Kim Kahn

From 10 a.m.

to 2 p.m., shoppers spent $12.5 million every minute online.

Mobile once again dominated, generating 55.2% of sales.

AI traffic to U.S.

retail sites surged 805% from last year as consumers used generative AI to find deals and research products.

The tools were used most for video games, appliances, electronics, toys, personal care items, and baby and toddler products.

And speaking of invaluable AI helpers, ChatGPT is celebrating its third birthday today.

From the faint echoes of keystrokes in 2022 to the thunder of the AI trade today, here's how OpenAI has grown.

2022, ChatGPT hits 1 million users in five days, early valuations are about $20 billion, and the GPU demand narrative begins.

In 2023, Microsoft invests $10 billion, OpenAI hits $30 billion of valuation, and Sam Altman is ousted and then reinstated in a dramatic governance showdown.

In 2024, model competition accelerates, valuation rises to about $90 billion, and enterprise monetization ramps up.

And in 2025, AI becomes a daily infrastructure.

OpenAI projects 220 million subscribers by 2030, and its valuation hits $500 billion in October.

The agent economy is starting to take shape.

And Swiss voters have decisively rejected a proposal to impose a 50% inheritance tax on the super-rich.

More than 80% voted against the plan.

The measure, aimed at estates above 50 million Swiss francs and intended to fund climate initiatives, faced backlash from the federal government and business groups who warned it would undermine Switzerland's appeal as a stable financial hub.

B of A pays out on December 26, BlackRock on December 23, and Union Pacific on December 30.

That's all for today's Wall Street Brunch.

Look for links to stories in the show notes section.