Numbers are everywhere during the holidays. People are stressing over the digits on their credit-card statements. People are watching the minutes tick away as they wait in line to return gifts. Others are figuring out what to tip the waitstaff so they can exit their chaotic family meals ASAP. But that’s not going to be you, you clever one, you — you’re skipping all that hubbub and sticking to your phone, simply reading an email about numbers (specifically, summing up 2023 by the numbers) rather than falling victim to them. Well played.
In today’s email:
AI by the numbers: The biggest deal of 2023 put up some gaudy digits.
Economic data: Where every number contradicts the last one.
Every story counts: The year’s weirdest, wildest, and funniest under-the-radar numbers.
👇 Listen: Our staff picks four stats that best sum up the world of business and tech this year.
The Big Idea
AI, the story of the year, told in numbers
All eyes were on artificial intelligence in 2023.
2023-12-29T00:00:00Z
Sara Friedman
No doubt about it, the whole world had its eyes on artificial intelligence in 2023.
The groundbreaking tech touched every industry, from agriculture and medicine to retail, food, and finance. We feared its impact on our livelihoods and revered its ability to generate images, text, sound, and data as well as — or better than — any human.
Let’s take a look back through the key numbers:
1m+: The number of people who used ChatGPT within its first five days. Now, a year after the generative AI chatbot’s launch, 100m people use ChatGPT weekly and 2m+ developers are using the company’s API, including most Fortune 500 companies.
$1T: The market cap Nvidia hit back in May (it currently stands at $1.2T). The chipmaker’s meteoric rise was largely fueled by tech companies of all sizes racing to add AI features to their products.
15: The number of tech companies that have agreed to abide by the Biden administration’s AI safeguards. The voluntary commitments, made by many of the major AI companies, aim to advance the technology in a safer, more secure way.
$10B: The amount of money Microsoft pledged to invest in OpenAI over the coming years, on top of the $3B it had previously invested, as the tech giant looks to keep up with AI.
$113.5m: The seed round raised by AI startup Mistral, just one month after launching and before its first product was even developed. It was the biggest seed round ever recorded in Europe.
$6B: The combined investment made by Amazon and Google in AI company Anthropic, OpenAI’s main competitor.
4.4%: The estimated adoption rate for businesses using AI to produce goods or services. While ~50% of S&P 500 earnings calls have referenced AI since May — on par with mentions of interest rates and the Federal Reserve — the hype isn’t trickling down to everyday use cases.
4: The number of days it took Sam Altman to get fired and rehired as CEO of OpenAI.
Free Resource
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We’re not trying to be some numbers-hoarding wannabe Copernicuses over here; we welcome all kinds of digits, from all kinds of places — like Google’s Year in Search 2023. The annual report is always worth a poke around, if only to see just how very out of touch you are with the rest of the world.
Your year-end watchlist
Like most of the working world, we’re trying to catch up on sleep this week. The up-to-date news will return to this spot on Monday, but if you need to pass some time in style, we’ve crafted quite a treat for you: the ultimate YouTube playlist of our very best “Hustlenomics” episodes of 2023…
Walk through the gift card graveyard: Every year, Americans spend billions of dollars on gift cards. But what happens to the money when the cards aren’t redeemed?
The risky business of producing Broadway shows: A look at how investors, producers, and theater owners strategize to keep shows up and running. Conclusion: It’s hard to break a leg and not the bank.
What makes dollar stores so profitable?: Together, the two largest chains, Dollar Tree and Dollar General, have ~40k locations in the US. Are these ubiquitous bargain-basement chains really as wallet-friendly as we think?
How airlines really make their money: Not every passenger generates revenue for the $750B+ global airline industry. One ticket class is responsible for driving airlines’ profits. Which is it? And which one's the best value for your money?
Speaking of numbers…
Earlier this year, we ran this feature on a person who’s really good at numbers — like, the “This dude went rogue and legally gamed the lottery, winning 14x and pocketing millions of dollars” level of really good at numbers.
Putting the “numb” in economy
‘How’d the economy fare in 2023?’… is a great question
This year’s economic data was dizzying, to say the least.
2023-12-29T00:00:00Z
Ben Berkley
On a scale of 1 to 10, how well do you feel the economy is doing? If you answered anywhere between 1 and 10, yep, you’re correct.
The year in economic data was a roller coaster ride — and a Rorschach test. You could find reasons to say the sky was falling; you could find reasons to say things were better than ever.
The narratives behind year-end economic headlines tend to lean toward the latter’s rosier outlook:
The Congressional Budget Office is confident the US economy remains on track to avoid a recession next year.
The Federal Reserve has held interest rates steady as inflation normalizes.
Employers added 199k jobs in November, with the unemployment rate at just 3.7%.
That’s all great, right?
For now, yeah. But broad economic uncertainty still reigned supreme in 2023.
For every good number, many people were left waiting for a different shoe to drop. Case in point, here’s the flip side of the numbers above:
The CBO sees unemployment rising to 4.7% by the end of next year.
The New York Fed president called the idea of lowering rates “premature.”
A survey of execs found 38% expecting more layoffs in 2024, with 50%+ anticipating, at minimum, hiring freezes.
So, which set is correct?
Both, ultimately. This duality is how “vibecession” — generally meaning pessimism about the economy, no matter how the economy’s actually performing — rose to prominence this year.
Just look at University of Michigan’s Consumer Sentiment Index, a popular gauge of those public economic vibes:
The measure started at a modest 64.9 in January.
… but things soured by May, when it bottomed out at 59.0.
… then it took off again, peaking at 71.5 in July.
… just to tumble back down to 61.3 in November.
… only to rebound once more in December, up to 69.4.
The fact that we’ve ended on a high note says a lot. Lest we forget, 2023 was the biggest-ever year for US bank failures, as banks with $548.7B in combined assets folded.
Recency bias can be a beautiful thing, it turns out: Since most of that damage was done in the year’s first half, everyone’s apparently feeling fine about all that bank drama now.
It’s all in the (very recent) past, right?… Right?
By the Numbers
Digits of 2023: Our fave weird numbers from around the web
2023-12-29T00:00:00Z
Juliet Bennett Rylah
~11k: How many washboards the Columbus Washboard Co. still sells annually, down from 1m+ in the 1940s. Sales jumped 57% in 2020 during the pandemic, but it’s not all about doing laundry — percussionists make up ~40% of sales.
$1.3B+: How much Andrew Lloyd Webber’s “Phantom of the Opera” grossed in NYC alone during its legendary 35-year run on Broadway. The show closed due to unsustainable operating costs of $950k/week.
$51: Average amount workers who returned to the office this year spent per day on things like coffee, meals, parking, and commuting. This figure increased to $71 for those who needed pet care, and dropped to $15 for those who worked from home.
383.2B+: Possible latte variations Starbucks can make. Drink customizations add $1B+ in revenue annually — but workers loathe them and customers hate the wait times. Consequently, Starbucks has invested billions toward finding ways to churn them out faster, including switching to smaller, easier-to-scoop ice cubes.
1.3m+:Players who completed Larian Studios’ “Baldur’s Gate III,” winner of The Game Awards’s 2023 game of the year. Most importantly, players pet Scratch, the RPG’s lovable dog and certified good boy, 48.5m times.
237: For those who enjoy complaining about “kids these days” and their smartphones, that’s the median number of notifications US teens receive on an average day. They only engage with a median of 46 per day, thanks to blocking, filtering, or prioritizing apps — but the max number was a whopping 4.5k+ notifications delivered with 1.2k+ seen.
$1.1B: Taylor Swift’s new net worth. Like it or not, 2023 was the pop star’s year. Her Eras Tour became the first to gross $1B+ and added $4.3B to the US’s GDP, while her concert film set AMC’s new record for single-day ticket sales at $26m.
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