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☆ Top corporate CFOs are losing some confidence in economy, as consumer demand fears spike
▼ + stars: | 2024-06-26 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

Fears among top corporate CFOs about shaky consumer demand have hit a six-quarter higher, according to the latest CNBC CFO Council survey, with the Q2 survey the first time since the beginning of 2023 that over half of CFOs cited consumer demand as the biggest external risk to their business. Consumer demand fears among CFOs have been rising in recent quarters, and match evidence from the market across sectors, with fast-food chains rushing out value menus and car dealers having more difficulty moving inventory. The 54% of CFOs who cited consumer demand as the biggest risk is up from 18% a year ago, and 37% last quarter. Last quarter, almost half of CFOs forecast a 10-year yield that would dip below 4% by the end of the year. But now, CFOs have pushed out their inflation view even further.

Persons: Walmart's, isn't, CFOs, Jerome Powell, it's, Donald Trump Organizations: CNBC, Food, Federal Reserve, Fed, Dow Jones, Biden

☆ Check out the 26-slide pitch deck Creatio used to raise $200 million at a $1.2 billion valuation
▼ + stars: | 2024-06-26 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +1 min

Software company Creatio has secured $200 million at a $1.2 billion valuation. The Boston-based company sells no-code applications to enterprises to streamline their operations. AdvertisementBoston-based software company Creatio has secured $200 million at a $1.2 billion valuation. Founded in 2014, Creatio is a vendor for no-code platforms that allow companies to access and create applications and workflows more efficiently through its platform. The company sells a variety of applications, from app design platforms to customer relationship management (CRM) tools, to clients.

Persons: Creatio, — Organizations: Service, Business Locations: Boston

☆ Elon Musk is reigniting his space feud with Jeff Bezos: 'Sue Origin'
▼ + stars: | 2024-06-26 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Space barons Elon Musk and Jeff Bezos have long had competing ambitions to take over the skies. Bezos' Blue Origin recently proposed a cap on SpaceX's launches due to environmental concerns. Musk slammed the move and gave the company a new moniker: "Sue Origin." AdvertisementJeff Bezos' rocket company, Blue Origin, thinks the FAA should cap SpaceX's launches — and Elon Musk isn't too pleased about it. Blue Origin recently expressed concerns over the environmental impacts of SpaceX's rocket launches on nearby facilities in a filing to the FAA, which the agency published on Friday.

Persons: Elon Musk, Jeff Bezos, Musk, Sue, —, Elon Musk isn't Organizations: Service, FAA, Elon, Business

☆ Here are Wednesday's biggest analyst calls: Nvidia, Amazon, Alphabet, FedEx, Tesla, Caterpillar, Shopify, Disney & more
▼ + stars: | 2024-06-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are the biggest calls on Wall Street on Wednesday: Stifel initiates Tesla at buy Stifel said it's bullish on Tesla for the long term. JPMorgan upgrades FedEx to overweight from neutral JPMorgan upgraded the shipping giant following earnings on Tuesday. Jefferies reiterates Alphabet as buy Jefferies said its survey checks show Alphabet is top of mind for consumers when it comes to AI. Citi reiterates Nvidia as buy Citi raised its price target on Nvidia to $150 per share from $126. Morgan Stanley downgrades Accenture to equal weight from overweight Morgan Stanley said shares of the IT company are "no longer" attractive.

Persons: Tesla, Stifel, it's, Piper Sandler, Piper, Goldman Sachs, Goldman, Mark Clouse, Carrie Anderson, Rebecca Gardy, Wolfe, HOOD, Warnick, Shopify, Rosenblatt, Nike's, Morgan Stanley, Jefferies, GOOGL, Stephens, Wells, BTIG, Northrop, Rivian, Piper Sandler downgrades Aptiv Organizations: JPMorgan, FedEx, Campbell, Barclays, Nu Holdings, BMO, Steel, Nippon, US Steel, X, Digital Realty, Citi, U.S, Caterpillar, Apple, Apple Intelligence, Android, UBS, Nike, Nvidia, Davidson, Home, Bank of America, " Bank of America, shipper, UPS, Cruises, Northrop Grumman, VW, JV, Accenture Locations: 1Q24, Mexico, Brazil, China, Houston, U.S, Rivian

☆ Amazon reaches $2 trillion market cap for the first time
▼ + stars: | 2024-06-26 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Amazon shares climbed more than 3% in intraday trading on Wednesday, pushing the company's market cap past $2 trillion for the first time. In crossing the milestone, Amazon joins Nvidia , Apple , Alphabet and Microsoft , all of which are worth $2 trillion or more. Investors have also cheered the company's recent cost-cutting initiatives, which fueled Amazon's earnings growth in recent quarters. It took Amazon more than four years to cross the $2 trillion milestone. Its market cap reached $1 trillion in 2020, the second time in its history after hitting the benchmark for the first time in 2018.

Persons: Andy Jassy Organizations: Nvidia, Apple, Microsoft, Nasdaq, Web Services, Amazon, Investors

☆ Palumbo Wealth Management CEO: Inflation is still the biggest threat to the economy
▼ + stars: | 2024-06-26 | 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 EmailPalumbo Wealth Management CEO: Inflation is still the biggest threat to the economyPhilip Palumbo, CEO at Palumbo Wealth Management, joins 'The Exchange' to discuss the likelihood of another Fed rate hike, where to find opportunities in this environment, and more.

Persons: Philip Palumbo Organizations: Palumbo Wealth Management

☆ Inside Elon Musk's burn book — the non-exhaustive list of billionaires he's fought with in 2024
▼ + stars: | 2024-06-26 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Elon Musk's ire this year has extended from Mark Zuckerberg to MacKenzie Scott. The mercurial billionaire has often fired insults and traded barbs at his contemporaries on X. 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 . This story is available exclusively to Business Insider subscribers.

Persons: Elon, Mark Zuckerberg, MacKenzie Scott, Mark Cuban, —, Elon Musk, hasn't, Musk, BBC's James Clayton Organizations: Elon, Service, Business

☆ Nvidia's moat will be tested by a potential AI chip IPO
▼ + stars: | 2024-06-26 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Cerebras Systems, a startup trying to challenge Nvidia on the AI chip battlefield, is reportedly headed for an IPO toward the end of 2024. This is one of the primary elements holding back even some AWS customers from using Amazon's AI chips. But, most AI developers must go through gnarly work to change their software if they want to change their hardware. His startup Vimaan is building tech for a future "dark warehouse" that requires no humans to operate. Advertisement"Am I gonna take a chance to switch out a whole infrastructure that we've built on the Nvidia platform?"

Persons: —, Lior Susan, Susan, CUDA, Thomvest, they're, He's, Padval, Jensen Huang, Thomas Sohmers, Ganapathi, Vimaan, Pavdal Organizations: Service, Cerebras Systems, Nvidia, Eclipse Ventures, Business, CUDA, NVIDIA CUDA, AMD, Qualcomm, Google, Intel, UXL Foundation, Amazon's Industrial Innovation Fund Locations: CUDA

☆ Instagram reels is taking a bite out of TikTok's popularity in the US and abroad, new data finds
▼ + stars: | 2024-06-26 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +1 min

New data found Instagram reels is surging ahead of TikTok in countries like the US, Japan, and Spain. TikTok and Instagram have been competing in short-form video for years. AdvertisementWhen Meta launched its short-form video feature reels on Instagram in 2020, it faced stiff competition from TikTok for people's attention. Today, reels seem to be winning the popularity crown among social-media users, two separate studies published in the past month have found. 37% of Instagram users now use reels daily, and 78% engage with it monthly, Morgan Stanley found based on a March survey of around 2,000 US-based consumers over the age of 16.

Persons: —, Morgan Stanley Organizations: Service, Meta, Business Locations: TikTok, Japan, Spain

☆ Joshua Kushner's Thrive Capital makes a further push into entertainment, backing A24, the studio behind Euphoria and Uncut Gems
▼ + stars: | 2024-06-26 | by ( Ben Bergman | Lucia Moses | ) www.businessinsider.com time to read: +1 min

Thrive Capital backs A24, adding Hollywood to its diverse investment portfolio. A24 is famous for hits like "Everything Everywhere All At Once" and HBO's "Euphoria." 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 . This story is available exclusively to Business Insider subscribers.

Persons: Joshua Kushner, —, Slack, Hims, Bird Organizations: Hollywood, Service, Spotify, Plaid, Business Locations: New York

☆ Sika Anoa’i, WWE Hall of Famer and Father of Roman Reigns, Is Dead
▼ + stars: | 2024-06-26 | by ( Alexandra E. Petri | ) www.nytimes.com time to read: +1 min

Sika Anoa’i, the Hall of Fame professional wrestler who was half of the 1980s superstar tag team the Wild Samoans and father of W.W.E.’s biggest current star, Roman Reigns, died on Tuesday. Worldwide Wrestling Entertainment also confirmed Sika Anoa’i’s death in a statement. Sika Anoa’i is part of a long line of grapplers known as the Samoan Dynasty that has been called the greatest wrestling family of all time. Sika and his brother, Afa “Arthur” Anoa’i, would form the Wild Samoans, considered one of the most influential duos in wrestling history. Sika’s son Roman Reigns, born Leati Joseph Anoa’i, is the undisputed W.W.E.

Persons: Sika Anoa’i, W.W.E, Jahrus Anoa’i, Sika, Peter Maivia, Dwayne “, ” Johnson, ”, Arthur ” Anoa’i, Sika’s, Roman, Leati Joseph Anoa’i, Jonathan Solofa Fatu, Joshua Samuel Fatu, Jimmy Uso Organizations: of Fame, Wild Samoans, Instagram, Worldwide Wrestling Entertainment, Afa, Samoans

☆ We live in a world where top Twitch streamer Kai Cenat got a therapist to help him beat a video game boss he was stuck on for over 60 hours
▼ + stars: | 2024-06-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Read previewFrustrated with his performance against a video game boss, Twitch streamer and YouTuber Kai Cenat went viral on Tuesday evening for bringing a therapist to his livestream to help process his emotions. "I've been on the last boss for the past 60 hours of my life that I can't get back," Cenat lamented. Cenat would defeat Radahn about six hours and 40 deaths later, or 67 hours after his first encounter with the video game boss. AdvertisementWilliams and representatives for Cenat did not immediately respond to requests for comment sent by Business Insider outside regular business hours. Though its main title was launched in February 2022, Cenat was playing a recently released expansion, "Shadow of the Erdtree," when Williams appeared on his stream.

Persons: —, Kai Cenat, Aubri Williams, Williams, Cenat, I've, — Williams, Instagram, Radahn, He'd, Tyler, Ninja, Blevins Organizations: Service, Business, Counselling, Stetson University, Cenat, Bandai

☆ I tried and ranked 5 Burger King cheeseburgers from worst to best, and the winner was the most classic
▼ + stars: | 2024-06-26 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

I tried five different cheeseburgers from Burger King, including the Whopper and the Bacon King. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementI've tried many different fast-food burgers over the years, and Burger King's cheeseburgers consistently rank among my favorites. According to an original menu reported by Delish, Burger King has sold cheeseburgers since its inception in the 1950s, but exactly how the chain makes them has changed considerably. The chain started with simple broiled cheeseburgers, but now the Burger King menu includes cheeseburger melts, seven variations on its classic Whopper, chicken sandwiches, nuggets, fries, and more.

Persons: Bacon, —, I've, Burger King's, Burger Organizations: Triple, Service, Delish, Business Locations: Burger

☆ This Golf Galaxy employee was so nervous he drank three beers before a crucial playoff. Here’s what happened next
▼ + stars: | 2024-06-26 | by ( Jack Bantock | ) edition.cnn.com time to read: +5 min

CNN —There are a variety of methods golfers can call upon to soothe their anxiety in the face of a dreaded playoff. Three beers and eight nerve-wracking holes later, the 27-year-old stamped his ticket to his first ever PGA Tour event. Nick Bienz works at Golf Galaxy, has never played any pga tour sanctioned event, he is so nervous he’s pounding beers. He had attempted to qualify for events before, including several on the Korn Ferry Tour – the PGA Tour’s developmental circuit – but had never been so close to getting over the line. “I don’t remember hitting the putt,” Bienz added to the PGA Tour.

Persons: Nick Bienz, Hoagland, Bienz, Ryan French –, ” Bienz, “, BeXgsjiWFv, –, ’ Bienz, Tom Kim, Scottie Scheffler, ’ ”, Kevin Kisner –, couldn’t, ‘, ‘ I’m, ’, ”, “ I’m Organizations: CNN, Golf Galaxy, Indiana University, Purdue University Indianapolis, IUPUI, PGA, Detroit Golf Club, French Locations: Hoagland , Indiana, Washington , Michigan, Bienz, South, Ohio

☆ Your Ford pickup could be one of the half million trucks being recalled for suddenly shifting gears
▼ + stars: | 2024-06-26 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +1 min

Ford has issued a recall notice for over 550,000 of its 2014 model F-150 pickup trucks in the US. The recall came after users complained that the trucks would suddenly drop to first gear. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. AdvertisementFord has issued a recall for half a million of its F-150 pickup trucks after receiving hundreds of complaints that they suddenly downshifted to first gear.

Persons: Ford, —, downshifted Organizations: Service, National, Traffic Safety Administration

☆ Top Twitch streamer Kai Cenat got a therapist to help him beat a video game boss he was stuck on for over 60 hours
▼ + stars: | 2024-06-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Read previewFrustrated with his performance against a video game boss, Twitch streamer and YouTuber Kai Cenat went viral on Tuesday evening for bringing a therapist to his livestream to help process his emotions. Cenat, 22, was well into his 60th hour of fighting the final boss of the "Elden Ring: Shadow of the Erdtree" when Aubri Williams appeared in his streaming room. AdvertisementCalming down and steeling his mind under Williams' guidance, Cenat played the boss fight again for her to observe. Cenat would defeat Radahn about six hours and 40 deaths later, or 67 hours after his first encounter with the video game boss. AdvertisementWilliams and representatives for Cenat did not immediately respond to requests for comment sent by Business Insider outside regular business hours.

Persons: —, Kai Cenat, Aubri Williams, Williams, Cenat, Tyler, Ninja, Blevins, Dan Clancy, — Williams, Instagram, Radahn Organizations: Service, Business, Bandai, AAA, IGN, Counselling, Stetson University, Cenat

candidate who would make a genuine difference for Trump in the campaign and in the November election vote? What matters most about Trump’s choice? First, as Democrats like to point out when questions of Joe Biden’s age come up, Trump is also pretty damn old. So the possibility that his vice president would succeed Trump in the middle of his term is not implausible. Ross Douthat: It’s not just that Trump is old, it’s also that — fears of his permanent power notwithstanding — he’s term-limited, which means that his V.P.

Persons: Patrick Healy, Ross Douthat, David French, Michelle Goldberg, Bret Stephens, Donald Trump’s, Trump, Biden’s, Donald Trump, Bret, Joe Biden’s, Doug Burgum, Marco Rubio, It’s, it’s, Mike Pence’s, there’s Organizations: Trump Locations: MAGA, Florida

☆ North Korea's Kim Jong Un could get his hands on some worrying military tech in exchange for throwing Russia a war lifeline
▼ + stars: | 2024-06-26 | by ( Chris Panella | ) www.businessinsider.com time to read: +9 min

Support from North Korea — in the form of weapons and ammunition — helps Russia keep up the pressure. KCNA via REUTERSOne of the biggest asks from Kim could be technology for nuclear-powered submarines, which North Korea is trying to build. North Korea currently maintains one of the world's largest fleets, with estimates ranging from 64 to 86 total subs. Much of the country's stockpiles date back decades, and US and South Korean officials have raised doubts about the effectiveness of these weapons. AdvertisementBut how this plays out is not all about what North Korea wants.

Persons: —, Kim Jong, Kim, Putin, Victor Cha, Kim Jae, Getty Images Putin, Cha, JUNG YEON, Kurt Campbell, There's, Scott Snyder, he's Organizations: Service, Business, Center for Strategic, International Studies, East, SOUTH, Getty Images, North Korea —, KCNA, REUTERS, Korean, Fighter, Korean People's Army, Reuters, Korea's Air Force, North, CSIS, Korea Economic Institute of America Locations: Korea, Ukraine, Moscow, Pyongyang, Russia, Asia, East Asia, North Korea, SEOUL, SOUTH KOREA, Yongsan, Seoul, Russian, South Korea

☆ I tried every flavor of Culture Pop probiotic soda I could find and ranked them from worst to best
▼ + stars: | 2024-06-26 | by ( Ted Berg | ) www.businessinsider.com time to read: +1 min

I tried every flavor of Culture Pop probiotic soda I could find and ranked them from worst to best. Of all the flavors I tried, the watermelon-and-lime Culture Pop was my favorite. AdvertisementSupermarket shelves across the United States are filling up with prebiotic and probiotic sodas that claim to be good for your gut. Popular brands like Poppi and Olipop say their sodas contain prebiotics designed to help good bacteria grow. Culture Pop, on the other hand, is a probiotic drink that says it contains the live bacteria other brands help to cultivate.

Persons: seltzer, — Organizations: Service, Business Locations: United States

☆ Russia's oil and gas revenue is reportedly set to boom 50% this month
▼ + stars: | 2024-06-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's energy trade likely boomed last month despite sanctions. That's a 50% increase from the prior year, a sign Moscow's energy trade is getting on despite restrictions. According to Reuters, Russia's oil and gas revenue is set to surge to $9.4 billion in June, up roughly 50% from the $6 billion it took in from oil and gas sales in June of last year. The increase in revenue has largely been spurred by declining subsidies to Russia's oil refineries, which fell $60 billion from last month. That may encourage refineries to export oil and gas overseas for a higher price, as opposed to keeping oil and gas for domestic sales.

Persons: —, That's Organizations: Reuters, Service, Kremlin, The Bank of Russia Locations: That's, Moscow, China, India, Ukraine, Russia

☆ This Southeast Asian city is the world's most expensive for the super rich — Hong Kong comes second
▼ + stars: | 2024-06-26 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +2 min

All this is reflected in its continued status as the world's most expensive city," the report said. Singapore was followed by Hong Kong, which upstaged Shanghai to emerge as the second most expensive city for the wealthy. Prices for hotel suites (+22.9%), ladies' shoes (+12.7%), and ladies' handbag (+8.6%) saw the biggest increases in the city. London Hotel suites and jewelry were the second-most expensive items across the 25 cities, with prices soaring 38.3% and 17.%, respectively. Here's Julius Baer's list of the world's 10 most expensive cities for high net worth individuals:

Persons: Julius Baer, normalizations, Here's Julius Baer's Organizations: Wealth, Private Locations: Singapore, Swiss, U.S, Hong Kong, Shanghai, London

☆ Lauren Boebert's carpetbagging victory is a vindication of her attention-grabbing antics
▼ + stars: | 2024-06-26 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +1 min

Rep. Lauren Boebert won a GOP primary for a district she only moved into this year. 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 . AdvertisementRep. Lauren Boebert managed to pull it off. The controversial congresswoman won a crowded GOP primary in Colorado's 4th congressional district on Tuesday, according to Decision Desk HQ and the Associated Press.

Persons: Lauren Boebert, —, That's Organizations: GOP, Service, Associated Press, Business Locations: Colorado's

☆ Nvidia challenger Groq is set to double its valuation to $2.5 billion in fresh funding round led by Blackrock
▼ + stars: | 2024-06-26 | by ( Ben Bergman | ) www.businessinsider.com time to read: +1 min

It is set to be valued at $2.5 billion in a funding round led by Blackrock, according to sources. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGroq, a scrappy challenger to Nvidia that is developing chips powering artificial intelligence, is set to be valued at $2.5 billion in a new funding round led by Blackrock, according to multiple sources. Groq has been rumored to be raising a new round and recently hired Morgan Stanley to help raise $300 million in new funding, the Information previously reported last month. The valuation and lead investor have not been previously reported.

Persons: Groq, —, Morgan Stanley Organizations: Blackrock, Service, Nvidia

☆ South by Southwest is cutting ties with the US Army and weapons makers after sponsorships fueled outrage at this year's festival
▼ + stars: | 2024-06-26 | by ( Ella Sherman | ) www.businessinsider.com time to read: +1 min

South by Southwest will cut US Army and arms manufacturer sponsors for its 2025 festival. The decision follows over 80 artists pulling out in opposition to Army sponsorship this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSouth by Southwest plans to cut US Army and weapon manufacturer sponsors for its 2025 festival after dozens of artists pulled out this year. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Army, Service, US Army, SXSW, Business Locations: Southwest

☆ Why U.S. Schools Are Facing Their Biggest Budget Crunch in Years
▼ + stars: | 2024-06-26 | by ( Sarah Mervosh | Madeleine Ngo | ) www.nytimes.com time to read: 1 min

After several cash-flush pandemic years, school districts across the country are facing budget shortfalls, with pressure closing in on multiple fronts. A flow of federal dollars — $122 billion meant to help schools recover from the pandemic — is running dry in September, leaving schools with less money for tutors, summer school and other supports that have funded pandemic recovery efforts over the last three years. At the same time, declining student enrollment — a consequence of lower birthrates and a growing school choice movement — is catching up to some districts. The result: Districts across the country must make tough decisions about cuts that will affect millions of families as soon as the next school year. The cuts, which many districts put off during the pandemic, could interrupt the recovery of U.S. students, who by and large have not made up their pandemic losses.

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