Good morning readers. In a witty spin on the age-old adage that money can't buy happiness, recent studies and personal accounts reveal a complex picture of the relationship between income and joy. Despite a surge in median wage growth and substantial salary gains for many, the euphoria of a pay raise often fades quickly. The key to sustained happiness, it turns out, lies not in the amount but in the proportion of the increase, with larger leaps in salary needed at higher income levels to replicate the same level of satisfaction. For some, happiness comes from financial stability rather than material indulgences. Yet, for others, the allure of a higher salary was tarnished by comparisons to peers or the realization that pay hikes brought more guilt than glee.

Ultimately, the pursuit of happiness in the realm of paychecks is a nuanced journey, often leading to the discovery that joy may lie in the things money can't buy.

Let’s jump into today’s storylines.

In today’s digest:

• Apple gets rid of key sensor in it’s watch to avoid ban

• Headline Hustle: Donald Trump wins Iowa GOP presidential caucus, Fed tip toes around monetary tightening efforts, Kroger & Albertsons $25 billion deal gets delayed

• AI reigns supreme at Davos 2024

• Pulse Points: What’s Trending

TECH

Apple removes blood-oxygen sensor from watch to avoid U.S. ban

In a world where smartwatches do everything from tracking your steps to whispering sweet nothings about your heart rate, Apple's latest move might leave some wrists feeling a bit lighter. The tech titan is yanking the blood-oxygen sensor from some Apple Watch models, all thanks to a legal scuffle with medical-tech bigwig Masimo. Brace yourself, health buffs: this might be more than just a minor hiccup in your fitness journey.

The heart of the matter

It all started when Masimo accused Apple of playing copycat with its blood-oxygen measuring tech, prompting a U.S. import ban on some Apple Watch models. Apple hit pause on sales, albeit briefly, resuming them pending a legal once-over. In a recent twist, U.S. Customs green-lit Apple's workaround: ditching the contentious sensor. Now, Apple's holding its breath for a permanent stay on the ban during its appeal, a saga expected to stretch over a year.

Apple's been pumping up its health game with features like the now-controversial sensor. The Apple Watch, while just a slice of Apple's revenue pie, is key to its health-tech aspirations. This sensor snafu, a rare case of Apple backpedaling on a health feature due to patent woes, has a few scratching their heads about the company’s dedication to health-tech innovation and its commitment to the wellness game.

Big picture: Apple's decision to axe the blood-oxygen sensor to appease the patent powers-that-be with Masimo is more than a minor modification. It's a significant signal of the hurdles and headaches in the health-tech terrain. As Apple navigates this sweaty situation, its next moves could be vital not just for its own health ambitions but for the pulse of the health-tech sector at large.

Headline Hustle

🇺🇸 Donald Trump wins Iowa GOP presidential caucus. Donald Trump clinched a historic win in the Iowa caucuses, leaving rivals like former South Carolina Governor Nikki Haley and Florida Governor Ron DeSantis grappling with the implications. Trump's victory, amidst legal challenges and persistent claims of a stolen 2020 election, underscores his enduring influence within the GOP. Meanwhile, Haley, leveraging a surge in momentum, found herself neck-and-neck with DeSantis, who had dedicated significant efforts in Iowa, hoping to emerge as a formidable underdog. This caucus result sets the stage for what could be an abbreviated and intense GOP primary season, as the party's next moves and strategies come into sharper focus.

💰️ The Fed navigates slowly in easing a vital monetary tightening channel. The Federal Reserve, having ceased interest rate hikes last summer, is subtly tightening monetary policy by reducing its $7.7 trillion bond holdings by about $80 billion monthly. However, officials are now contemplating a slowdown in this "quantitative tightening" at their upcoming meeting, signaling a pivotal moment for financial markets. The Fed's strategy to shrink its holdings, either by selling bonds or letting them mature, affects long-term interest rates and financial market stability. Previously, balance-sheet runoff in 2017 led to market disruptions, an outcome the Fed aims to avoid this time.

🏪 Kroger, Albertsons need more time to close on $25 billion proposed merger. Kroger's proposed acquisition of Albertsons, a major move in the supermarket sector, faces delays, now expected to close in early 2024 due to prolonged discussions with federal regulators. The $24.6 billion deal involves divesting hundreds of stores to address antitrust concerns. Despite Kroger's plans to invest in price reduction and employee benefits post-merger, the move has sparked significant opposition. Critics, including lawmakers and state attorneys, fear it could lead to higher prices, fewer choices for consumers, and job losses, intensifying the debate over market competition and corporate consolidation in the grocery industry.

ARTIFICIAL INTELLIGENCE

Davos 2024: AI takes the spotlight, leaving crypto in the background

Gone are the days when cryptocurrency chatter dominated the corridors of the World Economic Forum in Davos. The 2024 edition witnessed a significant shift, with artificial intelligence (AI) stealing the spotlight. Major companies, including Intel and Salesforce, flexed their AI muscle, marking a new era in the tech world’s focus and direction.

The numbers tell the story

PitchBook's Emerging Tech Indicator highlights a rush of investments flooding into AI and machine learning startups, leaving Web3 and decentralized finance in the digital dust. In 2023, Nvidia, a bellwether for AI in public markets, saw its stock surge by 239%, highlighting the market's bullish stance on AI's potential.

But what about crypto? It appears the industry is adjusting to its new role with a kind of graceful acceptance. Experts see AI's rise as a natural progression, similar to the post-dotcom evolution of the internet. Crypto, now seen as a legitimate asset class, especially after the SEC’s approval of a bitcoin ETF, seems content to let AI take the limelight.

Zoom out: Those attending the conference point out a significant trend: AI is becoming a 'background technology,' seamlessly integrating into traditional banking and finance. Don’t believe the hype just yet? Just look at the recent layoffs made by big tech firms as they shuffle their priorities for 2024, all in the name of AI. The technology’s ascendance and crypto's quiet confidence signal a new era in tech, where innovation and acceptance go hand in hand, reshaping the contours of finance and technology.

SNIPPETS

Pulse Points

• Deere has partnered with SpaceX's Starlink to use their satellites for enhancing digital farming and automating agricultural processes in areas with poor internet connectivity.

• OpenAI has set restrictions on using its AI tools in political contexts during the 2024 election period to prevent the spread of misinformation and influence on voters.

• The International Monetary Fund cautioned that almost 40% of global jobs are at risk due to the surge of artificial intelligence, with higher impacts on high-income economies than on emerging and low-income countries.

• FedEx has introduced its new commerce platform, FDX, designed to rival Amazon by providing merchants with services including demand generation, fulfillment, tracking, and post-purchase experiences like returns.

• Defense Secretary Lloyd Austin was released from the hospital following a two-week stay due to complications from his recent surgery.

• Lionel Messi won the FIFA Men's Player of the Year award again, prevailing over Erling Haaland and Kylian Mbappe, while Aitana Bonmati was named the Best Women's Player of the Year.

Was this email forwarded to you? Feel free to sign up using the following link: https://www.pulseofprogress.info/

⚡️ Want to feature in this newsletter?

Elevate your brand's visibility to over 4,500+ decision makers by partnering with Pulse of Progress and seize the chance to connect with our rapidly expanding, highly engaged audience! Reach out for more details.