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Today’s Menu

• OpenAI Just Declared Emergency Response to Google

• Bank of America Opens Bitcoin to 15,000 Advisors

Markets

TODAY IN AI

OpenAI Just Declared Emergency Response to Google

OpenAI CEO Sam Altman told employees the company is moving into a "code red" surge to improve ChatGPT after Google's recent upgrades, according to The Information, shifting priorities and fast-tracking a model codenamed "Garlic."

An internal memo from Altman said it is "a critical time for ChatGPT," pushing for improvements to features like personalization and image generation. He revealed a new reasoning model launching next week (Shallotpeat) reportedly beats Gemini 3 on benchmarks.

A larger model upgrade, Garlic, targets 2026 - potentially a GPT-5.2 or 5.5-type release solving previous pre-training issues. OpenAI will reportedly delay advertising and AI agent initiatives as part of the Code Red push, focusing instead on the consumer experience surrounding ChatGPT.

In 2022, Google declared its own emergency push responding to ChatGPT, and three years later, the roles are reversed. While OpenAI still commands huge market share, its rivals are gaining - and with Gemini 3, Anthropic's Opus 4.5, and the Chinese open-source push, its model lead has never been more threatened.

When OpenAI declares "code red" and delays entire product lines to respond to Google, that's not normal competition - that's existential threat response.

TODAY IN CRYPTO

Bank of America Opens Bitcoin to 15,000 Advisors

The bullish news keeps coming. Yesterday Vanguard opened crypto access. Today, Bank of America stepped in with a 1-4% crypto allocation recommendation for suitable wealth clients.

From January 5, BoA will start formal coverage of four spot Bitcoin ETFs: Bitwise BITB, Fidelity FBTC, Grayscale's Bitcoin Mini Trust, and BlackRock's IBIT. Over 15,000 advisors who were previously restricted can now actively suggest Bitcoin exposure through regulated products, not just wait for clients to ask.

CIO Chris Hyzy stated: "For investors with strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate."

The playbook is forming: BlackRock suggests 1-2%, Fidelity suggests 2-5%, Morgan Stanley suggests 2-4%, Bank of America lands on 1-4%. Different firms, same conclusion: low single-digit crypto exposure as normal part of diversified portfolios.

This lands as markets bounce: total crypto cap back above $3 trillion, Bitcoin reclaiming $93K, Fed December cut odds pushing high 80s. Bloomberg's Eric Balchunas noted Bitcoin's latest spike lined up almost perfectly with the first US session where Vanguard clients could buy spot ETFs.

Prices are still well off highs. Sentiment remains fragile. Yet the world's largest asset managers are quietly agreeing on how much crypto you should own and clearing the way for clients to buy it.

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Thanks for reading!

Until next time,

Damon James