SEC cracks down on AI tools

Good morning. FRY-nancial FRY-day is here! Let’s celebrate by exploring all things AI and finance. 🤑

*Nothing we offer constitutes investment advice. Our aim is to report the latest happenings and teach you how to use the newest AI finance tools.*

🤯 MYSTERY AI LINK 🤯

(The mystery link can lead to ANYTHING AI-related: tools, memes, articles, videos, and more…)

🔨 AI FINANCE TOOLS OF THE DAY

💻 NameSnack: Find the best name and available domain for your business. → Check it out

👩‍🎓 StudyMonkey: Have AI help you with your finance homework. → Check it out

🛒 BuySmart: Your personal AI shopper. → Check it out

SALTY STORIES OF THE WEEK 🧂

Want some seasoning? Here are the saltiest AI stories in FRY-nance from this week:

• Starting in 2025, the SEC will increase oversight of AI tools used by financial firms to ensure compliance and prevent misleading claims about their capabilities. This scrutiny, focused on areas like trading, fraud prevention, and anti-money laundering, responds to rising concerns about the risks of AI in finance. (Read More)

• Perplexity AI, a startup aiming to compete with Google in the search engine space, is seeking to raise $500 million in a new funding round that could more than double its valuation to around $9 billion. This comes amidst a News Corp lawsuit against the company for copyright infringement. (Read More)

THIS WEEK’S DIAMOND IN THE ROUGH 💎

Q: Why did Dracula go to the doctor?

A: He couldn’t stop coffin! ⚰️

This week’s diamond in the rough: Procept BioRobotics (PRCT).

How is AI helping Procept? Procept BioRobotics develops AI-powered medical robotic systems focused on urology. The company provides two key solutions: Aquablation therapy, a non-surgical alternative to urological problems, and AquaBeam, a robotic system that uses a heat-free water jet to remove prostate tissue in patients with benign prostatic hyperplasia (BPH). As AI continues to transform robotics solutions in clinical care, Procept is seeing more opportunities for implementation.

Want some numbers? Procept has shown solid growth, with expected revenues of $53.28 million for the third quarter of 2024, up 51.8% from the same period last year. The stock price has grown over 137% year-over-year, and over the last four quarters, Procept has outperformed earnings expectations three times. The company’s newest earnings report is expected next week.

HOW ARE THE MAGNIFICENT 7 DOING? 📈

FRY-NANCIAL TOOL OF THE WEEK 🔧

Q: What do you call it when a couple has to take out a loan to pay for their wedding?

A: A credit union.  🏦

What is the tool? Tandem is an AI-powered app that helps couples share expenses, track spending, plan purchases, and coordinate their day-to-days.

What are the features?

• Split your expenses: Say goodbye to endless Venmo requests, headaches, or spreadsheets. Share your expenses with a simple swipe, and set repeated expenses to split automatically. Settle up at any time, with no mental math required.

• Track spending: Seamlessly track how much you spend together each month. As you share expenses, Tandem will calculate the amount you’ve both spent, break it down by category, and highlight trends to give you helpful insights.

• Coordinate your day-to-day: Quickly add your financial tasks to a joint to-do list and check them off as you go.

• Plan for purchases: Looking at furniture for the new place? Or finally replacing that old fridge that keeps breaking? Plan for big purchases by adding items to the app or by browsing Tandem’s recommendations. Then, align on your favorites with your partner and buy those items directly in the app.

*Disclaimer: We don’t receive any perks for sharing this tool. We just want to show you how cutting-edge AI tools can be used to enhance your financial life.*

FRY-AI FANATIC OF THE WEEK 🍟

Congrats to our subscriber, Jeff! 🎉

Jeff gave us a Sizzlin’ review and wrote, “Please keep updating on the pros and cons of AI. Love the mystery link!”

(Leave a comment for us in any newsletter, and you could be featured next week!)

YESTERDAY’S POLL RESULTS 📊

Featured comments:

“If all cars were self-driving the incident outcomes would be much more predictable. The unpredictability of other drivers is concerning.” (Maybe 🚘)

“I’d love to try it!” (Yes 🤖)

HAS AI REACHED SINGULARITY? CHECK OUT THE FRY METER BELOW: