Top stories today:

1. CPI, core CPI at 0.4% MoM lead rates higher
2. Generative AI funding +11% QoQ to $2.2B in Q1
3. Mistral releases open-source Mixtral 8×22B model
4. X receives House inquiry about Brazilian order to suspend accounts

0. Data and calendar

1. CPI, core CPI at 0.4% MoM lead markets to now price in only 1 or 2 cuts rate in 2024

Inflation has been sticky at the 3-4% annual range, as we have been anticipating for some months now:

• CPI: 0.4% MoM / 3.5% YoY in March, vs. 0.3% / 3.4% expected, from 0.4% / 3.2%.

• Core CPI: 0.4% / 3.8%, vs. 0.3% / 3.7%, from 0.4% / 3.8%.

Inflation continues to be hit by high prices in housing rents and travel services

Markets now expect only 1 or 2 rate cuts in 2024, starting in September

Meanwhile, in China, consumer inflation came in at -1.0% MoM / 0.1% YoY, below expectations

• CPI: -1.0% / 0.1% in March, vs. -0.5% / 0.4% expected, from 1.0% / 0.7% in the previous month.

• PPI: -2.8% YoY, in line with expected, from -2.7%.

3. Generative AI funding +11% QoQ to $2.2B in Q1, led by applications

4. Mistral releases open-source Mixtral 8×22B model, ahead of Llama 3 likely coming next week

• Released via torrent, with no blog post or press release.

• Previous model Mixtral 8×7B is comparable to Llama 2 in quality.

  • Specs for 8×22B are still TBD.

• Next week: Llama 3’s smallest versions are expected to be released.

5. X receives House inquiry about Brazilian order to suspend “100s, if not 1,000s” members of parliament, journalists: Elon

• No comment from House members so far.

• On Sun., Brazil Supreme Court judge Alexandre de Moraes opened on inquiry into Elon after he defied a secret order to block X accounts linked to opposition membes and journalists.

6. Interesting videos, posts, and memes

7. Other headlines

AI

• Sam Altman pitches AI global coalition in Middle East trip.

• Google Photos gets AI-powered editing tools for free.

• Adobe buying videos for $3 per minute.

Tech

• Starlink not profitable despite Elon’s claims: sources.

• Elon to meet India’s PM, potentially preempting investment.

• Guesty raises $130M at $900M to help property managers.

• Turing Award goes to Ari Wigderson, complexity theorist.

• Checkr, background screening platform, cuts 382 employees, 32% of staff.

Tech & law

• Amazon must pay $525M to Kove over patent rights, jury decides.

• Japan PM dinner with Biden attracts Bezos, Cook, Dimon.

Biotech

• Vertex buys biotech Alpine Immune for $4.9B, largest deal of 2024.

• Intermittent methionine restriction better than continuous: study.

Crypto

• Uniswap receives Wells Notice from SEC, “ready to fight”, UNI -17%.

• Bitcoin leads in NFT sales on Wed.

U.S. politics

• Trump loses 3rd bid to delay NY criminal trial, to start on Mon.

World

• Iran and/or proxies likely to imminently strike Israel with missiles: U.S.

• Hamas may not have 40 living hostages for latest deal.

• Hamas: leader Haniyeh sees 3 sons killed by Israeli strike.

Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below).

Advertise on the Bay Area Times

Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Bay Area Times team.  

Please read our Terms of Service and our Privacy Policy before using Our Service.