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☆ Multi-strat hedge funds like Citadel and Millennium are the new big banks
▼ + stars: | 2023-03-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

There's an old saying on Wall Street: You can only leave Goldman Sachs once. Insider's Alex Morrell has a fascinating look at how Goldman Sachs' top executives have headed to some of the top hedge funds in the world in recent years. Poaching talent is a longstanding tradition on Wall Street, and the path from the investment banks to the buy side is a well-worn one. It's an indication of the shifting tides on Wall Street between the firms that traditionally held all the power (big banks) and the ones usurping them (multi-strat hedge funds). Click here to read more about how Goldman Sachs alumni are getting poached by the world's biggest hedge funds.

☆ DBS Bank discusses Sea Limited, Grab and GoTo
▼ + stars: | 2023-03-21 | 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 EmailUncertain if Southeast Asia's top 3 tech titans have enough capital to absorb small players: DBSSachin Mittal of the Singapore bank says it remains uncertain if Southeast Asia's top three tech "titans" — Sea Limited, Grab and GoTo — will have "enough capital to absorb these small players."

☆ Premarket stocks: The banking meltdown put the Fed in a bind
▼ + stars: | 2023-03-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

In prior years, the Fed was able to respond “unswervingly” to financial risks by loosening policy without worrying about price stability, he said. The reputation play: The question isn’t about what the Fed should do, it’s about what the Fed will do, said Daco. The central bank has the tools if needed to respond to a liquidity crisis “but this is not what we are seeing,” she told reporters on Thursday. Prior to the current stress in the banking sector, Fed officials were hinting that they would hike rates by half a point. “Every central bank tightening cycle in history has induced some sort of financial strains,” she wrote Thursday.

☆ The collapse of Silicon Valley Bank foreshadows a bigger reckoning for the tech industry
▼ + stars: | 2023-03-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

In the days since the stunning collapse of Silicon Valley Bank, I've seen the tech world point a lot of fingers. Silicon Valley Bank imploded in part because it was a repository for the riskiest behaviors of the industry it serviced. In spite of this reality, there has been little self-reflection on the part of the industry that was so closely tied to Silicon Valley Bank. Silicon Valley Bank thrived on these trends. But to grow at the breakneck speed of its clients, Silicon Valley Bank executives had to change things in Washington.

☆ SVB is still looking for a buyer. Here is what we know so far.
▼ + stars: | 2023-03-13 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

The weekend came and went without a buyer for SVB Financial Group, the parent company of the failed Silicon Valley Bank. SVB Capital focuses on venture capital and credit investing and SVB Securities is its investment banking arm. Axios reported Monday morning that JPMorgan and PNC were in talks to acquire SVB Financial Group but not the failed commercial bank. SVB Securities, better known as SVB Leerink, the investment banking arm born out of SVB's 2018 acquisition of Leerink, is a very desirable business, he added. "SVB Leerink is a well-known name in the tech and healthcare space that will be attractive to someone," said Healy.

☆ A 24-year-old Black tattoo artist explains why she and many others are fleeing Austin: 'The soul of the city has changed'
▼ + stars: | 2023-03-12 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Imani Tatum is leaving Austin after living there for the past three years. "I wanted to create a place where specifically marginalized people could be tattooed, while being safe and enjoying themselves," Tatum told Insider. Tatum said she's done: she's closing Nana's Prayers, packing her bags and heading to a new city in May. But affordable housing remains scarce in the city, and that's driving out many minority residents, like Tatum. While price growth has slowed in Austin, the city's median home price still sits at a staggering $525,000, $140,000 above the US median sale price, according to real estate brokerage Redfin.

NEW YORK , March 7 (Reuters) - Bank of America Corp's (BAC.N) Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: "We are capitalists." The proclamation from the head of the second-largest U.S. lender might seem obvious, but comes at a time when Wall Street titans face more criticism for embracing environmental, social and governance (ESG) considerations. The word "capitalism" is mentioned 22 times in BofA's latest annual report spanning 222 pages, rising from 16 times a year earlier. Still, the CEO acknowledged there are concerns about whether companies share profits or pay people fairly and equitably. The lender outlined its ESG goals in the report, including a pledge to achieve net zero greenhouse gas emissions by 2050 and deploy $1.5 trillion in sustainable finance by 2030.

☆ Radio company SiriusXM cuts workforce by 8%
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - SiriusXM Holdings Inc (SIRI.O) on Monday said it would lay off 8% of its workforce, or about 475 employees, as the satellite radio firm takes a hit from slow subscriber growth. Weak auto sales are also expected to hurt the radio operator's subscriber base. "Today's decision to reduce our workforce was required for us to maintain a sustainably profitable company," Chief executive Jennifer Witz said in a letter to staff. SiriusXM joins tech titans such as Microsoft Corp (MSFT.O) and Google-parent Alphabet Inc (GOOGL.O) that cut headcount by the thousands to weather a tough economy. In January, music streaming platform Spotify Technology (SPOT.N) also cut its workforce by 6%.

Hong Kong/Seoul CNN —The billionaire mastermind behind some of the world’s biggest K-pop stars is pushing back on accusations that he’s trying to monopolize the Korean music industry. “It wouldn’t be correct to say that we’re trying to take over the whole industry,” Bang told CNN in an exclusive interview in Seoul. Bang Si-Hyuk, who chairs the HYBE management agency, spoke with CNN's Richard Quest on Tuesday. “When the two companies are combined, a monopoly and oligopolistic group of companies that account for approximately 66% of total market sales will be created,” it told CNN. The company would then announce the outcome and next steps, it told CNN on Friday.

☆ Goldman Sachs' head of digital assets says there's still 'a little bit more pain' to come for crypto startups. Here's how he's looking for the silver lining in the industry.
▼ + stars: | 2023-03-03 | by ( Bianca Chan | Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Mathew McDermott oversees Goldman Sachs' crypto and blockchain efforts. He says the worst isn't over for crypto startups. The worst isn't over yet for the crypto industry, according to Goldman Sachs' global head of digital assets. "We're going to see a little bit more pain this year as we see more people struggle" in the crypto industry, Matthew McDermott, global head of digital assets at Goldman Sachs, told Insider. But there may be a silver lining to the crypto carnage: startups running out of runway may be looking for an exit.

☆ K-Pop’s Corporate Battle Royale Is Just Getting Started
▼ + stars: | 2023-03-02 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

South Korea’s Hybe, the agency behind boy band BTS, is seeking to gain control of SM Entertainment. The Korean pop music industry’s corporate-takeover drama is getting juicier—and the plot twists more outrageous. But shareholders in one of K-pop’s corporate titans will likely end up with a fat payoff when the dust finally settles. South Korea’s Hybe, the agency behind boy band BTS, is attempting to gain control of one of its biggest rivals, SM Entertainment. On Thursday, it upped the ante ahead of SM’s shareholder meeting at the end of March with a bespoke website featuring an open letter to SM investors.

☆ Elon Musk accuses Ralph Nader of 'lying' over claims he took 'taxpayers to the cleaners' with Tesla
▼ + stars: | 2023-02-25 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Elon Musk accused Ralph Nader of lying after claiming he took "taxpayers to the cleaners" with Tesla. Nader, 88, accused Musk of taking "taxpayers to the cleaners for his factories and for Starlink. Musk responded: "Ralph Nader, you are lying – shame on you! I personally provided almost all Tesla funding, based on my proceeds from PayPal." Musk added in his tweet to Nader that the "first meaningful government funding" Tesla received was in the second quarter of 2010.

☆ China appears to be pulling another U-turn, saying it'll promote the use of AI in daily life just days after reports it blocked ChatGPT
▼ + stars: | 2023-02-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China said it sees broad potential in the use of AI tech and wants to integrate it into daily life. But that's amid reports China — which controls information tightly — blocked access to ChatGPT. It now wants to integrate the tech into daily life, just days after reports emerged that it had blocked its citizens from accessing viral AI chatbot ChatGPT. Search engine giant Baidu — China's answer to Google — said on Wednesday it plans to launch its own AI chatbot Ernie Bot in March. "AI technology has reached a tipping point and all industries will inevitably go through transformation," Li said in the memo.

☆ Premarket stocks: How oil and gas companies think about their shareholders
▼ + stars: | 2023-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Two days later, a report found that the soaring energy prices could push 141 million people worldwide into extreme poverty. High prices have swelled profits for energy companies, leaving them flush with cash. Commitment to shareholders has certainly helped bolster stock prices — the S&P 500 ended 2022 down nearly 20%, while the energy sector grew by about 60%. And how do companies navigate appeasing shareholders who want immediate profit while also thinking about ways to invest in sustainable energy? GDP, inflation and retail earnings: What investors are watching this week▸ Investors have a busy week of new data readings ahead of them.

☆ The most expensive home in the Caribbean just listed for $200 million – take a look inside
▼ + stars: | 2023-02-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

It's located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. Last year, Mustique's largest transaction was recorded at about $35 million, according to de Mallet Morgan. Here's a closer look at the most expensive home to ever hit the market in the Caribbean. The Bali Cottages house four more guest bedrooms and surround the estate's third swimming pool. De Mallet Morgan said the estate is currently operated by 18 staff.

☆ Investors and techies gather in San Francisco to bathe in generative A.I. hype sparked by ChatGPT
▼ + stars: | 2023-02-17 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +8 min

They were there to discuss the latest craze capturing the attention of the tech world: generative artificial intelligence. The underlying AI software powering ChatGPT, a kind of machine-learning technology known as a "large language model," isn't new. As Bessemer Venture Partners' Sameer Dholakia told audience members, generative AI could change "the lives of billions of people." Blackwell credits OpenAI and ChatGPT with showing people what's possible with generative AI, shining a spotlight on the industry at large. But for one day in San Francisco, generative AI was more than just a tool.

☆ Buy these 12 stocks to profit from higher-than-expected price growth, according to an inflation fund manager who beat 96% of his competitors last year
▼ + stars: | 2023-02-16 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Top fund manager Simon Lack shared 12 top stocks to buy while inflation remains hot. The news confirmed what Simon Lack, a 37-year market veteran who runs a leading inflation fund, has long suspected: that price growth will remain an issue for investors throughout 2023 — and possibly beyond. If high inflation is the new normal, the Fed will struggle to achieve its goal of stabilizing prices, Lack said — at least not without causing a recession. His Rational Inflation Growth Fund (IGOAX) finished in the top 4% of its category in 2022 after beating its index by 14 percentage points, according to Morningstar. By contrast, his fund goes on offense by owning stocks in sectors that benefit from high prices.

☆ Some FedEx employees say layoffs are wrecking morale and chipping away at the famous loyalty that Fred Smith built
▼ + stars: | 2023-02-15 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

Some insiders see the layoffs as a failure of leadership and fear a lasting shift in FedEx culture. But now, some also question if the company Smith built is changing for good. "The erosion just kept happening," said one former FedEx who left the company in the last year. Inside the company, employees are doing the back-of-the-envelope calculations on the cuts still to come — Subramaniam promised $4 billion and cuts this fiscal year. "There is still that emphasis that people are first at FedEx," said a 15-year FedEx veteran who left last year.

☆ A.I. ETFs are rallying this year as ChatGPT hysteria heats up. What to know before jumping in
▼ + stars: | 2023-02-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Anything with the words "artificial intelligence" is keeping Wall Street buzzing in 2023. So far this year, AI-focused funds such as the iShares Robotics & Artificial Intelligence Multisector and the ARK Autonomous Technology & Robotics , are higher by about 19% each. Take the the Global X Robotics & Artificial Intelligence fund, with about $1.6 billion in assets under management, that's up more than 16% this year. BOTZ YTD mountain Global X Robotics & Artificial Intelligence ETF's performance in 2023 C3.ai is the largest holding in the First Trust Nasdaq Artificial Intelligence and Robotics fund, according to Morningstar. But investors also get telecommunications company Ciena , optical equipment maker Topcon and defense technology company QinetiQ.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Retail investors flock to small-cap AI firms as Big Tech battles for share
▼ + stars: | 2023-02-07 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Retail investors are piling into small-cap firms that employ artificial intelligence amid intensifying competition between tech titans Google parent Alphabet and Microsoft to secure leadership in the next big driver of growth. The $3-billion AI software firm C3.ai was the fifth most actively traded on Fidelity's platform for small investors on Monday, while drawing record daily retail inflows worth $31.4 million, as per Vanda Research. "Small-cap firms have AI as a much larger part of their business than the larger ones," said Matthew Tuttle, chief executive officer of Tuttle Capital Management on the reason behind retail investors' focus on the smaller firms. SoundHound AI (SOUN.O), which offers a voice AI platform services, and Thailand's security firm Guardforce AI (GFAI.O) have more than doubled so far this year, while analytics firm BigBear.ai gained nine-fold in value. Google-owner Alphabet Inc (GOOGL.O) on Monday said it would launch a chatbot service Bard and more artificial intelligence for its search engine as well as developers.

One of the really interesting questions here – this will be fascinating – the core of linear TV is sports rights. When you look at the size and scope of the linear TV business, it's huge. Patrick T. Fallon | Afp | Getty ImagesByron Allen, Entertainment Studios founder and CEO: I think linear TV will exist for a very, very long time. Simmons: I believe Apple, out of nowhere, will start making their own awesome televisions that have Apple TV embedded in them. We are witnessing early stages of this dynamic with deals like "NFL Sunday Ticket" on YouTube and the MLS deal with Apple TV.

☆ Time to buy the tech rally? Wall Street pros weigh in with their top stock picks
▼ + stars: | 2023-02-06 | by ( Zavier Ong | ) www.cnbc.com time to read: +6 min

Investors are flocking back into tech, after shunning the sector for the better part of 2022 amid broad risk-off sentiment. The tech-heavy Nasdaq Composite has been the best-performing Wall Street index in 2023, having gained about 15.6% since the start of the year. This could be the rebound," Wang told CNBC's "Street Signs Asia" on Thursday. " Some 87% of analysts covering the stock rate it a "buy," according to FactSet data, and give it average upside of 10.3%. Christopher Crawford, managing partner at Crawford Fund Management, told CNBC's "Street Signs Asia" on Tuesday that his firm is overweight tech "for the first time in our 10-year history."

☆ Did investors learn nothing from last year’s market meltdown?
▼ + stars: | 2023-02-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

Shares of movie theater chain AMC (AMC) have soared nearly 65% so far in 2023, and AMC (AMC)’s companion preferred stock (which trades under the ticker APE as a nod to the nickname AMC (AMC) fans have given themselves on social media) has more than doubled. So did investors learn nothing from last year’s market meltdown? I don’t agree with this market rally in meme stocks,” said Erik Ristuben, chief investment strategist with Russell Investments. Another strategist agrees this recent rally for meme stocks and other speculative bets may not end well. If they’re upbeat about spending, that could keep the rally in consumer stocks going.

☆ Grammys 2023: A Beyoncé vs. Adele Rematch, and Everything Else You Need to Know
▼ + stars: | 2023-02-03 | by ( Neil Shah | ) www.wsj.com time to read: 1 min

Even among the many Grammy Awards shows with highly competitive races between artists, this year stands out. Consider all the questions fans have to pore over: Will it finally be Beyoncé’s year? If so, where does that leave Kendrick Lamar? Will Bad Bunny make history for Latin artists? Or will coveted prizes go to industry titans like Adele and Taylor Swift and insider picks such as ABBA and Coldplay?

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