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The S & P 500 broke past 5,000 for the first time ever this week, but investors will see if the momentum can stick in the week ahead with more inflation data and earnings results on deck. On Friday, both the S & P 500 and the Nasdaq Composite were headed for their fifth straight week of gains, and their 14th winning week in 15. FactSet data shows S & P 500 earnings are tracking to have risen 2.8% in the fourth quarter, which would be a second straight quarter of earnings growth, and some expect that positive momentum will remain intact in the weeks ahead. A cooler-than-expected print has the potential to be greeted with enthusiasm, sending the S & P 500 even higher. The S & P 500 is up by 5% this year, with Nvidia higher by more than 40%.
Persons: Jeremy Siegel, CNBC's, Siegel, Karim El Nokali, we've, Tony Welch, Dow, SignatureFD's Welch, there's, Welch, Russell, Jason Hunter, that's, Hunter, Matt Kishlansky, Biogen, Kraft Heinz, Generac Organizations: Treasury, Wharton Business, Nasdaq, Arista Networks, Marriott International, Occidental Petroleum, Deere, Applied Materials, Dow Jones, Wall, Nvidia, Arm Holdings, JPMorgan, New York Community Bancorp, Federal Reserve, Treasury Budget, Waste, CPI, MGM Resorts International, Akamai Technologies, Howmet Aerospace, Molson Coors Beverage, Hasbro, Price, Index, Philadelphia Fed, Retail, Manufacturing, Housing, PPI Locations: SignatureFD, U.S, Long, GenTrust, Albemarle, NAHB, Michigan
New York CNN —Private equity executive Edgar Bronfman, Jr., whose family includes well-known supporters of Israel, is calling for the leaders the University of Pennsylvania to step down due to their response to the Hamas terror attacks against Israel, CNN has learned. College campuses have experienced a surge in tensions since the October 7 terror attack by Hamas and as the Israel-Hamas war continues. Last week, UPenn said it alerted the FBI to a series of threatening antisemitic emails sent to university staff. UPenn declined to comment on the Bronfman email. “This blurring of Hate speech as free speech is exactly what the University has enabled – even encouraged,” Bronfman wrote.
Persons: Edgar Bronfman , Jr, Bronfman, Liz Magill, Scott Bok “, , , ” Bronfman, Magill, Marc Rowan, Dick Wolf, Jon Huntsman, Cliff Asness, Bok, UPenn, ” Magill, , Edgar Bronfman Sr Organizations: New, New York CNN, University of Pennsylvania, CNN, Ivy League, , Penn, Wharton , New York University, Bard, Harvard, Georgetown . College, FBI, University of Virginia, Waverly Capital, University, Warner Music Group, Seagram, Lauder Institute, Wharton, World Jewish Congress Locations: New York, Israel, Wharton ,, Palestine
The move was done to give Page fewer direct reports and product units to oversee. * Pichai became CEO of Google in 2015 and all of Alphabet in 2019. * Alphabet, Google's parent company, has a long list of other businesses. Since Pichai became CEO, it acquired Fitbit in 2021 and the security company Mandiant in 2022. * Pichai's total compensation was about $226 million in 2022, more than 800 times the median employee's pay, the company said in a securities filing in April.
Persons: Sundar Pichai, Joe Biden, Narendra Modi, Evelyn Hockstein, Larry Page, Andy Rubin, Page, Pichai, Bard, Diane Bartz, Jonathan Oatis Organizations: Google, U.S, India's, White, REUTERS, Rights, Big Tech, Wharton, Stanford University, Indian Institute of Technology, McKinsey & Co, Thomson Locations: Washington , U.S, Washington, Madurai, Tamil Nadu, India, Indian Institute of Technology Kharagpur
Even before the Palestine Writes Literature Festival started, UPenn leaders acknowledged it would include speakers with a history of making antisemitic remarks. “You are forcing me to reexamine my financial support absent satisfactory measures to address antisemitism at the university,” Lauder wrote. The Palestine Writes festival has created a backlash that prominent donors, including billionaire Marc Rowan and former US Ambassador Jon Huntsman, who have vowed to cut off funding. “We know who they are and what they did.”Magill, UPenn’s president, conceded over the weekend that the response to the Palestine Writes Literature Festival was inadequate. Talk about resistance, talk about politics and power and culture and song and books and food and all of these things,” Susan Abulhawa, executive director of the Palestine Writes Literature Festival, told CNN.
Persons: Ronald Lauder, Lauder, UPenn, , ” Lauder, Liz Magill, Marc Rowan, Jon Huntsman, Rowan, Magill, Vahan Gureghian, , ” Magill, Susan Abulhawa Organizations: New, New York CNN, University of Pennsylvania, CNN, Daily, Forbes, World Jewish Congress, UPenn, Lauder Institute, Wharton, Department of Arts and Sciences, The Lauder Institute, UPenn’s, Penn, , University Locations: New York, Palestinian, Israel, Palestine, Austria, Philadelphia, American
The boss is back in charge
  + stars: | 2023-09-17 | by ( Beatrice Nolan | Sarah Jackson | ) www.businessinsider.com   time to read: +7 min
After a brief transition of power to workers, it feels like bosses are back in charge. Between the rise of AI, return-to-office mandates, and layoffs — employee anxiety is high. Between the rise of job-threatening AI, strict return-to-office mandates, and sweeping layoffs, it feels like bosses are clawing back what little remains of employees' power . The economic trend began in early 2021 in the wake of the pandemic and saw millions of workers quit their jobs . AdvertisementAdvertisementThe charge is largely being led by Big Tech and banks, with varying degrees of severity and pushback.
Persons: didn't, Peter Cappelli, Cappelli, Erin Kelly, Stanford, Nick Bloom, they're, Raj Choudhury, OpenAI's ChatGPT Organizations: Service, Companies, Wharton Business School, MIT Sloan, Big Tech, Amazon, Web Services, Harvard Business School, Octopus Energy Locations: Wall, Silicon
REUTERS/Leah Acquire Licensing Rights Read moreAug 16 (Reuters) - U.S. President Joe Biden on Wednesday marks the first anniversary of signing his signature clean energy legislation called the Inflation Reduction Act by leading a campaign to better explain to Americans what, exactly, it does. Twelve months after it passed, the law commonly referred to as the IRA, like most major U.S. legislation, is drawing mixed reviews. Meanwhile, many Americans, even those who support Biden, don't know much about it, according to Reuters opinion polls. Biden has expressed regret at calling the bill the Inflation Reduction Act. "Voters hear the Inflation Reduction Act, but they do not see their grocery bills coming down.
Persons: Joe Biden, Leah, Biden, Democrat Biden, Donald Trump, Moody's, MARK Biden, Goldman Sachs, WHAT'S, Jimmy Siegel, Jarrett Renshaw, Nichola Groom, Moira Warburton, Heather Timmons, Grant McCool Organizations: Infrastructure Law, White, REUTERS, Democrat, U.S, Republican, LOVE, Wall Street, Bank of America, Democrats, Credit Suisse, University of Pennsylvania’s Wharton Business School, Reuters, Washington Post, University of Maryland, White House, Democratic, Thomson Locations: Washington , U.S, U.S, Utah
Around that time, it started planning Barbie parties: Celebrations with themed cocktails, pink food and plenty of opportunities to show off Barbiecore outfits in the Instagram-friendly venue, including life-size hot pink Barbie and Ken boxes. By marketing Barbie products to adults, large retailers may be able to get them to buy similar products for kids. With Barbie products that appeal to grown-ups, marketers are “getting that interactivity between adults and children, that bonding,” which can also be used as a selling point. The clothing retailer offers a Barbie line that includes Gap and Barbie branded t-shirts, jackets and more, for both kids and adults. Nordhielm pointed to Cold Stone Creamery’s Barbie pink cotton candy ice cream as a standout.
Persons: Barbie ”, “ Barbie ”, Moshe Isaacian, Isaacian, Richard Drew, , , Tim Calkins, Barbie, Ken, Leana Chavez, cabana, Lauren McCord, Christie Nordhielm, Richard Dickson, Richard B, Levine, Levine Roberts, “ Barbie, Oppenheimer, David Canales, David Reibstein, University of Pennsylvania’s Wharton, we’re, Mike Blake, ” Reibstein, “ it’s, Northwestern’s Calkins, Mattel, Chrissy Teigen Organizations: New, New York CNN, Twitter, Mattel, Warner Bros, CNN, Warner Bros ., Northwestern University’s Kellogg School of Management, Wunder, Georgetown University’s McDonough School of Business, Press, University of Pennsylvania’s, Reuters, Creamery Locations: New York, Wunder Garten, Washington , DC, Zara, Gran Via, Madrid, Malibu, Malibu , California
For just shy of a year now, the bond market has been signaling that a recession is on the horizon. And for the better part of the past six months, the stock market has been ignoring it. "The market's certainly not acting like it would if this 'Waiting for Godot' recession was right around the corner. "I would say it's much more about what started this conundrum, the combination of pandemic policy, pandemic reopening and hyperaggressive monetary policy. A key narrative from those looking for recession is the lag effects that Fed policy will have.
Persons: Godot, Hogan, Nicholas Colas, Colas, There's, Jeremy Siegel, Siegel Organizations: Riley Wealth Management, Federal Reserve, Treasury, New York Fed, DataTrek Research, Wharton Business Locations: It's, U.S
The White House estimated, and independent budget analysts agreed, it could cut the deficit by $300 billion over the next decade. The tax credits have been massively popular with companies, spurring new investments and boosting job growth, environmental benefits -- and the price tag. The bill will add $750 billion to the nation’s deficit over ten years, according to Smetters. White House officials say revenue will outpace original congressional estimates, and they point to the millions of jobs the IRA is expected to create. “We’re going to have more deployment and achieve more emissions reductions than we initially thought,” the White House official said.
Persons: Joe Biden, Biden, , Kent Smetters, Goldman Sachs, Joe Manchin, Manchin, we've, Joe Biden’s, Tesla, Smetters, ” Smetters, “ We’re, Merck, Jarrett Renshaw, Heather Timmons, Alistair Bell Organizations: White House, Penn Wharton Budget Model, White, Congressional, Credit Suisse, University of Pennsylvania’s Wharton Business School, U.S, Democrat, Credit, Office, University of Pennsylvania, European Union, EV, Biden, Republicans, CBO, Amazon, Pepsi, Home, Thomson Locations: U.S, Japan
Sal Khan, the founder of Khan Academy, recently gave a TED Talk on AI's potential impact on education. The technology could offer personalized tutors to every student at a large scale, he said. Sal Khan, the founder of Khan Academy, an educational nonprofit that aims to provide free learning resources, is not necessarily fearful of the technology. In a TED Talk that was released this week, Khan explained the potential benefits of AI across the field of education, likening the possibilities to a personalized tutor for every student. Khan said AI could also offer personalized assistance to teachers, by helping with pre-class work like lesson planning, filling out report cards, and general administrative tasks.
"Is Chairman Powell going to say, 'It is likely that we pause now and assess what the economy is going to do?' "The tone on that balance is going to be very critical to how the market is going to move next week." "What is [Powell] going to do? June Fed meeting The betting on Wall Street right now is that, after next week, the Fed will standpat at its next meeting six weeks later, on June 13-14. Beyond Apple, some 161 other companies in the S & P 500 index are scheduled to report latest-quarter results next week.
Evercore ISI is gearing up for first-quarter tech earnings by making short-term, bullish calls and a tactical bearish recommendation. Well-known technology analyst Mark Mahaney said underperformance in first quarter earnings is less likely given the negative revisions already seen across the tech sector in recent quarters. 1-ranked analyst for five years, named two two of his favorite tech names going into first quarter earnings, and one stock to bet against. Wall Street's consensus for Meta's first-quarter revenue is reasonable while the second quarter's is beatable, Mahaney argued. While industry checks were in line with forecasts through the beginning of March, demand appears to have cooled later in the quarter, Mahaney said.
Experts weighed in on how Russia's war effort is impacting its economy a year after the invasion of Ukraine. The longer the conflict persists the more likely Russia is to depend on China for resources, experts said. Economists says the country will be facing a myriad of obstacles, including a slowdown of productivity and diminished innovation. A more state-led economyAs sanctions weigh on its economy, Russia has been undergoing a structural transformation to become self-sufficient. Nichols added: "I firmly believe that someday Russia will be a productive member of the global community and global economy.
An economics professor was stunned by the progress ChatGPT made in an exam in just three months. Bryan Caplan of George Mason University said the chatbot got a D in his economics test in January. Bryan Caplan, an economics professor at George Mason University, told Insider the latest version of ChatGPT could now be responsible for the first big bet he's ever lost. Caplan told Insider the bot failed to understand basic concepts, such as the principle of comparative and absolute advantage. "I'm probably going to lose this AI bet but I am totally on board to do a bunch more end-of-the-world AI bets because I think these people are out of their minds."
The program collaborates with UPenn's Wharton business school, and it teaches college women the fundamentals of markets, portfolio management, and finance. Katherine Jollon Colsher, President and CEO, Girls Who Invest Girls Who InvestKatherine Jollon Colsher is the chief executive officer and president of Girls Who Invest, a nonprofit that aims to help women enter asset management and other careers across Wall Street. Katherine Jollon Colsher: We work exclusively in the buy side, and we do focus exclusively on placing women in internships and frontline investing roles to advance more women portfolio managers. With that, our vision is for 30% of the world's investable capital to be managed by women by 2030. Shares of the German bank tumbled on Friday, as the cost of credit default swaps linked to its bonds shot higher.
OpenAI's ChatGPT failed math and science tests that sixth-graders in Singapore take. It made errors in simple addition and could not comprehend any diagrams, per The Straits Times. It scored an average of 16 out of 100 marks for the three mathematics papers it took, per The Straits Times. ChatGPT fared a little better at the science papers, getting an average of 21 out of 100 marks. But on Monday, when Insider tested ChatGPT on two PSLE science questions — one from 2020 and another from 2022 — it got both questions right.
UPenn professor Ethan Mollick expects Bing's AI chatbot to "receive much higher grades" than ChatGPT. Mollick compared the chatbots' essays and found that Bing generates "much higher quality" responses. More testing confirmed to Mollick that Bing may be more powerful than ChatGPT, claim that Microsoft has made in the past. When he pushed Bing to include his readings throughout the syllabus, it fabricated books that he didn't write. Despite a widespread school ban of ChatGPT, Mollick isn't the only educator who sees AI chatbots as a learning opportunity.
ChatGPT passed an exam from a Wharton business school professor, performing at a B or B- level. The professor who administered the exam told Bloomberg he was impressed by the AI's concise, correct answers. Terwiesch told Bloomberg he was impressed by the technology, as the bot performed higher than average, producing B or B-minus level results. Terwiesch told Bloomberg he understands the concerns that many people have about the technology and discourages students from using ChatGPT to cheat. "We use exams or tests for the students to engage with some material," Terwiesch told Bloomberg.
Experts say ChatGPT and related AI could threaten some jobs, particularly white-collar ones. Since its release in November of last year, the impressive AI chatbot has been used to write cover letters, create a children's book, and even help students cheat on their essays. But despite its flaws, the rise of ChatGPT has sparked debates over whether it will replace jobs. Insider talked to experts and conducted research to compile a list of jobs that are at highest-risk for replacement by AI. Here are the 10 jobs that AI may replace, based on our research.
I put ChatGPT to the test for a situation that many workers find stressful: asking for a raise. But can ChatGPT help you get a raise? I started simple: I told ChatGPT "ask my boss for a raise" to see what response that would yield. ChatGPT then gave me a very similar list of preparation steps but also tacked on a brief script template. Career coaches Esther Leonard and Mandi Woodruff-Santos told me ChatGPT's answers didn't seem obviously AI-generated and that a person could probably get a raise if they followed those steps and the script template.
UPenn professor Ethan Mollick now requires his students to use ChatGPT in their studies, per NPR. While some schools banned ChatGPT, Mollick said that it can serve as a useful learning tool. Ethan Mollick, an entrepreneurship and innovation professor at the University of Pennsylvania's Wharton School, told NPR on Thursday that he now requires his students to use ChatGPT to help with their classwork. His new AI policy — which NPR reviewed — calls AI usage an "emerging skill." During class this week, nearly all of his students used ChatGPT to help generate project ideas for an assignment.
CNN —ChatGPT is smart enough to pass prestigious graduate-level exams – though not with particularly high marks. The powerful new AI chatbot tool recently passed law exams in four courses at the University of Minnesota and another exam at University of Pennsylvania’s Wharton School of Business, according to professors at the schools. To test how well ChatGPT could generate answers on exams for the four courses, professors at the University of Minnesota Law School recently graded the tests blindly. ChatGPT fared better during a business management course exam at Wharton, where it earned a B to B- grade. “ChatGPT struggled with the most classic components of law school exams, such as spotting potential legal issues and deep analysis applying legal rules to the facts of a case,” Choi said.
Freelance writer Henry Williams said ChatGPT wrote a convincing article in just 30 seconds. Williams told The Guardian the article needed a little editing, but was worth £500 ($615). Writing in The Guardian on Tuesday, Henry Williams said the bot's article needed a little editing — but once edited, was something he'd have charged £500 ($615) to write. Williams said the bot's article was simplistically-structured and written in an inhuman tone, but the "key points, the grammar, and the syntax were all spot on." However, ChatGPT has shown a tendency to confidently present false information as true, sparking concern that it could contribute to the spread of misinformation across the internet.
Wharton professor Christian Terwiesch tested ChatGPT with questions from his final exam. Terwiesch found that ChatGPT could answer basic questions well but sometimes made "surprising mistakes" in simple calculations. Terwiesch concluded that ChatGPT might earn a B or B- on his final exam. Based on an analysis of similar retailers, the founders expect to turn their inventory 1.5 times per year. To achieve an annual revenue of $3,000,000, how much inventory expressed in $'s should the founders expect their operation to require?
Her financial aid startup, Frank, was featured in the New York Times, CNBC and Wall Street Journal. After leaving the University of Pennsylvania's Wharton business school, Javice traded on her reputation, bolstered by glowing profiles, as a successful entrepreneur. In a 2018 interview with Insider, Javice claimed Frank secured an average of $28,000 for its users, and was helping students get "thousands off their tuition." "Charlie's first company fizzled after 18 months, so after losing all her investors' money, she convinced every one of them to fund her next company, Frank." At Frank, Javice admitted she sometimes painted a more positive picture of the company's health than was supported by the facts.
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