Goldman Sachs economists predict that around 300 million jobs could be automated worldwide by new AI technology. They estimate that
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2023-03-30 | Sign Up | View Online
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Market Snapshot 📷
S&P 500 4,027.81 +1.42%
Nasdaq 11,926.24 +1.79%
Dow 32,717.60 +1.00%
TSX 19,837.65 +0.92%
10-Year 3.56% -0.008%
2-Year 4.091% +0.029%

*All data as of market close on 2023-03-29.

Highlights: The tech sector rebound led most of the market gains on Wednesday. Big techs such as Meta, Amazon, Netflix, and semiconductor names like Nvidia and Micron all climbed more than 2%. Bank stocks also rose as concerns around the sector continued to ease. Bond yields remained mostly flat after surging in the last few days.
Markets & Economy
300 million jobs could be affected by latest wave of AI, says Goldman Sachs (2 min read)

Goldman Sachs economists predict that around 300 million jobs could be automated worldwide by new AI technology. They estimate that 18% of work globally could be computerized, with more impact on white-collar than manual labor jobs. In the US and Europe, two-thirds of current jobs are exposed to some degree of AI automation, and up to 25% of all work could be done by AI completely. While this widespread adoption of AI may lead to job losses, it could ultimately increase labor productivity and boost global GDP by 7% annually over a 10-year period.
China Settles First LNG Trade In Yuan (2 min read)

According to the Shanghai Petroleum and Natural Gas Exchange, China has completed its first liquefied natural gas (LNG) trade settled in yuan. The trade involved LNG imported from the United Arab Emirates and was completed by Chinese state-owned oil and gas firms. China has been seeking to increase the use of its currency in global trade to challenge the dominance of the US dollar, especially in energy trade. However, the yuan only accounts for 2.7% of the market, compared to the US dollar's 41%. Russia has also turned to yuan trade in the wake of Western sanctions.
Business & Stocks
Alibaba's breakup lifts hopes China's regulatory winter is thawing (4 min read)

Alibaba's plan to split the group into six units and explore fundraisings or listings for most of them was well received by investors. The move is seen as a sign that Beijing's regulatory crackdown on China's private sector may be coming to an end, leading to a surge in the company's shares and those of its peers. Hong Kong-listed shares of Alibaba jumped as much as 16.3%, tracking the 14.3% rally in its US-listed shares. Alibaba will discuss the plan in detail at a conference call on Thursday.
Elon Musk, Apple co-founder, and other tech leaders calling for a pause on creating powerful A.I. (5 min read)

Elon Musk, Steve Wozniak, and over 1,100 technologists and AI researchers have signed an open letter calling for a six-month pause on developing advanced AI systems. The letter urges tech companies to immediately cease training any AI systems more powerful than GPT-4, citing concerns about job losses, misinformation, and the path toward superintelligence. The signatories call for creating shared safety protocols and regulatory frameworks for AI design and development. OpenAI and other AI companies haven’t commented on the letter yet.
Funds & ETFs
Most Interesting New ETFs of Q1 2023 (2 min read)

Among the ETFs that made a debut in Q1, some of the most unique and interesting ones include the Unusual Whales Subversive Democratic ETF (NANC), Republican ETF (KRUZ), Long Cramer Tracker ETF (LJIM), and Inverse Cramer Tracker ETF (SJIM). NANC and KRUZ allow investors to trade like members of Congress, while LJIM and SJIM seek to replicate or short the performance of investments recommended by Jim Cramer. More on these ETFs and other interesting launches are available in the article.
Single Treasury ETF’s Assets Double in a Day (2 min read)

The US Treasury 3 Month Bill ETF (TBIL), a single-bond ETF launched last August by F/m Investments, saw its AUM double from $568 million to $1.15 billion in a single day on Tuesday as demand for Treasuries continued to surge. TBIL and similar single-bond ETFs hold the most recently auctioned Treasury bill, providing more fine-tuned exposure for investors with complicated trading strategies. The inflows for TBIL add to this year’s strong demand for Treasury ETFs, with several other Treasury ETFs among the top asset gatherers of the year.
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