Publishers forming AI Coalition

Market Overview

Year To Date Performances:

1. The Federal Reserve has released the results of its annual stress test, with all 23 of Wall Street's largest banks passing. The test included a severe recession scenario, which involved a 10% unemployment rate, a 40% decline in commercial real estate values, and a 38% drop in home prices. In this scenario, banks experienced the lowest maximum drawdown on stressed capital (2.3%) in several years. Fed Vice Chair Michael Barr commented on the results, stating, "Today's results confirm that the banking system remains strong and resilient."

2. Major publishers, including The New York Times and News Corp, are discussing forming a coalition to address the impacts of artificial intelligence on journalism. This comes in response to the threat posed by AI models like ChatGPT, which are believed to use news articles as training data and could potentially decrease the need for consumers to visit news sites. This is seen as the latest challenge to an industry already grappling with years of advertising declines. Given the industry's competitive nature, such a collaborative move is rare, demonstrating the perceived seriousness of this AI-related issue.

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4. Headlines

   1. Fanatics has increased its bid for PointBet’s US assets from $150M to $225M.

   2. A Qatari group is expected to purchase Manchester United.

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