Threads Smashes Chat-GPT Record

Market Overview
Read time 0.8 minutes

Year To Date Performances:

1. Threads has reached 100 million users in 4 days, which smashes the record of 2 months set by Chat GPT earlier this year. To put this into perspective, it took Twitter approximately three years to achieve the user numbers that Threads hit in a single day. This rapid expansion of Threads' user base is narrowing the gap between it and Twitter, which currently boasts 330 million monthly active users. The success of Threads highlights its growing popularity and signals a potentially significant shift in the social media landscape.

2. The start of the Q2 earnings season brings anticipation for the reports from three major banks: JPMorgan, Wells Fargo, and Citigroup. Recent estimates indicate an upward trend for JPMorgan's earnings, while Wells Fargo and Citigroup have seen a decline in their estimates. These three banks collectively contribute to more than 45% of the total earnings in the major bank sector. According to FactSet, the banking sector is expected to show a 14% year-over-year revenue growth for the quarter, reflecting a positive outlook for the industry. Investors and analysts will closely analyze these earnings reports for insights into the financial performance and outlook of the banking sector.

3. Achieving SOC 2 compliance proves to customers that you prioritize protecting their data. This proof of observation can help you raise capital, scale your business, and rise above the competition. 

   Vanta’s SOC 2 checklist breaks down the process and gives you a digestible view of the road ahead. Download it here to get started.*

4. Headlines

   1. US Treasury Secretary Janet Yellen has concluded her trip to China, which is part of an effort by the US government to increase relations with China following the aggressive approach of the Trump administration.

   2. Oil production efficiency has increased in the US, helping the country improve its output by 9% yearly.

5. _{* This is sponsored content}