Closing Bell: Overtime: Former Goldman CFO On Rising Rate Environment, Opportunities in AI; Top VC On Prospects For The Rest Of The Year 10/2/23

Older generations outspend younger generations

According to Bank of America, older generations in America are spending more than younger generations. The growth in consumer spending among older generations, such as Baby Boomers, has outpaced the growth among younger generations. This can be attributed to higher interest rates leading to increased interest income for older individuals with financial assets, as well as cost-of-living adjustments to social security benefits. The argument that consumers have a choice to easily switch their default search settings is debunked, as evidence shows that consumers rarely switch from the default setting. Microsoft CEO Satya Nadella testified in the Google antitrust trial, highlighting that Microsoft has been attempting to outbid Google for the default search position on Apple devices but has been unsuccessful. This demonstrates that consumers typically do not switch from the default option. Furthermore, Nadella argued against Google's defense that consumers have a choice in selecting their default search engine, stating that it is a bogus claim. Lastly, VanEck has launched its first-ever Ethereum futures exchange-traded fund (ETF). This provides traditional investors with exposure to Ethereum, a prominent blockchain asset. While the ETF is based on futures contracts rather than the spot market, it marks a significant development in making Ethereum more accessible to investors.