Morning Brew Daily One Year of ChatGPT & Why Most Billionaires Are Now... Nepo Babies
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Dec 1, 2023 The stock market is sizzling, with record gains thanks to easing inflation and shifts in investor sentiment. It’s been a year since ChatGPT launched, reshaping technology and communication. The rise of 'nepo baby' billionaires is stirring conversation about privilege and societal responsibility. The recent COP28 Climate Summit raises questions about the effectiveness of climate action. Plus, Red Lobster's endless shrimp deal backfires, showcasing corporate blunders, while the Forbes 30 Under 30 list sparks debate.
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Historic November for Stocks
- November 2023 was a historic month for the stock market, seeing its best performance since July 2022.
- Investors believe the Federal Reserve's interest rate hikes are over due to decreasing inflation and a stable economy.
Broad Market Gains and Falling Mortgage Rates
- The positive market trend is widespread, with 87% of S&P stocks gaining value, not just the usual tech giants.
- Mortgage rates are also falling for the fifth consecutive week.
Coinbase Success Story
- Despite a challenging month for cryptocurrency, Coinbase's stock tripled in 2023, rallying 62% in November.
- Bitcoin also reached an 18-month high, indicating positive movement for some crypto assets.