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☆ Welcome to the Masters, a staple of the billionaire's social calendar
▼ + stars: | 2024-04-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're doing a deep dive into the golf tournament at one of the most exclusive clubs in the world . Mike Ehrmann/Getty ImagesHarvard University alumni, Goldman Sachs partners, Birkin bag owners — those exclusive groups are nothing compared to an Augusta National Golf Course membership. The Masters Tournament, the first of four men's major golf tournaments, kicks off today , write Business Insider's Madeline Berg and Taylor Rains. Since it's almost impossible to check out Augusta National otherwise, the Masters has become a staple of the billionaire's social calendar. Augusta National runs a lottery system for them.

Persons: —, Mike Ehrmann, Goldman Sachs, Birkin, Madeline Berg, Taylor, it's, Cork Gaines, aren't, Joe Ciolli, didn't, Chelsea Jia Feng, Bill Smead, Brad Porter, Elon Musk's, Y, Paul Graham, Alyssa Powell, Larry Ellison, David Ellison, Larry Ellison's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Getty Images Harvard University, Augusta, Waste, bros, Augusta National, Renaissance Technologies, Sigma, Robotics, Amazon Robotics, xAI, Paramount, Oracle, Google, JPMorgan, SpaceX Locations: Augusta, swag, Chelsea, D.E, Shaw's Valence, New York, London

☆ Disney trounces activist shareholders in a major win for Bob Iger
▼ + stars: | 2024-04-03 | by ( Allison Morrow | Hadas Gold | ) edition.cnn.com time to read: +5 min

New York CNN —Disney won a hard-fought proxy battle against a group of activist investors who sought to secure seats on the company’s board of directors. Disney’s board triumphed by what the company called “a substantial margin” over the nominees put forward by Trian Fund Management and Blackwells Capital at its annual shareholder meeting. Iger didn’t just beat Trian’s Nelson Peltz, but trounced him, according to a person familiar with the vote count. Jay Rasulo, the former Disney finance chief who joined Peltz’s attempt, also lost by a wide margin, the person said. Retail shareholders, which hold roughly 35% of Disney stock, also voted overwhelmingly – 75% – for Disney’s candidates.

Persons: New York CNN — Disney, Bob Iger, Disney’s, —, Trian, didn’t, Trian’s Nelson Peltz, Jay Rasulo, Peltz’s, Peltz, ”, ” Iger, ” Peltz, Iger, CNN’s Oliver Darcy, Samantha Delouya, Oliver Darcy Organizations: New, New York CNN, Trian Fund Management, Blackwells, Disney, Retail, Financial Times, Republicans, Marvel, CNBC, Trian Partners Locations: New York, refocusing, Trian

☆ Stephen King’s First Book Is 50 Years Old, and Still Horrifyingly Relevant
▼ + stars: | 2024-03-25 | by ( Margaret Atwood | ) www.nytimes.com time to read: +1 min

Stephen King’s “Carrie” burst upon an astonished world in 1974. It made King’s career. It has sold millions, made millions, inspired four films and passed from generation to generation. This is, to put it mildly, not the world’s sexiest topic, and especially not for young men. Failing to convince himself, King scrunched up the few pages he’d written and tossed them into the garbage.

Persons: Stephen King’s, Carrie ”, King, King scrunched, Tabitha —

☆ Steve Ballmer's Son Reflects on Growing up in High Net Worth Family
▼ + stars: | 2024-03-19 | by ( Jane Zhang | ) www.businessinsider.com time to read: +10 min

I mean, I didn't really care about what I was wearing, and my brothers and I were fine with driving our dad's old '98 Lincoln. We didn't really talk about moneyThere were some indications that we were rich. Our family took really nice vacations, but as a kid, there was a disconnect between things and how much they cost. For both my mom and my dad, having a lot of money was a relatively new experience, as was raising children. I don't really see it as dishonest, though, because people are multifaceted and much more complex than the sum of where they grew up.

Persons: Pete Ballmer, Steve Ballmer, we'll, Let's, I'd, I'm, I've, That's, who've, They'll, We've, — Organizations: Microsoft, Ford, I'd, Lincoln, Rover, Clippers Locations: San Francisco, Japan, Bay

☆ Nvidia is kicking off its big AI event at a sports arena. Here's how to watch.
▼ + stars: | 2024-03-18 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

Nvidia CEO Jensen Huang is kicking off the "Woodstock of AI" in a keynote speech Monday. Analysts predict Nvidia will reveal new graphics processing chips that could transform the AI industry. AdvertisementNvidia is kicking of its massive AI event at a California sports arena on Monday. The event has been dubbed the "Woodstock of AI" and Nvidia CEO Jensen Huang is its rockstar headliner. The hype surrounding Huang's speech, and what he will reveal about the future of AI technology, is enormous.

Persons: Jensen Huang, —, Jensen, hough, ike C, penAI's Organizations: Nvidia, Service, rockstar, GPU Technology Conference, Wall Locations: Woodstock, California, San

☆ It's becoming insane again in venture capital: A tiny AI startup wants investors to pay $100 to book a meeting with its founder.
▼ + stars: | 2024-03-01 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

A couple of days ago, startup founder Dan Siroker set his sights on meeting new investors. Siroker closed the process with 170 bids to sift through. Siroker told Business Insider this week that he isn't actively fundraising. Advertisement"When deals get hot, there is extreme interest," Ben Lerer, managing partner of Lerer Hippeau, an early-stage venture firm, told Business Insider's Ben Bergman late last year. "If you're not there long before the raising, you're not part of the conversation."

Persons: —, Dan Siroker, clamoring, whittle, Siroker, isn't, Andreessen Horowitz, they'd, Pavlo Gonchar, Ben Lerer, Lerer, Insider's Ben Bergman, there's, Dick Costolo, they're, Costolo, he'd Organizations: Service, Business, Getty, Twitter, Google, Nvidia, Boys & Girls Locations: haves, Silicon Valley

☆ VC Dick Costolo dishes on the new startup funding frenzy and valuations coming back to earth. 'The world now is much more sane.'
▼ + stars: | 2024-02-26 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

He prefers getting to know founders long before they decide to raise money so he can pounce on the right opportunity. Investors, including hedge funds, hurtled term sheets at founders to beat the competition, skipping the usual diligence along the way. Flush with cash, the partners are seeing a flood of hyper-growth startups come to market for funding after a two-year dry spell. The funding blockage is also softening as valuations come back to earth, Costolo said. "Prices are a lot more sensible now," Costolo said, noting the exception of valuations in artificial intelligence.

Persons: Dick Costolo, Costolo, Costolo isn't, Adam Bain, Twitter's, Dario Amodei, Kimberly White, Getty Costolo, they're, Bain, David Fischer Organizations: Twitter, Business, Advisors, Software, Carta, TechCrunch, Google, Nvidia, Fund, Health Locations: Jackson Hole , Wyoming, Detroit

☆ The inventor of Wall Street's favorite recession indicator predicts a slowdown this year - and slams the Fed for making things worse
▼ + stars: | 2024-01-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

"The model is forecasting lower economic growth in 2024 and I believe that will be realized," Harvey said, predicting a slowdown this quarter that will continue into the summer. AdvertisementHarvey also called on the Fed to end its inflation fight, arguing price growth has already normalized based on real-time housing data. "What the Fed has done in this cycle has made things worse, so we will be very fortunate to get out of this with slow growth." That could slow economic growth in the short term but prevent a full-blown recession later, he said. On the other hand, he argued the US should aim to accelerate economic growth to 5% by capitalizing on innovations like artificial intelligence and decentralized finance.

Persons: Campbell Harvey, Julia Roche, Harvey, hasn't, it's Organizations: Service, Federal, Business, Duke University, Fed

☆ In Maria Callas’s Career, La Scala Played a Major Role
▼ + stars: | 2024-01-20 | by ( Farah Nayeri | ) www.nytimes.com time to read: +4 min

Following is an overview of some of Callas’s career highlights at La Scala. “Aida” (Verdi): April 12, 1950Callas’s very first performance onstage at La Scala was as a substitute for the much-adored Renata Tebaldi, who was unwell. “I Vespri Siciliani” (Verdi):Dec. 7, 1951This was the first time that Callas was headlining a La Scala production — kicking off the opera house’s season, in fact — and it was a triumph. It also “encapsulated so much” of the Maria Callas that audiences have come to know and revere. Musically, she gave it her all, triggering 24 minutes of applause (according to the Edwards biography), a La Scala record.

Persons: Aida ”, Renata Tebaldi, “ Maria Callas, Anne Edwards, Franco Zeffirelli, Callas, ”, Maria Meneghini Callas, Franco Abbiati, David Bret, Abbiati, ” “ Lucia di Lammermoor ”, Donizetti, Herbert von Karajan, —, Lucia, — Callas, barehanded, Cynthia Jolly, “, Bret, Violetta, Donizetti’s “ Lucia di Lammermoor ”, Bellini’s “ Norma, Luchino Visconti, Fisher, Maria Callas, Carlo Maria Giulini, Giuseppe Di Stefano, “ Anna Bolena ”, Visconti, Anne Boleyn, Henry VIII, Edwards Organizations: La Scala, Scala, della, Opera, The Times Locations: “ La, Belle

☆ A.I. Belongs to the Capitalists Now
▼ + stars: | 2023-11-22 | by ( Kevin Roose | More About Kevin Roose | ) www.nytimes.com time to read: +1 min

What happened at OpenAI over the past five days could be described in many ways: A juicy boardroom drama, a tug of war over one of America’s biggest start-ups, a clash between those who want A.I. to progress faster and those who want to slow it down. But it was, most importantly, a fight between two dueling visions of artificial intelligence. In one vision, A.I. In another vision, A.I.

Persons: Sam Altman Locations: OpenAI

☆ Meta ignored warnings on Instagram’s harm to teens, whistleblower says
▼ + stars: | 2023-11-07 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Washington CNN —Meta’s top executives, including CEO Mark Zuckerberg, ignored warnings for years about harms to teens on its platforms such as Instagram, a company whistleblower told a Senate subcommittee on Tuesday. Meanwhile, both parties have united behind blaming Meta for contributing to a nationwide mental health crisis. Bejar’s research “is basically a smoking gun,” Haugen told CNN in an interview Tuesday. “Every day countless people inside and outside of Meta are working on how to help keep young people safe online,” said Meta spokesman Andy Stone in a statement. He said everyday Americans understand “the harm being done” and compared it to harms from smoking.

Persons: Washington CNN —, Mark Zuckerberg, Meta, Arturo Bejar, Bejar, Zuckerberg, Bejar’s, ” Bejar, Frances Haugen, Instagram, ” Haugen, “, Sheryl Sandberg, ”, Andy Stone, Stone, Connecticut Democratic Sen, Richard Blumenthal ., Josh Hawley, Tennessee Republican Sen, Marsha Blackburn, Adam Mosseri, Sandberg, Chris Cox, Mosseri, ” Blackburn, Louisiana Republican Sen, John Kennedy, we’re, ” Meta, Blumenthal, Cox, Haugen, Hawley, ” Blumenthal, ” CNN’s Samantha Kelly Organizations: Washington CNN, Washington CNN — Meta’s, Facebook, Wall, Meta, CNN, Connecticut Democratic, Big Tech, Tennessee Republican, Louisiana Republican, Wall Street, “ Big Tech, Tobacco Locations: Connecticut, Richard Blumenthal . Missouri, Instagram

That shift in legal doctrine was profound, shaping how courts have applied antitrust law ever since. Khan’s ideas have challenged the closest thing to a sacred cow in antitrust law. The most ambitious of those never became law, but Khan’s role in the probe, which Cicilline described as “critical,” helped further raise her profile. Amazon and Meta have both pushed for Khan to recuse herself from matters involving the companies, questioning her objectivity. The US Federal Trade Commission sued Amazon.com Inc. in a long-anticipated antitrust case, accusing the e-commerce giant of monopolizing online marketplace services by degrading quality for shoppers and overcharging sellers.

Persons: Lina Khan, Khan, Stephanie Keith, ” Khan, “, Joe Biden, ”, William Kovacic, George W, Bush, Barry Lynn, Lynn, New America Foundation —, Obama, —, ” Lina Khan, Rong Xu, ” Lynn, it’s, ’ ”, Reagan, Robert Hockett, Khan’s, David Cicilline, Lina, ” Cicilline, Cicilline, Justin Tallis, Biden, Trump, Douglas Farrar, Gary Gensler, Tom Williams, Jonathan Kanter, Roe, Wade, Kevin Kiley, Meta, she’s, “ We’ve, they’re, Federal Trade Commission Lina Khan, Al Drago, Kathleen Bradish, Bradish, Christine Wilson, Wilson, Noah Phillips, Gabby Jones, NetChoice, Carl Szabo, “ It’s, ” Szabo, There’s, ” Kovacic Organizations: CNN, Federal Trade Commission, Amazon, FTC, Big, Microsoft, Meta, Bloomberg, Getty, Republican, White House, Williams College, New America Foundation, Washington Monthly, Yale Law, Washington Post, Cornell Law School, Big Tech, Rhode, Rhode Island Democratic, Apple, Facebook, Cambridge, Activision, SEC, Financial Services, General Government, Securities and Exchange Commission, Capitol, Justice Department, Epic Games, California Republican, Washington , D.C, American Antitrust Institute, GOP, US Federal Trade Commission, Amazon.com Inc Locations: Big Tech, Robbinsville , New Jersey, Washington, Larchmont , New York, Rhode Island, Washington ,, New York

☆ The giant sucking sound you hear is the gobs of capital being pulled away from emerging managers. Here's how one solo capitalist defied the slump.
▼ + stars: | 2023-10-12 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

Those who raised their first venture capital funds in the pandemic-era boom times are now struggling with their sophomore efforts. Despite the tailwinds, some emerging managers are defying the slump and raising new funds. He told Insider exclusively that he's now closed on $15 million for fund two from investors including Cendana Capital, Invesco Private Capital, and two dozen startup founders. And so in 2019, he reached into his network of founders and raised a $2 million fund to invest in software companies. Now, he's already gearing up for fund three, which Wan said he plans to launch in 2024.

Persons: Insider's Callum Burroughs, Jordan Wan, Wan, Zocdoc, Oliver Kharraz, it's, Alan Ni, Jake Cooper, Manoj Kanagaraj, Blackstone, Cooper didn't, Cooper, they've, Wolf Organizations: Sequoia, Partners, Cendana, Invesco, Capital, Oscar Insurance, Garner Health Locations: London, Denver , Colorado, Wan

☆ The US economy is extremely fragile right now and could tip into a recession within months, according to a new model
▼ + stars: | 2023-10-05 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

A new Bloomberg model shows a better-than-50% chance a recession could begin this year. According to Anna Wong and Tom Orlik, two chief economists at Bloomberg Economics, the model works "fairly well" at matching previous calls of recession. AdvertisementAdvertisementAccording to the model, the US could declare a recession in 2024 following a possible economic dip in the last months of 2023. Other factors not out of the woodsAnd then there are the maybes: the United Auto Workers strike and a potential government shutdown. If the model is correct, there is already a good chance a recession may hit.

Persons: —, Anna Wong, Tom Orlik, Mario Tama, Taylor Swift, Jeff Kravitz, Debbie Downer, Paul Sancya, Kevin McCarthy, It'll Organizations: Bloomberg, Service, National Bureau of Economic Research, Bloomberg Economics, San Francisco Fed, United Auto Workers, Victoria Hall, Ford Michigan Assembly Plant, GM, Ford, AP Locations: Santa Clara , California, Wayne, Mich

☆ 'Be a disciplined company.' How Klaviyo broke the IPO dry spell, according to its CEO.
▼ + stars: | 2023-09-20 | by ( Melia Russell | ) www.businessinsider.com time to read: +8 min

CEO Andrew Bialecki told Insider that being a "disciplined company" was key to its success. Jeff Bussgang, a general partner at Flybridge Capital Partners in Boston, told The Boston Globe in an interview, "I'm seeing green shoots — it's definitely back on the agenda for boards." KlaviyoBialecki told Insider he tried to run a "disciplined company," one of two ingredients to its success. "There's a false choice here between being high growth and doing things efficiently," Bialecki told Insider. Are you a Klaviyo insider with insight to share?

Persons: Klaviyo, Andrew Bialecki, Bialecki, Tomasz Tunguz, Jason Lemkin, Jeff Bussgang, — it's, Ed Hallen, it's, Hallen, Klaviyo Bialecki, That's, Klaviyo Bootstrapping, Jon Karlen, Karlen, Melia Russell Organizations: Service, Klaviyo, New York Stock Exchange, Flybridge Capital Partners, Boston Globe, Securities and Exchange Commission, Boston Locations: Wall, Silicon, Instacart, Boston, BostInno, Massachusetts, mrussell@insider.com

For Miyazaki, who painstakingly crafts thousands of hand drawings for a film, it's a long and laborious process. Several of Miyazaki's films rank among the biggest box-office hits ever in Japan; there are few other filmmakers today as revered — and fiercely beloved — as Miyazaki. “I am making this movie because I do not have the answer," Miyazaki told The New York Times in 2021. We are again, invited into a dizzyingly colorful otherworldly fantasy of Miyazaki's making. If this is to be the last Miyazaki movie (it would be unwise to ever really count him out), it's a tremendously moving goodbye.

Persons: Miyazaki's, Miyazaki, “, ”, —, Mozart, Guillermo del Toro, Mahito Maki, Soma Santoki, It's, Mahito's mother's, Yoshino Kimura, Mahito's, Masaki Suda, Mei, Mahito, Jake Coyle Organizations: TORONTO, Toronto, New York Times, Twitter Locations: Japan, Miyazaki, Toronto, Tokyo

☆ It’s official: Silicon Valley’s entire business model is a scam
▼ + stars: | 2023-07-18 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

The problem is, conservative economists at the University of Chicago have spent the past 50 years insisting that under capitalism, predatory pricing is not a thing. Predatory companies could never recoup their losses, which meant predatory behaviors are irrational. Lots of economists have come up with solid counter-counterarguments to the Chicago School's skepticism about predatory pricing. A company that engages in predatory pricing and its late-stage investors might not recoup, but the venture investors do. "If people in Silicon Valley start thinking about this as a predatory pricing scam, then I think the late-stage investors will start asking questions."

Persons: Matt Wansley, Wansley, we're, Uber, Cardozo, Sam Weinstein, gobs, you've, —, Brooke, Spencer Waller, Matsushita, Weinstein —, Justice Department —, it's, Weinstein, Matt, that's, Will Uber, Waller, David, Maurer, they've, Adam Rogers Organizations: Lyft, Big Tech, Cardozo School of Law, Justice Department, University of Chicago, Chicago School, Supreme, Matsushita Electric Industry Co, Zenith Radio Corp, Brooke Group, Brown & Williamson Tobacco Corp, United, Loyola's School of Law, Venture, Matsushita, VCs, Chicago, Loyola, pharma, aha, Wansley Locations: United States, Chicago, Silicon Valley, Silicon

☆ The $24,000 Hyundai Santa Cruz is a truck that feels like an SUV. It's also the perfect adventure vehicle.
▼ + stars: | 2023-06-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz. The 2022 Hyundai Santa Cruz.

Persons: Santa Cruz, Tim Levin, Ford, that's, Ford's, I'd, It's, Apple, it's, I'm Organizations: Santa Cruz, Hyundai, Sporting, Toyota, Ford, Santa Cruz's, Subaru Locations: Santa, Santa Cruz, clothe, Toyota Tacoma

☆ Our Golf Reporter Didn’t See the PGA Tour-LIV Golf Deal Coming, Either
▼ + stars: | 2023-06-15 | by ( Sarah Bahr | ) www.nytimes.com time to read: +2 min

The most significant factor is that the PGA Tour was under increasing financial strain. Its supporters are insistent that they still control the game of golf, that they are the majority stakeholder in this endeavor. The PGA Tour is saying that it still has control over all the competition and play. Could you see some elements of LIV borrowed and integrated into the PGA Tour? The PGA Tour is trying to appeal to a younger audience and broaden the appeal of the game.

Persons: LIV, Jay Monahan, Yasir al, We’re Organizations: PGA, Tour Locations: Saudi

☆ Oracle's biggest critic, Goldman Sachs, admits it was wrong about rating the stock a sell
▼ + stars: | 2023-06-13 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

Oracle reported a record-breaking $49.95 billion in annual revenue thanks to success in cloud computing. It has convinced its biggest critic, Goldman Sachs, to change its mind about its potential. And on Tuesday, Oracle's biggest critic, Goldman Sachs analyst Kash Rangan, admitted he was wrong. He did gracefully swallow his pride enough to admit that since he first imposed the sell rating, the stock has climbed 46%. And he's also got his eye on Oracle's cash situation, given how expensive it is to build and maintain data centers.

Persons: Goldman Sachs, there's, Oracle's, Kash Rangan, Rangan, he's, What's, Safra Catz, it's, Morgan, Keith Weiss, luke, Weiss Organizations: Oracle, Morning, Yahoo Finance, Microsoft

NASA's Solar Dynamics Observatory captured a video of a tornado churning on the sun. The fiery formation of boiling solar plasma grew to an estimated height of 14 Earths. SDO/NASAThe magnetic structure that caused this tornado is actually a lot bigger than what we're seeing. As these move around the sun, they create magnetic fields that erupt through the solar surface. The sun is getting more activeA video from NASA's Solar Dynamics Observatory shows the massive hole in the sun's atmosphere.

☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
▼ + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +30 min

JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.

☆ 15 reasons why you aren't hearing back during your job search, based on where you are in the process
▼ + stars: | 2022-12-30 | by ( Lily Zhang | The Muse | ) www.businessinsider.com time to read: +17 min

Here are 15 reasons you might not be getting hired and how you can fix them — broken down by when in the job search you're running into trouble. You're not telling people about your job searchYou probably already know you're supposed to be networking when you're job searching. If you're getting multiple interviews but not getting offers11. You have the skills but not the storyYou have all the right skills, you're applying for the right jobs, you're passing the screens and early interviews — and yet, no offers. Job searches take time, and it will be worth the effort once you land the right job.

☆ Ava DuVernay becomes the first Black woman featured on Ben & Jerry's pint
▼ + stars: | 2022-12-06 | by ( ) www.nbcnews.com time to read: +1 min

Ava DuVernay has become the first Black woman to have her image on a Ben & Jerry’s pint. directed by Ava DuVernay,” which will feature a mix of vanilla ice cream with salted caramel swirls, graham cracker swirls and gobs of chocolate chip cookie dough. DuVernay personally curated the flavor creation, which will be available in both milk-based and non-dairy versions. “Partnering with Ben & Jerry’s, a company that I’ve long admired for their commitment to social justice, has been a thrill ride. “Framing this up as a new flavor for the first Black woman to be a featured partner on our pints doesn’t do Ava justice,” Matthew McCarthy, Ben & Jerry’s CEO, said in a statement.

☆ There are finally more cars to buy — but there's a new reason Americans can't afford them
▼ + stars: | 2022-11-03 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

High interest rates are hitting car buyers just as vehicles are becoming more available. The Federal Reserve raised interest rates again on Wednesday by .75% to TKSign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. But climbing interest rates are throwing a wrench in the cogs. The Federal Reserve has hiked interest rates several times this year — most recently on Wednesday — with the intention of cooling spending and taming record-high inflation. "New cars may finally become more available just when most Americans can no longer afford them," Cox chief economist Jonathan Smoke said in an October note.

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