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Microsoft-backed (MSFT) OpenAI unveiled GPT-4o mini, its latest artificial intelligence (AI) model that is smaller and lower cost than its predecessors, in a move that could help advance the AI pioneer's position in the AI race.

GPT-4o mini offers some of the capabilities of OpenAI's larger models at a lower cost, and could appeal to those looking for AI systems for specific uses that don't require the same computing power as bigger models, which could attract new customers and expand the company's AI leadership.

OpenAI claimed that GPT-4o mini outperformed GPT-3.5 Turbo, the company's previous task-specific model, as well as some competitors' small model offerings including Google parent Alphabet's (GOOGL) Gemini Flash and Amazon-backed (AMZN) Anthropic's Claude Haiku.

While GPT-4o mini outperformed its small model peers in several benchmarks, it still lagged OpenAI's larger GPT-4o.

The company did not compare GPT-4o mini's performance to that of Microsoft's small model, Phi-3 Mini. As a major OpenAI investor, Microsoft could potentially stand to benefit from OpenAI's gains from GPT-4o mini.

GPT-4o mini's low cost and better performance compared to alternative small models could attract more customers to OpenAI. The small model could also be especially beneficial to OpenAI as an Apple (AAPL) partner as a new AI-supercharged iPhone model is expected in the coming months.

The new model is available to ChatGPT Free, Plus, and Teams users as of Thursday, as well as developers. Enterprise users are set to have access starting next week.

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Investors are optimistic about the stock market and expect to see more gains in the third quarter, according to a recent survey.

A survey from Morgan Stanley Wealth Management released Wednesday found that more than half of respondents, or 59%, anticipate that the equities market will rise in the third quarter. The online survey reflected the responses of nearly 900 self-directed investors collected since the start of the month.

Some 61% of respondents consider themselves bullish about the quarter, the survey reported, about in line with a quarter earlier.

The market has been strong in the past year, lifted in part by of enthusiasm about artificial intelligence (AI)-related shares and tech stocks broadly. Asked which sectors had the most potential in the third quarter, survey respondents remained bullish on tech, with with 57% of respondents citing it as one of those with the top potential—up from the second quarter. Energy was mentioned by nearly half.

The S&P 500 has generally risen to start the second half, though it's off recent highs.

Respondents to the Morgan Stanley survey remained uncertain about the economy and the political climate. Investors’ top concerns were inflation (54%), the 2024 election (34%), market volatility (22%), and a potential recession (20%). 

Although inflation has eased recently, it still remains above the Federal Reserve’s 2% target. The Fed has indicated it will reduce its benchmark rate as inflation cools, but it’s uncertain when that will happen. Just 13% of respondents said they think the Fed will start lowering rates this quarter, while 41% said they believe it will wait until the fourth quarter to ease rates. 

According to the CME Group’s FedWatch Tool, traders see a roughly 98% probability that the Fed will cut rates at its September meeting. The tool forecasts rate movements based on fed funds futures trading data.

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A lady has shared how her intentional boyfriend surprised her with a chef to prepare meals of her choice

She said she told this man she wanted to eat toast bread with scrambled eggs and hot chocolate, and he sent a whole chef to her house, and it’s been the most wholesome experience.

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Petco (WOOF) shares rose Thursday after the pet retailer named Joel Anderson its new chief executive officer.

The announcement landed hours after discount retailer Five Below (FIVE) yesterday said Anderson was departing. The news contributed to Five Below shares losing a quarter of their value Wednesday.

Petco shares were recently up more than 3% to a bit under $4. Five Below shares were down another 5%.

Petco said Anderson would start July 29. Wedbush analysts said Thursday that Anderson's "wealth of retail experience" makes the hire a " key step in the company’s revitalization," raising their price target to $5 from $4.

Anderson spent nearly a decade as CEO of Five Below, with several years of experience in a number of executive positions with Walmart (WMT) and other retailers.

"I am excited to join Petco at a pivotal time as we reposition the business for a stronger future," Anderson said in a statement.

Petco's shares are up more than 20% this year, well off spring lows below $1.50.

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A lady has releases the chat of a male admirer begging her for N8700 to buy burger.

The guy asked the lady money for burger and later asked her N11,000 to fuel his Car.

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