Driving the news: Fintech startup Intelligent Alpha just launched the Intelligent Livermore ETF, which began trading today.
The fund relies on the AI models ChatGPT, Gemini and Claude to spit out investment ideas.
Zoom in: To do it, the firm's looking to leverage the collective wisdom of some well-known human investors.
It's tasking the AI models with "emulating the personalities" (not the specific portfolios) of various money managers like Warren Buffett, Stanley Druckenmiller, Dan Loeb, Paul Singer and David Tepper, Bloomberg reports.
Reality check: Investors may need to see results. Bloomberg noted that only one AI-centered ETF that it's aware of has ever attracted any meaningful inflows.
The Federal Reserve cut its target interest rate Wednesday by an extra-large half-percentage point and projected more rate cuts this year and next, as its period of trying to put brakes on the economy to fight inflation comes to a close.
Why it matters: The move lowers borrowing costs for consumers and businesses, as the central bank aims to keep the economy's expansion going strong amid warning signs on the outlook.
Collectively, Americans owe more than $1 trillion in student loans — a staggering number looming over already strained wallets.
Why it matters: Wednesday's interest rate cut, and the expected longer-term rate-cutting cycle, will have far-reaching ripple effects for the economy and for consumers. That includes providing a slice of relief to some student loan borrowers.
The Federal Reserve delivered a super-sized cut to interest rates Wednesday, bringing a measure of relief for consumers struggling to pay down their credit card balances.
Backward-looking economic data shows America's job market is slowing. Future plans at some of the nation's biggest corporations show the slowdown might continue, according to survey results shared first with Axios.
Why it matters: Once the labor market starts cooling, it typically continues. The central question for the economy is whether this time will be different.
Prices that skyrocketed during the inflation crisis likely won't come down — but with the Fed finally cutting rates, the cost of borrowing money soon will.
Why it matters: For the first time in about a half-century, Americans have faced a double whammy of high inflation andhistoric rates for credit cards, auto loans and more.
All seven independent directors of 23andMe resigned on Tuesday night, in a stunning rebuke of CEO Anne Wojcicki's efforts to take the genetic testing company private.
Zoom in: Among those quitting were longtime VC backers of 23andMe, like Sequoia Capital's Roelof Botha and xFund's Patrick Chung.
BlackRock and Microsoft announced that they are part of a group seeking to form a $30 billion fund to invest in data centers and related energy infrastructure.
Why it matters: This is a recognition that the AI revolution requires massive compute power, which is rooted in the physical world.
Here's a stunning stat: Only 12% of chief financial officers say that now is a good time to take greater risks, according to a Deloitte survey out Wednesday morning.
Why it matters: This could be an indicator of an economic slowdown to come.
Amazon's hard-core move to push employees back into the office five days a week is a signal that — in the tech sector at least — employers have regained some leverage over workers.
Why it matters: The labor market has weakened. The rank-and-file mostly don't want to be in the office for a full work week — but in a looser labor market, their opinions matter less.
Driving rates are above pre-pandemic levels in almost every major U.S. metro, a new analysis finds.
Why it matters: The COVID-19 pandemic, when driving plummeted as people sought to "stop the spread," was a unique chance for cities to get a lasting handle on transportation-related emissions.
Tupperware Brands Corp. and some of its subsidiaries filed for Chapter 11 bankruptcy protection in Delaware on Tuesday.
The big picture: The 78-year-old U.S. multinational firm that's known for its sales parties across the world is seeking court approval to continue operating during the proceedings and "facilitate a sale process for the business," per a company statement announcing the filing.
