TLDR

MARKET RECAP → Stocks lowered on Wednesday as investors weighed the beginnings of a U.S.-China trade agreement and fresh inflation data. Meanwhile, Bitcoin (BTC) fell but continues to trade near its all-time high of >$111K. $BTC.X ( ▼ 2.26% ) 

TARIFFS AS ELECTION-YEAR THEATER → 📉 Wall Street titan Howard Lutnick says U.S. tariffs on Chinese goods are just campaign smoke signals, not serious economic policy—more about headlines than real supply chain shifts.

WATTS, WATER & SAM ALTMAN’S VISION → 🚰 Each ChatGPT query uses just 0.015 tsp of water and 0.34 Wh of power—Sam Altman’s vision? A future where AI intelligence is priced like electricity.

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FINANCE

Tariffs as Election-Year Theater

📉 Tariffs for Show, Not Strategy: Cantor Fitzgerald CEO Howard Lutnick slammed the U.S. tariffs on Chinese goods as pure political posturing ahead of the 2024 election, suggesting they’re more about optics than economics. He argued that these tariffs—especially on Chinese EVs—won’t revive American manufacturing but may raise prices for consumers instead.

🛠 China Isn’t Coming Back: Lutnick warned that no tariff will bring Chinese manufacturing jobs back to the U.S. or meaningfully reduce the trade deficit. He believes the real shift is toward manufacturing in countries like Mexico and Vietnam, as companies diversify supply chains rather than reshore.

📦 Wall Street Shrugs It Off: Despite the rhetoric, markets aren’t rattled. Investors seem to view the tariffs as political wallpaper, not a structural economic shift. Lutnick even hinted that Wall Street sees through the maneuver—acknowledging the headlines while betting on business as usual.

TECH

AI’s Water and Power Appetite

💧 Sips and Watts: OpenAI CEO Sam Altman revealed that each ChatGPT query consumes about 0.000085 gallons of water—roughly “one fifteenth of a teaspoon”—and around 0.34  Watts of electricity, similar to running a lightbulb for a few minutes or an oven for just over a second.

🔍 Scaling Costs, Scaling Worries: Altman shared these stats to highlight AI’s mounting environmental footprint as use explodes. With billions of daily queries, even minuscule consumption adds up—prompting concerns around water use, cooling, and power infrastructure.

🌱 Power to the People: Altman then pitched a bold vision: with efficiency advancements, the cost of “intelligence” could drop to near the price of electricity, framing AI as a commodity-like utility rather than a luxuriously resource-intensive service.

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