🚀 JPMorgan Chase embraces AI

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. JPMorgan Chase has introduced a generative AI assistant called LLM Suite to over 60,000 employees, utilizing OpenAI's models to help with tasks like email writing, document summarization, and idea generation. This marks a significant shift for the bank, which initially restricted ChatGPT but is now fully embracing AI to enhance nearly every job. The AI tool is already used for marketing, client itineraries, and meeting summaries; it is expected to become as ubiquitous as Zoom within the company.

2. Wealthy investors and family offices have been shifting from public to private markets, reducing stock holdings amid concerns over an overheated tech sector. As stocks dropped this week, many used the opportunity for tax-loss harvesting and estate planning, taking advantage of lower stock values to optimize their portfolios and gift strategies. Despite the market volatility, ultra-wealthy investors remain focused on long-term, stable investments in private equity, real estate, and direct stakes in private companies. Concerns over geopolitical risks and fiscal spending are top of mind for high-net-worth clients, with many seeking to diversify into alternatives to mitigate future uncertainties.

3. Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199. *

4. Headlines

   1. Trump Media reported a $16M loss last quarter.

   2. Stellantis has announced 2,450 layoffs resulting from the discontinuation of the Ram pickup truck.

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Liam Gill