🚀 Google's Dominance Over?

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. OpenAI unveiled SearchGPT, a prototype search engine designed to deliver quick answers with transparent sources, currently in testing with a select group. This development has heightened concerns among Alphabet investors about market share erosion since ChatGPT's debut in November 2022. SearchGPT aims to enhance search by providing a natural, conversational experience. Instead of listing plain links, SearchGPT provides summaries and detailed descriptions with attribution links. Features include "visual answers" and follow-up question capabilities. Initially accessible to 10,000 test users, SearchGPT is powered by GPT-4 and developed with third-party partners and direct content feeds. OpenAI collaborated with news organizations to ensure transparent attribution and allow publishers to manage their appearance in search results. The plan is to eventually integrate it with ChatGPT, potentially challenging Google's search dominance.

2. An important Federal Reserve inflation gauge, the personal consumption expenditures (PCE) price index, showed a slight easing in June, rising 0.1% for the month and 2.5% year-over-year, aligning with expectations and supporting the case for a possible September interest rate cut. Core inflation, excluding food and energy, increased by 0.2% monthly and 2.6% annually. Goods prices fell by 0.2% while services rose by 0.2%, with housing-related prices seeing a modest 0.3% increase. Personal income rose by 0.2%, below estimates, and spending increased by 0.3%, with the savings rate decreasing to 3.4%. Stock futures and Treasury yields responded positively, with futures markets strongly predicting a rate cut in September.

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4. Headlines

   1. Dexcom shares fell 40% after releasing lower-than-expected Q2 revenue results and lowering its future guidance.

   2. Andrew Left and Citron Capital have been charged with securities fraud. The SEC claims he used his public platform to manipulate public stocks for personal profit.

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