AI Woodstock

By Matthew Gutierrez and Shawn O'Malley · March 18, 2024

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??Ding, ding, ding — a brass bell marks the start and end of each trading day at the New York Stock Exchange. It’s not just for show — stock market officials say the bells celebrate the market’s resilience through the highs and lows, panic and euphoria, and ever-shifting tides of economic fortune.

“That bell is an important market,” the NYSE’s historian said. “It’s tradition. it’s very deeply rooted in our culture, and I think the culture of America.”

And for now, things look pretty great: Last week, stocks, gold, and bitcoin hit record highs.

— Matthew & Shawn

Here’s today’s rundown:

Today, we'll discuss the biggest stories in markets:

• Apple and Google expected to team up on AI
• Nvidia’s most-awaited conference kicks off

This, and more, in just 5 minutes to read.

POP QUIZ

?The world is facing a critical chocolate shortage. Last year, cocoa supplies were 74,000 tons short of demand. How large is the shortfall projected for this year? (The answer is at the bottom of this newsletter!)

Chart of the Day

In The News

??Apple in Talks to License Google’s Gemini for iPhone AI

Two of the big guys might team up on AI.?

Bloomberg reports that Apple is in talks to build Google’s Gemini artificial intelligence engine into the iPhone, a blockbuster agreement with enormous ramifications for the fast-growing AI field.?

• Per Bloomberg, bigwigs at Apple and Google are in “active negotiations” to allow Apple the capability to license Google’s AI models, powering new features on iPhone software this year.
• Apple previously met with OpenAI and has considered integrating its AI models into the iPhone software, too, and CEO Tim Cook has promised a big AI announcement this year.
• The news on Monday sent shares of Alphabet (market cap ~$1.84 trillion) and Apple (~$2.7 trillion) higher.?

A pretty big deal: If the deal happens, it would build upon the duo’s partnership. Google pays Apple billions of dollars annually to make its search engine the default option in the Safari web browser on Apple devices.?

Why it matters:

This could be a really big win for both parties...