2023: Year of Big Tech Shakeups, Swift's Booming Business, Banking Busts, Fed Fight Against Inflation, and Explosive AI Growth
• Twitter Becomes X Twitter was renamed to X under new CEO Linda Yaccarino. Its valuation also dropped from $44B to $20B.
• Taylor Swift's Economic Impact Swift's Eras Tour and related content boosted certain industries. She was even mentioned by the Fed and Jerome Powell when discussing consumer spending.
• Collapse of Regional Banks Silicon Valley Bank and Signature Bank collapsed due to customers withdrawing funds. Regulators had to shut them down.
• The Fed's Rate Hikes The Fed continued aggressive rate hikes to fight inflation but slowed pace by end of 2023.
• Rise of AI AI exploded in 2023. ChatGPT hit 100M users in 2 months. Nvidia hit $1T valuation. AI was mentioned 1000s of times on earnings calls.