Good morning and Ramadan Mubarak to readers observing the Muslim holy month, which begins tonight for most communities. Interesting fact: Because Ramadan is linked to a lunar calendar, it begins 10–12 days earlier each year—so the next time it will start around this date won't be until 2056. And the year 2030 will have two Ramadan observances, one beginning on Jan. 5 and the next on Dec. 25. —Neal Freyman, Matty Merritt, Sam Klebanov, Abby Rubenstein | | | |  | Nasdaq | 11,860.11 | | | | | S&P | 4,002.87 | | | | | Dow | 32,560.60 | | | | | 10-Year | 3.609% | | |  | Bitcoin | $28,082.98 | | | | | GameStop | $26.20 | | | | *Stock data as of market close, cryptocurrency data as of 3:00am ET. Here's what these numbers mean. | - Markets: Stocks rose for the second straight day as maybe those butterflies around a banking crisis are beginning to flutter away. And GameStop kept up the good vibes after the market closed when it revealed its first quarterly profit in two years. Wonder if that'll sneak its way into the upcoming meme stock movie starring Seth Rogen, Paul Dano, and Pete Davidson…
- Dramatic Fed meeting: Chair Jerome Powell is in the hot seat today as he makes an interest-rate decision with global ramifications. The Fed will need to decide whether to continue raising interest rates to combat still-soaring inflation or hit the brakes to ease the pressure building on banks. Powell's decision will influence how central bankers worldwide approach monetary policy in this dicey moment.
| | | | Francis Scialabba In the high-stakes race to release advanced AI tech, Google has been the tortoise to Microsoft's hare. But even a tortoise takes a few steps forward now and again. Yesterday, Google began rolling out its chatbot, Bard, to select US and UK users and plans to open it up to more people going forward (you can get on the waitlist here). Like its AI competitor ChatGPT, Bard can answer your questions in a humanlike, conversational tone. But Google, which has rolled out its AI tech more methodically than rival Microsoft, is stressing that Bard is still an "early experiment" and wants users to play around with it so the company can learn what needs to be fixed. One thing users will definitely encounter is blatantly wrong information. So to cover its butt, Google has included a warning in the main text box: "Bard may display inaccurate or offensive information that doesn't represent Google's views." In fact, the entire Bard experience has more disclaimers than a white-water rafting trip, highlighting Google's "use at your own risk" approach. Big picture: Google is pitching Bard as a complement to its search business—not a replacement. As the dominant leader in search, Google must be careful with how it deploys AI: It can't cannibalize search's business model, but it also can't allow the competition to disrupt search, either. What else is happening in the world of AI? Seems like every day in 2023, there's a new AI development to delight or terrify you. Here's a rundown of the latest… Misinformation is a major concern. GPT-4, OpenAI's latest large language model, spreads even more false information than its predecessor, GPT-3.5, according to a new report from NewsGuard. OpenAI's CEO Sam Altman himself acknowledged that he was "particularly worried that these models could be used for large-scale disinformation" in a recent ABC interview. Meanwhile, people have already been using generative AI tools to make deepfake photos of former President Trump getting arrested (which has not happened). AI-generated images gain steam. Creating an image from a text input has been one of AI's most popular use cases, and companies are rushing to release these features to the public. Microsoft said yesterday it's integrating OpenAI's DALL-E tech into its Bing search engine, while Adobe released a suite of AI tools called Firefly. ChatGPT fools human reviewers. A paper published in an education journal this month highlighted how AI tools could threaten academic integrity and boost plagiarism. Well, the threat seems pretty real, because the paper was written by ChatGPT and was peer-reviewed by four academics who did not realize a chatbot authored it. The researchers who submitted the article did it to prove their point—and they succeeded. Further reading: On his blog, Bill Gates argues "artificial intelligence is as revolutionary as mobile phones and the internet."—NF | | TOGETHER WITH INTUIT MAILCHIMP | | Aiming to step up your marketing personalization? Hit the bull's-eye with Mailchimp's powerful segmentation tools. Mailchimp helps you target the right audience with tools that scale alongside your business. With data from over 300 tool integrations, you can engage customers based on their interests and buying behaviors (and keep your emails relevant, too!). The best part? Mailchimp's email platform predicts which customers are more likely to purchase again and spend more over time, helping businesses see up to 88% more revenue.* And when your segmentation starts scoring high, you can sharpen your strategy with **predicted customer lifetime value and demographics. Ready to reach your revenue goals? Reach the right audience today. | | Robyn Beck/AFP via Getty Images 🪧 LA schools shut down as support staff strike. The union representing the Los Angeles Unified School District's 30,000 support workers began a three-day strike yesterday, giving more than 500,000 K-12 students the LA equivalent of a snow day. The union is seeking a 30% pay bump for its members, whose average salary is $25,000 a year, and a $2/hour raise for the lowest-paid workers over the next four years. So far, the district has offered a 23% recurring raise and a 3% cash-in-hand bonus. The 35,000 teachers in the district—the country's second-largest—also walked off the job in solidarity.  Home prices fell for the first time in over a decade. Deflation has finally come for the housing market: For the first time in 131 months, the median price of a home in the US fell on an annual basis. The median price for an existing home in February dropped 0.2% to $363,000, according to the National Association of Realtors, with the West and the Northeast experiencing the biggest price cuts. Home sales also surged 14.5% from January to February, snapping a yearlong decline and increasing the most since July 2020.
 The US will backstop more deposits if it needs to. Speaking to a room full of jittery bankers, US Treasury Secretary Janet Yellen said the decision to backstop depositors in Silicon Valley Bank and Signature Bank when the institutions collapsed was necessary to safeguard the banking ecosystem, and that "similar actions could be warranted" if other smaller banks face comparable bank runs. Her remarks come as a debate rages over whether all deposits, including those above the current $250k limit for FDIC insurance, should be protected from now on.
| | White Claw White Claw is releasing another black cherry-flavored option to leave in the bottom of the cooler. But it's not quite the same—the popular hard seltzer brand is releasing a straight vodka, flavored vodkas, and canned vodka sodas. The lake day drink's parent company Mark Anthony Group, which is also the booze visionary behind Mike's Hard Lemonade, is venturing into the vodka world to find growth outside of the oversaturated seltzer market. That means it's about to take on one of the alcohol industry's heaviest hitters. Tito's Vodka, originally crafted in its founder's backyard, unseated big-name rivals to become the best-selling vodka in the US in 2019 and it now accounts for 25% of vodka sales in retail stores. Ironically, a change in a law helped extend the claw. In 2020, the Alcohol and Tobacco Tax and Trade Bureau updated its definition of vodka, allowing the spirit to have a little bit of sugar and still be considered true vodka. Big picture: With its new products, White Claw is entering two separate markets at very different stages of maturity. The vodka industry's sales remained flat last year at $7.2 billion, while ready-to-drink cocktails were the fastest-growing spirit category in 2021, posting 35.8% revenue growth over 2020.—MM | | TOGETHER WITH KIMPTON HOTELS | | It's spring fling season. Shake off winter's chill with a springtime getaway. Kimpton hotels is sweetening the seasonal blooms with a seasonal deal on their Best Flexible Rate for all IHG One Rewards members during their spring sale. Ready to book? Click the box above for a *very* special discount! | | Drew Angerer/Getty Images Nature's endorsement of Joe Biden for president in 2020 probably hurt Nature and barely helped Biden, according to new research. In the lead-up to the election, the prestigious scientific journal accused former President Trump of neglecting science in his handling of Covid and climate change and threw its support behind Biden. But a study published this week concluded that the move could have undermined public trust in Nature and science more broadly. The nuts and bolts: Stanford political economist Floyd Jiuyun Zhang surveyed 4,260 people (mostly supporters of Biden or Trump) in the summer of 2021 to better understand how scientists taking a partisan stance might affect their credibility with the public. Half of the participants were shown Nature's statement endorsing Biden, while the other half was asked to read an announcement from the journal that had nothing to do with politics. What we learned: Reading Nature's endorsement of Biden was unlikely to turn someone into a supporter of him, but it did make some Trump fans skeptical of Nature and more distrustful of scientists in general. Nature stood by its campaign advocacy. It claims the scientific community has an obligation to take a stand against politicians who "threaten a retreat from reason."—SK | | Eric Espada/Getty Images Stat: Japan's dramatic victory over Team USA in last night's World Baseball Classic championship could very well have been the most-viewed baseball game in history. The thrilling tournament has highlighted the global reach of a sport that began in Cooperstown, NY: More than 62 million viewers in Japan watched its pool play victory over Korea, which a) is a bigger audience than the most-viewed World Series game, and b) means almost half of all Japanese households were watching, according to Front Office Sports. Quote: "Most squirrel bites originate at the front, or 'bitey end,' of the squirrel." Always appreciate it when the National Park Service gives snarky wildlife advice on Twitter. Read: YouTube millionaires are not your friends. (Vox) | | - Dodge announced the 2023 Challenger SRT Demon 170—its last gas-powered muscle car. The car boasts 1,025 horsepower and has optional parachute attachments.
- Gwyneth Paltrow went to court over a ski accident in Utah in 2016. She's being sued for $300,000 in damages by a man who claims she severely injured him on the slopes.
- Winnie the Pooh: Blood and Honey, the slasher flick capitalizing on Pooh's expired copyright, was abruptly pulled from cinemas in Hong Kong and Macao yesterday.
- Home Run Dugout is aiming to be the Topgolf of baseball.
| |  And the crowd goes wild: Watch Kevin Harlan's epic call of the ending to the Furman–Virginia game.
AI's getting a lot better. Compare these images from 2022 and 2023. Plus, AI-generated women laughing with salad. Trend watch: Why all action heroes have names that start with the same letter. (Hint: It's J.) Healthcare insights: Level up your small talk with the No. 1 visual newsletter from Chartr. Join 350,000+ people who love snackable charts on business, tech, entertainment, and society. Sign up for free.+ For the long haul: This credit card offers one of the longest intro periods we've seen—until 2025—plus no annual fee. Apply now.* A much-(k)needed fix: The $19.4b knee replacement industry needs repair, and Monogram Orthopedics is making it happen. Read about their robotic tech and how you can invest before their planned Nasdaq listing.* *This is sponsored advertising content. +This is content from an editorial partner. | | Hey everyone, this is Toby and Neal, co-hosts of the Brew's new podcast, Morning Brew Daily. Every morning, we head to the studio to bring you an informative and breezy overview of the most important business news of the day. We go deeper into the topics covered in the newsletter and chat about stories that the email doesn't have space to include—like a wild trend called "HustleGPT." Bottom line: If you love starting your day with the Morning Brew newsletter, you'll love Morning Brew Daily, too. Listen on Apple Podcasts or Spotify, watch us on YouTube, or check us out wherever you get your shows. | | Word search: Today's theme is South American flags. See if you can spot the countries represented here. Party like it's 1999 The CD turns 40 years old this month, but its sales peaked in 1999. So here's a trivia question about music in 1999: What was the No. 1 song on the Billboard Hot 100 that year? Hint: The singer has a one-word name and the song has a one-word title. | |  Don't live in the past: Check out Tech Brew's recent artificial intelligence stories to learn how companies are leveraging AI to improve business processes.
 Even if data and spreadsheets aren't your thing, having Excel skills is a key piece of any resume. Learn Excel shortcuts and productivity hacks without breaking a sweat here.
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