Good afternoon. Markets fall, the Federal Reserve hikes rates by a quarter point, and Bill Gates says AI is as revolutionary as the internet.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Wednesday after the Federal Reserve announced its policy decision.
The Fed raised interest rates by a quarter-percentage point despite the turmoil in the U.S. banking system:
Why markets fell: Investors fear the Fed's decision to hike rates amid a banking crisis will add additional stress to the financial system.
The crypto market was volatile on Wednesday. Bitcoin briefly hit a nine-month high of $29,000 but then fell after the Fed's decision.
Catch Up
Bill Gates says that AI technology is "as revolutionary as mobile phones and the Internet."
13.3%. That's the combined weighting of Apple and Microsoft in the S&P 500, the highest level on record.
Y Combinator, the renowned startup accelerator, is cutting 20% of its staff and shifting away from late-stage investing.
