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"Our conversations with investors have been defined by skepticism about latter stages of AI adoption," Ryan Hammond of Goldman's portfolio strategy research team said in a recent note to clients. "Even among investors that are long-term bullish on the potential gains from AI adoption, there appears to be considerable uncertainty about the timeline." Goldman's AI adoption tracker showed that only 5% of U.S. companies are using generative AI to produce goods and services. Many software companies tied to AI posted disappointing guidance during the last earnings seasons that triggered a sizeable sell-off, Goldman noted. Investors should focus on revised sales forecasts of AI-related companies, Goldman said.
Persons: Goldman Sachs, Ryan Hammond, Goldman, Hammond Organizations: Nvidia, Wall, Investors Locations: U.S
Opinion | A Beautiful Inflation Report
  + stars: | 2024-07-09 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
One of my go-to economic data experts emailed on Thursday morning about the latest inflation report, which showed prices actually falling in June and up only 3 percent over the past year. It was, he declared, “beautiful.”Your aesthetic sense may vary, but we’ve now had two months of really good price data, enough to puncture the bubble of pessimism that, um, inflated early this year. Many economists argued, however, that the bad data was just noise, largely reflecting one-time price resets at the start of the year. Note that the Federal Reserve focuses not on the Consumer Price Index but on an alternative measure, the personal consumption expenditure price index, which isn’t in yet for June. And since the Fed is supposed to skate to where the puck will be, not where it is right now, there’s now an overwhelming case for interest rate cuts.
Persons: we’ve, there’s Organizations: Federal Reserve, Consumer
Researchers in South Korea say they’ve developed a new way to make lab-grown meat taste like the real deal. It may look like a transparent, bubble gum pink-colored disc, but scientists hope it could revolutionize the meat on people’s plates. Because the cultured meat is not yet edible, the researchers used an electronic nose, to test the aromas of the cultured meat, and see how they compare to conventional meat. Ron DeSantis banned the sale of lab-grown meat in the state in what he said was an effort to protect farmers and ranchers. In May, Huber’s Butchery in Singapore became the first retail store to sell cultured meat, a shredded chicken by Good Meat made with just 3% cultivated meat.
Persons: they’ve, Milae Lee, Lee, Maillard, ” Lee, , Jennifer Jacquet, Ron DeSantis, ” DeSantis, Huber’s Organizations: CNN, Hong, Yonsei University, Nature Communications, Department of Chemical, Biomolecular, Seoul’s Yonsei University, Yonsei University Livestock, UN, University of Miami, Florida Gov, US Department of Agriculture Locations: South Korea, Florida, , Singapore
Read previewOlivia Culpo's wedding dress is causing a stir online. Olivia Culpo said she didn't want her wedding dress to 'exude sex'Culpo's three Dolce & Gabbana wedding dresses each had a distinct look. Advertisement"There is nothing wrong with wanting a modest wedding dress or just modest attire in general," Bingham said. Culpo's dress might be part of a resurgence of traditional wedding gownsCulpo's ceremony dress is a departure from recent wedding fashion trends, as many brides have gravitated toward sheer or heavily detailed gowns. Despite her back and forth with Bingham, Culpo reiterated that she loved her dress in another Instagram post about her wedding gown shared on Wednesday.
Persons: , Olivia, Christian McCaffrey, Culpo, Gabbana, Olivia Culpo, didn't, Vogue's Elise Taylor, Kennedy Bingham, Bingham, Paris Hilton, Lily Collins, McCaffrey, Bingham's, Jeff Kravitz, Jackie Avrumson, Avrumson Organizations: Service, Miss Universe, Vogue, Business, CONSERVATIVE, Paris, Dolce Locations: Rhode Island, TikTok
A veteran analyst says AI is unproven, and stocks such as Nvidia are in a bubble and could wither. Ferguson sees shades of the dot-com bubble, warning Nvidia might lose its edge like Intel and Cisco did. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementArtificial intelligence is still just a pricey experiment, AI stocks are in a dangerous bubble, and Nvidia might wither like dot-com darlings Intel and Cisco, according to a markets guru. Ferguson recommended investors diversify their portfolios away from large-cap US growth stocks to limit their exposure if the tech bubble bursts.
Persons: MacroStrategy's James Ferguson, Ferguson, , James Ferguson, Merryn, I'm, It's Organizations: Nvidia, Intel, Cisco, Service, MacroStrategy, Tech
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeet the AI-powered robots Big Tech is betting can solve the global labor crisisHumanoid robots are catching the attention, and billions of investment dollars, from Big Tech companies like Amazon, Google, Nvidia, Tesla and Microsoft. Powered by AI, these bots have seen quantum leaps in what they're capable of in just the past few years. CNBC's Kate Rooney speaks with Agility Robotics, Apptronik, Sanctuary AI and others to explore the rise of these AI-driven humanoids, if they're a cure-all for our global workforce problems, or if this is yet another tech bubble.
Persons: CNBC's Kate Rooney Organizations: Big Tech, Google, Nvidia, Tesla, Microsoft, Robotics
He needs to execute better," Jim Cramer stressed, referring to Starbucks CEO Laxman Narasimhan, during the Investing Club's June Monthly Meeting . Then in mid-June, Starbucks launched its limited-time "Pairings Menu," which includes a $5 coffee-and-croissant combo and a $6 coffee-and-breakfast-sandwich deal. Order up Jefferies' Barish also raised questions about Starbucks' menu innovations, arguing its updated drink options are not driving sales as much as hoped. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: it's, Jim Cramer, Laxman Narasimhan, Jim, Rachel Ruggeri, Burger King, Jefferies, Andy Barish, Barish, TD Cowen, Cowen, Edward Lewis, Lewis, they're, Narasimhan, Ruggeri, Berry, Long, We've, Jim Cramer's, Spencer Platt Organizations: Starbucks, Taco Bell, Street, CNBC, Getty Locations: North America, Israel, Gaza, China, Burger, Manhattan, New York City
Even so, four sources close to the Biden family said there is no active effort to shake up staffing right now. Hunter Biden's appearance in White House meetings this week was just one instance of what is expected to be the deeper Biden family involvement. From the view of some Biden aides, the family is seizing on an opportunity to try to settle old scores. President Joe Biden's family is attempting to become more involved over his campaign and White House affairs as their anger with his staff spills into public view. Hunter Biden's stepped-up involvement has confounded some White House staff members and revived a longtime sore spot.
Persons: Biden, Anita, Bob, Jeff Zients, Anita Dunn, Bob Bauer, Hunter, Valerie Owens, Joe Biden's, Joe Biden, Jill Biden, Francis S, Ron Klain, It's, Hunter Biden's, Bauer, Dunn, Hunter Biden, Michael LaRosa, LaRosa, Andrew Bates, Donald Trump, Bauer haven't, Almighty's Organizations: White, White House, ABC, Biden, NBC, Air Force, Gabreski, Union, Yale, Camp David, Democratic Party, Trump Locations: White, Washington, Westhampton Beach , New York, Delaware
Crisis? What Crisis? Biden Rejects Democratic Pessimism
  + stars: | 2024-07-06 | by ( Peter Baker | ) www.nytimes.com   time to read: +1 min
All sounds fine in President Biden’s world. For Mr. Biden, the crisis seen by so many Democrats who are not on his payroll — and by some who are — is nothing more than another bump in the road, another obstacle to overcome as he always has. His prime-time interview that aired on ABC News on Friday night was an exercise not just in damage control but in reality control. For much of his long and storied political career, Mr. Biden has succeeded through sheer force of will, defying the doubters and the skeptics and the scorners to prove that he could do what no one expected. “You really see a president in denial and in a bubble,” Julián Castro, a former housing secretary who ran against Mr. Biden for the Democratic nomination in 2020, said in an interview.
Persons: Biden’s, Biden, Donald J, Trump, , Julián Castro, he’s, Organizations: ABC, Mr, Democratic
In today's big story, we're looking at the mounting pressure President Joe Biden is facing to forgo his reelection campaign . The Clash's 1982 hit could be President Joe Biden's anthem these days as rumors swirl about his reelection bid. Under campaign finance law, the VP is the only candidate who can easily inherit the hundreds of millions of dollars raised by Biden's campaign . Patrick Semansky/AP Photo; BIBiden's first post-debate interview could ultimately decide his fate. In other newsAdvertisementWhat's happening todayA first look at Biden's interview with George Stephanopoulos airs on ABC.
Persons: , he's, Barack Obama, Joe Biden, Win McNamee, Chelsea Jia Feng, Joe Biden's, Biden, Insider's Bryan Metzger, Biden's, Donald Trump, Lloyd Doggett, Raúl Grijalva, Kamala Harris — hasn't, Harris, Patrick Semansky, George Stephanopoulos, Karine Jean, Pierre, CFRA, Berkshire Hathaway, Neil Shearing, Jensen Huang, Justin Sullivan, Rebecca Zisser, Caitlin Clark, Alex Morgan, Hailey Welch, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Labour Party, Business, Democratic, ABC News, New York Times, Trump, Berkshire, Economics, Saks, Saks Global, ABC Locations: New Mexico, Virginia, Biden's, New York, London
The Reintroduction of Kamala Harris
  + stars: | 2024-07-05 | by ( Erica L. Green | ) www.nytimes.com   time to read: +1 min
By early this year, around the time a prosecutor called President Biden a “well-meaning, elderly man with a poor memory,” Vice President Kamala Harris already knew something had to change. She had been feeling sidelined in the early stages of the campaign, one adviser said, and she wanted a bigger role. She fled the Washington bubble and embarked on an ambitious travel schedule, making more than 60 trips this year alone. She tossed talking points to speak out more forcefully on abortion rights, the war in Gaza and race. She invoked her personal story more often, from her mother’s influence on her life to her inspiration for becoming a prosecutor.
Persons: Biden, Kamala Harris, Harris, Roe, Wade Organizations: Biden Locations: Washington, Gaza
New York CNN —With interest rate cuts on the backburner, Wall Street is looking to corporate earnings to continue powering the 2024 stock market rally. Analysts polled by FactSet expect second-quarter earnings of S&P 500 companies to grow about 8.7% on average from the prior year. Strong corporate earnings have helped the S&P 500 gain a whopping 16% and notch repeated record high closes this year. Since the Fed isn’t likely to cut rates anytime soon, the onus is on strong corporate earnings to continue driving the market rally. Earnings season kicks off July 12 when big banks including JPMorgan Chase, Wells Fargo and Citigroup report results.
Persons: FactSet, Jerome Powell, , Jeffrey Buchbinder, Wells, Dow, Lisa Shalett, Jessie Yeung, Hanako Montgomery, Junko Ogura, , Tadashi Matsubara, ” Read, Laura He, Pan Gongsheng, Read Organizations: CNN Business, Bell, New York CNN, Federal, LPL, JPMorgan Chase, Citigroup, Nvidia, Microsoft, Meta, Dow Jones, Morgan Stanley Wealth Management, Kanpou, , Beijing Money, Silicon Valley Bank, People’s Bank of China, prudential Locations: New York, Sintra , Portugal, Wells Fargo, Banks, Japan, Nepal, China, Beijing, Silicon, United States, Shanghai
That’s a problem for Big Beer, which is dealing with flat sales, declining volume and a fickle generation of younger drinkers who are completely ditching the bottle or preferring anything but a regular beer. It’s a non-carbonated drink because “bloating that may come from carbonation is considered a top barrier” for younger drinkers and the trend of “decarbonizing” drinks is blowing up on the app. Last year, it acquired Blue Run Spirits, a cult favorite high-end bourbon and rye whiskey brand, in light of US spirit sales surpassing beer sales. Its aptly titled “Beyond Beer” category is currently a $1.5 billion part of its global business and is helping attract younger, legally aged drinkers. Despite younger drinkers’ hesitance with buying beer and flat sales, Big Beer companies aren’t facing an existential threat.
Persons: youngs, Gen, NIQ’s Kaleigh Theriault, , ” Theriault, Gallo, Mark Anthony Brands, Miller, flavorful, TikTok Constellation, Corona, , Saúl Trejo, TikTok, Molson Coors, Molson, ” NIQ’s Theriault, Bud Light, seltzer, Jason Lowrie, it’s, Bud, Bud Light Seltzer, Dylan, , “ Young, ” Bryan Roth Organizations: New, New York CNN — Beer, CNN, Beverages, Big Beer, Molson Coors Beverage Company, Modelo, Constellation Brands, Anheuser, Busch InBev, TikTok, Corona, Corona Refresca, Molson Coors, Molson, “ Suppliers, Busch, Feel Goods Company Locations: New York, Corona, carbonation
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcGhee: AI isn't a bubble because today's tech companies are actually profitableTiffany McGhee, CEO and CIO of Pivotal Advisors, discusses what's driving markets to record highs.
Persons: McGhee, Tiffany McGhee
“What worries policymakers is the interest rate risk, which will rise once the dominant narrative shifts from deflation to reflation,” Hu from Macquarie said. If that happens, bond yields will rise as investors switch back into riskier stocks. The country’s “4,000 or so small and medium-sized banks” will be particularly vulnerable to the interest rate risk, he added. “The bubble formed by the rush of funds into the bond market is accumulating interest rate risks,” the Securities Times said in an editorial. Economic risksThe rapid decline in Chinese bond yields also poses significant risks to the economy.
Persons: , , Pan Gongsheng, SVB, Larry Hu, ” Hu, Macquarie, Hu, Zhang Jiqiang, Ken Cheung Organizations: Hong Kong CNN, Silicon Valley Bank, People’s Bank of China, prudential, , Federal Reserve, Macquarie Group, Zheshang Securities, Securities Times, Japan’s Norinchukin Bank, Huatai Securities, Mizuho Securities Locations: Hong Kong, Silicon, United States, Shanghai, China, Beijing, SVB, outflows
Enthusiasm for AI will drive the S&P 500 to 7,000 by next year, Capital Economics forecasts. The firm says AI is a market bubble that will inflate through 2025. 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 . While the AI market mania has drawn comparisons to the 2000's dot-com bubble, some have dismissed the analogy, noting that today's AI benefactors are nowhere near as overvalued as early internet counterparts.
Persons: , Neil Shearing, Shearing, MIT's Daron Acemoglu, Goldman Sachs Organizations: Service, Capital Economics
Democratic Party grandees, meanwhile, crowded onto Sunday talk shows to try to turn attention away from Biden’s confused and painful debate showing and to put the spotlight back on Trump. But any set of bad polls showing an already-tough reelection bid was seriously damaged by the debate could trigger panic again. The ferocious counterattack by Biden’s campaign, however, is not answering fundamental questions posed in the aftermath of a debate that shattered confidence in Biden’s capacity to beat Trump for many of his fellow Democrats. Voters saw Biden’s reduced and poignant state with their own eyes. Biden campaign manager Jennifer O’Malley Dillon even blamed any poor forthcoming polls on the media and not the president.
Persons: Joe Biden, Biden, Donald Trump, Biden’s, Democratic Party grandees, Nancy Pelosi, CNN’s Dana, , James Clyburn, Bash, CNN’s MJ Lee, Jeff Zeleny, Putin, Xi, Doug Burgum, “ Joe Biden, Wes Moore, it’s, Trump, he’s, , , Biden —, Jamie Raskin, ” Raskin, ” Biden’s, Jennifer O’Malley Dillon, Barack Obama’s, Utah Sen, Mitt Romney, Obama, alienates, Rob Flaherty, ” Flaherty Organizations: CNN, Camp David, Democratic, Democratic Party, Trump, Union, ” South Carolina Rep, Biden, North Dakota Gov, Press, Top Democrats, Maryland Democratic Gov, CBS, Maryland, MSNBC, , Trump . Voters Locations: Camp, “ State, , Russia, China, Iran, New Jersey, Atlanta, Chicago, North Carolina, Washington, Utah
Read previewAfter Big Tech's meteoric rise in the stock market, valuations may be coming back down to earth. Elevated Big Tech valuationsThe stock market is incredibly narrow, with just a few mega-cap tech stocks driving the market rally. Overall, the tech sector has risen by roughly 40% since November 2023. AdvertisementTruistAccording to Lerner, tech valuations are overheating in the short term, fueled by investor optimism. The tech sector's forward P/E has increased 19% just since May 1st of this year, jumping from 26x to 31x.
Persons: , Keith Lerner, Lerner Organizations: Service, Nvidia, Apple, Google, Business, Utilities, P Telecom, US Telecommunications ETF, Vanguard Utilities Index Fund
And, of course, when choosing someone to be with my kids, I'd rather them be with my mom. She's great with my kids, but we have different rulesMy mom has always taken great care of the boys, but we have very different personalities, which means we parent differently. Our homes also have different rules. AdvertisementTreating the kids differently can be confusing for everyoneAs you can imagine, this has led to some confusion — for the kids, yes, but for my mom, too. Ultimately, she said what she did because she believes in a different set of rules.
Persons: I'm, it's Organizations: Service, Business
David Paul Morris/Bloomberg via Getty ImagesThe U.S. stock market has become dominated by about a handful of companies in recent years. Some experts question whether that "concentrated" market puts investors at risk, though others think such fears are likely overblown. The so-called "Magnificent Seven" — Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — make up about 31% of the index, it said. Why stock concentration may not be a concernThe S&P 500 tracks stock prices of the 500 largest publicly traded companies. When there were big market crashes, they generally don't appear to have been associated with stock concentration, he added.
Persons: Jensen Huang, David Paul Morris, Morgan Stanley, Charlie Fitzgerald III, John Rekenthaler, Rekenthaler, Elroy Dimson, Paul Marsh, Mike Staunton, We've, Goldman Sachs, Fitzgerald, Moisand Fitzgerald Tamayo, Charlie Fitzgerald Organizations: Nvidia Corp, Blackwell, Nvidia, Technology, Bloomberg, Getty, Microsoft, Tesla, U.S, Finance, Morningstar, Big U.S, Goldman, Goldman Sachs Research Locations: Orlando , Florida, U.S, Switzerland, France, Australia, Germany, South Korea, United Kingdom, Taiwan, Canada
"Brat," along with viral hits like Sabrina Carpenter's "Espresso" and Tinashe's "Nasty," have ushered in a season of pleasure and levity — what my friends and I have been calling a "smooth brain summer." The primary lure of pop music has always been escapism. Indeed, we've lived in a pop world dominated by Taylor Swift and refashioned in her likeness for several years. These peculiar bops form the perfect foundation for a "smooth brain summer" soundtrack — though please note that doesn't mean they're devoid of value or meaning. An appetite (and a need) still exists for complex metaphors, history lessons, and personal revelations in pop music — but now is not the time.
Persons: , Mitski, Noah Kahan, Ethel Cain, bumpin, Sabrina Carpenter's, ure, ike, ike O livia R odrigo, l, odrigo, ake, ould, ike T ikTok, ong, abel, alue Organizations: Service, Business, DJ, ust
Political conversations are causing strife in our familyWhen I was in high school and living close to my grandmother, I would try to engage her in political debate, but conversations would all too often turn heated, sour, and sometimes even cruel. But it doesn't mean that we don't talk. We just don't talk about things outside our insular familial universe. "When I call your family — they always call right back," Halmoni tells me earnestly. Often, I feel that I'm being irresponsible by pretending like political conversations don't matter.
Persons: , toothily, Bella, it's, It's, I'm, Halmoni Organizations: Service, Business Locations: Manse, Bella
"In contrast, current valuation extremes imply potential downside risk for the S&P 500 on the order of 50-70% over the completion of this cycle." JPMorgan's Marko Kolanovic expects the S&P 500 to fall to 4,200, while more extreme forecasts include Jeremy Grantham's estimate in the low 3,000s. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.
Persons: , Jonathan Golub, Count John Hussman, Hussman, Hussman's, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, JPMorgan's Marko Kolanovic, Jeremy Grantham's Organizations: Service, UBS, Business, Hussman Investment Trust, New York Stock Exchange, Investor Intelligence
AdvertisementStep outside your bubble and network with other organizations in your industryBetter yet, get outside your current organization. Outside your organization, they're at that conference you went to last year. The conversation should be about the person you're networking withRemember in these conversations to make the discussion all about the person you're networking with. AdvertisementThe results take time but can last foreverThe results of great networking aren't fast. But a great network can last a lifetime.
Persons: , I've, Anne, Gee, you've, You'd, let's Organizations: Service, Business, Microsoft
AdvertisementMy family fractured, but at summer camp I felt normalThat happened the day before I was set to start junior high. Kids don't process grief the way adults doFor years, I ruminated on the idea of a camp for bereaved kids. Comfort Zone Camp started in 1999 near my home in Virginia. AdvertisementThe acts might be a child singing for their mom, who loved music, or tossing a football with their friend because dad loved to play. The whole thing was so silly but meaningful — the exact recipe for helping kids process loss.
Persons: Lynne Hughes, I'd, Barbara Organizations: Service, Comfort, Business Locations: Michigan, Virginia
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