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☆ I'm Gen Z and spent 7 hours a week on TikTok. I deleted the app and now have more time to do actually fun things.
▼ + stars: | 2024-04-27 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +6 min

I created my TikTok account at the pandemic's start while stuck at home with nothing to do. This story is available exclusively to Business Insider subscribers. What was true for me, at least, was that TikTok took hours away from my day. A better work-life balanceOther Gen Z TikTok addicts who spoke to the Journal shared similar concerns. TikTok did not respond to a request for comment from Business Insider.

Persons: —, TikTok, it's, It's, Alistair Barr, there's, Zuckerberg, Z, Keilah Bruce, Gautam Mengi, Will, I've Organizations: Service, Business, Street Journal, Elon, Twitter, Wall Street

☆ CEOs make the message clear on AI's big payoff: Be patient
▼ + stars: | 2024-04-26 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +5 min

And the initial signs are quite positive here too," Zuckerberg told investors in an earnings call. AdvertisementElon Musk had even stronger words for investors on Tuesday after Tesla reported plunging profits. Even so, Musk insisted during an earnings call that Tesla is an AI company and had a specific message to any shareholder who thinks that Tesla won't develop self-driving someday. On Thursday, Microsoft and Alphabet reported profits, which they ascribed in part to their respective AI sectors. Google's parent company reported $23.7 billion in profits for the same period.

Persons: —, Apple, Demis Hassabis, Sam Altman, Mark Zuckerberg, Zuckerberg, we've, Elon Musk, Tesla, Musk, Matthew Prince, Sundar Pichai, Pichai Organizations: Service, Meta, OpenAI's, EV, Economic, Reuters, Nvidia, Microsoft Locations: Davos

☆ Apple reports next week. Here's a no-cost options trade to capitalize on a possible earnings bounce
▼ + stars: | 2024-04-26 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +2 min

Big tech earnings reports have put investors on quite the roller coaster. Alphabet , Microsoft and Tesla have all moved higher post earnings, while Meta and IBM had opposite reactions by dropping precipitously. Inside of this recent technology, I think it is time to add to a nearly forgotten Magnificent Seven laggard: Apple . Apple is down 11% year to date, and I want to add exposure in a zero-cost manner ahead of its earnings release next Thursday. Investors are anticipating a year-over-year decline in both earnings and revenue for this former tech favorite, but I believe this is already priced into the stock.

Organizations: Microsoft, Tesla, Meta, IBM, Apple, Big, mojo

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe reinvention of Mark ZuckerbergOver the past year, Mark Zuckerberg has transformed Meta - and himself. He has gone from a brash young CEO to trained MMA fighter, and a trendsetter with his fur jackets and chains. But Meta's latest earnings report has shown it's continuing to bleed cash, and Zuckerberg is now facing a moment of truth. Can he deliver on generative AI, the most important platform shift in decades? This week on TechCheck, the reinvention of Zuck and the arrival of his "show me" moment.

Persons: Mark Zuckerberg, he's, Meta outperforming, Zuckerberg Organizations: Meta, Nvidia

☆ Personal CEO calls and $1 million pay packages: How tech companies recruit top AI talent amid a 'gold rush'
▼ + stars: | 2024-04-26 | by ( Kali Hays | Ellen Thomas | ) www.businessinsider.com time to read: +9 min

On top of that, she added that tech companies will give people in AI-related jobs bonuses for performance and plenty of equity compensation. About half of the people came from Big Tech companies. Gill said the new Kognitos hires who haven't come from Big Tech have jumped ship from other startups. Some AI talent are even striking it out on their own to start their own companies. He left his tech job to form an AI startup after seeing another large fundraise from another new AI company.

Persons: —, Sam Altman, Altman, Mark Zuckerberg, Dan Portillo, Goldman Sachs, Jaclyn Rice Nelson, Nelson, that's, Claude chatbot that's, Binny Gill, Kognitos, Gill, he's, haven't, David Steinberg, Steinberg, AI's Nelson, There's, Greg Selker, Stanton Chase, Selker, hemming, hawing Organizations: Service, Business, Meta, Sweat Equity Ventures, OpenAI, Big Tech, Zeta Global Locations: Anthropic, ChatGPT

☆ The new class war: A wealth gap between millennials
▼ + stars: | 2024-04-26 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study. According to the study, the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age. Yet the top 10% of millennials have 20% more wealth than the top baby boomers at the same age. The study finds that millennials — typically defined as those between the age of 28 and 43 today — have faced repeated financial headwinds. The millennials who "went to college, found graduate level jobs, and started families relatively late," ended up with "higher levels of wealth than Baby Boomers with similar life trajectories," according to the report.

Persons: Robert Frank, Rob Gruijters, Zachary Van Winkle, Anette Eva Fasang, Mark Zuckerberg, Sam Altman — Organizations: Boomers

☆ Poppy Harlow announces she will exit CNN after nearly two decades
▼ + stars: | 2024-04-26 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —Poppy Harlow, the longtime CNN anchor who most recently co-helmed “CNN This Morning,” announced Friday that she will exit the network. “The nearly two decades since have been a gift,” Harlow wrote in an email to colleagues. Jeremy FreemanThompson, after taking over from Licht, announced in February that he would reconfigure CNN’s morning lineup. CNN engaged in discussions with Harlow, but ultimately she decided to exit the network. ), and to support the evolution of journalism in every way I can, while preserving the human(ity) in it,” Harlow wrote.

Persons: Poppy Harlow, ”, ” Harlow, “, ” Mark Thompson, Harlow, ” Poppy Harlow, Mike Coppola, CNN “ She’s, ” Thompson, Warren Buffet, Mark Zuckerberg, Melinda Gates, Susan Wojcicki, Jamie Dimon, Chris Licht, Kaitlan Collins, Don Lemon, Lemon, Collins, Jeremy Freeman Thompson, Kasie Hunt Organizations: CNN, American Museum of, Boston Marathon, Washington , D.C, Harlow Locations: New York City, Paris, Licht, Washington ,

☆ We have more insights as to where the economy is headed — and it's not good
▼ + stars: | 2024-04-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at how the latest GDP data has shifted the expectations of where the economy is headed. Now, the economy will need some type of event (see: bubble popping) for rate cuts to become an option anytime soon, Miskin said. Energy price shocks could bring the world economy to a "vulnerable moment," chief economist Indermit Gill warned.

Persons: —, TikTok, they're, you'd, Jia Feng, It'll, Insider's Madison Hoff, It's, Jerome Powell, Anna Moneymaker, BI's Filip De Mott, Jamie Dimon, Matt Miskin, Miskin, Mark Zuckerberg, C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Guess what's, Indermit Gill, Alphabet's, Redmond, Tyler Le, Doug McMillon, execs, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Reserve, stagflation, JPMorgan, Wall Street, John Hancock Investment Management, Galatioto Sports Partners, Bank, Google, Big Tech, Microsoft, Health, Linkedin, YouTube, ExxonMobil Locations: Chevron, New York, London

☆ Meta's median pay for employees is $379,000 a year
▼ + stars: | 2024-04-26 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +2 min

The median employee at Meta earned over $379,000 in 2023, according to a recent filing. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That's according to a recent SEC filing, where the company stated that its median employee made just over $379,000 in 2023. But within the world of Big Tech, Meta's median salary isn't as eye-popping as it might seem.

Persons: —, Mark Zuckerberg's, Zuckerberg Organizations: Meta, Google, Service, SEC, Big Tech, Industry

☆ Mark Zuckerberg laid out 3 ways Meta will make money from its huge AI investments
▼ + stars: | 2024-04-25 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

In the next few years, Zuckerberg sees three ways AI can become a "massive business" for Meta. Related storiesHe sees "several ways" generative AI can make money, and laid out three specific paths to this becoming "a massive business" for Meta. Ads appearing in "AI interactions"Another way generative AI could make money for Meta is by "introducing ads or paid content into AI interactions," Zuckerberg said. AdvertisementSelling access to AI modelsA third distinct way Meta may make money from AI is by selling access to models as they get larger. "Enabling people to pay to use bigger AI models and access more compute," as Zuckerberg put it on Wednesday.

Persons: Mark Zuckerberg, Zuckerberg, —, we're, Meta Organizations: Meta, Service

☆ Alphabet set to report first-quarter results after market close
▼ + stars: | 2024-04-25 | by ( Jennifer Elias | ) www.cnbc.com time to read: +4 min

Revenue: $78.59 billion, according to LSEG. : $7.72 billion, according to StreetAccount. Traffic acquisition costs (TAC): $12.74 billion, according to StreetAccount. Wall Street is expecting Alphabet to report a second straight quarter of year-over-year revenue growth in the low teens. CEO Sundar Pichai told employees in January that more job cuts were likely coming in 2024, though he didn't specify at the time which teams would be affected.

Persons: Sundar Pichai, Prabhakar Raghavan, Raghavan, Liz Reid, Meta, Mark Zuckerberg's, Ruth Porat Organizations: Google, TAC, OpenAI, Microsoft, CNBC Locations: Brussels, Belgium, LSEG, StreetAccount

☆ Mark Zuckerberg warned investors that Meta's AI investment won't pay off immediately
▼ + stars: | 2024-04-25 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

Meta's stock tumbled about 16% after trading hours despite posting better-than-expected Q1 results. The company reported a lackluster revenue forecast along with deep investments in AI. Making money off of AI will take time, Mark Zuckerberg told investors on Wednesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDespite posting record revenue for the January-March quarter, Meta's stock is being bogged down on Wednesday by the company's increasing investments in AI.

Persons: Mark Zuckerberg, —, Meta Organizations: Service, Meta, Business

☆ Stocks making the biggest moves midday: Meta, Victoria's Secret, Microsoft, Caterpillar and more
▼ + stars: | 2024-04-25 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Honeywell posted adjusted earnings per share of $2.25, beating analysts' estimates of $2.17 per share, per LSEG. Revenue for the quarter also came in better-than-expected at $9.11 billion, compared to the $9.03 billion analysts were expecting. ServiceNow — The digital workflow firm slid 5% after it only narrowly beat analysts' revenue expectations in the first quarter. ServiceNow posted revenue of $2.6 billion, slightly higher than the $2.59 billion analysts polled by LSEG had anticipated. Caterpillar — Shares tumbled 6.5% after revenues of $15.8 billion for the most recent quarter missed analysts' estimates of $16.04 billion, according to LSEG.

Persons: Goldman Sachs, Mark Zuckerberg, ServiceNow, LSEG, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Facebook, Meta, Tech, Microsoft, Beverage, JPMorgan, Monster Beverage, Honeywell —, Honeywell, Revenue, Merck, Co, LSEG, — Bank of America, Southwest Airlines —, Management, StreetAccount, Machines, IBM, Bank of America, Caterpillar, Nvidia —, Nvidia, Comcast, Deutsche Bank — U.S, Deutsche Bank, CNBC Locations: NBCUniversal

☆ Meta shares plunge as Mark Zuckerberg's AI push spooks investors
▼ + stars: | 2024-04-25 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Meta shares plunged as much as 15% in premarket trading, dragging US futures lower. Investors weren't convinced by Mark Zuckerberg's plan to keep spending tens of billions on AI. AdvertisementMeta stock plunged in premarket trading on Thursday as investors fretted that Mark Zuckerberg's artificial intelligence push will send costs skyrocketing. The losses came after Meta reported its earnings for the first three months of the year on Wednesday. Zuckerberg's previous pledge to keep costs low during a "year of efficiency" has helped Meta's stock to rally since the start of 2023.

Persons: weren't, Mark Zuckerberg's, Meta, —, Refinitiv, Zuckerberg, Russ Mould, AJ Bell, Mark Zuckerberg Organizations: Service, Meta, Microsoft Locations: Wednesday's

☆ Alphabet tempers fears that it's falling behind in AI with blowout first-quarter results
▼ + stars: | 2024-04-25 | by ( Jennifer Elias | ) www.cnbc.com time to read: +4 min

Google CEO Sundar Pichai speaks in conversation with Emily Chang during the APEC CEO Summit at Moscone West on November 16, 2023 in San Francisco, California. There were other reasons for skepticism ahead of Alphabet's earnings report. Like Meta, Alphabet is pouring money into AI. Last month, Alphabet announced a suite of products, including Vertex AI, a no-code console for enterprise companies to build their own AI agents. With first-quarter results in the rearview mirror, Alphabet now has to keep up with heightened expectations, which will only increase as competitors roll out more generative AI products.

Persons: Sundar Pichai, Emily Chang, Ruth Porat, missteps, Investors, Mark Zuckerberg, Pichai, he's, Prabhakar Raghavan, Raghavan Organizations: APEC, Summit, Moscone West, YouTube, Nasdaq, Nvidia, Amazon, Meta, Revenue, Google, Amazon Web Services, Microsoft, rollouts Locations: San Francisco , California, San Francisco, U.S

☆ Mark Zuckerberg's wealth may slide $25 billion in a day as Big Tech faces $350 billion sell-off
▼ + stars: | 2024-04-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewMark Zuckerberg's fortune could shrink by $25 billion in a single day due to Meta's post-earnings slump. The cofounder and CEO of Facebook, Instagram, and WhatsApp's parent company was worth an estimated $175 billion at Wednesday's close, per the Bloomberg Billionaires Index. Zuckerberg has a stake of about 13% in Meta that was valued at around $170 billion at Wednesday's close. However, the stock price tumbled as much as 15% to $420 in premarket trading on Thursday, indicating Zuckerberg's shares are now worth $25 billion less at $145 billion. AdvertisementA $25 billion reduction in wealth in one day would be remarkable, as only the top 70 richest people in the world command fortunes of that size.

Persons: —, Zuckerberg, Bill Gates, Gates, Elon, Musk, we've Organizations: Service, Facebook, Bloomberg, Business, Microsoft, Big Tech, Meta Locations: Meta

☆ Wall Street stands by Meta even as costs rise and the stock sells off, cites AI leadership
▼ + stars: | 2024-04-25 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Wall Street analysts are standing by Meta Platforms despite Thursday's sell-off. The analyst cut his price target to $480 from $535 a share, noting that building and creating new products is no easy — or quick — feat. The adjusted price target reflects nearly 3% downside from Wednesday's close. Morgan Stanley analyst Brian Nowak retained his overweight rating and $550 price target, saying the firm remains "buyers through Meta's investments." Meta isn't alone in this feat, with Nowak expecting competitors to undertake similar steps as more AI opportunities arise.

Persons: Doug Anmuth, Benjamin Black, Black, Citi's Ronald Josey, Goldman Sachs, Eric Sheridan, Morgan Stanley, Brian Nowak, Meta isn't, Nowak, Bank of America's Justin Post, Ross Sandler, Mark, Zuckerberg, Sandler Organizations: Meta, Facebook, Deutsche Bank, Bank of America's, Barclays

☆ Now's the time to buy Meta shares if you're a long-term investor: Oppenheimer's Jason Helfstein
▼ + stars: | 2024-04-25 | 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 EmailNow's the time to buy Meta shares if you're a long-term investor: Oppenheimer's Jason HelfsteinJason Helfstein, Oppenheimer, joins 'Squawk on the Street' to discuss if Meta's concerns are about growth or spend, if Mark Zuckerberg has earned the right to be called a disciplined spender, and more.

Persons: Oppenheimer's Jason Helfstein Jason Helfstein, Oppenheimer, Mark Zuckerberg, spender

☆ Mark Zuckerberg thinks AI is Meta's future. Not everyone is convinced.
▼ + stars: | 2024-04-25 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

AdvertisementNot everyone is on board with Mark Zuckerberg's AI enthusiasm. Related storiesThat slide shows that investors' tolerance for huge AI spending without clear revenue gains might be beginning to wane. Zuckerberg's also been praised for some of his strategies around Meta's AI development, including the decision to open-source models and stockpile GPUs. While Meta's AI products, including Llama 3, have been generally well received, the company is not selling any version of its newest AI model, which is largely open source. Zuckerberg's newest AI model even received a nod of approval from old rival Elon Musk.

Persons: Mark Zuckerberg, —, Mark, Zuckerberg, he'd, Zuckerberg's, we've, Meta, OpenAI, Elon Musk, It's, he's Organizations: Service, Big Tech, Google, Microsoft, Meta, Facebook, Business

☆ Can a new batch of tech earnings rescue the market? Here are the factors at play
▼ + stars: | 2024-04-25 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

The market was already headed toward a down session due to disappointing reactions to earnings, which haven't been entirely bad. Club earnings : Microsoft and Alphabet report after the bell Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, haven't, hasn't, it's, Mark Zuckerberg, Amy Hood, Jim Cramer's, Jim Organizations: CNBC, Club, Meta, Tech, Nvidia, Broadcom, Microsoft, PCE, Exxon Mobil, Chevron, Colgate, Palmolive, HCA Holdings, Jim Cramer's Charitable Locations: Abbvie

Meta’s A.I. But for investors, that’s not enough — and that’s a warning to other tech giants set to announce their own financial results in the coming days. That makes clear that while Wall Street loves the opportunities that A.I. The company plans to spend $35 billion to $40 billion this year — much of that on the technology — up from a forecast of $30 billion to $37 billion. It also expects second-quarter revenue to come in at $36.5 billion to $39 billion, below analyst estimates.

Persons: Meta’s, Meta, that’s, Mark Zuckerberg Organizations: Facebook, Wall, Meta

☆ Meta's AI is now in your Instagram and Facebook. Here's what it does — and whether you can turn it off
▼ + stars: | 2024-04-25 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Meta introduced its AI-powered chatbot Meta AI across its social media and messaging platforms. The prompt "ask Meta AI anything" shows up whenever you click on the search bar in Instagram and Facebook. But despite being available on the app, Meta AI isn't automatically connected to your social media accounts or personal information. Unlike other chatbots that you can use at your own will, you can't get rid of Meta AI. And on WhatsApp and Messenger, users can just ignore the Meta AI chats since they're not available in the search bar.

Persons: Meta, —, Mark Zuckerberg, Zuckerberg, Ana Altchek Organizations: Gemini, Service, Facebook, Apple, Meta Locations: Instagram

☆ Meta tumbles 12% on weak revenue forecast and Zuckerberg's comments on spending
▼ + stars: | 2024-04-25 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Meta shares tumbled 12% Thursday morning after the company issued weak revenue guidance that overshadowed its first-quarter earnings beat. ET, wiping out roughly $161 billion in market cap from its $493.5 closing price before earnings on Wednesday. Meta expects second-quarter revenue of $36.5 billion to $39 billion. Barclays analysts maintained an overweight rating of Meta stock and lowered their price target to $520 from $550 in an investor note Wednesday. "If there is anything META has proven over the years, it's extremely good at executing during big platform shifts in tech, arguably the best," the Barclays analysts wrote.

Persons: Mark Zuckerberg, Bernstein, Zuckerberg, Michael Bloom Organizations: U.S . Capitol, Meta, JPMorgan, Barclays Locations: Washington , U.S

☆ Dow drops more than 600 points on inflation and growth concerns, heads for biggest drop of the year: Live updates
▼ + stars: | 2024-04-25 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

Economists polled by Dow Jones forecast GDP growth would come in at 2.4%. Tech tumbleThe lackluster GDP added further pressure to an already-tense market contending with concerns over a pullback in growth among technology earnings. "This report was the worst of both worlds: economic growth is slowing and inflationary pressures are persisting," wrote Chris Zaccarelli, investment chief at Independent Advisor Alliance. Investors are hoping the PCE report, which is the Fed's preferred measure of inflation, will show an improvement in pricing pressures after the March consumer inflation report came in hotter than expected. — Brian Evans8:58 a.m.: 10-year Treasury yield jumps to highest level since NovemberThe 10-year Treasury yield broke above 4.7% following the GDP report, hitting its highest level since November.

Persons: Johannes Eisele, Dow Jones, Chris Larkin, Morgan Stanley, Meta, Thierry Wizman, UnitedHealth, Alex Harring, Mark Zuckerberg's, Hakyung Kim, Fred Imbert, Chris Zaccarelli, Sarah Min, — Brian Evans, — Jesse Pound Organizations: New York Stock Exchange, AFP, Getty, Dow Jones, Caterpillar, IBM, Nasdaq, Dow, Federal Reserve, Federal, Traders, Meta, Business Machines, FX, Macquarie, Microsoft, Amazon, Merck, York Stock Exchange, Independent, Alliance, Investors, Treasury, Gross

☆ Meta stock plunges on ‘aggressive’ AI spending plans
▼ + stars: | 2024-04-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors. The company is competing head-to-head with Microsoft and Google to unlock the enormous potential of AI. Meta (META), which also owns WhatsApp and Instagram, said Wednesday that first-quarter profit more than doubled year-on-year, while revenue was up 27%. Meta said full-year capital expenditure would be in the range of $35-40 billion — up from previous guidance of $30-37 billion — as it continues to accelerate infrastructure investments to support AI. Meta has forecast revenue of $36.5-39 billion, versus analyst expectations of $38.2 billion.

Persons: —, ” Sophie Lund, Yates, Hargreaves Lansdown, Meta, Mark Zuckerberg, ”, Stephen Innes Organizations: London CNN —, Meta, Facebook, Microsoft, Google, ”, Management

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