(Olga Rolenko/Getty Images) |
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OpenAI's new "agent" is here, and boy is it ever producing relatable content at glacial speed! During a demo, ChatGPT Agent was asked for help planning a trip to attend a wedding in Hawaii. It took 18 minutes before suggesting a $4,600 five-night hotel stay in Maui, some dress shoes, and a very expensive tuxedo. And it took it way, way longer to order a bunch of cupcakes. Meanwhile, the White House is about to release a 20-page AI action plan to help speed AI innovation and growth — as long as the AI isn't "woke." The S&P 500 and Nasdaq 100 ended fractionally lower while the Russell 2000 fell 0.6% in a ho-hum end to the week. Volatility seems to have gone on vacation for the summer. The S&P 500 has traded in a weekly range of less than 2% in each of the past three weeks, the first time it's done that this year. 🧠 Test your trivia knowledge with our Snacks Seven Quiz. Here's a sample question: After the Bay Area and Silicon Valley, which metro region had the most AI job postings per capita? |
- Austin-Round Rock-San Marcos, TX
- New York-Newark-Jersey City
- Seattle-Tacoma-Bellevue, WA
- Trenton-Princeton, NJ
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It was the heavyweight battle of the decade, with the colossus of crude Chevron Corp (coming in at a $261 billion market cap) going toe-to-toe in the arbitration ring with king of the carbon, the head honcho of Houston, its eternal archrival Exxon Mobil (weighing in at a $481 billion market cap) in an earth-shattering fight between oil majors the likes of which has not been fought in decades. The prize? A sprawling ocean of oil buried off the coast of Guyana, the rights to which had belonged to Hess before being acquired by Chevron, to the dismay of its enemies at Exxon. And in a stunning upset, Chevron defeated Exxon last week. |
- The dispute centered on whether Exxon and China's CNOOC had a right of first refusal on Hess' 30% stake in the Stabroek Block, one of the world's most valuable high-output oil fields.
- Chevron has officially closed its $53 billion acquisition of Hess after winning a closely watched arbitration case over offshore drilling rights in Guyana.
- On Friday, Chevron CEO Mike Wirth told CNBC that the International Chamber of Commerce sided with Chevron in the ruling, ending months of uncertainty that threatened to derail the oil giant's deal.
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Chevron and Exxon are indeed rivals and often compete, but it's rare for a dispute like this to make it all the way to arbitration. The tight-knit oil business is one of the more powerful lobbies in Washington and, when it does end up in the legal system, tends to close rank, making this public spat fascinating to watch. Chevron shares were down roughly 1% Friday, while Exxon was down over 3%. |
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With the decision, Chevron has secured a foothold in the booming Guyana Basin, while Exxon will retain its 45% stake and leadership of the project. The deal's closure paves the way for more integration and will include job cuts. Chevron has already been trimming staff, but Wirth said he expects "some" additional headcount cuts tied to the acquisition. |
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AI Frenzy Could Launch the EarnPhone Boom |
The hidden fuel behind AI? Your phone. Billions of data points — from your clicks, swipes, scrolls, and searches — are feeding the next wave of AI innovation. Big Tech is harvesting it.1 Mode Mobile is giving it back to you. They are contributing to a user-powered data economy that shares the upside, and +50M users have already generated +$325M in earnings. This isn't theory… Mode's 32,481% revenue growth from 2019-2022 landed them the #1 spot on Deloitte's 2023 list of fastest growing companies in software,2 and they've secured the Nasdaq ticker $MODE ahead of a potential IPO.3 AI breakthroughs are everywhere, but these models need your data to survive. Invest in the company that allows you to earn money from your own data. ⌛Last chance to invest at $0.30/share.4 |
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Stories we're obsessed with |
- What happened to Pepsi? When we were growing up, the soda battle was squarely between the two giants: Coke and Pepsi. You proved you could tell the difference and which was really better through the Pepsi Challenge. So imagine our surprise to see that Pepsi was no longer second banana to Coca-Cola, but in fourth place! Dr Pepper is now the second-highest-selling soft drink by case sales, while Pepsi just got lapped by this citrus soda. Either way, we're hoping it's true that we're getting cane sugar in US-made Coke, though we're told the flavor difference between what we drink and "Mexican" Coke is the salt, not the sugar.
- Crypto's enormous momentum. Late Thursday, the House passed the GENIUS Act, the first major US crypto legislation, sending the market cap of the entire crypto industry over $4 trillion for the first time. It also helped drive Coinbase to a new all-time high on Friday. Earlier in the week, bitcoin hit a record high of $123,191, as the asset is reaching a level of dominance in the space not seen since 2020. The president signed the bill into law on Friday and there's more to come: the House's CLARITY Act will now move to the Senate and aims to finally determine which regulator oversees different digital assets.
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Like many creative types, Riley Shine has reservations about generative AI. That didn't stop the BlueChew brand creative director from exclusively using the technology to make a nationwide TV commercial in 48 hours involving Michelangelo's David that turned out, honestly, pretty good — see for yourself. That said, the tech has limitations and can't be used in every situation. Why non-humans are often used in AI ads |
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Investors are watching this fast-growing tech company |
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- Ahead of Google's earnings report, Bank of America raised its price target
- With the $7,500 tax credit ending soon, Tesla is offering lots of sales
- Pencils down: the US Commerce Department announced preliminary antidumping duties of 93.5% on Chinese graphite
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- 96% funded. 4% left – and closing soon. The recently re-opened round of Mode Mobile's pre-IPO offering3 is nearly sold out. Invest in the next disruption to smartphones at just $0.30 before the opportunity expires.4
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- Monday: Earnings expected from Domino's Pizza and Verizon
- Tuesday: Earnings expected from Coca-Cola, General Motors, Capital One, Halliburton, Lockheed Martin, Northrop Grumman, Philip Morris, Sherwin-Williams, and Texas Instruments
- Wednesday: Earnings expected from Alphabet, Tesla, AT&T, IBM, T-Mobile, Chipotle, Hasbro, Freeport-McMoRan, GE Vernova, General Dynamics, Hilton Worldwide, CME Group, and CSX
- Thursday: Earnings expected from Intel, American Airlines, Southwest Airlines, Keurig Dr Pepper, Nasdaq, Nokia, Dow, Honeywell, Union Pacific, Newmont Mining, Valero, and Blackstone
- Friday: Earnings expected from Aon, Phillips 66, and HCA Healthcare
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Advertiser's disclosures:
1 For further details see this article. 2 The rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period. See Deloitte 2023 Technology Fast 500™rankings for further details under historical rankings. 3 Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. Any IPO timing is unknown and general steps to be accepted for an IPO have not been undertaken at this point. An intent to IPO is no guarantee that an actual IPO will occur. 4 A minimum investment of $990.90 is required. Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile's Regulation A+ Offering. Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
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