The markets: U.S. stocks had a calm day yesterday with the S&P 500 closing up a smidge at 5,836.22. Context: That’s still 1.5% down YTD. Futures were up 0.5% this morning at 5,905.25, pre-open. Stocks are in a “going nowhere” pattern because of the drama in the global bond markets where prices are falling, yields are rising, and equity holders prepare for a world in which the Fed moves slower for longer on interest rates.
Today: Los Angeles cannot catch a break. With the fires still out of control, high winds are expected in the forecast. The National Weather Service warned of a “particularly dangerous situation” with dry air moving at speeds of up to 70 mph.
CEO Daily insight: The $5.6 billion Google AI spinoff that invents new products
Since the 2022 release of ChatGPT and its subsequent iterations, there has been a lot of focus on the impact of large language models (LLMs) that generate summaries and insights from text data. But startups like SandboxAQ, an Alphabet spinoff now valued at $5.6 billion, rely on large quantitative models trained on numerical data and models that generate insights and predictions about the quantitative relationships in a system. It offers enterprise quantitative AI as a platform.
