Hungary Averts a Recession as Weak Economy Weighs on Outlook
Gross domestic product increased 0.4% in the second quarter from the previous three months after a revised 0.1% contraction in the January-March period, the Budapest-based statistics office said in a statement on Wednesday. That compares to a median estimate of 0.3% in a Bloomberg survey of economists. Year-on-year, the economy expanded 0.1%.
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I Asked ChatGPT How Long It Would Take for Jeff Bezos To Spend All His Money
Jeff Bezos has an estimated net worth of $214 billion, according to the Bloomberg Billionaires Index. It's such an outrageous number that it doesn't feel real. Read More: Find Out: So naturally, I asked ChatGPT: How long would it take for Jeff Bezos to spend all his money? The answers were both enlightening and absurd. Wait, Isn't Most of His Wealth Tied Up in Stock? Yes, exactly. The majority of Bezos's fortune comes from Amazon stock and other assets, and not from piles of cash in a bank account. If he wanted to spend it all, he'd have to liquidate assets, deal with taxes, and probably move markets in the process. But for the sake of this thought experiment, I asked ChatGPT to treat Bezos' $250 billion as fully liquid. No taxes. No asset sales. Just pure, spendable wealth. Scenario 1: Spending $1,000 a Day 'If Bezos spent $1,000 every day, it would take him roughly 685,000 years to go broke,' ChatGPT calculated. That's longer than the entire existence of Homosapiens. He could buy a new iPhone every morning for the next 600,000 years and still have money left over for dinner. Discover More: Scenario 2: Spending $1 Million a Day Let's say he took it up a notch and started spending $1 million a day, luxury jets, gold-plated everything, villas on every continent. 'At that rate, it would take 685 years to run out,' ChatGPT said. That means he'd still be spending in the year 2710. Long after we've colonized Mars or uploaded our consciousness to the cloud. Scenario 3: Giving Away $1 Billion Per Year Now we're in philanthropic territory. If Bezos committed to giving away $1 billion every year, how long would that last? 'About 250 years,' ChatGPT said. To put that in perspective: The Bill & Melinda Gates Foundation spent about $7 billion in 2022. Bezos could do that every year for two and a half centuries. Scenario 4: Giving It All Away Tomorrow Let's say Bezos liquidated everything and gave away $250 billion in one giant act of generosity. Here's what that could cover, according to ChatGPT: End world hunger for 7.5 years, based on UN World Food Programme estimates of $33 billion a year. Wipe out all U.S. out-of-pocket medical expenses for 2023, which totaled around $505 billion, according to Centers for Medicare & Medicaid Services. Give every household in the U.S. a $1,750 check (based on ~143 million households). Pay for one year of tuition for 22 million public college students, based on national averages. That's real-world, tangible impact. And yet, he'd still likely make some of it back. So … Could Bezos Ever Go Broke? 'Not unless he really tried,' ChatGPT said. Even a billionaire-level spending spree encounters a bigger problem: Jeff Bezos' wealth continues to grow. In 2023, Amazon's stock surged about 80%, according to Investor's Business Daily, driven by renewed momentum in cloud, advertising, and AI. With most of Bezos's fortune tied to Amazon stock, that massive return added tens of billions to his net worth without him doing a thing. At that scale, wealth becomes self-sustaining, and it compounds. 'Let's say he spends $1 billion a year,' ChatGPT explained. 'Even that would be hard to keep up with. If his investments earned a modest 7% return annually, a pretty average stock market gain, he'd still come out ahead. On a $200 billion fortune, that's $14 billion in growth a year. So even after spending $1 billion, he'd be $13 billion richer.' In other words, he would be earning faster than he could spend it. So asking, 'Could Bezos ever spend it all?' overlooks the central fact: it's not just the size of his fortune, it's how fast it regenerates. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Clever Ways To Save Money That Actually Work in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I Asked ChatGPT How Long It Would Take for Jeff Bezos To Spend All His Money Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
I Asked ChatGPT How Long It Would Take for Jeff Bezos To Spend All His Money
Jeff Bezos has an estimated net worth of $214 billion, according to the Bloomberg Billionaires Index. It's such an outrageous number that it doesn't feel real. Read More: Find Out: So naturally, I asked ChatGPT: How long would it take for Jeff Bezos to spend all his money? The answers were both enlightening and absurd. Wait, Isn't Most of His Wealth Tied Up in Stock? Yes, exactly. The majority of Bezos's fortune comes from Amazon stock and other assets, and not from piles of cash in a bank account. If he wanted to spend it all, he'd have to liquidate assets, deal with taxes, and probably move markets in the process. But for the sake of this thought experiment, I asked ChatGPT to treat Bezos' $250 billion as fully liquid. No taxes. No asset sales. Just pure, spendable wealth. Scenario 1: Spending $1,000 a Day 'If Bezos spent $1,000 every day, it would take him roughly 685,000 years to go broke,' ChatGPT calculated. That's longer than the entire existence of Homosapiens. He could buy a new iPhone every morning for the next 600,000 years and still have money left over for dinner. Discover More: Scenario 2: Spending $1 Million a Day Let's say he took it up a notch and started spending $1 million a day, luxury jets, gold-plated everything, villas on every continent. 'At that rate, it would take 685 years to run out,' ChatGPT said. That means he'd still be spending in the year 2710. Long after we've colonized Mars or uploaded our consciousness to the cloud. Scenario 3: Giving Away $1 Billion Per Year Now we're in philanthropic territory. If Bezos committed to giving away $1 billion every year, how long would that last? 'About 250 years,' ChatGPT said. To put that in perspective: The Bill & Melinda Gates Foundation spent about $7 billion in 2022. Bezos could do that every year for two and a half centuries. Scenario 4: Giving It All Away Tomorrow Let's say Bezos liquidated everything and gave away $250 billion in one giant act of generosity. Here's what that could cover, according to ChatGPT: End world hunger for 7.5 years, based on UN World Food Programme estimates of $33 billion a year. Wipe out all U.S. out-of-pocket medical expenses for 2023, which totaled around $505 billion, according to Centers for Medicare & Medicaid Services. Give every household in the U.S. a $1,750 check (based on ~143 million households). Pay for one year of tuition for 22 million public college students, based on national averages. That's real-world, tangible impact. And yet, he'd still likely make some of it back. So … Could Bezos Ever Go Broke? 'Not unless he really tried,' ChatGPT said. Even a billionaire-level spending spree encounters a bigger problem: Jeff Bezos' wealth continues to grow. In 2023, Amazon's stock surged about 80%, according to Investor's Business Daily, driven by renewed momentum in cloud, advertising, and AI. With most of Bezos's fortune tied to Amazon stock, that massive return added tens of billions to his net worth without him doing a thing. At that scale, wealth becomes self-sustaining, and it compounds. 'Let's say he spends $1 billion a year,' ChatGPT explained. 'Even that would be hard to keep up with. If his investments earned a modest 7% return annually, a pretty average stock market gain, he'd still come out ahead. On a $200 billion fortune, that's $14 billion in growth a year. So even after spending $1 billion, he'd be $13 billion richer.' In other words, he would be earning faster than he could spend it. So asking, 'Could Bezos ever spend it all?' overlooks the central fact: it's not just the size of his fortune, it's how fast it regenerates. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Clever Ways To Save Money That Actually Work in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I Asked ChatGPT How Long It Would Take for Jeff Bezos To Spend All His Money
Engadget
2 hours ago
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Apple reportedly has a 'stripped-down' AI chatbot to compete with ChatGPT in the works
Apple has fallen far behind in the competitive market of AI-powered chatbots, but it may have a plan for an in-house option that aligns with the company's "not first, but best" philosophy. According to Bloomberg 's Mark Gurman, Apple created a team called "Answers, Knowledge and Information" earlier this year that's tasked with developing a "stripped-down rival to ChatGPT." Forming this team represents a major change in direction from Apple's earlier stance on artificial intelligence when the company partnered with OpenAI in 2024 to infuse Siri with ChatGPT instead of developing its own AI chatbot. Now, Gurman reported that this new Apple team will instead develop in-house AI services for a "new ChatGPT-like search experience" that can crawl the web to respond to questions. These new capabilities could be a standalone app, as well as support AI capabilities for Apple's Siri, Spotlight and Safari, according to Gurman's sources. The team is reportedly led by Robby Walker, who previously oversaw Siri, and has been advertising job openings that mention wanting experience with search algorithms and engine development. Beyond the Answers, Knowledge and Information team, Apple has experienced some growing pains when it comes to artificial intelligence. Earlier this year, the company said it would delay the release of the new-and-improved Siri, adding only that it would roll out "in the coming year." However, Apple is aware of the need to accelerate its Apple Intelligence program to stay competitive. In the latest third-quarter earnings call, the company's CEO Tim Cook said that Apple is open to acquisitions to fast-track its AI roadmap.
