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Today in the Market (2/9/2023)

Good Evening! As investors analyzed further company results and economic data, U.S. equities inched down on Thursday, giving up early-session gains in volatile trading.

The S&P 500 and the Dow Jones both declined by 0.88% and 0.73%, respectively. The Nasdaq Composite fell 1.02%.

STRONG FIRST QUARTER

Disney (DIS) revealed quarterly earnings that exceeded expectations on both the top and bottom lines, as demand for the company’s theme parks surged over the Holiday season.

  • Revenue: $23.51 Billion vs. $23.4 Billion Expected
  • Earnings Per Share: $0.99 vs. $0.75 Expected
  • Disney+ total subscribers: 161.8 Million vs. 164 Expected

Everything is fine. Disney+ subscribers saw a modest decline in the first quarter owing to the lack of the Indian Premier League cricket competition on its Indian brand, Disney+ Hotstar

Time To Move Forward. Disney suffered a difficult 2022, as the company’s shares declined by around 45%, marking the worst year for its stock since 1974. However, the stock is up more than 20% so far this year ahead of results.

OOPS... THAT IS INCORRECT

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This week, Google demonstrated its response to ChatGPT-infused Bing, and the results were…worse than predicted. What happened? In an advertisement Google released on Monday promoting its new artificial intelligence chatbot, Bard, the system made a factual error by asserting that the James Webb Space Telescope captured “the very first image of a planet outside of our solar systemdespite the fact that this milestone was achieved 17 years prior to the JWST’s launch.

So what? In reaction to the blunder, the business emphasized its rigorous testing procedure for Bardwhich is started this week. But as a result, Alphabet shares plunged 8% yesterday, the highest in over three months (Down 4.39% today).

Even AIs make mistakes right? Bard’s blatant inaccuracy is not unusual in generative AI; ChatGPT’s inaccuracy is widely established. The systems function by studying patterns in vast amounts of text and predicting what words will follow, unlike our brains which analyze and synthesize ideas.

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