OpenAI develops system to track human-level AI

AGI pursuit is getting traction

G’day, this is the Techonomy Barista, where news about Technology and the Economy are blended like an authentic Italian affogato 🍧

A GenZ man looking at the Golden Gate bridge in SF

Today’s top news served fresh for you:

Source: Bloomberg

OpenAI has come up with a set of five levels to track its progress toward building artificial intelligence software capable of outperforming humans.
The levels range from the kind of AI available today that can interact in conversational language with people (Level 1) to AI that can do the work of an organization (Level 5).
OpenAI executives told employees that the company believes it is currently on the first level, but on the cusp of reaching the second, which it calls “Reasoners.”

Credit: Reuters

TSMC is the world’s largest contract chipmaker and has benefitted from high chip demand due to the AI frenzy.
Shares for TSMC jumped almost 80% this year with a full report of its Q2 earnings out on 18 July.
It’s predicted that TSMC's value could appreciate further in 2025 as customers bid to get sufficient capacity allocation.

Credit: Stonks

The S&P500 returned 17.3% in H1'24. Based on this data, only 3 major hedge funds above outperformed the market this year so far.
This data seems to confirm long-term studies that less than 10% of active fund managers beat the market or their benchmarks over 10+ years. So much for being a hedge fund manager! 😉

Remember from the last email, Consumer Price Index (CPI) for June was announced on Thursday and it has dropped according to Fed Chair Jerome Powell.
CPI inflation in June drops to 3% as opposed to 3.1% expectations and core CPI inflation falls to 3.3% versus 3.4% expectations.
Due to this good news, it is believed that the Fed could implement an interest rate cut in September, meaning money could become cheaper again.🫰
This news also sparked a shift of money from Big Tech into riskier areas of the market causing the S&P 500 to fall by nearly 1%.

Even as demand for battery-powered cars increased in the US, Tesla’s market share fell below 50% in Q2 2024.
Tesla accounted for 49.7 percent of electric vehicles sales from April through June, down from 59.3 percent a year earlier, according to research firm Cox.
With more than 100 models now available in the US, prices have fallen as the supply and variety of models have increased, making it possible for more people to afford one.
The market for hybrid vehicles has lately been growing even faster than for fully electric vehicles. 🔌