Buzzfeed shares leap after announcing partnership for AI-generated content
The S&P 500's strong start to 2023 continued this past week as another key indicator suggested inflation continues to trend steadily lower.
On Friday, the Bureau of Economic Analysis reported the personal consumption expenditures price index gained 5% in December, down from a 5.5% increase in November and below economist estimates of a 5.5% gain. Core PCE inflation, which excludes volatile food and energy prices, was 4.4% in December, in-line with economist estimates.
On Thursday, the Commerce Department reported U.S. GDP grew 2.9% in the fourth quarter, exceeding economist estimates of a 2.6% gain. Consumer spending in the fourth quarter was up just 2.1%, down from a 2.3% increase in the third quarter of 2022.
On Tuesday, the U.S. Justice Department filed its second antitrust lawsuit against Alphabet subsidiary Google in roughly two years. The Justice Department is seeking to break up Google's online advertising business, which includes its popular YouTube streaming video platform.
After previous investments in 2019 and 2021, Microsoft is reportedly investing another $10 billion in Open AI, the artificial intelligence startup that created popular AI tool ChatGPT. BuzzFeed shares jumped 150% on Thursday after the company announced a partnership with OpenAI to create AI-generated content.
In the driver's seat
Shares of popular electric vehicle stock Tesla gained more than 25% this past week after the company reported an earnings beat and record revenue in the fourth quarter.
In the week ahead, investors will get more quarterly reports from ExxonMobil on Tuesday and Alphabet, Amazon.com and Apple on Thursday.
S&P 500 profit margins are on track to decline for the sixth consecutive quarter, according to FactSet.
Investors will get key economic updates on Wednesday when the Federal Reserve releases its latest interest rate decision and accompanying commentary and on Friday when the U.S. Labor Department releases its January jobs report.
More:Tax season 2023: What exactly is the mileage rate? It's not just 1 number.
More:Just how long could your retirement last? Many don't have a clue.
Benzinga is a financial news and data company headquartered in Detroit.
This article originally appeared on Detroit Free Press: BuzzFeed shares leap after announcing partner for AI-generated content