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What do Reddit , Trump Media & Technology Group and GameStop all have in common? Trump Media made its market debut on Tuesday under the ticker DJT, following its merger with shell company Digital World Acquisition Corp. Reddit, which is not in the S & P 500, also has a market cap of about $9 billion Market capitalization Trump Media & Technology $9.4 b. Reddit $9.2 b. Caesars Entertainment $9.4 b. American Airlines $10 b. Mosaic $10.3 b. This is rather remarkable, considering Trump Media had revenues of roughly $3.3 million. What meme stocks have in common What Trump Media, GameStop and Reddit have in common is a high retail base.
Persons: Reddit, Michael Pachter, Pachter, Arch Crawford Organizations: Trump Media & Technology Group, GameStop, Trump Media, Corp, Caesars Entertainment, American Airlines and, Technology, American Airlines, The New York Times, Trump Media & Technology, JPMorgan, East India Company, Microsoft Locations: Moluccas, Indonesia
Zyn nicotine pouches are popping up everywhere. Someone using a 3 mg Zyn pouch will absorb 1.59 mg of nicotine, or 3.51 mg from a 6 mg pouch, a spokesperson for Zyn told Business Insider in an email. Middle and high-school-aged kids are using nicotine pouchesZyn says its products are only for consumers 21 and older who already use nicotine. However, unlike nicotine replacement therapies such as gum, patches, and mints, nicotine pouches like Zyn have not yet been proven to be a safe way to quit smoking. A 2023 study published by the Centers for Disease Control and Prevention found that around 1.5% of middle and high school students reported using nicotine pouches in the last 30 days.
Persons: Tucker Carlson, Bellini, Dr, Jonathan Foulds, Brittney Keller, Hamilto, Panagis, Alok Patel Organizations: Business, Penn State University College of Medicine, New York Times, Zyn, National Institute on Drug, Centers for Disease Control, CDC, The Ohio State University College of Medicine, Johns Hopkins Medicine, Stanford Children’s Hospital, ABC
The European Union wants to sanction three Chinese companies for supporting Russia, according to reports. This would mark the first time the bloc has sanctioned Chinese and Indian businesses since the invasion of Ukraine. AdvertisementThe European Union wants to sanction three Chinese companies due to their ties to Russia, according to reports by Bloomberg and the Financial Times . In April 2023, European Commission president Ursula von der Leyen traveled to Beijing to warn China’s leader Xi Jinping not to support Russia’s war efforts. "This visit is taking place in a challenging and increasingly volatile context, in particular because of Russia's war of aggression against Ukraine," she said in a press conference .
Persons: , hasn’t, Ursula von der Leyen, China’s, Xi Jinping, von, Leyen Organizations: European Union, Bloomberg, Service, Union, Financial Times, EU, Kremlin, Moscow, European Locations: Russia, Hong Kong, India, Serbia, Turkey, Ukraine, Kazakhstan, Sri Lanka, Thailand, EU, China, Beijing
These details are based on the many fan accounts attempting (with mixed success) to confirm exactly what happened when Taylor Swift embraced Travis Kelce after the Kansas City Chiefs qualified for the Super Bowl. im so fucking happy for taylor swift. AdvertisementTravis Kelce kissing Taylor Swift after the Chiefs qualified for the Super Bowl. Taylor Swift and Travis Kelce going on a date. Love stories that blend chivalry and feminism are on trendMorley said Swift and Kelce's love story is also the right mix of old-school and progressive.
Persons: I've, Taylor Swift, Travis Kelce, Kelce, taylor Organizations: Business, Kansas City Chiefs, Super, SIX, e
The deck kicked off a game of one-upmanship among Wall Street banks trying to keep their employees happy. Lit capitalized on poking fun at Wall Street culture, selling $35 dad hats that read, "Do You Know Who My Father Is?" There have, of course, been endless rumors about Lit's identity, especially among Wall Street underlings. Wall Street underlings have speculated about Litquidity's identity for years. Basak, one attendee said, wanted to take a "wrecking ball through it all" and hold Wall Street heavy hitters accountable.
Persons: Goldman Sachs, I've, David Solomon, Litquidity, Goldman, Solomon, Evercore, Michael Kovac, Lit, Warburg Pincus, Jamie Dimon, Jamie Dimon's, Banksy, Bennett Jordan, who've, Lit's, — Mark Moran, , Jefferies, Richard Handler, Spencer Platt, Isaac Laifer, Laifer, Handler, We'd, Henry, Hank, Medina, He's, he's, Jefferies Medina, Bart P, Fuchs, Karl Smith, Mark Moran, Moran, Bloomberg he'd, Zack DeZon, Getty Images Moran, Brian Hanly, Hanly, Sonali Basak, Angela Weiss, cryptocurrency, we'll, Mark, Medina's, weren't, CoinFLEX, Litquidity doesn't, Dave Portnoy, wasn't, Medina Ayden Syal, Kyle Zappitell, Zappitell, he'd, hasn't, Bennett Jordan —, Craig Sjodin, Litney, Paul Argenti, Wall Organizations: Goldman, New York Times, CNBC, Business, Bloomberg, Metropolitan Club of New, Nomura, Citigroup, Financial Times, Litney Partners, Whitney Partners, BI, ESPN, Litquidity, Centerview Partners, New York, Getty, Bain Capital, Litquidity Venture Partners, SEC, Cornell University, Wexford Capital —, Deutsche Bank, Deutsche, CFA, Getty Images, Bullish, Vice, Wall Street, Litquidity's, Manhattan's Rue, Fox Business, Litquidity Ventures, Coatue Management, SAFE, Soho House, Dartmouth University Locations: New York, Tribeca, Metropolitan Club of New York, Instagram, San Francisco, Medina, New York City, Miami, NoHo, Chad, Connecticut, Litquidity, Linktree, Soho
In today's big story, we're looking at why investors are eyeing an even better outcome for the market than a soft landing . The big storyMarket's sweet spotPiotr PowietrzynskiForget about a soft landing, some market watchers want something just right. For months, investors hoped the Fed's tightening policy would culminate in a soft landing: lowering inflation while avoiding a full-blown recession. But why settle for a soft landing when you can get it all? Liu Jie/Xinhua via Getty ImagesA Goldilocks economy still hinges on the Fed cutting rates, which has proved fleeting for investors.
Persons: , hasn't, Piotr Powietrzynski Forget, Matthew Fox, Solita, Marcelli, Jerome Powell, Liu Jie, we'll, Powell, Banks, Kenneth Rogoff, Jensen Huang, Rick Wilking, Goldman, Goldman Sachs, Savita Subramanian, Gen, Jenny Chang, Rodriguez, Fintechs, VCs, Sam Altman, Altman, didn't, Scott Winters, Alyssa Powell, Travis Kelce, Experian, It's, EVs, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Apple, Business, Getty, Bank of America, Harvard, Nvidia, CES, Kansas City Chiefs, US Treasury, New York Times, UBS, FAA, Boeing, Max Locations: Americas, Washington ,, Xinhua, Jensen, Las Vegas , Nevada, U.S, China, New York, London
The rental car giant is pausing plans to buy 65,000 electric cars from EV pioneer Polestar, according to comments made by Polestar CEO Thomas Ingenlath in an interview with The Financial Times . Hertz's estimated $3 billion agreement with up-and-coming EV maker Polestar in 2022 was seen as a major moment for electric vehicle adoption. AdvertisementIt came after Hertz struck a similar deal with Tesla and agreed to buy 100,000 of its EVs in 2021. However, since then the global EV market has stalled , with demand for electric cars slumping and major automakers rolling back some of their investments . AdvertisementThe company said in January it plans to sell 20,000 EVs from its fleet , including Teslas, Chevrolet Bolts, and Volvos.
Persons: Hertz, Thomas Ingenlath, Tesla, Elon, Ingenlath, Stephen Scherr, Polestar, Mary Barra Organizations: Financial Times, Polestar, Hertz, Teslas, Chevrolet Bolts, Volvo, Swedish, General Motors, Business
Generative AI Neural networks are the heart of the increasingly popular type of AI known as generative artificial intelligence , or gen AI for short. Both traditional AI and gen AI systems rely on data and can be used to automate decision-making tasks. Microsoft's AI virtual assistant Copilot — which went live in November — is perhaps the most prominent generative AI feature among our portfolio companies. Bias Bias is another downside to AI systems — and LLMs in particular — that users need to consider. While GPUs have the upper hand in AI training, CPUs are understood to perform AI inference well.
Persons: OpenAI's, , We've, that's, Chirag Shah, Shah, Mark Riedl, Bruce Springsteen, Einstein, Copilot —, Springsteen, OpenAI, it's, Riedl, Harry Potter, I've, ChatGPT, University of Washington's Shah, there's, he'd, Georgia Tech's Riedl, LLMs that's, Georgia Tech's, Meta, Grace Hopper Superchip, Jim Cramer's, Jim Cramer, Jim Organizations: Broadcom, Microsoft, Meta, Nvidia, Apple, Chirag, University of Washington, Google, Georgia Tech's School of Interactive Computing, YouTube, Netflix, Amazon, Facebook, Reuters, U.S, University of Washington's, OpenAI, New York Times, Club, Jim Cramer's Charitable, CNBC Locations: Silicon Valley, Barcelona, U.S, WhatsApp, Istanbul, Georgia
Venture capitalists need to free up cash and return money to their own investors, known as limited partners (LPs). The secondary share sales market in the US is well established. Bad timingMost VC funds agree to return their profits to their LPs within 10 years. A record 31 secondary funds headquartered in Europe were established in 2021, amid the hype period, with $29 billion in assets under management per PitchBook. It all comes down to how buoyant the VC market is: "If the market is good again, then who's going to sell secondary?
Persons: There's, Michael Smith, Regeneration's Smith, Kelly Rodriques, Hussein Kanji, Kanji, Hussein, Tom Henrikkson, OpeanOcean, it's, Henrikkson Organizations: Venture, Business, Industry Ventures, Cherry Ventures, Ventures, Albion, Forge, Financial Times, VC, Hoxton Ventures, Sequoia Locations: Silicon Valley, Europe, San Francisco, Amsterdam, London
Carlyle Group cofounder David Rubenstein is fronting a group buying the Baltimore Orioles, reports say. Fellow private equity billionaire Michael Arougheti is also expected to be involved in the deal. AdvertisementFamed private equity investor David Rubenstein is reportedly planning to buy the Baltimore Orioles. Puck broke the news Tuesday that the Carlyle Group cofounder and Baltimore native is fronting a group expected to take a 40% stake in the Major League Baseball franchise. AdvertisementThe Orioles are owned by the Angelos family, who bought the MLB franchise in 1993.
Persons: David Rubenstein, Angelos, Puck, Michael Arougheti, , Cal Ripken, Jr, Rubenstein, he'll, Peter Angelos, John, Carlyle, Josh Harris Organizations: Carlyle, Baltimore Orioles, Major League Baseball, Service, Carlyle Group, Baltimore, Ares Management, Orioles, MLB, Financial, National Basketball Association, Apollo Global, National Football League's
A view of a gas station which ran out of fuel due to Israeli attacks in Rafah, Gaza on October 25, 2023. The West Texas Intermediate contract for March dropped 79 cents, or 1.03%, to trade at $75.99 a barrel. Oil prices edged lower on Tuesday as Hamas considers a temporary truce in Gaza and the market waits to see how the U.S. will respond to a deadly attack on its soldiers in the Middle East. Biden said the U.S. would hold those "responsible to account at a time and in a manner our choosing." "We're not looking to escalate the tensions any more than they already have been escalating."
Persons: Ismail Haniyeh, Brent, Joe Biden, Biden, Lloyd Austin, John Kirby, Kirby Organizations: New York Times, West Texas Intermediate, Traders, Security, White Locations: Rafah, Gaza, U.S, Jordan, Iran, Syria, Iraq, United States, Washington, Tehran
NATO has vastly underestimated Russia's capabilities, a top general said. AdvertisementNATO has significantly underestimated Russia's capacity to replenish its armed forces with personnel and ammunition, a senior general said. AdvertisementIn September 2023, an unnamed Western official warned of Russia's ability to make two million artillery shells a year, per Reuters . And Christopher Cavoli, the commander of US European Command, said in April 2023 that despite significant losses in Ukraine, Russia's ground forces were bigger than when it invaded Ukraine. AdvertisementAs recently as Tuesday, NATO Secretary General Jens Stoltenberg said the war in Ukraine had become a "battle for ammunition."
Persons: Martin Herem, , Herem, Sir Tony Radakin, Christopher Cavoli, Jens Stoltenberg, Volodymyr Zelenskyy, Zelenskyy Organizations: NATO, Bloomberg, Service, Estonian Defense Forces, Financial Times, UK Ministry of Defence, European Command, Congress, Davos, Business, Russian Federation Locations: Russia, Ukraine
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. And it's embarking on a hunt for AI talent as it seeks to catch up with rivals like Google and Microsoft. They also suggest that Apple is ramping up its search for AI talent, advertising AI-focused jobs across several areas, including health , on-device AI , and building " foundation models," which are baseline AI models like GPT-4. Apple did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
Persons: , Siri, Morgan Stanley, Apple, Tim Cook, ChatGPT Organizations: Service, Business, Financial Times, Google, Microsoft, Apple, Apple's Worldwide, Conference, Apple Watch, Bloomberg Locations: PitchBook
Japanese stocks had one of their best years in recent memory, and they could rally even more in 2024. .N225 ALL mountain Big gains for Nikkei in 2023 That momentum has carried into early 2024. What's more, Wall Street sees no signs of Japanese stocks slowing down. In early 2023, Japanese stocks surged after the highest Shunto wage hike in 30 years was passed, at above 3% from above 2% the year prior, according to the Japan Times . Corporate earnings and economic growth Another driver for Japanese stocks this year could be strong corporate earnings and economic growth.
Persons: Warren Buffett, What's, BofA's Masashi Akutsu, Akutsu, Fumio Kishida, Scott Ladner, Ladner, we've, they're, Glovista's Carlos Asilis, there's, Bernstein, Neil Beveridge, Horizon's Ladner Organizations: Mitsubishi, Mitsui, Itochu, Sumitomo, Nikkei, Japan Times, Horizon Investments, Japan, Japan Hedged Equity, U.S . Federal Reserve, Bank of America, Toyota, U.S Locations: Japan, That's
Apple has paid a $13 million Russian fine over alleged illegal app store practices, per the FT. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementApple has reportedly paid a $13 million Russian fine as President Vladimir Putin escalates his crackdown on foreign tech firms. Like many other Western companies, Apple has largely abandoned Russia since Putin launched an invasion of Ukraine in February 2022, though it still operates its app store in the country. However, the war has left the Russian economy struggling with spiraling food prices and a shortage of workers .
Persons: , Vladimir Putin, Putin, Russia's Organizations: Apple, Google, Service, FAS, Financial Times, Big Tech, Business Locations: Russia, Ukraine, Ukrainian, Russian
Two Navy SEALs went missing overboard during an operation in the Red Sea last week, per CENTCOM. Losing Navy SEALs at sea during overseas operations is extremely rare, experts said. AdvertisementTwo US Navy SEALs are feared dead after going missing during a nighttime raid off the coast of Somalia more than a week ago. Such an accident is extremely rare, a military analyst and three retired Navy officers said. AdvertisementOver the years, the US Navy has experienced several incidents of SEALs lost at sea during overseas operations.
Persons: , Joe Buccino, you've, They're, Bradley Martin, Matthew John Leathers, Buccino, Jack Keller, Michael Ernst, Robert Ramirez III, Rick Kaiser, Sam Tangredi, Tangredi Organizations: Navy, Losing Navy, Service, US Navy, US Central Command, Associated Press, Business, National Navy SEAL Museum, Daily Democrat, Navy SEAL Foundation, Navy SEAL, USNI, Navy Times Locations: Red, Somalia, Yemen, Grenada, Caribbean, Panama, Hawaii, Virginia, Marana , Arizona, California
Read previewMonths after their legal dispute about the future of the late Lisa Marie Presley's estate, Riley Keough and Priscilla Presley walked the red carpet together at the 2024 Emmy Awards on Monday. They had one daughter together, Lisa Marie, who died in 2023. Keough is Lisa Marie's daughter. AdvertisementAs Business Insider's Eve Crosbie reported, Lisa Marie inherited her father's whole estate on her 25th birthday in 1993. Lisa Marie named her oldest children Benjamin, who died by suicide in 2020 at the age of 27, and Keough as the new co-trustees.
Persons: , Lisa Marie Presley's, Riley Keough, Priscilla Presley, Keough, Daisy Jones, Presley, Ali Wong, Elvis, Lisa Marie, Lisa Marie's, Myung J, Chun, Getty Images Keough, Eve Crosbie, she'd, Barry Siegel, Benjamin, they're Organizations: Service, Business, Los Angeles Times, Getty Images Locations: Graceland
One client, a law firm partner, refused to consider Oyesanya's suggestion of alternative investments. AdvertisementBanking to wealthy law firm partners is a desirable niche. Law firm partners averaged $1.12 million in compensation in 2022 according to a survey by recruiter Major, Lindsey & Africa, and top partners in Big Law can make more than $10 million a year. Now global head of JPMorgan's law firm and professional services group, Oyesanya is up against a formidable rival: her former employer. AdvertisementShe plans to strengthen JPMorgan's law firm group with the same ethos: serving customers well to earn their loyalty and their referrals.
Persons: Bola Oyesanya, Oyesanya, Wells, , We're, Major, Jamie Dimon, Bola, Philip Waxelbaum, Waxelbaum, She, I've, what's Organizations: Citi, JPMorgan, Service, Banking, Big, Financial Times, Wells, Lagos Law School, Ogun University, City Trust Merchant Bank, Partners Locations: Nigeria, Wells Fargo, Lindsey, Africa, York
For decades, Big Tech companies have avoided responsibility for anything posted on their platforms. Generative AI is about to end this prized legal protection. Meta, Google, Microsoft, Amazon and even Apple have spent the last year rushing to roll out generative AI tools and models to compete with OpenAI. Generative AI models and tools, however, are developed, owned and operated by Big Tech companies. Otherwise, by creating generative AI tools and providing the outputs, Chander sees few ways a tech company will be able to refute its role in generative AI content.
Persons: Meta, Bard, Mark Zuckerberg, what's, Aziz Huq, Anupam Chander, Chander, Huq, they've, Jason Schultz, It's, Schultz, " Shultz, Kali Hays Organizations: Big Tech, Google, Microsoft, Apple, Facebook, Business, Meta, University of Chicago's Law School, Georgetown Law, Institute, Rebooting Social Media, Harvard University, NYU Law, Technology Law, Policy Clinic, Twitter Locations: khays@insider.com, @hayskali
Larry Page and Elon Musk argued about AI at Musk's 44th birthday party in 2015. AdvertisementTesla CEO Elon Musk and Google cofounder Larry Page disagree so severely about the dangers of AI it apparently ended their friendship. At Musk's 44th birthday celebration in 2015, Page accused Musk of being a "specieist" who preferred humans over future digital life forms, according to The New York Times . Isaacson wrote that Musk said to Page at the time, "Well, yes, I am pro-human, I fucking like humanity, dude." "The future of AI should not be controlled by Larry," Musk told Hassabis, according to Isaacson's book.
Persons: Larry Page, Elon Musk, Page, Musk, , Musk's, Talulah Riley, Walter Isaacson, Isaacson, Demis Hassabis, Larry, Sam Altman Organizations: Service, The New York Times, New York Times, Times, Google Locations: British, Napa Valley
Israel's use of US-made bombs is contributing to high Palestinian civilian casualties, experts say. AdvertisementIsrael's use of large, American-made bombs is contributing to the massive death toll in Gaza, passing some of the deadliest conflicts in recent memory. The massive scale of Israel's attacks along with the use of large, US-made bombs in dense, urban areas have contributed to the massive death toll, according to the report. AdvertisementThe Gaza Health Ministry's most recent death toll released on November 10 included 11,078 deaths, according to the Associated Press . Israel's military did not provide a casualty count of its own, but denied targeting civilians, the newspaper said.
Persons: , it's, Marc Garlasco, Brian Castner, Castner, Israel, Jonathan Conricus Organizations: New York Times, Service, United, The New York Times, Hamas, Gaza Health Ministry, Associated Press, PAX, Pentagon, Times, Amnesty International, US Air Force, ISIS, The Times, Israel Defense Forces Locations: Gaza, United States, Iraq, Syria, Afghanistan, Israel, Vietnam, America, Mosul, Raqqa, Thailand, Philippines
Two men convicted of murder were released after fighting in Ukraine, per Russian media. AdvertisementRussia released two prisoners convicted of murder, who then ate parts of their victims, after they fought in Ukraine, according to multiple Russian reports. He's now recovering from moderate injuries at a military hospital in Yuzhno-Sakhalinsk, his neighbor Dmitry told Russian news outlet Siberia Realities . "He's basically free, pardoned, and half his [prison] sentence has been wiped out," Dmitry told the outlet, according to a translation by Ukrainska Pravda . AdvertisementOgolobya stabbed two other victims to death, penetrating their bodies 666 times and counting the blows out loud, witnesses said.
Persons: Denis Gorin, Nikolai Ogolobyak, , Meduza, He's, Dmitry, Ukrainska, Ogolobyak, Ogolobya, Wagner, Marx Organizations: Service, Ukrainska Pravda, Storm, Moscow Times Locations: Ukraine, Russia, Russia's Sakhalin, Sakhalin, Yuzhno, Russian, Siberia, Russia's Yaroslavl
Nov 20 (Reuters) - At least one person was killed and three people were injured on Monday in a shooting at a Walmart store in Beavercreek, Ohio, WHIO television reported, citing its reporters on the scene, as witnesses told media a man opened fire with an assault rifle. Three patients from the shooting being treated at a nearby trauma center, a hospital spokesperson said. Beavercreek police said they responded to the shooting and that there was no was longer any threat to the public. The building was cleared and secured and "there is no active threat at this time," police said on the social media platform X, without releasing any details about possible casualties. Another witness on social media described the shooter as a "tall, young white guy" carrying an Army bag.
Persons: WHIO, Catherine Morris, We're, what's, Daniel Trotta, Gerry Doyle Organizations: Walmart, Dayton Daily, Soin, Kettering Health, Police, Thomson Locations: Beavercreek , Ohio, Dayton, Beavercreek, , Ohio
Sam Altman was pushed out OpenAI CEO Friday in a move that shocked the tech community. AdvertisementSam Altman is out of OpenAI, the company he cofounded and helped turn into a leading AI lab. AdvertisementBut the launch of ChatGPT – arguably Altman's greatest success at OpenAI – may also have triggered his downfall. Current and former OpenAI employees told The Atlantic that pressure to commercialize ChatGPT created divisions among leadership. AdvertisementFurther product releases including ChatGPT Plus and GPT-4 only served to increase tensions, three people at OpenAI at the time told The Atlantic.
Persons: Sam Altman, it's, Altman, ChatGPT, , OpenAI, ChatGPT –, Ilya Sutskever, Greg Brockman, Brockman, Sutskever, he's, texted Altman, we've Organizations: Service, Microsoft, ChatGPT, The New York Times Locations: OpenAI, Sutskever
Police in Beavercreek, Ohio, said they responded to the shooting and that there was no was longer any threat to the public. Witnesses on social media said the shooter opened fire with an assault rifle. Another witness on social media described the shooter as a "tall, young white guy" carrying an Army bag. "My nerves are shot right now," she said. Soin Medical Center received three patients from the shooting, WHIO said, citing a hospital spokesperson.
Persons: WHIO, Daniel Trotta, Gerry Doyle Organizations: Reuters, Ohio Walmart, Police, Pictures, Soin Medical Locations: Ohio, Beavercreek , Ohio, Dayton
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