Wednesday, July 24, 2024

Can brat summer last through the fall?

Plus: 10 AI startups to watch

You've seen the font, you've seen the color, you've seen the memes. But what does it mean? Businessweek's Amanda Mull explains what a Gen Z banger album has to do with presidential politics. Plus: 10 AI startups to watch, keeping an eye on the slowing US economy and the latest episode of Elon, Inc. If this email was forwarded to you, click here to sign up.

You are now joining Brat Summer, already in progress.

If you've just now arrived on a wave of memes, we're glad to have you. It's OK if you don't know what "brat" is, or what it has to do with Joe Biden dropping out of the presidential race or Kamala Harris's quick ascent as the presumptive Democratic nominee. I'm here to help.

Charli XCX at the 2024 Met Gala in New York. Photographer: Dia Dipasupil/Getty Images

Brat is, in factual terms, the sixth studio album from the British songwriter and pop artist Charli XCX, which came out in early June—just in time for Pride. The album, with a lime green cover bearing only the word "brat" in a hazy sans serif font, is a grimy dance-pop romp, full of cheeky lyrics and not-so-thinly-veiled references to the use of recreational stimulants; it is, in other words, party music, in addition to being widely praised by critics. Brat tracks aren't the summer's biggest Billboard hits, but the album has been inarguably massive among exactly the right people to turn it into a perpetual motion machine for internet jokes: folks who are young, queer, extremely fashionable, very online and sick of the gloom of current events and Taylor Swift's stifling good-girl pop hegemony.

As a result, the album and its lime green motif have become near-immediate fodder for memes, mostly in an effort to mark things as a particular type of edgy, zoomer-approved cool. (Or, in the grand ironic tradition of memes, in an effort to paint otherwise utterly conventional things that happen to be green with the same brush.) As meme-creation goes, the album is about as accessible as it gets: Even if you haven't heard the album, you know the word, and Charli hasn't redefined it in any meaningful sense. Describing something as Brat-coded, washing an image in Brat green, or putting your own blurry word against a lime backdrop—as a gaggle of revelers on New York's gay summer party spot Fire Island did with "kamala" in reaction to Sunday's announcement—doesn't exactly challenge the rhetorical or graphic-design skills of those who wish to invoke the album's vibes. Brat is for the people—as long as the people are hot weirdos ready to party.

Brat-coded at the Queer Liberation March in New York on June 30. Photo: Alamy

What any of this has to do with Harris is basically nothing, but that's sort of the point. The push to replace Biden with her after the president's debate disaster had already supercharged an existing ironic meme about the vice president, thanks to a remark Harris once made about having not fallen out of a coconut tree. The turn of phrase was odd and catchy enough to get stuck in your head and be fun to repeat. And, no matter what anyone tells you, that—and good timing—are all that's really necessary for a meme to reach escape velocity.

That's largely what's happened with the Brat-coding of Harris, which has been affirmed by Charli herself, in a tweet on Sunday night that simply said: "Kamala IS brat." The meme has flown so far, so fast that MSNBC and CNN devoted time in their evening shows to parsing its meaning. But the beauty of it is that it doesn't really mean anything, except maybe that a sizable proportion of young Americans seem pleased that Harris is headed toward the nomination instead of Biden. The kids are tired and feel disenfranchised, and they're greeting what's plausibly good news with a mixture of mostly ironic detachment and, somewhere under there, a little bit of earnest hope. They might even show up to vote; Politico reported this morning that Vote.org saw a 700% spike in registrations in the two days since Biden made his announcement, more than when Swift made her Instagram endorsement four years ago. It's not inconceivable that young people might even be donating money to Harris: Her team said that, over the past few days, almost 900,000 people made their first contribution of the cycle. Seems like Brat summer might be headed into the fall.

In Brief

Another Inescapable Topic This Summer: AI

Illustration: Panayiotis Terzis

Artificial intelligence is developing at a dizzying pace, with technology that can do everything from churning out pop ballads to writing code. Although it's still early days—even the best chatbots make things up—the implications for humans are good, bad and inescapable.

A boom in innovation has led to more funding, with tens of billions of dollars put into AI companies in just the first half of this year. Rachel Metz, Shirin Ghaffary and Dina Bass compiled a list of 10 of the biggest, most important and best-funded startups to watch in 2024, plus six of the industry's most significant up-and-comers. Here's one you've heard of and one you might not have.

OpenAI

The company introduced the world to what AI could be with the introduction of the ChatGPT chatbot in 2022. Since then, OpenAI has continued to push the boundaries of the technology. It's developed software that can generate impressively realistic-looking videos, and its AI can respond almost in real time to a user's question with a human-sounding voice. (These products have yet to be rolled out to general audiences.) OpenAI has also provided one of the most engrossing tech dramas in modern history: It fired Chief Executive Officer Sam Altman in November, only to bring him back five days later, a series of events that unnerved some AI safety advocates.

Mistral

The splashiest AI companies with the most famous models generally hail from the US or China: Mistral is an exception. The Parisian startup, formed last year by French alums of Google DeepMind and Meta Platforms Inc., has released a flurry of popular large language models, primarily as open-source technology, along with developer tools, a chatbot (Le Chat) and an AI programming product (Codestral). It's all part of a pitch Mistral is making as the independent alternative to Silicon Valley—though the startup has also inked deals with US tech giants including Microsoft Corp. and IBM Corp. in a bid to get more traction across the Atlantic.

For the full list: These Are the 10 AI Startups to Watch in 2024

Keeping a Close Eye on the Slowing Economy

Illustration: Pierre Buttin for Bloomberg Businessweek

Having boomed its way through 2023, the US economy is coming back to earth. Companies are hiring fewer workers. Consumers are spending less. The housing market is all but paralyzed by the highest interest rates in decades. Manufacturing is struggling, with the exception of sectors benefiting from government incentives, such as semiconductors and electric vehicles. And even as inflation slows, businesses and households continue to complain of a sting from high prices.

Yet, unlike most slowdowns, this one is playing out as a textbook soft landing—the rare and difficult feat of slowing the economy without causing a recession. Inflation has cooled without a huge increase in unemployment, retail spending has cooled but not collapsed, and the economy continues to grow. In Bloomberg's latest survey, economists see a 30% chance of a downturn in the next 12 months, compared with 60% in the survey a year ago.

Figures due out Thursday are expected to show the economy grew 2% in the second quarter. After the 1.4% growth of the previous quarter, that would be the slowest consecutive quarters of growth since 2022.

The question now is how much will the economy decelerate and for how long?

Enda Curran and Charles Ayitey explore the answer here: The US Economy Is Slowing, Which Is Just Fine With the Fed

On the Latest Elon, Inc.: All In for Trump

This week, Businessweek's Max Chafkin and Bloomberg editor Sarah Frier explore the week's events in the US presidential campaign and Elon Musk's small role in them. The podcast also interviews Fred Lambert, an author and former Tesla superfan, about how his understanding of Musk has changed over time.

Listen and subscribe to Elon, Inc. on Apple, Spotify, iHeart and the Bloomberg Terminal.

Harris' Coffers

$100 million
That's how much Kamala Harris raised in less than 36 hours after she announced her candidacy, doubling the amount in her campaign's bank account by Monday evening.

The Cost of a Latte

"There's nothing left to do than for coffee shops to raise their prices." 
Michael Kapos 
Vice president for sales and marketing at Downeast Coffee Roasters
Coffee shops around the world, pinching pennies to prevent another round of hikes, are running out of options as bean costs spike.

More From Bloomberg

Like Businessweek Daily? Here are a few other newsletters we think you might enjoy:

  • Business of Space for inside stories of investments beyond Earth
  • FOIA Files for Jason Leopold's weekly newsletter uncovering government documents never seen before
  • CityLab Daily for today's top stories, ideas and solutions from cities around the world
  • Tech Daily for exclusive reporting and analysis on tech and AI
  • Green Daily for the latest in climate news, zero-emission tech and green finance
  • Explore all Bloomberg newsletters at Bloomberg.com.

No comments:

Post a Comment

Ethereum voit rouge, Solana explose les records 📊

Bienvenue dans la Daily du mardi 24 septembre 2024 ☕️ ͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏ ...