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Market Updates

Apple is partnering with OpenAI. The tech giant revealed Apple Intelligence, which includes a ChatGPT integration into its software, at its Worldwide Developer Conference. Apple users will be able to use AI to help with writing and editing, image generation and emoji creation. Virtual assistant Siri will also now use AI to answer queries. This partnership is a huge boon for OpenAI, the biggest private AI startup in the world, and a blow to its competitors, including Elon Musk’s xAI. In response to the partnership, Musk has threatened to ban Apple products at his companies, ostensibly due to security concerns.

Restaurants are leading a retail real estate resurgence. After struggling during and after the pandemic, retail properties are seeing declining vacancy rates and rising leasing demand, which has led to record-high rents. This is due in large part to the overall boom in dining out, with 2024 on track to be the best year ever for the U.S. restaurant industry. Restaurant and dining spending is projected to be over $1.1 trillion, up 5.4% from last year, and 28% higher than pre-pandemic numbers. Restaurants made up 19% of all retail leases last year, the highest for any category since tracking began in 2007.

Inflation in the U.S. was lower than expected in May. The Consumer Price Index (CPI), a broad measure of inflation, was flat last month, compared to a 0.3% gain in April. The core CPI, which excludes food and energy prices, rose by 0.2%, and also came in below expectations. Additionally, the producer price index showed a 0.2% decrease in wholesale prices, another sign that inflation is cooling. While the Federal Reserve again kept interest rates steady, chair Jerome Powell noted the encouraging inflation report. Wall Street now expects a rate cut in September, with a possible second one in December. This would provide a boost to a number of alternative asset classes, such as real estate, that perform better in lower interest rate environments.

Sotheby’s is partnering with Fanatics to sell high-end trading cards. The two companies agreed to team up on auctions featuring cards valued at more than $100,000. The first auction will be this September and features a 1948 Jackie Robinson rookie card that is currently owned by the fractional platform Rally. This continues Sotheby’s expansion into collectibles, as they already have a partnership with the NBA to sell game-worn items. Meanwhile, Fanatics is sunsetting the PWCC brand, which they acquired last year, and is launching Fanatics Collect, which will hold auctions, run a fixed-price marketplace, and handle vaulting and authentication.

📝 Top Stories

• Not your typical book sale: The Crosby Codex, believed to be the oldest Christian book and oldest privately-owned book in the world, sold for just over its high estimate of £3 million ($3.9 million) at an auction at Christie’s.

• Half a million new millionaires: The U.S. added 500,000 new millionaires in 2023, and high net worth individuals are increasingly investing into alternative assets.

• OKC rising high: The Oklahoma City Council approved plans for a 1,907 foot tall building with more than 1,000 luxury apartments, which would be the tallest building in the Western Hemisphere when completed.

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