US Debt Rising $1T every 100 days

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Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The U.S. debt is increasing at an unprecedented rate, reaching about $1 trillion every 100 days. This rapid growth has escalated recently, with the debt crossing the $34 trillion mark on January 4, after briefly surpassing it on December 29. This marks a significant acceleration, as it previously took about eight months to increase from $31 trillion to $32 trillion. The current debt level stands at nearly $34.4 billion. This fast-paced increase in debt has raised concerns among financial analysts, with Bank of America's Michael Hartnett suggesting that the trend of accumulating $1 trillion in debt approximately every 100 days will continue. This situation has prompted investors to turn towards "debt debasement" trades like gold and bitcoin, which are nearing all-time highs. Moody’s Investors Service has also lowered its ratings outlook on the U.S. government to negative, citing risks to the country's fiscal strength and the challenges of managing large fiscal deficits amidst higher interest rates.

2. Elon Musk has filed a lawsuit against OpenAI and its CEO, Sam Altman, alleging that the company has deviated from its original mission of developing artificial intelligence technology for the benefit of humanity. Instead, Musk claims, OpenAI has become overly focused on profit generation, particularly in its partnership with Microsoft. Musk, who co-founded OpenAI in 2015 and departed in 2018, seeks to compel the organization to realign with its founding principles of promoting and developing friendly AI to address global challenges. This legal action emerges amidst growing global fascination with AI, notably OpenAI's ChatGPT, and underscores the broader discourse on the ethical development and deployment of AI technologies.

3. Visa and Mastercard agree to historic $5 Billion Settlement! In a groundbreaking move for the payment industry, Visa and Mastercard have come to a historic $5 billion settlement, marking a pivotal moment for small business owners. If you are a small business owner, claim your share today!*

4. Headlines

   1. Threads will make its API available to the general public in June.

   2. Funding for minority founders feel in 2023 for a third consecutive year.

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