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On Fri, 26 Jul, 4:07 PM UTC
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Wall Street Breakfast: The Five Rings
The 2024 Paris Olympics are set to kick off today, with the opening ceremony taking place under a backdrop of heavy security. Tens of thousands of officers and soldiers have been deployed for the waterborne opening along the Seine, with a flotilla of boats scheduled to carry athletes representing 206 countries and territories. There have already been some security incidents ahead of the big show, with arson attacks disrupting France's high-speed rail system and many train routes being canceled along the network. Corporate angle: The Games will offer a big stage for U.S. companies associated with the Olympic Partner Program, like Airbnb (ABNB), Coca-Cola (KO), Intel (INTC), Procter & Gamble (PG) and Visa (V). The last time around, American sponsors shied away from the spotlight during the Beijing Winter Olympics in 2022, facing pressure over abuses related to China's minority Uyghur population, along with other human rights issues and authoritarian control. The U.S. government even boycotted the event by barring diplomatic personnel, causing many firms to lie low in their Olympic-themed commercials. There are big viewership opportunities, with billions of people estimated to tune in globally, creating a "catalyst for sports and sportswear and more awareness across a broad base of categories," according to analysts at Bernstein. For the host country, it can also offer greater visibility for tourism and foreign investment, as well as a chance to get big-ticket infrastructure projects over the line, though more nations have been sitting things out. In fact, the IOC was left with just two bidders (Paris and Los Angeles) for the latest Olympics and ended up awarding slots to both cities in 2024 and 2028. The economics: The price tag to host the Games has increased in recent years as more sports were added, requiring more new venues and related housing to accommodate athletes. White elephant stadiums have been seen in host cities, while many transportation and development upgrades have also soured, despite pledges to use existing facilities and avoid huge construction costs. "There has never been an Olympic Games that has made a profit," noted Robert Barney, director of the International Center for Olympic Studies at the University of Western Ontario. "Fold in all the costs and revenues, including federal allotments, municipal allotments, provincial or state allotments, it's always been that a debt has to be paid somewhere." Former President Donald Trump, who once called bitcoin (BTC-USD) a scam, is set to show his support for the crypto industry this weekend as he headlines the world's largest bitcoin conference. Trump, as well as running mate J.D. Vance, have ramped up promises of lighter crypto regulation, as opposed to the Biden administration's crackdown that has upset the industry. Their campaign has even raised over $4M through crypto donations so far. Crypto sentiment has improved in July, benefiting in part from the "Trump Trade," with bitcoin up another 5% this morning to $67,200. (9 comments) U.S. GDP rose at an annualized rate of 2.8% in Q2, topping the +2.0% consensus estimate, and accelerating from Q1's 1.4% growth. The new data highlighted a resilient consumer and solid economic growth, while reflecting more business spending in the face of worries. The initial GDP estimate also seemed to suggest that inflation is continuing to subside, but slowly. Investors will get confirmation of that today as the Fed's favorite inflation gauge will provide a better picture of underlying price pressures and trends. (107 comments) JPMorgan Chase (JPM) has reportedly given asset and wealth management staff access to an in-house generative AI product that can do work like one of their own. The ChatGPT-like large language model, called LLM Suite, can help employees with writing, idea generation and summarizing documents. "Think of LLM Suite as a research analyst that can offer information, solutions and advice on a topic," JPMorgan said in an internal memo. CEO Jamie Dimon previously said the bank's AI use may "reduce certain job categories or roles, but it may create others as well." (6 comments)
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Wall Street Breakfast Podcast: 2024 Olympics: Game On!
Here come the 2024 Olympic Games: Faster, Higher, Stronger and Debt. (00:25) OpenAI (MSFT) begins testing AI-powered search; GOOG slips. (01:34) Southwest Airlines (LUV) ditches open seating model to offer assigned seats in major policy shift. (02:48) The 2024 Paris Olympics are set to kick off today, with the opening ceremony taking place under a backdrop of heavy security. The Games will offer a big stage for U.S. companies associated with the Olympic Partner program, like Airbnb (ABNB), Coca-Cola (KO), Intel (INTC), Procter & Gamble (PG) and Visa (NYSE:V). The last time around, American sponsors shied away from the spotlight during the Beijing Winter Olympics in 2022. They faced pressure over human rights issues and authoritarian control. The U.S. government even boycotted the event by barring diplomatic personnel, causing many firms to lie low in their Olympic-themed commercials. According to analysts at Bernstein, there are big viewership opportunities for the 2024 Olympics with billions of people estimated to tune in globally, creating a "catalyst for sports and sportswear and more awareness across a broad base of categories." We're taking a closer look at the economics of the Games in the Wall Street Breakfast newsletter. Microsoft-backed (NASDAQ:MSFT) OpenAI has started testing SearchGPT, a prototype of new search features that combines its artificial intelligence models with information from the web. It's currently only available to a select group of users and publishers to acquire feedback. Those interested in signing up on the waiting list can go here. Google fell 3% on Thursday. Although there have been concerns that generative-AI search engines could affect publishers and content creators, OpenAI has addressed this issue. "Responses have clear, in-line, named attribution and links, so users know where information is coming from and can quickly engage with even more results in a sidebar with source links," OpenAI said. The number of gen-AI powered search engines is expanding. This week, Microsoft revealed it is adding gen-AI capabilities to Bing. Search leader Google (NASDAQ:GOOG)(NASDAQ:GOOGL) unleashed AI Overviews in May. Google continues to dominate the internet search race, accounting for 87% of all searches, according to the most recent data by Statista. Bing ranked second with 8%. And finally...this was all over social media on Thursday and people had very strong feelings one way or the other. You won't need to try to check-in on a Southwest Airlines flight the moment check-in is available to get group A or B seating. That's because Southwest Airlines (NYSE:LUV) will begin offering assigned seats in a bid to transform customer experience and boost financial performance. After conducting extensive customer research, LUV has decided to offer assigned seats and premium seating options on all flights, thereby moving away from its open seating model - that has been in place for over 50 years. In addition to assigning seats, Southwest (LUV) will offer a premium, extended legroom portion of the cabin. While specific cabin layout details are still in design, the airline expects roughly one-third of seats across the fleet to offer extended legroom. Southwest (LUV) is also adding 24-hour operation capabilities, with the launch of overnight or redeye flights. The new cabin layout will require approvals from the FAA. Southwest expects to make bookings available in 2025. Barack and Michelle Obama endorse Kamala Harris for president Nvidia dethrones Tesla on IBKR's most-active list, CrowdStrike in at third after outage Lululemon downgraded as athleisure falling out of favor, Breezethrough leggings pulled Catalyst watch: Now let's take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.4% at $77 per barrel. Bitcoin is up 4.8% at $67,000. In the world markets, the FTSE 100 is up 0.6% and the DAX is up 0.1%. The biggest movers for the day premarket: Coursera's (NYSE:COUR) stock skyrocketed by nearly 24% after reporting strong quarterly results, driven primarily by the surging demand for generative AI courses.
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Paris gears up for the 2024 Olympics, facing security concerns and infrastructure challenges. The event promises economic benefits but also raises questions about long-term impact and costs.
As the countdown to the 2024 Summer Olympics in Paris continues, the French capital is abuzz with preparations for the world's premier sporting event. Set to begin on July 26, 2024, the Games are expected to draw millions of visitors and athletes from around the globe, putting Paris at the center of international attention 1.
One of the most pressing issues facing organizers is security. With recent terrorist incidents in Europe fresh in memory, French authorities are leaving no stone unturned in their efforts to ensure a safe environment for athletes and spectators alike. The government has announced plans to deploy 45,000 security personnel, including police officers and private security guards, to safeguard the event 2.
Paris is racing against time to complete crucial infrastructure projects. The Olympic Village, which will house over 14,000 athletes, is nearing completion. However, concerns remain about the city's ability to handle the influx of visitors, particularly regarding public transportation and accommodation 1.
In a novel approach, organizers plan to utilize the Seine River for the opening ceremony, marking the first time in Olympic history that the event will take place outside a stadium. This ambitious plan aims to showcase Paris's iconic landmarks but also presents unique logistical challenges 2.
The Olympics are expected to provide a significant boost to the French economy, with estimates suggesting a potential injection of billions of euros. However, critics point to the mixed legacy of previous Olympic hosts, where promised long-term benefits failed to materialize fully 1.
Questions linger about the post-Games use of facilities and the true cost to taxpayers. Paris organizers insist they have learned from past mistakes, emphasizing sustainability and long-term urban development in their plans 2.
As nations prepare to send their athletes, geopolitical tensions threaten to cast a shadow over the spirit of international cooperation that the Olympics embody. Discussions continue regarding the participation of Russian and Belarusian athletes, with the International Olympic Committee (IOC) facing pressure to balance political considerations with the inclusive nature of the Games 1.
The 2024 Olympics are set to be the most technologically advanced in history. Organizers are leveraging cutting-edge innovations in broadcasting, virtual reality, and artificial intelligence to enhance the viewer experience, both for those attending in person and the billions watching around the world 2.
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Intel's disappointing Q4 results and weak Q1 guidance lead to a significant stock drop. The company faces challenges in its data center and client computing segments amid a competitive landscape.
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OpenAI, the AI research company, faces significant changes as CTO Mira Murati departs and the company considers restructuring. This development follows recent turmoil involving CEO Sam Altman's brief dismissal and reinstatement.
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The release of DeepSeek's AI model by a Chinese startup has sent shockwaves through global markets, raising questions about U.S. technological supremacy and the necessity of massive GPU investments for powerful AI.
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DeepSeek's R1 model outperforms American competitors, raising concerns about U.S. AI dominance and impacting tech stock valuations.
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This week, the tech world is abuzz with AI-focused events from industry giants Nvidia, Tesla, and AMD, showcasing the latest advancements in artificial intelligence and autonomous vehicles.
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