📉With inflation below 3% the Fed must keep recession away

The Techonomy Barista is here! Get ready for a double shot of tech and trends, served with a side of rizz.

Today’s top news:

1. GPT-4o now available for fine-tuning. 🔧 

2. Inflation has reduced but the Fed must keep away recession.

3. China going through a ‘steel winter.’

4. China's coal party over? 🇨🇳🚫🔥 Power plants get left on read as permits ghost them ⚡️.

5. Massive 💎 Alert! 🚨 Canadian miners’ strike bling jackpot, unearth 2,492Carat stunner! 🇨🇦⛏️✨.

State of the economy

Markets - Top 5 Economies

Economic Calendar

1. OpenAI now allows companies to fine-tune its most powerful model.

• Fine-tuning the flagship GPT-4o model wasn’t available until now.

  • Google and Anthropic allowed fine-tuning their models earlier in the year itself.

• Increased competition for enterprise customers is pushing the company to release such new features.

• Cosine’s Genie achieved a SOTA score of 43.8% on the new SWE-bench Verified benchmark with GPT-4o fine-tuning.

  • SWE-bench is a dataset that tests systems’ ability to solve GitHub issues automatically.

  • SWE-bench Verified is a subset of 500 samples from the SWE-bench test set, which have been human-validated for quality.

2. Inflation has reduced but the Fed must keep away recession.

• The US job market has been loosening to pre-pandemic levels.

• Economists are surprised that a successful drop in inflation below 3% has not increased unemployment levels. 🧑‍🏭 

• Since the 1950s, the US economy has tipped into a recession within two years every time inflation has exceeded 4% and unemployment has fallen below 5%. 🤞 

3. China going through weak demand and supply in steel.

• As mentioned in our last newsletter, China’s property sector remains in the doldrums, which has impacted its production of steel.

• China steel rebar prices are down over 20% year to date at 3,208 Chinese yuan ($450) per ton.

• Chinese exports have had a material impact on steel production prospects in rest of the world with a 15% drop in production YoY.

4. China's coal party over? 🇨🇳🚫🔥 Power plants get left on read as permits ghost them ⚡️.

Aright, let's break down this China coal tea real quick:

• China's still on that coal grind 🏭 Started building 41GW of new plants in 2024's first half. That's like, 90% of the world's new coal plants. Wild!

• But hold up! 🤚 New permits for future coal plants dropped by 83%. Maybe China's finally getting the memo?

• Renewable energy's popping off in China 🌞🌬️ Added as much new wind and solar in 2023 as the UK's total electricity production. Flex.

• Coal plants are catching Ls financially 💸 They're not making bank anymore. Only reason to build 'em now is for clout with local officials.

• The tea is hot ☕ China might've already hit peak emissions, but they're not admitting it. They're tryna balance that clean energy life with keeping the lights on. It's complicated, fam.

5. Massive 💎 Alert! 🚨 Canadian miners’ strike bling jackpot, unearth 2,492Carat stunner! 🇨🇦⛏️✨.

Alright, buckle up for this gem-tastic coffee! 💎☕️ Here's the 411 on this massive diamond discovery.

• Yo, Canada just flexed HARD! 💪🇨🇦 Lucara Diamond Corp. snatched a 2,492-carat diamond from their Botswana mine. It's like, the second-biggest shiny rock EVER, no cap!

• This chonky boi is giving major "Crown Jewels" energy. 👑✨ Only the 3,106-carat Cullinan diamond from 1905 has it beat. Talk about a glow-up for Botswana's mining game!

• Lucara's been on a roll, fam. 🎲🔥 They've been digging up progressively bigger ice, including the 1,758-carat Sewelo (Louis Vuitton copped that one) and the 1,111-carat Lesedi La Rona. Bling empire much?

• Botswana's not playing around anymore. 😤💼 They're leveling up in the diamond game, snagging bigger shares from big dogs like De Beers. Plus, their prez gets first dibs on peeking at this new sparkly beast. Power moves only!

Other news worth knowing

Environment

Barclays’ $2bn coal loans uncovers major climate policy loophole.

When is “recyclable” not really recyclable? When the plastic industry gets to define what the word means? 🌍️ 

Gen Z rising: Greta Thunberg to Anjali Sharma leading the climate charge. 

Inside Project 2025’s secret training videos.

AI

OpenAI strikes deal to use content from The New Yorker, Vogue, Vanity Fair.

AI keeping deer away from rail routes.

OpenAI intercepts and shut down an Iranian influence operation targeting US elections.

Deloitte survey reveals enterprise GenAI deployment challenges.

Psychology

How social media impacts youth: Risks and science behind content and features.

The silent rhythm of workplace.

Saving seconds is better than hours.

Psychology terms you’re misusing.

Business

Palo Alto Networks jumps following earnings.

Intel plans a 35% cut in costs for its Sales and Marketing group.

Loopholes in the final net neutrality order - FCC closes Fast Lane.

EV’s are depreciating pp to 50% in just one year.

US government invest billions to boost domestic semi-conductor production.

Politics

Obama makes the case for electing Harris at the DNC 2024.

Former Trump staff Stephanie Grisham endorses Kamala Harris.

California passes a bunch of laws to reduce organized retail crime.

World

US Defense strategy: Thousands of Drones to Guard Taiwan from Chinese Offensive.

Russian nuclear bomber goes down in flames.

Taiwan shows its firepower after China stepped up military activity.

Interesting

Watch: What happens in our brains when we think?

Last edition’s riddle was: How would you get an accurate 4-liter measurement when you have only a 5-liter canister and a 3-liter canister? 🤔

Alright, time to channel your inner puzzle master! Here's how you can get exactly 4 liters using a 5-liter can and a 3-liter can:

1. Fill the 3-liter can to the top.

2. Pour the 3 liters into the 5-liter can.

3. Fill the 3-liter can again.

4. Carefully pour the 3 liters again into the 5-liter can until the 5-liter can is full. (Since the 5-liter can already has 3 liters in it, you'll be able to pour only 2 more liters, leaving exactly 1 liter in the 3-liter can.)

5. Empty the 5-liter can completely.

6. Pour the remaining 1 liter from the 3-liter can into the 5-liter can.

7. Fill the 3-liter can again.

8. Pour all 3 liters from the 3-liter can into the 5-liter can.

   Now you’ve got exactly 4 liters in the 5-liter can. 🎉 

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