- Investing Journal
- Posts
- π SearchGPT Takes on Google
π SearchGPT Takes on Google
Plus: All eyes on Inflation data
Good Morning!
After a brutal few days in the markets, traders are eagerly awaiting todayβs inflation report. Meanwhile, Bitcoin has shown tremendous strength.
PLUS: Growth School is offering Investing Journal readers a completely FREE 3 hours AI workshop. (First 100 readers only)
Before we get into todayβs edition, weβd like to hear from you.
What's your current stance on Bitcoin? |
Become an AI Powered Investor to get 10x ROI on your money (free AI masterclass) π
More than 300 million people use AI, but less than 0.03% use it to build investing strategies. And you are probably one of them.
Itβs high time we change that. And you have nothing to lose β not even a single $$
Rated at 9.8/10, this masterclass will teach how you to:
Do market trend analysis & projections with AI in seconds
Solve complex problems, research 10x faster & make your simpler & easier
Generate intensive financial reports with AI in less than 5 minutes
Build AI assistants & custom bots in minutes
From our partners
Markets
π» S&P 500 Extends Decline by 0.5% as Tech Shares Fail to Rebound for Third Day
The S&P 500 tried to bounce back from its slump but couldnβt pull it off in the final trading hours. This index has been in the red for three days straight, shedding almost 3%. It dipped another 0.5% yesterday, as tech stocks failed to sustain their early gains.
The Nasdaq Composite was even worse. After a massive 3.6% drop the day before β the worst since 2022 β it fell another 0.9%. Investors are shifting their focus away from AI-heavy tech stocks and betting on smaller, overlooked companies.
The Dow Jones Industrial Average managed to eke out a gain. This came after data revealed the US economy is holding strong, with GDP growth hitting 2.4% in Q2, up from 1.4% in Q1.
Consumer stocks, energy companies, and financials all saw a boost, highlighting this rotation. All eyes are now on the upcoming PCE inflation report.
π€ OpenAI announces a search engine called SearchGPT; Alphabet shares dip
OpenAI just unveiled a prototype of its search engine, SearchGPT, promising "fast and timely answers with clear and relevant sources." This tool is currently in the hands of a select few testers and is set to be integrated into the popular ChatGPT chatbot.
This move could shake up the search engine landscape, potentially challenging Google's dominance. Since ChatGPT's launch in November 2022, there have been rumblings that OpenAI might carve out a slice of Google's market share by offering a new way to find information online.
SearchGPT aims to let users "search in a more natural, intuitive way" and ask follow-up questions just like a conversation. OpenAI's CEO, Sam Altman, believes there's significant room for improvement in current search technology.
In response to the news, Alphabet's shares dipped over 3% on Thursday, closing at $167.28, while the Nasdaq saw a smaller decline of less than 1%.

π Markets remain cautious ahead of US PCE inflation data
After Thursday's mixed market action, investors are treading carefully today. All eyes are on the Personal Consumption Expenditures Price Index data for June, the Federal Reserve's go-to inflation measure. We'll also get a look at Personal Income and Personal Spending figures.
Meanwhile, gold took a hit, dropping over 1% on Thursday due to worries about China's economic outlook worsening.
πΉ Japanese yen surges to fresh two-month high as carry-trade confidence crumbles
Early Thursday, the Japanese yen surged over 1%, dropping below 152 per U.S. dollar for the first time since May. Analysts are warning that this could signal more volatility as the "carry trade" starts to unwind.
Just two weeks ago, the USD/JPY pair hit a 38-year high of 162. Investors had been offloading yen in favor of higher-yielding U.S. dollars.

Top Story
CRYPTOCURRENCY
Where next for Crypto?

Bitcoin is showing incredible strength, adding 4.4% to test $67,000, outperforming the broader crypto market, despite traditional markets having sold off earlier in the week. Meanwhile, Ethereum rose 2.8% to surpass $3,200. Despite this rise, the Ethereum ETFs saw a net daily outflow of $152 million, with cumulative outflows reaching $178.68 million due to withdrawals from the Grayscale Ethereum Trust (ETHE), which recently converted to an ETF.
This mirrors the bitcoin ETF launches earlier in the year. Back then, outflows from the Grayscale Bitcoin Trust (GBTC) initially pressured bitcoin's price, but later inflows to rival funds propelled BTC to an all-time high in March. The Grayscale Ethereum Trust seems to be on a similar trajectory, but it's happening faster.
Looking ahead, traders are eagerly waiting for former President Donald Trump's speech at the Bitcoin 2024 conference in Nashville. Markus Thielen, CEO of 10x Research, mentioned in a note that no one wants to short Bitcoin going into the weekend.
There's speculation that Trump might announce plans for a strategic Bitcoin reserve if he wins the presidential election in November. Such an announcement could send Bitcoin prices soaring.
Our Recommendations:
π»οΈ MEXC - Where we find and trade Crypto with low fees.
π TradingView - Software we use to chart stocks.
π Trezor - Our favorite hardware wallet to keep our Crypto secure.
π¦ Kraken - Where we buy crypto with cash / withdraw profit to our bank.
Thanks for reading, if you enjoyed, tell your friends!
P.S: If you're interested in crypto and web3 - check out our new newsletter, The Crypto Journal!
|
π