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Today in the Market (2/14/2024)

Good Morning! On Wednesday, U.S. equities rebounded and ended the day with gains after a previous decline caused by unexpectedly strong inflation figures.

The S&P 500 ended the day higher by 0.96%, while the Dow Jones had a little more volatility but finished the day up by 0.40%. The Nasdaq surged 1.30%.

ANOTHER AI FRIEND

Shares of Salesforce (CRM) rose over 2% on Wednesday after the introduction of a new product centered on AI on the Slack platform. Slack, the widely-used messaging application for workplaces, has formally introduced its Slack AI. The bot functions as an intelligent assistant, specifically created to facilitate the process of staying updated on the continuously growing array of work threads and channels that occupy your thoughts.

What is the goal of the AI? The Slack AI is comprised of three primary functionalities: thread summarizing, channel summarization, and search capability. The Slack AI will analyze the content of your thread or channel and condense it into a concise list that includes important subjects and tasks to be addressed.

What else? Instead of manually reading through an entire Slack conversation, users may use Slack AI to condense the discussion and quickly understand the main points. The same overarching principle applies to channel summaries. You have the option to condense current discussions, occurring during the last seven days, or throughout a designated timeframe.

UBER FOR NO ONE

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Workers from Uber (UBER), Lyft (LYFT), and DoorDash have organized a nationwide strike that started Wednesday. It is anticipated that over 130,000 workers would decline to provide transportation services to and from airports in 10 different cities in the U.S. between 11 AM and 1 PM.

But why are they striking? With the implementation of an algorithmic pricing model, firms have eliminated the assurance of a fixed payment for drivers, resulting in a decline in their wages. According to gig data provider Gridwise, the monthly average take-home wages of Uber drivers decreased by 17% in 2023. In comparison, 15% of Lyft drivers in the United States received less than 70% of the total fare paid by passengers.

Will this strike cause any change? Uber states that drivers in the U.S. receive an average hourly wage of $33 and express contentment with their income. On top of that, the company also said that it anticipates the strike will not significantly impact travel or costs.

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