News about Michael Hartnett

In a productivity boost never before seen in history, generative AI has been predicted to add trillions to the world economy in a productivity rise never before seen in history (if it doesn't wipe out humanity first). But what if it doesn't? A growing number of sceptics, including some of the best AI researchers, are concerned that the technology will not keep up with its promises to improve the world economy. Optimist AI has long been predicted that the world economy will see'sweeping changes' as a result of the global economy's rise and rising productivity by 1.4 percent this decade. On Substack, Professor Gary Marcus of New York University said, 'we're starting to see signs' that generative AI could be a 'dud'. A Wall Street Journal article found that customers would find Microsoft's latest AI-powered Copilot software too costly, at $30 a month.

Several multi-millionaires have been able to take a gamble on the digital currency growth. However, it has also robbed millions of people around the world, destroying large amounts of their money. Vix Munro, 60, (right) from Somerset, purchased several bitcoins in late 2017 when each individual coin was worth about £6,000. Vix had been aware of Bitcoin since 2009, but she only invested in 2017 as the price began to rise and she did some more study.

In a study released yesterday, the bank, one of the world's largest banks, said that the digital currency was expected to hit $150,000 by the end of this year. Geoff Kendrick and Suki Cooper, two analysts who are based in London and New York respectively, said it might reach $250,000 'at some point in 2025' before the year comes to a close at $200,000.

On Thursday, the digital coin reached an all-time high of $73,803 as it slowed its gains for this year alone to over 70%. On Friday, it fell as low as $65,584 as its white-knuckle ride continued. Bitcoin is expected to reach $100,000 this year, according to crypto enthusiasts. Investors may lose everything, but others may be afraid that. As the US Federal Reserve prepares to reduce interest rates, Bank of America Chief investment strategist Michael Hartnett told Bloomberg television that markets are showing "characteristics of a bubble."

Apple, Amazon, Alphabet, Meta, Google, Microsoft, Nvidia, and Tesla have not only outshone the wider tech market, but also fueled a large portion of global equity gains. Since January, the 'M7' stocks have earned a cumulative return of 109 percent, while the S&P 500 and MSCI World Indexes have respective figures of 26 percent and 23 percent.

The 'Magnificent Seven' lead this year's stock market rally this year. Apple, Amazon, Alphabet, NVIDIA, Meta, Microsoft, and Tesla are all up around 7 percent since the start of the year. Compared to the S&P 500, an index of America's top 500 firms, was up but by a significant amount - almost 26% as of December 18.

As the worries of a recession start to fade, Michael Hartnett, Bank of America's head of portfolio strategy, expects bonds to be the best performing asset class in the first half of 2024. The yield on America's 10-year government Treasury bonds soared to 4.8 percent, the highest level since the global financial crisis. The yields on 30-year gilts in the United Kingdom soared to 5.1 percent, their highest level since the Asian financial crisis.

According to a group of Wall Street strategists, US stocks have risen to unprecedented high levels and are expected to face near-certain losses after investors know that the Federal Reserve will not pivot later this year. In a note released this week, the bank's chief US equity strategist said that the market has reached the 'death zone,' which is used to describe an altitude so high that climbers can't get enough oxygen.