The artificial intelligence lab that developed ChatGPT is now valued at $29 billion. How does OpenAI generate revenue? What is its business model?

2023 started with a mirror image of the trends that prevailed last year: the US dollar is weakening, bond yields are falling and stocks are rising. Are we witnessing a classical positive seasonal effect or is the improving sentiment a reflection of a macroeconomic and fundamental outlook improvement?

In weightlifting, weights are loaded at opposite ends of the bar. In the investment world, it is also possible to focus on the two ends of the risk scale and avoid the “boring middle”.

Time for a retrospective on our main 2022 calls: what worked, and what has not -yet!- worked.

This could be one of the most important geostrategic and economic developments of the coming decades: the emancipation of the emerging super powers.

While inflation seems to have peaked in the US, central banks need to keep tightening for a while in order to bring it closer to their long-term target. This would probably imply a recession, with a negative impact on earnings growth.

Musk’s stock sales push Tesla share price down, while rates hikes take place across the board and US inflation starts cooling. Each week, the Syz investment team takes you through the last seven days in seven charts.

As we look toward 2023, the global economic environment continues to be shaped by the aftermath of the pandemic shock. We are still in the midst of a peculiar economic cycle that started with a sudden stop in global economic activity and an unprecedented support from governments and central banks. Inflation has surged this year to levels not seen in decades and has prompted central banks to raise rates in a hurry. Rising prices and higher rates are expected to weigh on global economic activity next year, prompting global growth to cool down further. Some factors support the view that this slowdown will remain contained and that an economic “soft landing” is the most likely scenario after the wild ride of the past three years. However, risks remain clearly tilted to the downside on the economic front for the year to come.

This past year, one crisis (covid) was replaced by another (Russia / Ukraine) overnight. Let's review the 10 highlights of a year like no other.

Below are the top 10 events and surprises that could mark the financial markets and the global economy in the New Year. We believe that these events and surprises are vanilla ones. Nevertheless, we also try to assess the probability of occurrence (high, medium, low) for each one.