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Today in the Market (5/24/2024)

Good Morning! On Friday, U.S. equities rose as Wall Street aimed to recover from the worst decline in the Dow Jones in more than a year. So did it work? Well, the S&P 500 and NASDAQ surged by 0.70% & 1.10%, while the Dow Jones barely increased by 0.01%.

ARE YOU SURE THAT'S CORRECT?

Google (GOOG, GOOGL) said that its latest AI search technologies will streamline the process of discovering information online, making it faster and more convenient for users. However, just after the introduction, the corporation is already retracting several findings that were factually erroneous.

How bad are some of the results? For instance, several individuals remarked on X that Google’s AI summary said that former President Barack Obama is a Muslim, which is a widespread misunderstanding. Another example was the statement that “none of Africa’s 54 recognized countries start with the letter ‘K'” was made by a Google AI summary, according to another user, who remarked that the statement forgot about Kenya.

In Google’s defense… At the very bottom of each Google AI search summary, there is a statement that states “generative AI is experimental”, so make sure you double-check those results! However, it is clear that the incorporation of AI, which tends to confidently share incorrect information, has the potential to damage Google’s image as a reliable source for conducting online information searches.

SUMMER TIME!

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Congress is allocating $240 million to address pilot shortages, a persistent issue that has plagued the airline industry in recent years and resulted in travel delays for passengers

What will these funds be used for? The additional funds were discreetly included in the latest renewal of the Federal Aviation Administration. The funds will be directed towards schools and organizations that prioritize aviation-related education, enabling them to reduce expenses for students and expand the range of services they provide. But is it that bad? The Transportation Security Administration anticipates that this summer will be the most hectic summer vacation travel season to date as the industry completely recovers from the impact of COVID-19.

However… The Air Line Pilots Association, the biggest organization representing airline pilots in the country, has consistently argued that there is no shortage of pilots. Instead, it has endeavored to shift the attention upon airline executives, asserting that their policies are the fundamental reason for the current travel problems. In addition, passengers should be cautious of this summer’s overscheduling, which occurs when airlines schedule flights without having the personnel to handle them.

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