🗿 AI Is Good, Says McKinsey

Generative AI has the potential to add $2.6 to $4.4 trillion to the global economy

June 16, 2023

Today’s No FOMO newsletter is brought to you by…

GM. BlackRock goes full Bitcoin. The Fed pauses rate hikes. McKinsey projects positive economic growth with AI. Good news this week as I try to rationalize why cappuccinos are $1 in Barcelona but $6.50 in Miami.

☕ knuckle cracks Let’s get into it.

Today’s Specials:

No FOMO News 📰 : BlackRock files for bitcoin ETF 💱

No FOMO 🗿 – McKinsey’s AI Report, Summarized 🤓

Weekend Alpha: What to Watch 👀 – Fed Pauses Rate Hikes for First Time in 15 Months 🐂

AI Intel 🤖 : Generative A.I. Can Add $4.4 Trillion in Value to Global Economy, Study Says 🤯

This IS Financial Advice 🤑 : Dolphins Get High on Purpose 😮‍💨

No FOMO News 📰

  • BlackRock files for bitcoin ETF in push into crypto (Reuters)

  • The Federal Reserve is pausing rate hikes for the first time in 15 months (CBS)

  • Binance to Quit Netherlands After Failing to Acquire License (Cointelegraph)

  • Crypto giant Binance's US affiliate fires staff after SEC charges (Reuters)

  • Crypto Lender Abra Has Been Insolvent for Months, State Regulators Say (CoinDesk)

  • New York bans CoinEx exchange, seizes $1.7M in crypto assets (Cointelegraph)

  • Hong Kong reiterates banks should support licensed crypto exchanges (Reuters)

  • Ukraine Wants to Tax Crypto Gains at 18% from 2024 (CryptoNews)

  • Ripple partners with Colombia’s central bank to explore blockchain technology (Cointelegraph)

  • EU’s new crypto law: How MiCA can make Europe a digital asset hub (Cointelegraph)

McKinsey’s Generative AI Report, Summarized 🤓

McKinsey’s major findings:

  • Generative AI is poised to unleash the next wave of productivity, with

  • by 2040.

  • Generative AI can be applied to a wide range of industries, including retail, healthcare, manufacturing, and finance (duh).

  • The most promising use cases for generative AI:

    • Generating new products and services – make a new biz in 5 mins

    • Personalizing customer experiences – scalable + tailored to you

    • Automating tasks – no more copy pasta spreadsheets

    • Improving decision-making – should I or shant I? Is shant a word…

  • Generative AI will require significant investments in research and development, as well as new skills and training for workers.

  • The potential benefits of generative AI are vast, but it is important to manage the risks, such as bias and privacy concerns.


Some more potential future use cases for generative AI:

  • Create new forms of art, music, and literature.

  • Design new products and services that are more efficient, effective, and user-friendly.

  • Improve healthcare by developing new drugs and treatments, and by personalizing treatment plans for individual patients.

  • Improve manufacturing by automating tasks and reducing waste.

  • Improve finance by automating tasks, reducing fraud, and improving decision-making.

TLDR; generative AI ain’t going nowhere.

In another leap into the infinite economic potential of virtual markets (I’m talking to you metaverse 2021), AI has the power to fundamentally and exponentially transform the global economy.

Weekend Alpha – What to Watch 👀

  • The Fed holds rates steady, pausing its rate-hiking campaign. This is the first time it hasn’t gone up in 15 months. PUMP INCOMING???! 😇

  • We turned $50 into $1000 longing $BTC on Rollbit 🤯🤑(this isn’t a promo DYOR lol)

  • Robinhood to Delist Tokens Declared Securities by the SEC – might have some short term implications for Solana, Polygon, and Cardano.

AI Intel 🤖

  • Generative A.I. Can Add $4.4 Trillion in Value to Global Economy, Study Says (New York Times)

  • AI and media companies negotiate landmark deals over news content (Financial Times)

  • Using AI for loans and mortgages is big risk, warns EU boss (BBC)

  • Europeans Take a Major Step Toward Regulating A.I. (New York Times)

  • A.I. company raises record $113 million just a month after being founded—despite having no product and only just hiring staff (Fortune)

  • Artificial intelligence is not yet as smart as a dog, Meta A.I. chief says (CNBC)

  • If art is how we express our humanity, where does AI fit in? (MIT News)

  • Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says (Bloomberg)

  • Exclusive: Southeast Asia to set 'guardrails' on AI with new governance code (Reuters)

This IS Financial Advice 🤑

Dolphins are getting high just like we do!? 🥲 😮‍💨

Mining for Memes ⛏️

Shameless Shill + Alpha

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