🎙️ AI finds its voice

…and Squarespace goes incognito (Google/YouTube) This concert is a genAI experiment   Yesterday's market moves Dow Jones 39,558 (+0.32%) S&P 500 5,247 (+0.48%) Nasdaq 16,511 (+0.75%) Bitcoin $61,618 (-2.09%) Dow Jones 39,558 (+0.32%) S&P 500 5,247 (+0.48%) Nasdaq 16,511 (+0.75%) Bitcoin $61,618 (-2.09%) Hey Snackers, Chicken wings are the [new gold](? Diners are leaning on cheaper chicken options, boosting poultry profits and creating a spicy inflation hedge for meatpackers, who are raking in big clucks. Stock ticked up yesterday, while 2021 meme-stock darlings GameStop and AMC [popped](. April producer prices came in higher than anticipated, and Fed Chair Powell said rates would likely need to hold steady for longer than expected. Today, all eyes are on the April inflation report.   ASSISTED [Google and OpenAI show off impressive AI voice assistants at rival events]( AI-palooza… A day after OpenAI announced its new-and-improved ChatGPT model, Google yesterday hosted its AI-focused developer conference, which kicked off with an intensely high-octane concert to demo the company’s AI DJ (part of its text-to-music tool). Tech giants have been sprinting (much like [this guy]() to churn out AI innovations. Some highlights: - OpenAI said GPT-4o is 2x as fast as GPT-4 and will soon be released for free. It features a sophisticated voice assistant that the company says can hold realistic convos and respond to what you show it through a camera (see the [demos](). - Google previewed a similar voice assistant (dubbed Gemini Live) that stops talking when you interrupt it, remembers interactions, and analyzes your face and environment through the phone camera ([demo hero](). - Custom bots: OpenAI already lets paid subscribers [create]( and browse customized chatbots in its GPT Store, and Google intro’d a similar option for Gemini subscribers to create personalized assistants (think: calculus tutor, sous chef, and “Yoga Bestie”). Siri has a sirius problem… The voice-chat capabilities previewed by OpenAI and Google seem to be leagues ahead of OG assistants like Apple’s Siri and Amazon’s Alexa, which’ve been known to say “sorry, I didn’t get that.” In addition to holding eerily realistic conversations, GPT-4o and Gemini Live can “see” through the camera (in a demo where OpenAI’s voice assistant is helping someone prep for an interview, the bot tells the user that they should fix their hair). But wait, there’s more: - Not just talk: Google introduced AI trip-planning features, showing how Gemini can pull your flight and hotel bookings from Gmail and create customized itineraries (picture: suggesting highly rated restaurants and activities near your hotel). It said Gemini could also locate your shopping receipts in Gmail and fill out return forms. THE TAKEAWAY Google might have a leg up over OpenAI… when it comes to assistants. Google already has access to your calendar, Gmail, Docs, Chrome browser (and other stuff, if you have its phone). It’s also still the leader in search with trillions of pages under its belt. That makes it easier for its assistant to do things like plan a trip, suggest a dinner rez, and do the legwork on returns.   SQUARED [Squarespace is taken private in a $6.9B deal, as private equity closes the public tab]( A million Adam Drivers… and a website that [makes]( websites that’s going [private]( in a $6.9B deal. Private-equity firm Permira is taking DIY website-builder Squarespace off the NYSE, three years after the tech co went public shortly after hitting a $10B valuation. While the Wix-rival hasn’t recaptured its 2021 peak, its value has recovered from 2022 lows after it notched $1B+ in revenue last year. Permira will pay Squarespace investors $44/share — $6 more than its price before the deal was announced. - Less square, more space: Squarespace said going private would give it more flexibility and resources. Private cos don’t need to publicly report their #s or follow many other rigorous rules required of public companies (think: public Twitter vs. private X). PE class… Private-equity firms are the “Property Brothers” of corporate finance. But instead of houses they flip corporations. PE firms often snatch up companies with rocky performance in the hope of boosting profitability and selling them for more later. (They’re also big venture-capital investors.) While PE buyouts declined last year, there’ve been some big deals recently. Permira’s Squarespace buyout is the year’s second largest behind Silver Lake’s $13B deal to take WWE parent Endeavor private last month. PE firms have also spent billions on cybersecurity and software companies this year. THE TAKEAWAY Cautious optimism is in… After 2023’s dealmaking drought, PE firms are scooping up companies that went public during pandemic market peaks. At the same time, more companies are going public, signaling that market optimism’s rising. But dealmakers seem to be more practical than they were in the Peloton era, with a focus on profitability both for IPOs and for buyouts — or at least a plausible path to it.   What else we're Snackin' - [Plus2](: Comcast said it’d bundle Apple TV, Netflix, and NBCUniversal’s Peacock in a “StreamSaver” package. Disney and Warner recently teamed up on a Disney+, Hulu, and Max package as streamers go cable style. - [Frankly](: Kraft Heinz is reportedly looking to sell Oscar Mayer, its famous hot-dog and Wienermobile brand, for between $3B and $5B. The ketchup and mac icon said it’s working to up its nutrition game for health-conscious shoppers. - [CTRL+Z](: Google accidentally erased the cloud account of UniSuper, a $125B Australian pension fund, leaving 600K+ members without access for a week. 60% of the world’s biggest companies use Google Cloud. - [iStrike](: Unionized employees at a Maryland Apple store voted to OK a strike this week as contract talks over pay and scheduling stalled. In 2022, in an overwhelming vote, the store became Apple’s first unionized location. - [Memeory](: The return of “Roaring Kitty,” an investor who spearheaded the 2021 meme-stock rally, sent GameStop shares up as much as 270% this week. Crypto meme coins also spiked, with one coin mooning 15x on Monday.   Snack Fact of the Day [8% of US adults say they never wear jeans](   Wednesday - Consumer-inflation data - International Day of Families - National Chocolate-Chip Day - Earnings expected from Cisco and Dole Authors of this Snacks own shares of: Alphabet, Amazon, Apple, Disney, and Kraft Heinz   [Instagram]( [Twitter]( [Sherwood Logo](sherwood.news) Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( [Our Editorial Standards]( [Contact Us](mailto:hello@sherwood.news) [Advertise With Us](mailto:advertising@sherwoodmedia.com) [Unsubscribe]( [Privacy Policy](