• Google's Gemini：ChatGPT's new rival?
• Bitcoin marking its longest winning streak since May?
• id weekly US unemployment claims slightly rise?
MARKET MOVEMENTS
Dow Jones
S&P 500
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36,054.21 (0.00%)
4566.94 (+0.39%)
14,228.85 (+0.58%)
Opening price as of 12/07/2023 compared to last close
IN THE HEADLINES
Google introduces Gemini to rival ChatGPT
Google unveiled Gemini, a scaled-down version of its powerful AI model, within the AI chatbot Bard. This precedes a more advanced version planned for 2024, intensifying the tech race in AI. Gemini's strength lies in its multimodal capabilities, understanding diverse data types simultaneously. Its initial versions—Ultra, Pro, and Nano—offer versatility for various tasks and mobile use. Google touts Gemini Ultra as surpassing human experts in multitask language understanding. Notably, it outperformed OpenAI's GPT-4 on numerous benchmarks. Despite challenges during Bard's launch, Gemini Pro is set to expand globally, available via the Gemini API from December 13 for developers and Google enterprise users. Read more
Bitcoin nears $44,000, marking its longest winning streak since May
Bitcoin rallies near $44,000, its longest winning streak since May, driven by expected monetary policy shifts. Surging 163% from last year, it swiftly surpassed $30,000 and $40,000 levels amid talks of Fed rate cuts and potential US approval of Bitcoin ETFs. The upbeat market also saw smaller cryptos rise. Globally, bullish trends were evident, like in South Korea's premium pricing and soaring crypto listings in Abu Dhabi. El Salvador's Bukele noted profitable Bitcoin investments, coinciding with the upcoming halving event. Zach Pandl from Grayscale sees a favorable landscape for Bitcoin, now trading around $44,004, previously hitting $69,000 in November 2021. Read more
Weekly unemployment claims in the US experience a slight uptick
US weekly jobless claims rose slightly to 220,000, below the expected 222,000, indicating a modest uptick in unemployment filings amidst seasonal fluctuations. Despite job cuts reported by Challenger, Gray & Christmas, the market anticipates a potential shift in Fed policy, potentially pausing rate hikes. The data, affected by seasonal adjustments, may not significantly impact the upcoming November employment report, expected to show a job increase of 180,000 with an unchanged unemployment rate of 3.9%. Read more
TradeUP TIDBITS
Experts caution users amid Black Friday and Cyber Monday's 'Buy Now, Pay Later' surge
Black Friday and Cyber Monday notched record-high sales, accompanied by an unprecedented surge in 'Buy Now, Pay Later' (BNPL) usage. Adobe Analytics reported a striking 47% uptick in BNPL adoption during Black Friday versus the previous year. While BNPL's popularity is on the rise, financial experts raise concerns about potential risks associated with this payment approach. Read the Full Article
INVESTOR TIPS
Custodial Account
When a gift of cash or securities is being given by a ‘donor’ to a minor child, it is typical for the account to be set up as a Uniform Gifts (or Uniform Transfers) to Minors Act account. An adult is appointed by the Donor to act as Custodian over the account and make all investment decisions for the benefit of the child. The parent is able to report UTMA income on either his/her own tax return, using his/her own tax ID, or else on the minor child’s tax return, using the minor child’s tax ID. In those instances where UTMA income exceeds $2,000, some or all of the income may need to be reported on the parent’s tax return.
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