Table of Contents

• US Inflation

• SearchGPT

Top Stories Today

Economy & Finance

US Inflation

An important Federal Reserve inflation gauge, the personal consumption expenditures (PCE) price index, showed a slight decline in June, rising 0.1% month-over-month and 2.5% year-over-year, meeting expectations. Core inflation, excluding food and energy, increased by 0.2% monthly and 2.6% annually. These figures support a potential interest rate cut by the Federal Reserve in September. The report also noted personal income rising by 0.2% and spending by 0.3%, with the savings rate falling to its lowest since November 2022. Markets responded positively, with futures indicating a higher likelihood of rate cuts.

Technology

SearchGPT

OpenAI announced the launch of SearchGPT, an AI-powered search engine that offers real-time internet information, challenging Google's dominance and competing with Microsoft's Bing and Perplexity. This prototype, currently available to a select group of users, will eventually integrate with ChatGPT. SearchGPT provides summarized results with source links and allows follow-up queries. The initiative signifies a closer collaboration with publishers, including News Corp and The Atlantic. Alphabet's shares dropped 3% following the announcement. This move by OpenAI underscores the increasing competition and innovation in the AI search market.

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