DeepSeek, an AI model, achieved a 73% portfolio return since its 2023 launch and a 35% year-to-date gain, according to research by Lorenzo Riera, an associate professor of finance at the University of Florida, reported on May 26 local time. Riera has been conducting research since 2023 to enable AI chatbots to outperform the market. The performance stems from Riera's ongoing project comparing AI trading capabilities across multiple models. AI models process information similarly but reach identical conclusions only about 50% of the time, with DeepSeek demonstrating superior trading results compared to ChatGPT's 16% year-to-date gain and Grok's 19% year-to-date increase, Riera stated through Business Insider.
DeepSeek Outperforms ChatGPT and Grok in Trading Returns
DeepSeek's portfolio rose 73% since its 2023 launch and gained 35% year-to-date, while ChatGPT's portfolio increased 78% since launch but only 16% year-to-date, according to Riera's research. Grok's portfolio climbed 54% since launch and 19% year-to-date. "DeepSeek is by far the best trader," Riera stated. DeepSeek also outperformed Claude, though Riera noted Claude had a shorter portfolio management period compared to other chatbots. "AI models operate similarly in terms of information processing, but they make the same judgment only about 50% of the time," Riera explained. "Some configuration work is needed to add the latest information to the model, but the final decision is made entirely by the model."
Miami Living Costs Surpass New York as Billionaires Relocate
Miami's living costs now exceed New York's, making it the second most expensive metropolitan area in the United States after the San Francisco Bay Area, according to data from the U.S. Bureau of Economic Analysis reported by Business Insider on May 26 local time. Miami's housing costs, education expenses, and service fees rose rapidly, with the nation's highest home insurance premiums driving the cost surge. Jeff Bezos, Mark Zuckerberg, Larry Page, and Sergey Brin purchased homes in Miami, while Citadel's Ken Griffin relocated the hedge fund's headquarters from Chicago to Miami. Playboy and FC Barcelona's North American operations also established headquarters or key bases in Miami. The influx continues despite California and New York expanding tax burdens. Industry observers attribute the migration to tax benefits, business-friendly environments, and cultural and leisure infrastructure, though rising housing prices and living costs are increasing burdens on existing residents.
European Air Conditioner Ownership Projected to Exceed 100 Million Units by 2030
European air conditioner ownership stands at approximately 20% of households compared to about 90% in the United States, according to the International Energy Agency, reported by Business Insider on May 26 local time. EU household air conditioning units grew from fewer than 7 million in 1990 to approximately 57 million in 2020, and Eurovent, the European heating and cooling industry association, projected the figure will exceed 100 million by 2030. Europe recorded its hottest June on record this year, with some areas exceeding 100 degrees Fahrenheit (approximately 37.8 degrees Celsius), driving surging air conditioner demand. Samsung Electronics reported double-digit growth in European air conditioner sales in the first half of this year compared to last year, while Chinese appliance manufacturer Midea stated Spain and France shipment volumes increased 108%. "Air conditioning is no longer a niche product in many European countries," said Alexandre Roehrer, a researcher at Euromonitor International. "The current change is not a temporary phenomenon but a structural trend."
Chocolate Manufacturers Maintain Pricing Despite Cocoa Futures Decline
Cocoa futures prices trade at $5,327 per ton, down 34% over the past year, after reaching approximately $12,000 per ton in late 2024, according to CNBC reporting on May 26 local time. Cocoa prices maintained a range of $2,000 to $3,000 per ton over the past 20 years before the 2024 surge. Swiss chocolate companies Barry Callebaut, Lindt & Sprüngli, and Nestlé all stated record cocoa prices burdened financial results. "Record cocoa prices made unprecedented price increases inevitable across the industry," Lindt & Sprüngli CEO Adalbert Lechner stated in a conference call. "Geopolitical uncertainty, inflation, and weakened consumer sentiment weighed on demand." Major chocolate manufacturers focus on premium product innovation rather than price reductions to attract consumers, particularly targeting younger demographics through social media trends. Lechner stated the company will strengthen social media activities to expand brand awareness, consumer engagement, and purchase demand. Nestlé CEO Philipp Navratil announced plans to increase influencer marketing investment and change advertising approaches. "We will be more digital, more social, more natural and fun," Navratil stated. "We need to align with how young consumers communicate with the world."
One in Five Young Adults Use AI Chatbots for Emotional Support
One in five U.S. adults aged 18 to 29 use AI chatbots to obtain emotional support or advice, according to a Pew Research Center survey cited by Business Insider on May 26 local time. A recent YouGov survey found 13% of U.S. adults and 23% of respondents under 30 shared secrets or concerns with chatbots they would not tell people. Rachel Wood, a cyberpsychology researcher and founder of the AI Mental Health Association, stated, "The impact of AI on jobs and workplaces is already widely discussed, but the impact on human relationships could be much greater. It may take years for that change to fully manifest." Edith Sharone, a marriage and family therapist specializing in couples counseling and affair recovery, stated, "Confiding in a chatbot instead of a partner can make the partner feel betrayed. It can feel like a completely emotional affair." Kevin Cotton, an accountant for a theater company in Washington, D.C., stated, "Communication was not smooth during six years of marriage, but ChatGPT helped me think about how to restart conversations. The conversation with AI helped the relationship."
FAQ
What return did DeepSeek achieve in stock trading since 2023?
DeepSeek's portfolio rose 73% since its 2023 launch and gained 35% year-to-date, according to research by Lorenzo Riera, an associate professor of finance at the University of Florida, reported on May 26 local time. This performance surpassed ChatGPT's 16% year-to-date gain and Grok's 19% year-to-date increase.
Why did Miami living costs surpass New York?
Miami's housing costs, education expenses, and service fees rose rapidly, with the nation's highest home insurance premiums driving the cost surge, according to U.S. Bureau of Economic Analysis data reported by Business Insider on May 26 local time. The influx of billionaires including Jeff Bezos, Mark Zuckerberg, Larry Page, and Sergey Brin, along with corporate relocations such as Citadel's headquarters move from Chicago, contributed to rising prices.
How many European households will own air conditioners by 2030?
EU household air conditioning units will exceed 100 million by 2030, according to Eurovent, the European heating and cooling industry association, reported by Business Insider on May 26 local time. This represents growth from approximately 57 million units in 2020 and fewer than 7 million in 1990.
