Hey Snackers,
The new year’s here, and so’s the future: 2023 is only three days old, but we’re looking ahead to trends that could shape the next decade and beyond, from AI art to psychedelic medicine.
US stocks had their worst year since 2008. The S&P 500 lost nearly 20% and the tech-heavy Nasdaq sank 34% as the Fed hiked interest rates seven times — including four “jumbo” hikes of 75 basis points.
As inflation cools and the economy softens, the US’s central bank is expected to slow hikes and (eventually) pause them this year. But it could be a while before it starts cutting rates. On the economic side, the sluggishness we’ve started to see could continue through the new year.
AI gets (scary) creative… Generative AI, which can convert text prompts into images and articles, made a splash last year. OpenAI released its futuristic chatbot, ChatGPT, to the public last month, shortly after launching its image generator, DALL-E. The impressive tools caused shock and awe — and raised fears they could replace creative professions like copywriting and design (Jasper, a genAI tool used for marketing copy, hit a $1.5B valuation). Some teachers are convinced genAI will kill homework too. While unknowns abound, investment is booming as companies seek innovative ways to automate work.
Crypto rediscovers its roots… The collapse of centralized crypto players like FTX and Celsius breathed life back into crypto's core conceit: decentralization. Decentralized exchanges (think: not run by a biz) like Uniswap saw activity spike — briefly surpassing centralized Coinbase in ether trading — as people sought greater control of their crypto. Makers of self-custody hardware wallets (picture: no exchange needed) reported soaring sales, while decentralized-finance transaction volumes jumped 68% from October to November. The decentralized momentum could get a boost as bipartisan lawmakers push tighter crypto regs.
Authors of this Snacks own: Uniswap and shares of Apple, Amazon, Google, Uber, and Walmart
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