February 8: Market Summary

Google loses $100 billion

Good evening.

Markets slide, Bitcoin falls below $23,000, and Google loses $100 billion in market value as Bing integrates ChatGPT.

Let's dive in.

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Markets

Here are today's market moves:

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What Happened?

• U.S. stocks fell on Wednesday as investors parsed comments from Fed officials.

• A senior Fed official said the central bank will need to keep monetary policy restrictive for "a few years."

• Google loses $100 billion. The company lost $100B in market cap today as investors worry its AI chatbot is falling behind ChatGPT.

• The crypto market fell on Wednesday, with Bitcoin trading below $23,000. Crypto prices have stabilized this month following a roaring rally to start the year.

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Catch Up

1. Microsoft is integrating the technology behind the AI chatbot ChatGPT into its Bing search engine.

2. $948.1 billion. The size of the U.S. trade deficit in 2022, the largest on record.

3. Gambling on the Super Bowl is expected to hit a record this year, with 50M+ Americans projected to bet $16B.

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What Else?

Tanay Jaipuria @tanayj

Google lost $100B of market cap today as its Chatbot Bard made a factual error during its first-ever demo and its AI event fell flat. Must be the most costly live demo fail of all time

Dexerto @Dexerto

The first demo of Microsoft's Bing with ChatGPT integration

Graham Stephan @GrahamStephan

I saw a lot of hot takes on this: In my view, you must absolutely spend on things and experiences that bring you joy. At the same time, you should be aware of its long-term impact. This example just helps you make a conscious decision!

Brian Feroldi (🧠,📈) @BrianFeroldi

You make better investing decisions when you've experienced the pain of making bad investing decisions