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☆ BlackRock's COO said he gave his staff a memo written by ChatGPT and they couldn't tell AI wrote it
▼ + stars: | 2024-05-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewEmployees at the investment behemoth BlackRock couldn't tell that a strategy memo they were reading was actually written by ChatGPT, the company's COO said on Thursday. BlackRock COO Robert Goldstein recounted the anecdote during an interview with Fortune's Lee Clifford. Goldstein said he'd worked with his team to prepare a memo on the company's generative AI strategy for a board meeting that took place "several months ago." But instead of drafting it themselves, Goldstein decided that the team should get ChatGPT to write the memo instead. Last month, BlackRock CEO Larry Fink said in an earnings call that the company's investments in AI would bolster productivity.

Persons: —, BlackRock, ChatGPT, Robert Goldstein, Fortune's Lee Clifford, Goldstein, he'd, BlackRock didn't, Larry Fink, Fink, Kristalina Georgieva, Georgieva Organizations: Service, BlackRock, Finance, Business, BI, IMF, Swiss Institute of International Studies Locations: New York, BlackRock, Zurich

☆ Xpeng vice chair says 'right now we have no plans' to enter the U.S. market
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailXpeng vice chair says 'right now we have no plans' to enter the U.S. marketBrian Gu, vice chair of Chinese auto giant Xpeng, discusses the EV market with CNBC's Emily Tan in Hong Kong.

Persons: Brian Gu, Emily Tan Locations: U.S, Hong Kong

☆ Chinese auto giant Xpeng wants to deliver flying cars by 2026
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese auto giant Xpeng wants to deliver flying cars by 2026Brian Gu, vice chair of Xpeng, discusses the EV market — and the future of flying cars — with CNBC's Emily Tan in Hong Kong.

Persons: Brian Gu, Emily Tan Locations: Hong Kong

☆ A top NATO general says Russian troops don't have the numbers or the skills to mount a strategic breakthrough in Kharkiv
▼ + stars: | 2024-05-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

A top NATO general says Russia won't be able to achieve a "strategic breakthrough" in Kharkiv. US Army Gen. Christopher Cavoli said Russia just doesn't have the numbers or skills to pull it off. Last month, Cavoli told Congress that the Russian army is 15% bigger than when it invaded Ukraine. AdvertisementRussian forces are unlikely to achieve a "strategic breakthrough" in Ukraine's Kharkiv region, a top NATO general said on Thursday. "The Russians don't have the numbers necessary to do a strategic breakthrough," US Army Gen. Christopher Cavoli, NATO's Supreme Allied Commander Europe, told reporters at NATO headquarters in Brussels, per Reuters.

Persons: Christopher Cavoli, Cavoli, — Organizations: NATO, US, Service, Allied, Reuters, Business Locations: Russia, Kharkiv, Ukraine, Ukraine's Kharkiv, Brussels

☆ Meme stocks and more: Analyst names 'danger zone' companies to avoid
▼ + stars: | 2024-05-17 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Meme stocks are in the spotlight this week. These so-called meme stocks, which gained popularity through social media platforms like Reddit and X (formerly known as Twitter), have attracted retail investors looking to make a quick profit. Future of meme stocks One analyst, who has previously been bearish on GameStop and tech stocks, said that while fundamentals for the stock have improved, GameStop is still in the "danger zone." 'Danger zone' stocks Here are some other stocks Trainer says is in his "danger zone" list, which also includes his "zombie stocks." He cited its "continuing deterioration" of its fundamentals, including its "unsustainable" expenses and steady cash burn.

Persons: David, Trainer, DoorDash's, Yun Li Organizations: GameStop, AMC, CNBC Pro, AMC Entertainment Holdings, Tilray

☆ Chinese shoppers are buying less than they used to, and it's contributing to a lopsided economic recovery
▼ + stars: | 2024-05-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's economy shows uneven recovery; industrial output rises, but retail sales slow. Factory activity beat expectations, but consumers are holding back, impacting retail sales growth. AdvertisementOn Friday, China released data showing an uneven economic recovery that's keeping consumers from spending. Factory activity cracked up, with industrial output rising 6.7% in April from a year ago, beating the 5.5% growth that analysts polled by Reuters had expected. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Reuters, Business Locations: China

☆ Citi names one under-the-radar stock to buy on an AI opportunity, giving it 22% upside
▼ + stars: | 2024-05-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Citi recently named one under-the-radar company to buy on a "data and AI opportunity." The bank pointed out that ExlService has the talent to meet the demand too, with its more than 13,000 AI, generative AI, data and digital "experts." "EXLS also provided medium-term targets (2024-25) of double digit revenue growth, incremental margin improvement, and faster-than-revenue EPS growth," Citi analysts wrote. The current demand pipeline for its data and AI services stand at $2 billion, according to Citi. The bank gave the stock a buy rating and a price target of $37, or potential upside of 22%.

Persons: ExlService Organizations: Citi, ExlService Holdings

This episode contains explicit language. Michael Cohen, Donald J. Trump’s former lawyer and fixer, took the stand in the former president’s hush money trial. Jonah E. Bromwich, a criminal justice reporter, discusses how Mr. Cohen could cause problems for Mr. Trump himself.

Persons: Michael Cohen, Donald J, Trump’s, Jonah E, Cohen, Trump Locations: Bromwich

☆ Neither Russia nor China wants the Ukraine war to end, but for different reasons
▼ + stars: | 2024-05-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewRussian President Vladimir Putin is on a two-day visit to China, and he's bringing along a large trade delegation. But Russia has also become increasingly reliant on China since it started the war in Ukraine. For instance, Russia is now "exporting raw materials to China while China sends finished goods, especially cars, to Russia — the latter at the expense of Russia's indigenous auto industry," she added. However, some analysts say China has more to gain from a continuing war. China and Russia are forging a partnership increasingly reminiscent of a great power alliance," wrote Michta.

Persons: —, Vladimir Putin, It's, Putin, Xi —, Michta, Russia —, Europe —, China's Organizations: Service, Business, Center for, Bilateral, West, Center, Global Energy, Columbia University, Kyiv —, US Army Locations: China, Russia, Ukraine, Moscow, Siberia, Europe, Beijing

☆ Elon Musk axed the entire Tesla Supercharger team after their division chief defied orders and said no to more layoffs
▼ + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewTesla CEO Elon Musk made the snap decision to fire the entire Supercharger team after its division chief refused to make further layoffs happen, Reuters reported on Wednesday. The billionaire said in an email to staff on April 29 that he was dissolving the entire team behind Tesla's charging infrastructure, per The Information. AdvertisementRepresentatives for Tesla, Musk, and Tinucci didn't respond to Reuters' request for comment. The Tesla chief moved quickly to assuage concerns, and assured investors that Tesla's Supercharger network isn't going anywhere. A slowdown in the rollout of Tesla's charging infrastructure would thus be a setback for Biden's clean-energy agenda.

Persons: —, Elon Musk, Musk, Rebecca Tinucci, Tinucci, Tesla's, Tesla, Mercedes Benz, haven't, Aaron Luque, Joe Organizations: Service, Reuters, Bloomberg, Business, Tesla, The, Motors, Ford, Politico, BI

☆ Trump is going out of his way to defend Kristi Noem for shooting her dog, saying she's just 'had a bad week'
▼ + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

But former President Donald Trump says he isn't too bothered by the bad press. "She had a bad week. We all have bad weeks," Trump said. AdvertisementFormer President Donald Trump doesn't appear to be too bothered by the criticism surrounding South Dakota Gov. She had a bad week.

Persons: Kristi Noem, Donald Trump, Trump, —, Donald Trump doesn't, Kristi Noem's, there's, Clay Travis, Buck Sexton Organizations: South Dakota Gov, Service, South Locations: South Dakota

While he suffered in wet running shoes all day, a few of the guides around him were wearing Teva sandals. In the last 30 years, Paigen's take on the sport sandal, Chaco, has become a cult favorite among outdoor adventurers worldwide. With the sandal design finalized, all that was left to decide was a name. AdvertisementTaking a closer look at the Chaco Z/1 Classic SandalChaco now sells many different sandal styles. For years I was firmly against wearing sandals, but I've softened my stance recently.

Persons: Mark Paigen, Paigen's, Paigen, I've, I'm, Chacos, — Sally Kaplan, they'd, Lavender, couldn't, Connie Chen, Chaco, — Breton Fischetti, REI Organizations: Business, Wolverine Worldwide, Urban Outfitters, Commerce Urban, Amazon, Nordstrom, Nike Locations: Colorado, Chaco, New York, —

☆ Looks like Elon Musk's belated 40th birthday present to Mark Zuckerberg is reviving that bizarre cage match bet
▼ + stars: | 2024-05-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

Turns out, if you're Elon Musk, the biggest birthday present you can gift to a tech world nemesis may just be yourself. All of this is to say that one day after Mark Zuckerberg's 40th birthday, Elon Musk is back on their old beef, bringing up that fight he challenged Zuckerberg to last year. "I'm up for a cage match if he is lol," Musk said in an X post on June 20, 2023. — Elon Musk (@elonmusk) August 11, 2023Zuckerberg, however, said Musk never made it clear when they were scheduled to glove up and face off in the ring. Advertisement"Zuck is a chicken," he wrote in an X post on August 13.

Persons: —, Elon Musk, Mark Zuckerberg's, Zuckerberg, I've, Musk, Joe Biden, Donald Trump, I’ve, ake, lear, ince, ade Organizations: Service, Business, ust Locations: lon, usk, lade

☆ Nvidia gave CEO Jensen Huang a 60% pay hike to $34 million last year
▼ + stars: | 2024-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang received a $34.2 million compensation package in fiscal 2024. Huang's pay rose 60% from 2023, driven by Nvidia's stock surge amid demand for the company's AI chips. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia CEO Jensen Huang got a huge payday last year thanks to strong demand for the company's AI chips. Huang, who is also a cofounder of Nvidia, received a $34.2 million compensation package for the fiscal year, which runs from February to January, the company's annual proxy filing shows.

Persons: Jensen Huang, —, Huang Organizations: Nvidia, Service, Business

☆ Rapper swag Zuck has gone too far
▼ + stars: | 2024-05-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Silicon Valley, it's time you noticed how one of your boys is looking more and more like a Rap God. Mark Zuckerberg showed up to his 40th birthday bash in what looked like an Eminem-inspired outfit. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMeta founder and CEO Mark Zuckerberg seems to really love channeling his inner Eminem — but how much rapper Zuck is too much rapper Zuck? Zuckerberg celebrated his 40th birthday on Tuesday with friends and family.

Persons: Mark Zuckerberg, —, Eminem, Zuck, Zuckerberg, Priscilla, Priscilla Chan Organizations: Service, Meta Locations: Silicon

☆ Russia's defense ministry is now helmed by an economist, showing Putin's 'nerds' are performing better than his 'jocks': analyst
▼ + stars: | 2024-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin's top economic officials are outshining those in his military, wrote an analyst. In contrast, Russia and Ukraine are fighting a war of attrition when Putin had expected a quick victory. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia's President Vladimir Putin on Sunday appointed Andrei Belousov, a civilian economist with no military experience, as the country's defence minister. It shows Russia's wartime economy is here to stay and that Putin expects the country's military-industrial complex to be a key pillar of the economy.

Persons: Vladimir Putin's, Putin, —, Vladimir Putin, Andrei Belousov, brawns Organizations: Service, Sunday Locations: Ukraine, Russia

☆ The IMF's chief is sounding the alarm, says the AI revolution is striking the job market 'like a tsunami'
▼ + stars: | 2024-05-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

IMF chief Kristalina Georgieva says AI will hit the job market "like a tsunami." "We have very little time to get people ready for it, businesses ready for it," she said on Monday. AdvertisementThe AI revolution could have a huge negative impact on the global job market, IMF Managing Director Kristalina Georgieva said on Monday. The IMF chief was delivering a speech at the Swiss Institute of International Studies in Zurich, where she talked about the impact AI could have on job seekers. AI, Georgieva said, is striking the job market "like a tsunami."

Persons: Kristalina Georgieva, Georgieva, — Organizations: Service, IMF, Swiss Institute of International Studies, Business Locations: Zurich

☆ Zuck's birthday t-shirt is a tribute to ancient Rome, Facebook's history, and going hard
▼ + stars: | 2024-05-15 | by ( Kieran Corcoran | ) www.businessinsider.com time to read: +3 min

Read previewCarthago delenda est — mean anything to you? In a series of photos showing the Meta founder celebrating his 40th birthday, Zuckerberg had a striking black shirt with a Latin phrase on it. Advertisement"Carthago delenda est" means — very emphatically — Carthage must be destroyed. As well as being a throwback to Roman history, it's a throwback to Zuckerberg's own history. So it seems appropriate that a throwback — if obscure — Latin phrase should be at the center of it.

Persons: —, Mark Zuckerberg, Zuckerberg, Kwan Wei Kevin Tan, Cato the Elder, Cato, It's, Caesar, Aurelia, Maxima Organizations: Service, Senate, Business, Google, Facebook, Harvard Locations: Carthage, Tunisia, Rome, Hannibal, Carthage's

☆ Singapore law professor discusses biggest challenges the country's new prime minister will face
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSingapore law professor discusses biggest challenges the country's new prime minister will faceEugene Tan, associate professor of law at Singapore Management University, discusses the issues that incoming Singapore Prime Minister Lawrence Wong will have to address. Wong will be sworn in on Wednesday.

Persons: Eugene Tan, Lawrence Wong, Wong Organizations: Singapore, Singapore Management University

☆ These are Goldman Sachs' favorite stocks with 50% or more upside
▼ + stars: | 2024-05-15 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

'Conviction list' stocks with big upside Investors still looking for quality names with more upside may want to consider names in Goldman's conviction lists — directors' cut. CNBC Pro scoured Goldman's May conviction lists for stocks with further upside of 50% or more, based on the bank's price targets. Goldman gave it a price target of $35, implying 107% upside. Goldman gave it a price target of 37 euros ($40), implying 64% upside. The bank gave the stock a price target of 380,000 Korean won ($277), or potential upside of 94%.

Persons: Stocks, Goldman Sachs, Peter Oppenheimer, Goldman, Neste, — CNBC's Michael Bloom Organizations: Dow Jones, U.S . Federal, Fed, CNBC, Europe's, Energy, Korean Locations: 1Q24, United States, Europe, Asia, Korean

☆ Elon Musk realized he needs his Supercharger team after all, weeks after axing the whole division
▼ + stars: | 2024-05-14 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

It looks like Elon Musk realized he needs his Supercharger team after all. The mercurial billionaire axed the entire charging infrastructure team two weeks ago. AdvertisementTesla CEO Elon Musk is re-hiring some of the workers from the Supercharger team he dissolved two weeks ago, Bloomberg reported on Monday. Last month, Musk said in an email to his staff that he was dissolving the team behind Tesla's Supercharger charging-station network, per The Information. Musk has brought back some Supercharger workers, including Tesla's charging director for North America, Max de Zegher, Bloomberg reported, citing people familiar with the matter.

Persons: Elon Musk, —, Musk, Max de Zegher Organizations: North, Service, Bloomberg, North America Locations: North America

☆ The US dollar has become so weaponized that central banks are snapping up politically-neutral gold
▼ + stars: | 2024-05-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Central banks accounted for one-quarter of gold demand in 2022 and 2023, as the institutions bought over 1,000 tons of gold each year, according to the World Gold Council in a recent report. Related storiesThe world's central banks continued buying gold, snapping up 290 tons of gold in the first quarter of this year — the strongest start to any year on record, according to the council. AdvertisementThis suggests that gold purchases by some central banks may have been driven by concerns about sanctions risk, Gopinath said. Central banks will keep buying, despite high pricesWhile China's central bank gold buying has been hogging the headlines, other central banks are also loading up on gold. The World Gold Council wrote in its recent report that other big gold buyers included Turkey and India.

Persons: —, Gita Gopinath, it's, Gopinath, IMF's Gopinath Organizations: Service, Monetary Fund, Business, World Gold, US Treasury, Agency, JPMorgan Locations: Ukraine, Central, Russia, China, Turkey, India

☆ 14 analysts upgraded this global AI chip stock in the past 2 weeks
▼ + stars: | 2024-05-14 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

There's been so much love for one global chip stock that as many as 14 analysts upgraded it in the past two weeks. Based on a CNBC Pro FactSet screen, 14 analysts upgraded the stock in the past two weeks, and none downgraded it. Those covering the stock say they are optimistic in light of AI demand, among other factors. This "inefficiency" has been estimated to likely create an additional ~10% in equipment demand over time," Kim added. When it comes to AI, Kim also said that each large language model upgrade cycle requires roughly 100 times more in compute capacity upgrades.

Persons: There's, That's Taiwan's, Phelix Lee, Lee, Dan Kim, Kim, FactSet, TSMC Organizations: Taiwan Semiconductor Manufacturing Company, Nvidia, CNBC, Morningstar, Saturna Locations: U.S, China, Taiwan

☆ China is asking its tech giants to ditch Nvidia chips and buy local instead: report
▼ + stars: | 2024-05-14 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChinese officials are asking domestic tech giants to buy locally-made AI chips instead of Nvidia's, The Information reported on Monday. Chinese tech giants, The Information's sources said, are now expected to purchase equal numbers of locally and foreign-made AI chips for their new data centers. China is a very important market for the technology industry," Nvidia CEO Jensen Huang told the Financial Times in May 2023. Cupertino-based tech giant Apple, for instance, has been working to diversify its supply chains away from China.

Persons: —, Tencent, pare, hasn't, Colette Kress, Jensen Huang, Huang, walling, Jay Pelosky, BI's Yuheng Zhan, Tencent didn't Organizations: Service, Baidu, Business, China's National, Ministry of Industry, Information Technology, Nvidia, downer, Reuters, Financial Times, BI, Apple, Bloomberg, China's Ministry of Industry, Alibaba Locations: China, United States, Cupertino, India

☆ Emily Tan: Ambition is the journey and drive to keep going
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEmily Tan: Ambition is the journey and drive to keep going"When you get there, you realize you want more." CNBC International Senior Correspondent Emily Tan shares what ambition means to her.

Persons: Emily Tan Organizations: CNBC

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