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| Hello Insiders!! Today's Business newsletter covers: - 🎨 Adobe previews AI-powered editing tools
- 🔍 Deep Dive: Costco sells out of gold bars in hours
- 💰 Citigroup revenue beats expectations
If you enjoy reading this newsletter, please share it with your friends and colleagues. Make sure to continue reading the Quarterly Earnings Report and the Quick Hits. Thank you!! Shriram
p/Shriram | |
| 1 | | During its annual Max event, Adobe showcased AI-driven tools and features encompassing various domains, from photo editing and audio to video, 3D modeling, fashion, and design. A standout innovation was Project Primrose, an interactive dress that dynamically alters its colors and patterns when worn, illustrating Adobe's adoption of generative AI and 3D image technology across diverse creative fields. More: - A preview of Project Stardust was shown, automatically recognizing items in photos and enabling users to edit them by moving or deleting them.
- Project Dub Dub Dub can automatically translate audio into several languages while maintaining the speaker's voice.
- Users of Adobe may now convert films into images using the text-to-image generative AI tool Firefly, formerly included in a Photoshop beta program.
- Firefly automatically matches the lighting and style of pre-existing photographs while allowing users to add or remove items from images via text prompts.
Q: How can AI-driven innovations be applied to transform other creative fields and industries? Join the conversation here. |     | |
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What the numbers say: Over the past year, gold prices have increased by over 15% and over 55% over the last five years. Costco retails 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bars for slightly below $1,900, while the spot gold price is $1,876.56 per ounce. Relevance: Due to inflation, financial problems, and worries about the commercial real estate sector, precious metals like gold and silver are regarded as safe-haven assets, and their attractiveness has increased. More data: Costco's in-demand gold bars, exclusively accessible to members on their website, often sell out rapidly, with each member limited to buying two bars. Concerns about the future have led Costco to extend its selection of survivalist products, including an emergency food preparedness package. | | | |
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| 3 | | Citigroup posted Q3 results beating expectations, with earnings per share at $1.63 ($1.52 excluding divestitures), outperforming the expected $1.21, and revenue for the quarter reaching $20.14B, exceeding expectations of $19.31B. While revenue and net income increased by 9% and 2% year-over-year, Citigroup's stock faced a 0.2% decline for the day, contributing to an 8% decrease for the year. More: - Revenue from Citigroup's institutional clients division reached $10.6B, up 2% from the second quarter and 12% over the prior year.
- The personal banking and wealth management segment reported $6.8B in revenue, an increase of 6% from the second quarter and almost 10% from the previous year.
- At the end of the quarter, the bank recorded a net increase of $125M in the allowance for credit losses, bringing the total cost of credit to $1.84B.
- The restructuring of Citigroup, which has divided the company into five primary business segments, is now underway and is anticipated to be finished by the beginning of 2024.
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| 4 | | JPMorgan Chase posted Q3 earnings of $4.33 per share, surpassing the expected $3.96 per share, and reported quarterly revenue of $40.69B, exceeding the estimated $39.63B. The bank's profit rose 35% to $13.15B year-over-year, leading to a 1.5% increase in JPMorgan shares following the earnings report. More: - The acquisition of First Republic and improved net interest income helped the bank's retail banking division's profit rise by 36% to $5.9B.
- Corporate and investment bank profits fell by 12% to $3.1B as trading and advisory revenue fell.
- CEO Jamie Dimon stated that credit costs were "below normal" and that the bank was "over-earning" on net interest income, which is anticipated to return to normal.
- JPMorgan increased its forecast for net interest income for the year to $88.5B, the fourth rise in 2022.
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| 6 | | To enable live event viewing on mobile devices, TV stations are advancing to the 5G era, which might potentially draw mobile users and revitalize the broadcast paradigm. Nevertheless, the 5G broadcast standard faces challenges, as some TV stations prefer the alternative NextGen TV standard, leading to a lack of unified efforts. More: - For many 5G broadcasts, unique hardware and customized handsets are needed; thus, chip manufacturers are attempting to build broadcast-ready capabilities into their products.
- The lack of broadcast technology in smartphones has forced broadcasters to conduct 5G testing while they wait for broader acceptance and public interest.
- Wireless network operators gain from 5G TV broadcasts because they use less data than individual video streams, especially during critical events.
- Some U.S. station owners support NextGen broadcast, a competing standard, because of its backward compatibility and extra features, including ultra-high definition picture resolution.
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| 7 | | Quick Hits: *This is a sponsored listing. | | | |
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Term of the Day Real gross domestic product: Real GDP is calculated by subtracting the effect of inflation from the nominal GDP. Question of the Week What perks would convince you to return to the office? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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