Hi there, 

Here is this week in charts.

Latest and greatest. OpenAI launched GPT-4 — its large multimodal model — last week, and its capabilities are already making a splash in the world of standardized testing. While its predecessor (GPT-3.5) scored above the 80th percentile on exams for courses like AP Environmental Science and AP Psychology, GPT-4 surpassed that threshold for a number of other exams, including the US bar exam and the LSAT. Learn more about the companies joining OpenAI in the push to advance generative AI in this market map.

YOLO investing is over. Before SVB’s challenges hit headlines, startup investors had already become more discerning. This hesitation is reflected by the median number of months between rounds, which rose across all deal stages from Q1’22 to Q4’22. On top of that, funding and deal count are projected to drop 16% and 26% quarter-over-quarter (respectively) by the end of Q1’23. VC investors are becoming rigorous and data-driven at every stage of the investment lifecycle. And as we discussed on Tuesday, the current pullback in funding has PE investors salivating.

Coming for Cali. While California led Texas by about 1 gigawatt of installed utility-scale solar capacity at the beginning of this year, Texas is building quickly. It is planning to add 7.7 gigawatts of capacity to its electric grid in 2023 — meanwhile, California is only expected to add 4.2 gigawatts. If these projections pan out, Texas will knock longstanding leader California off its solar throne within the next few months. Learn more about the power grid’s shift to renewable energy and the technologies making it possible in this report.

Uh oh. Credit Suisse and UBS used to have a similar market cap. However, Credit Suisse then diverged from its compatriot, particularly amid a series of unfortunate events that included scandals and multi-billion dollar losses. This culminated in its largest shareholder (Saudi National Bank) withdrawing support, triggering a crash in its stock price and, ultimately, its recent sale to rival UBS to prevent contagion. This saga has contributed to growing uncertainty surrounding the state of the banking sector, compounding fears sparked by the Silicon Valley Bank crisis in the US. Explore the private market ramifications of this banking turbulence in this research brief.

Fore! Mid-week golfing has picked up amid the shift to work from home (air quotes around work from home). This increase is particularly notable on Wednesdays at 4pm. Among weekly time slots, this time slot has seen the greatest increase (+278%) in measured trips per hour over the 3-year period. This phenomenon isn’t limited to the golf course — there has been a notable uptick in other leisure activities on weekday afternoons as well, such as visits to the hair salon and the rock climbing gym.

We apologize to your eyes. Too much color is a thing, and it burns. Thanks to the anon newsletter subscriber who sent this. Keep sending in your best +1s, folks. We love to hate them.

And I love you. 

Anand

@asanwal

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