruption since the industrial revolution. It will have a far bigger impact than the internet. Artificial Intelligence will have bring a plethora of positives with it, however, the negatives are still very unknown. We agree with Dimon that it could shorten the work-week for workers. However, there will be millions of jobs that will be loss due to the rise of this powerful technology. Upgrade to VIP to find out all of GRIT’s takes! 🚀📊
SBF GOES TO TRIAL
Source: NY TIMES
A year ago, Sam Bankman-Fried was celebrated as a crypto visionary. SBF lived in a $40 million Bahamas Penthouse and was the CEO of a $32 Billion Crypto Empire. However, this Tuesday morning, in a federal court in Manhattan, New York, the once-respected founder and former CEO of the now insolvent crypto exchange FTX is set to face charges for purportedly orchestrating one of the largest financial deceptions in U.S. history. This is the biggest financial fraud case since the disgraced Bernie Madoff was sentenced to 150 years in federal prison. SBF faces over 100+ years in prison.
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NATIONWIDE EMERGENECY ALERT
Source: NPR
The national government is set to carry out a test of the emergency alert system this coming Wednesday afternoon. Every cellphone, TV, and radio will receive these test messages. They will produce a sound and, for cellphones, a vibrating alert. The test is organized by both the Federal Emergency Management Agency and the Federal Communications Commission. The primary goal of this exercise is to validate the efficiency of the emergency communication system, ensuring that it functions effectively should Americans face threats from natural calamities, terrorist acts, or other public safety hazards.
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Headlines You Need To Know:
With banks offering 5% returns, financial advisers fight irrelevance
Gaetz launches effort to remove Kevin McCarthy
Ford, GM lay off about 500 factory workers
Meta plans to charge $14 a month for ad-free Instagram
China is suffering a brain drain
Union that represents 22,000 workers files for bankruptcy
‘Shark Tank’ star warns that stocks are in trouble
Key Taiwan tech firms helps Huawei with China chip plans
The US wants a piece of China’s solar business
Just for fun…
THE $290 MILLION PIZZA
Source: BUSINESS TODAY
This man spent $290 million for two large pizzas from Papa John’s. Well, technically, it only cost him $40…in Bitcoin. Laszlo Hanyecz was an early adopter of Bitcoin and had been mining Bitcoin on his computer since 2009. Around a year later, bitcoin started creating a small but dedicated community inside Tech. However, Bitcoin was not known or used by the public yet. Hanyecz was a massive pizza fan and had an idea to help advance the Bitcoin movement. He decided that if he could use Bitcoin to buy pizza, this would prove that Bitcoin has a practical use case. Hanyez posted on a Bitcoin forum offering to pay someone 10,000 Bitcoin to anyone who would order him two large pizzas and have them delivered to his home. Once the pizzas were delivered, he would send that person the 10,000 bitcoin, equivalent to $40 at the time. Eventually someone took him up on his offer because they wanted to participate in the fun experiment. This ended up being the first commercial use case for a Bitcoin transaction, and this day would go down in history in the Bitcoin community. Unfortunately, the 10,000 bitcoins would be worth over $290 million today, so this day is celebrated for multiple reasons.
Chart Of The Day
US Housing Affordability Index
Index is at record lows.
Source: Bloomberg
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